N-Q 1 filing706.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY


Investment Company Act file number   811-1400


Fidelity Contrafund

(Exact name of registrant as specified in charter)


245 Summer St., Boston, Massachusetts  02210

(Address of principal executive offices)       (Zip code)


William C. Coffey, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

December 31



Date of reporting period:

September 30, 2018


Item 1.

Schedule of Investments




Quarterly Holdings Report
for

Fidelity Advisor® New Insights Fund

September 30, 2018







ANIF-QTLY-1118
1.808768.114





Schedule of Investments September 30, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.8%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 16.5%   
Automobiles - 0.5%   
Fiat Chrysler Automobiles NV 5,136,300 $89,937 
Tesla, Inc. (a) 100,424 26,589 
Toyota Motor Corp. 186,000 11,588 
  128,114 
Distributors - 0.1%   
Pool Corp. 222,400 37,114 
Diversified Consumer Services - 0.1%   
Chegg, Inc. (a) 556,834 15,831 
Weight Watchers International, Inc. (a) 310,760 22,372 
  38,203 
Hotels, Restaurants & Leisure - 1.9%   
ARAMARK Holdings Corp. 5,251,200 225,907 
Chipotle Mexican Grill, Inc. (a) 41,400 18,817 
Domino's Pizza, Inc. 74,400 21,933 
Dunkin' Brands Group, Inc. 552,300 40,716 
Eldorado Resorts, Inc. (a) 101,200 4,918 
Hilton Worldwide Holdings, Inc. 481,833 38,922 
Marriott International, Inc. Class A 484,500 63,969 
McDonald's Corp. 520,600 87,091 
U.S. Foods Holding Corp. (a) 1,870,100 57,636 
Vail Resorts, Inc. 30,800 8,452 
  568,361 
Household Durables - 0.7%   
D.R. Horton, Inc. 1,929,924 81,404 
Newell Brands, Inc. 1,881,400 38,192 
NVR, Inc. (a) 17,200 42,498 
SodaStream International Ltd. (a) 33,000 4,722 
Toll Brothers, Inc. 1,426,600 47,121 
  213,937 
Internet & Direct Marketing Retail - 9.3%   
Amazon.com, Inc. (a) 993,340 1,989,657 
Netflix, Inc. (a) 1,863,100 697,042 
Start Today Co. Ltd. 463,756 14,041 
The Booking Holdings, Inc. (a) 13,800 27,379 
  2,728,119 
Media - 0.9%   
Comcast Corp. Class A 4,281,600 151,611 
Discovery Communications, Inc. Class A (a) 280,200 8,966 
Liberty Media Corp.:   
Liberty Formula One Group Series C (a) 984,700 36,621 
Liberty SiriusXM Series A (a)(b) 68,340 2,969 
The Walt Disney Co. 169,400 19,810 
Weinstein Co. Holdings LLC Class A-1 (a)(c)(d)(e) 2,267 
WME Entertainment Parent, LLC Class A (a)(c)(d)(e) 13,215,782 33,039 
  253,016 
Multiline Retail - 0.4%   
Dollar General Corp. 695,000 75,964 
Ollie's Bargain Outlet Holdings, Inc. (a) 485,810 46,686 
  122,650 
Specialty Retail - 1.5%   
AutoZone, Inc. (a) 106,634 82,716 
Best Buy Co., Inc. 45,800 3,635 
Burlington Stores, Inc. (a) 94,200 15,347 
Home Depot, Inc. 580,200 120,188 
John David Group PLC 304,800 1,824 
Ross Stores, Inc. 39,400 3,905 
Tiffany & Co., Inc. 604,700 77,988 
TJX Companies, Inc. 1,178,167 131,978 
Urban Outfitters, Inc. (a) 217,600 8,900 
  446,481 
Textiles, Apparel & Luxury Goods - 1.1%   
adidas AG 292,707 71,674 
Brunello Cucinelli SpA 1,809,400 70,482 
Canada Goose Holdings, Inc. (a) 100,800 6,493 
China Hongxing Sports Ltd. (e) 6,000,000 249 
Hermes International SCA 77,200 51,145 
Kering SA 20,649 11,069 
lululemon athletica, Inc. (a) 61,200 9,944 
LVMH Moet Hennessy - Louis Vuitton SA 34,165 12,073 
NIKE, Inc. Class B 176,466 14,950 
Pinduoduo, Inc. ADR (b) 69,700 1,832 
Ralph Lauren Corp. 39,500 5,433 
Under Armour, Inc. Class A (sub. vtg.) (a)(b) 1,625,300 34,489 
VF Corp. 313,000 29,250 
  319,083 
TOTAL CONSUMER DISCRETIONARY  4,855,078 
CONSUMER STAPLES - 4.4%   
Beverages - 0.6%   
Diageo PLC 98,600 3,493 
Fever-Tree Drinks PLC 1,184,593 55,707 
Keurig Dr. Pepper, Inc. 504,400 11,687 
Kweichow Moutai Co. Ltd. (A Shares) 81,600 8,672 
Molson Coors Brewing Co. Class B 923,000 56,765 
Monster Beverage Corp. (a) 253,300 14,762 
The Coca-Cola Co. 250,300 11,561 
  162,647 
Food & Staples Retailing - 0.9%   
Costco Wholesale Corp. 316,956 74,447 
Walmart, Inc. 2,171,100 203,888 
  278,335 
Food Products - 0.4%   
Greencore Group PLC 18,593,423 44,858 
The Hershey Co. 630,000 64,260 
The Simply Good Foods Co. (a) 401,900 7,817 
  116,935 
Household Products - 0.8%   
Kimberly-Clark Corp. 632,000 71,820 
Procter & Gamble Co. 1,339,400 111,478 
Reckitt Benckiser Group PLC 619,600 56,600 
  239,898 
Personal Products - 1.1%   
Coty, Inc. Class A 3,994,100 50,166 
Estee Lauder Companies, Inc. Class A 1,356,102 197,069 
Kao Corp. 168,800 13,629 
Shiseido Co. Ltd. 189,200 14,652 
Unilever NV (Certificaten Van Aandelen) (Bearer) 1,029,300 57,255 
  332,771 
Tobacco - 0.6%   
British American Tobacco PLC sponsored ADR 1,054,300 49,162 
Philip Morris International, Inc. 1,370,100 111,718 
  160,880 
TOTAL CONSUMER STAPLES  1,291,466 
ENERGY - 7.0%   
Energy Equipment & Services - 0.5%   
Borr Drilling Ltd. (a) 15,662,000 71,972 
Oceaneering International, Inc. 2,309,017 63,729 
  135,701 
Oil, Gas & Consumable Fuels - 6.5%   
Birchcliff Energy Ltd. 3,092,774 12,451 
Birchcliff Energy Ltd. (a)(f) 585,400 2,357 
Cabot Oil & Gas Corp. 2,288,980 51,548 
Canadian Natural Resources Ltd. 764,100 24,964 
Centennial Resource Development, Inc. Class A (a) 4,368,518 95,452 
Cheniere Energy, Inc. (a) 972,300 67,565 
Chevron Corp. 1,434,600 175,423 
Cimarex Energy Co. 374,400 34,797 
Concho Resources, Inc. (a) 255,700 39,058 
Concho Resources, Inc. (a) 25,680 3,923 
ConocoPhillips Co. 3,079,750 238,373 
Continental Resources, Inc. (a) 792,619 54,120 
Diamondback Energy, Inc. 665,382 89,953 
Encana Corp. 1,203,467 15,774 
EOG Resources, Inc. 1,100,300 140,365 
Exxon Mobil Corp. 3,228,600 274,496 
Golar LNG Ltd. 1,608,700 44,722 
GoviEx Uranium, Inc. (a) 851,865 158 
GoviEx Uranium, Inc. (a)(f) 23,200 
GoviEx Uranium, Inc. Class A (a)(f) 2,625,135 488 
Hess Corp. 1,000,800 71,637 
Kosmos Energy Ltd. (a) 4,258,391 39,816 
Magnolia Oil & Gas Corp. 971,000 14,575 
Marathon Petroleum Corp. 86,200 6,893 
Noble Energy, Inc. 1,454,861 45,377 
Occidental Petroleum Corp. 148,800 12,227 
Phillips 66 Co. 523,300 58,986 
Pioneer Natural Resources Co. 437,000 76,121 
PrairieSky Royalty Ltd. 68,500 1,203 
Reliance Industries Ltd. 3,638,973 63,131 
The Williams Companies, Inc. 3,555,248 96,667 
Valero Energy Corp. 402,274 45,759 
Whiting Petroleum Corp. (a) 500,000 26,520 
  1,924,903 
TOTAL ENERGY  2,060,604 
FINANCIALS - 13.7%   
Banks - 5.8%   
Bank of America Corp. 20,620,227 607,472 
Citigroup, Inc. 4,449,800 319,229 
First Republic Bank 551,600 52,954 
HDFC Bank Ltd. sponsored ADR 1,612,772 151,762 
JPMorgan Chase & Co. 3,219,400 363,277 
Kotak Mahindra Bank Ltd. 1,622,972 25,552 
Metro Bank PLC (a) 1,189,532 46,110 
PNC Financial Services Group, Inc. 572,289 77,940 
SunTrust Banks, Inc. 1,008,100 67,331 
  1,711,627 
Capital Markets - 1.5%   
Bank of New York Mellon Corp. 1,479,539 75,442 
Charles Schwab Corp. 1,624,200 79,829 
KKR & Co. LP 2,135,828 58,244 
Morgan Stanley 982,400 45,750 
MSCI, Inc. 303,109 53,775 
S&P Global, Inc. 234,190 45,758 
The NASDAQ OMX Group, Inc. 690,100 59,211 
TPG Specialty Lending, Inc. 561,049 11,440 
  429,449 
Consumer Finance - 0.5%   
American Express Co. 931,500 99,195 
Synchrony Financial 1,224,620 38,061 
  137,256 
Diversified Financial Services - 2.5%   
Alteryx, Inc. (a) 32,700 1,871 
Berkshire Hathaway, Inc. Class A (a) 2,240 716,800 
Focus Financial Partners, Inc. Class A 666,800 31,646 
  750,317 
Insurance - 3.2%   
Admiral Group PLC 834,969 22,637 
AIA Group Ltd. 5,011,200 44,745 
American International Group, Inc. 4,662,600 248,237 
Arch Capital Group Ltd. (a) 1,355,400 40,404 
Beazley PLC 3,856,000 28,698 
Chubb Ltd. 1,167,985 156,090 
Fairfax Financial Holdings Ltd. (sub. vtg.) 67,300 36,563 
First American Financial Corp. 922,700 47,602 
FNF Group 2,216,500 87,219 
Hiscox Ltd. 581,000 12,457 
Marsh & McLennan Companies, Inc. 641,300 53,048 
MetLife, Inc. 2,086,900 97,500 
Progressive Corp. 78,200 5,555 
The Travelers Companies, Inc. 533,200 69,161 
  949,916 
Thrifts & Mortgage Finance - 0.2%   
Radian Group, Inc. 2,351,789 48,611 
TOTAL FINANCIALS  4,027,176 
HEALTH CARE - 11.9%   
Biotechnology - 2.1%   
Acceleron Pharma, Inc. (a) 135,100 7,732 
Agios Pharmaceuticals, Inc. (a) 898,962 69,328 
Alnylam Pharmaceuticals, Inc. (a) 30,500 2,669 
Amgen, Inc. 952,499 197,444 
Arena Pharmaceuticals, Inc. (a) 143,500 6,604 
bluebird bio, Inc.(a) 60,700 8,862 
Celgene Corp. (a) 198,300 17,746 
CSL Ltd. 12,228 1,778 
Exact Sciences Corp. (a) 40,000 3,157 
FibroGen, Inc. (a) 364,831 22,163 
Galapagos Genomics NV sponsored ADR (a) 5,067 570 
Genmab A/S (a) 11,400 1,793 
Gilead Sciences, Inc. 243,200 18,777 
Heron Therapeutics, Inc. (a) 87,100 2,757 
Intrexon Corp. (a)(b) 679,746 11,705 
Ligand Pharmaceuticals, Inc. Class B (a) 13,930 3,824 
Neurocrine Biosciences, Inc. (a) 343,760 42,265 
Olivo Labs (a)(d)(e) 630,333 
Regeneron Pharmaceuticals, Inc. (a) 81,900 33,091 
Sage Therapeutics, Inc. (a) 75,800 10,707 
Vertex Pharmaceuticals, Inc. (a) 797,069 153,627 
Wuxi Biologics (Cayman), Inc. (a) 529,500 5,354 
  621,953 
Health Care Equipment & Supplies - 3.3%   
Abbott Laboratories 29,400 2,157 
Abiomed, Inc. (a) 15,100 6,791 
Baxter International, Inc. 1,871,200 144,251 
Becton, Dickinson & Co. 493,304 128,752 
Boston Scientific Corp. (a) 6,774,324 260,811 
Danaher Corp. 1,013,800 110,160 
DexCom, Inc. (a) 479,800 68,631 
Edwards Lifesciences Corp. (a) 363,200 63,233 
I-Pulse, Inc. (a)(e) 58,562 298 
Integra LifeSciences Holdings Corp. (a) 436,000 28,719 
Intuitive Surgical, Inc. (a) 226,900 130,241 
Penumbra, Inc. (a) 37,449 5,606 
ResMed, Inc. 161,243 18,598 
Sonova Holding AG Class B 53,900 10,726 
  978,974 
Health Care Providers & Services - 3.7%   
Anthem, Inc. 157,100 43,053 
Elanco Animal Health, Inc. 217,100 7,575 
HealthEquity, Inc. (a) 174,200 16,446 
Henry Schein, Inc. (a) 722,562 61,439 
Humana, Inc. 246,400 83,411 
Molina Healthcare, Inc. (a) 57,000 8,476 
National Vision Holdings, Inc. 1,820,327 82,170 
Ryman Healthcare Group Ltd. 3,632,394 33,708 
UnitedHealth Group, Inc. 2,624,800 698,302 
Universal Health Services, Inc. Class B 500,200 63,946 
  1,098,526 
Health Care Technology - 0.3%   
Castlight Health, Inc. (a) 1,325,100 3,578 
Cerner Corp. (a) 768,530 49,501 
Veeva Systems, Inc. Class A (a) 257,400 28,023 
  81,102 
Life Sciences Tools & Services - 1.5%   
Agilent Technologies, Inc. 951,900 67,147 
Bruker Corp. 1,083,000 36,226 
Eurofins Scientific SA 83,142 47,204 
Illumina, Inc. (a) 11,000 4,038 
Mettler-Toledo International, Inc. (a) 206,900 125,998 
Morphosys AG (a) 16,100 1,722 
PRA Health Sciences, Inc. (a) 171,000 18,842 
Quintiles Transnational Holdings, Inc. (a) 118,207 15,336 
Thermo Fisher Scientific, Inc. 495,269 120,885 
  437,398 
Pharmaceuticals - 1.0%   
AstraZeneca PLC sponsored ADR 602,400 23,837 
Catalent, Inc. (a) 791,400 36,048 
Eli Lilly & Co. 182,700 19,606 
Idorsia Ltd. (a) 334,200 8,418 
Ipsen SA 23,200 3,900 
Jazz Pharmaceuticals PLC (a) 62,300 10,474 
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) 332,500 3,074 
MyoKardia, Inc. (a) 37,700 2,458 
Nektar Therapeutics (a) 451,700 27,536 
Perrigo Co. PLC 936,100 66,276 
Roche Holding AG (participation certificate) 145,242 35,122 
Supernus Pharmaceuticals, Inc. (a) 127,866 6,438 
Teva Pharmaceutical Industries Ltd. sponsored ADR 1,189,700 25,626 
Zoetis, Inc. Class A 111,800 10,236 
  279,049 
TOTAL HEALTH CARE  3,497,002 
INDUSTRIALS - 7.2%   
Aerospace & Defense - 2.2%   
General Dynamics Corp. 810,700 165,967 
Huntington Ingalls Industries, Inc. 245,700 62,919 
Kratos Defense & Security Solutions, Inc. (a) 2,363,800 34,937 
Northrop Grumman Corp. 516,354 163,875 
Raytheon Co. 81,700 16,884 
Rolls-Royce Holdings PLC 286,500 3,686 
Space Exploration Technologies Corp.:   
Class A (a)(d)(e) 247,745 41,869 
Class C (d)(e) 4,546 768 
Teledyne Technologies, Inc. (a) 255,400 63,002 
The Boeing Co. 230,400 85,686 
TransDigm Group, Inc. 32,000 11,914 
  651,507 
Air Freight & Logistics - 0.4%   
C.H. Robinson Worldwide, Inc. 721,500 70,649 
Expeditors International of Washington, Inc. 141,400 10,397 
XPO Logistics, Inc. (a) 293,800 33,543 
  114,589 
Airlines - 0.3%   
Ryanair Holdings PLC sponsored ADR (a) 942,940 90,560 
Southwest Airlines Co. 153,800 9,605 
  100,165 
Building Products - 0.6%   
Fortune Brands Home & Security, Inc. 506,389 26,515 
Jeld-Wen Holding, Inc. (a) 536,987 13,242 
Masco Corp. 393,000 14,384 
Toto Ltd. 2,632,300 109,235 
  163,376 
Commercial Services & Supplies - 0.5%   
Cintas Corp. 187,874 37,163 
KAR Auction Services, Inc. 990,600 59,129 
Stericycle, Inc. (a) 439,500 25,790 
TulCo LLC (a)(c)(d)(e) 17,377 9,458 
  131,540 
Electrical Equipment - 0.6%   
AMETEK, Inc. 165,400 13,086 
Fortive Corp. 1,335,204 112,424 
Melrose Industries PLC 19,502,180 50,813 
  176,323 
Industrial Conglomerates - 0.6%   
General Electric Co. 15,888,000 179,376 
Machinery - 0.7%   
Deere & Co. 326,900 49,143 
Donaldson Co., Inc. 965,800 56,268 
IDEX Corp. 24,600 3,706 
PACCAR, Inc. 359,000 24,480 
Pentair PLC 535,700 23,223 
Rational AG 55,300 40,065 
Rexnord Corp. (a) 444,120 13,679 
  210,564 
Professional Services - 0.4%   
FTI Consulting, Inc. (a) 197,700 14,470 
IHS Markit Ltd. (a) 240,000 12,950 
Recruit Holdings Co. Ltd. 363,800 12,142 
Robert Half International, Inc. 81,300 5,722 
TransUnion Holding Co., Inc. 834,062 61,370 
  106,654 
Road & Rail - 0.5%   
CSX Corp. 884,800 65,519 
Genesee & Wyoming, Inc. Class A (a) 556,500 50,636 
Union Pacific Corp. 153,100 24,929 
  141,084 
Trading Companies & Distributors - 0.4%   
Air Lease Corp. Class A 341,300 15,659 
Bunzl PLC 1,862,607 58,581 
HD Supply Holdings, Inc. (a) 80,200 3,432 
W.W. Grainger, Inc. 144,905 51,790 
  129,462 
TOTAL INDUSTRIALS  2,104,640 
INFORMATION TECHNOLOGY - 31.3%   
Communications Equipment - 1.0%   
Arista Networks, Inc. (a) 239,004 63,542 
Cisco Systems, Inc. 4,850,000 235,953 
  299,495 
Electronic Equipment & Components - 1.5%   
Amphenol Corp. Class A 4,392,969 413,027 
Dolby Laboratories, Inc. Class A 230,242 16,110 
Zebra Technologies Corp. Class A (a) 40,500 7,162 
  436,299 
Internet Software & Services - 9.1%   
Akamai Technologies, Inc. (a) 834,500 61,044 
Alphabet, Inc.:   
Class A (a) 730,723 882,041 
Class C (a) 193,100 230,459 
CarGurus, Inc. Class A 399,192 22,231 
Coupa Software, Inc. (a) 122,464 9,687 
DocuSign, Inc. 63,900 3,359 
Dropbox, Inc. Class A (a) 1,326,014 35,577 
Facebook, Inc. Class A (a) 7,269,201 1,195,493 
Farfetch Ltd. Class A 37,341 1,017 
GoDaddy, Inc. (a) 347,700 28,995 
GrubHub, Inc. (a) 99,600 13,807 
IAC/InterActiveCorp (a) 56,200 12,180 
MongoDB, Inc. Class A 233,500 19,042 
New Relic, Inc. (a) 220,300 20,759 
Nutanix, Inc. Class B (a)(f) 783,938 33,490 
Okta, Inc. (a) 471,200 33,154 
Shopify, Inc. Class A (a) 189,700 31,180 
Spotify Technology SA (a) 41,500 7,504 
SurveyMonkey 67,400 1,080 
SurveyMonkey 2,069,881 29,862 
The Trade Desk, Inc. (a) 5,981 903 
Twilio, Inc. Class A (a) 10,700 923 
Wix.com Ltd. (a) 58,600 7,014 
  2,680,801 
IT Services - 6.4%   
Accenture PLC Class A 193,940 33,009 
Adyen BV (f) 28,971 23,647 
ASAC II LP (a)(d)(e) 9,408,021 1,581 
EPAM Systems, Inc. (a) 114,500 15,767 
Fidelity National Information Services, Inc. 416,230 45,398 
First Data Corp. Class A (a) 4,022,403 98,428 
Fiserv, Inc. (a) 913,814 75,280 
FleetCor Technologies, Inc. (a) 273,200 62,246 
Gartner, Inc. (a) 5,700 903 
Global Payments, Inc. 380,292 48,449 
Leidos Holdings, Inc. 1,141,100 78,918 
MasterCard, Inc. Class A 971,748 216,321 
Netcompany Group A/S 1,000 36 
PayPal Holdings, Inc. (a) 4,523,414 397,337 
Square, Inc. (a) 321,600 31,842 
Visa, Inc. Class A 4,877,467 732,059 
Worldpay, Inc. (a) 223,000 22,583 
  1,883,804 
Semiconductors & Semiconductor Equipment - 1.5%   
Advanced Micro Devices, Inc. (a) 1,834,200 56,658 
NVIDIA Corp. 778,100 218,662 
Qualcomm, Inc. 1,554,400 111,963 
Texas Instruments, Inc. 363,639 39,015 
  426,298 
Software - 11.7%   
Activision Blizzard, Inc. 4,293,632 357,187 
Adobe Systems, Inc. (a) 2,533,986 684,050 
ANSYS, Inc. (a) 277,800 51,860 
Aspen Technology, Inc. (a) 389,500 44,368 
Atlassian Corp. PLC (a) 669,250 64,342 
Black Knight, Inc. (a) 1,129,350 58,670 
Electronic Arts, Inc. (a) 434,800 52,389 
Eventbrite, Inc. 35,100 1,333 
Intuit, Inc. 394,517 89,713 
Microsoft Corp. 7,748,331 886,177 
Parametric Technology Corp. (a) 104,200 11,065 
Paycom Software, Inc. (a) 287,581 44,693 
RealPage, Inc. (a) 150,900 9,944 
Red Hat, Inc. (a) 146,768 20,002 
RingCentral, Inc. (a) 297,727 27,703 
Salesforce.com, Inc. (a) 4,229,911 672,683 
Splunk, Inc. (a) 15,100 1,826 
SS&C Technologies Holdings, Inc. 589,824 33,520 
Tableau Software, Inc. (a) 159,900 17,867 
Tanium, Inc. Class B (a)(d)(e) 692,100 6,017 
Trion World, Inc. (a)(d)(e) 702,569 
Trion World, Inc. warrants 10/3/18 (a)(d)(e) 27,981 
Ultimate Software Group, Inc. (a) 387,199 124,752 
Workday, Inc. Class A (a) 1,185,225 173,019 
Zendesk, Inc. (a) 202,151 14,353 
  3,447,533 
Technology Hardware, Storage & Peripherals - 0.1%   
HP, Inc. 681,300 17,557 
Pure Storage, Inc. Class A (a) 302,500 7,850 
  25,407 
TOTAL INFORMATION TECHNOLOGY  9,199,637 
MATERIALS - 1.9%   
Chemicals - 1.1%   
Air Products & Chemicals, Inc. 118,300 19,762 
DowDuPont, Inc. 519,300 33,396 
International Flavors & Fragrances, Inc. 467,800 65,080 
LG Chemical Ltd. 66,080 21,765 
LyondellBasell Industries NV Class A 175,400 17,980 
Nutrien Ltd. 723,720 41,788 
Sherwin-Williams Co. 185,300 84,350 
Westlake Chemical Corp. 352,100 29,263 
  313,384 
Metals & Mining - 0.8%   
B2Gold Corp. (a) 33,009,932 75,136 
Franco-Nevada Corp. 1,298,661 81,239 
Ivanhoe Mines Ltd. (a) 7,931,000 16,886 
Kirkland Lake Gold Ltd. 666,852 12,639 
Newcrest Mining Ltd. 1,903,565 26,708 
Novagold Resources, Inc. (a) 3,369,572 12,444 
Randgold Resources Ltd. sponsored ADR 26,900 1,898 
Steel Dynamics, Inc. 254,078 11,482 
  238,432 
TOTAL MATERIALS  551,816 
REAL ESTATE - 0.7%   
Equity Real Estate Investment Trusts (REITs) - 0.6%   
American Tower Corp. 713,675 103,697 
Crown Castle International Corp. 253,400 28,211 
Spirit MTA REIT 383,690 4,420 
Spirit Realty Capital, Inc. 3,836,900 30,925 
  167,253 
Real Estate Management & Development - 0.1%   
Five Point Holdings LLC Class A (a)(b) 237,650 2,236 
Realogy Holdings Corp. (b) 1,812,200 37,404 
  39,640 
TOTAL REAL ESTATE  206,893 
TELECOMMUNICATION SERVICES - 0.5%   
Diversified Telecommunication Services - 0.5%   
Verizon Communications, Inc. 2,679,200 143,042 
Wireless Telecommunication Services - 0.0%   
SoftBank Corp. 19,200 1,918 
T-Mobile U.S., Inc. (a) 54,500 3,825 
  5,743 
TOTAL TELECOMMUNICATION SERVICES  148,785 
UTILITIES - 1.7%   
Electric Utilities - 1.7%   
Alliant Energy Corp. 1,739,000 74,029 
Duke Energy Corp. 1,403,500 112,308 
Exelon Corp. 2,076,800 90,673 
IDACORP, Inc. 400,000 39,692 
Southern Co. 1,709,900 74,552 
Xcel Energy, Inc. 1,942,200 91,691 
  482,945 
TOTAL COMMON STOCKS   
(Cost $15,822,032)  28,426,042 
Convertible Preferred Stocks - 1.4%   
CONSUMER DISCRETIONARY - 0.3%   
Household Durables - 0.0%   
Blu Homes, Inc. Series A, 5.00% (a)(d)(e) 7,091,632 142 
Leisure Products - 0.2%   
Peloton Interactive, Inc.:   
Series E (a)(d)(e) 2,769,852 39,997 
Series F(d)(e) 990,692 14,306 
  54,303 
Textiles, Apparel & Luxury Goods - 0.1%   
Bolt Threads, Inc. Series D (d)(e) 1,324,673 21,460 
TOTAL CONSUMER DISCRETIONARY  75,905 
CONSUMER STAPLES - 0.0%   
Food & Staples Retailing - 0.0%   
Roofoods Ltd. Series F (a)(d)(e) 21,314 7,947 
FINANCIALS - 0.1%   
Consumer Finance - 0.1%   
Oportun Finance Corp. Series H (a)(d)(e) 10,791,166 24,388 
HEALTH CARE - 0.2%   
Biotechnology - 0.1%   
23andMe, Inc.:   
Series E (a)(d)(e) 166,247 2,884 
Series F (a)(d)(e) 462,756 8,029 
Intarcia Therapeutics, Inc. Series CC (a)(d)(e) 516,522 22,226 
  33,139 
Health Care Equipment & Supplies - 0.1%   
Butterfly Network, Inc. Series D (d)(e) 2,225,827 22,859 
Health Care Providers & Services - 0.0%   
Mulberry Health, Inc. Series A8 (a)(d)(e) 1,159,721 8,287 
TOTAL HEALTH CARE  64,285 
INDUSTRIALS - 0.1%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp.:   
Series G (a)(d)(e) 145,254 24,548 
Series H (a)(d)(e) 42,094 7,114 
  31,662 
INFORMATION TECHNOLOGY - 0.7%   
Internet Software & Services - 0.6%   
Lyft, Inc.:   
Series H (d)(e) 697,377 33,024 
Series I (d)(e) 692,277 32,782 
Pinterest, Inc.:   
Series E, 8.00% (a)(d)(e) 13,203,155 68,260 
Series F, 8.00% (a)(d)(e) 8,808,645 45,541 
Series G, 8.00% (a)(d)(e) 1,676,465 8,667 
  188,274 
Software - 0.1%   
Magic Leap, Inc. Series D (a)(d)(e) 555,556 15,000 
TOTAL INFORMATION TECHNOLOGY  203,274 
REAL ESTATE - 0.0%   
Real Estate Management & Development - 0.0%   
WeWork Companies, Inc. Series F (a)(d)(e) 35,018 2,810 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $342,056)  410,271 
 Principal Amount (000s) Value (000s) 
Corporate Bonds - 0.2%   
Convertible Bonds - 0.0%   
INFORMATION TECHNOLOGY - 0.0%   
Software - 0.0%   
Trion World, Inc. 10% 10/10/19 pay-in-kind (d)(e)(g) 313 80 
Nonconvertible Bonds - 0.2%   
ENERGY - 0.1%   
Energy Equipment & Services - 0.1%   
Pacific Drilling SA 5.375% 6/1/20 (f)(h) 39,145 17,615 
HEALTH CARE - 0.1%   
Pharmaceuticals - 0.1%   
Valeant Pharmaceuticals International, Inc.:   
6.125% 4/15/25 (f) 15,350 14,599 
9% 12/15/25 (f) 15,888 17,100 
  31,699 
TOTAL NONCONVERTIBLE BONDS  49,314 
TOTAL CORPORATE BONDS   
(Cost $57,507)  49,394 
Bank Loan Obligations - 0.0%   
ENERGY - 0.0%   
Energy Equipment & Services - 0.0%   
Pacific Drilling SA DIP, term loan 3 month U.S. LIBOR + 7.000% 5.7968% 11/15/18(g)(i)(j)   
(Cost $2,369) 2,358 2,358 
 Shares Value (000s) 
Other - 0.1%   
ENERGY - 0.1%   
Oil, Gas & Consumable Fuels - 0.1%   
Utica Shale Drilling Program (non-operating revenue interest) (c)(d)(e)   
(Cost $50,430) 50,430,153 24,892 
Money Market Funds - 1.8%   
Fidelity Cash Central Fund, 2.11% (k) 491,980,609 492,079 
Fidelity Securities Lending Cash Central Fund 2.11% (k)(l) 52,915,764 52,921 
TOTAL MONEY MARKET FUNDS   
(Cost $544,964)  545,000 
TOTAL INVESTMENT IN SECURITIES - 100.3%   
(Cost $16,819,358)  29,457,957 
NET OTHER ASSETS (LIABILITIES) - (0.3)%  (85,248) 
NET ASSETS - 100%  $29,372,709 

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

 (d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $527,975,000 or 1.8% of net assets.

 (e) Level 3 security

 (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 $109,300,000 or 0.4% of net assets.

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

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

 (i) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $971,000 and $971,000, respectively.

 (j) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

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

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
23andMe, Inc. Series E 6/18/15 $1,800 
23andMe, Inc. Series F 8/31/17 $6,425 
ASAC II LP 10/10/13 $725 
Blu Homes, Inc. Series A, 5.00% 6/10/13 - 12/30/14 $32,763 
Bolt Threads, Inc. Series D 12/13/17 $21,247 
Butterfly Network, Inc. Series D 5/4/18 $22,859 
Intarcia Therapeutics, Inc. Series CC 11/14/12 $7,040 
Lyft, Inc. Series H 11/22/17 $27,718 
Lyft, Inc. Series I 6/27/18 $32,782 
Magic Leap, Inc. Series D 10/6/17 $15,000 
Mulberry Health, Inc. Series A8 1/20/16 $7,834 
Olivo Labs 2/8/17 $763 
Oportun Finance Corp. Series H 2/6/15 $30,726 
Peloton Interactive, Inc. Series E 3/31/17 $15,000 
Peloton Interactive, Inc. Series F 8/30/18 $14,306 
Pinterest, Inc. Series E, 8.00% 10/23/13 $38,370 
Pinterest, Inc. Series F, 8.00% 5/15/14 $29,923 
Pinterest, Inc. Series G, 8.00% 2/27/15 $12,035 
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 
Tanium, Inc. Class B 4/21/17 $3,436 
Trion World, Inc. 8/22/08 - 3/20/13 $3,834 
Trion World, Inc. warrants 10/3/18 10/10/13 $0 
Trion World, Inc. 10% 10/10/19 pay-in-kind 10/10/13 - 4/10/18 $313 
TulCo LLC 8/24/17 $6,082 
Utica Shale Drilling Program (non-operating revenue interest) 10/5/16 - 9/1/17 $50,430 
Weinstein Co. Holdings LLC Class A-1 10/19/05 $2,299 
WeWork Companies, Inc. Series F 12/1/16 $1,758 
WME Entertainment Parent, LLC Class A 8/16/16 $25,816 

Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $9,964 
Fidelity Securities Lending Cash Central Fund 836 
Total $10,800 

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

Investment Valuation

The following is a summary of the inputs used, as of September 30, 2018, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $4,930,983 $4,798,129 $23,661 $109,193 
Consumer Staples 1,299,413 1,174,118 117,348 7,947 
Energy 2,060,604 2,060,604 -- -- 
Financials 4,051,564 4,027,176 -- 24,388 
Health Care 3,561,287 3,461,582 35,122 64,583 
Industrials 2,136,302 2,048,859 3,686 83,757 
Information Technology 9,402,911 9,162,177 29,862 210,872 
Materials 551,816 551,816 -- -- 
Real Estate 209,703 206,893 -- 2,810 
Telecommunication Services 148,785 146,867 1,918 -- 
Utilities 482,945 482,945 -- -- 
Corporate Bonds 49,394 -- 49,314 80 
Bank Loan Obligations 2,358 -- 2,358 -- 
Other 24,892 -- -- 24,892 
Money Market Funds 545,000 545,000 -- -- 
Total Investments in Securities: $29,457,957 $28,666,166 $263,269 $528,522 

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 $504,148 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities 5,925 
Cost of Purchases 69,971 
Proceeds of Sales (51,522) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $528,522 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at September 30, 2018 $5,981 

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.

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 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: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds and bank loan obligations 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 each business day and are categorized as Level 1 in the hierarchy.

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

Asset Type Fair Value Valuation Technique (s) Unobservable Input Amount or Range / Weighted Average Impact to Valuation from an Increase in Input(a) 
Corporate Bonds 80 Recovery value Recovery value 25.6% Increase 
Equities 503,550 Market comparable  Enterprise value/Sales multiple (EV/S)  1.6 - 9.6 / 6.7  Increase 
   Discount rate 25.0% - 78.0% / 34.8%  Decrease 
   Discount for lack of marketability  10.0% - 15.0% / 14.7%  Decrease  
   Price/Earnings multiple (P/E)  14.1  Increase 
   Premium rate  24.0% - 94.0% / 34.4%  Increase  
  Market approach  Transaction price  $2.50 - $544.29 / $75.36  Increase 
   Discount rate  41.0% Decrease  
   Discount for lack of marketability 50.0%  Decrease 
  Recovery value Recovery value 0.0% - 0.2% / 0.2% Increase 
Other 24,892 Discount cash flow  Discount rate  13.5% Decrease 

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

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder 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 Holdings Report
for

Fidelity® Contrafund®

September 30, 2018







CON-QTLY-1118
1.807733.114





Schedule of Investments September 30, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.0%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 15.4%   
Automobiles - 0.3%   
Mahindra & Mahindra Ltd. 8,654,702 $102,762 
Maruti Suzuki India Ltd. 1,023,056 103,673 
Tesla, Inc. (a)(b) 720,308 190,716 
Toyota Motor Corp. 1,270,500 79,156 
  476,307 
Diversified Consumer Services - 0.2%   
Bright Horizons Family Solutions, Inc. (a) 22,528 2,655 
Chegg, Inc. (a) 2,428,610 69,045 
Weight Watchers International, Inc. (a) 2,194,869 158,009 
  229,709 
Hotels, Restaurants & Leisure - 1.3%   
Chipotle Mexican Grill, Inc. (a) 276,454 125,654 
Domino's Pizza, Inc. 447,265 131,854 
Eldorado Resorts, Inc. (a) 527,149 25,619 
Hilton Worldwide Holdings, Inc. 3,169,161 256,005 
Marriott International, Inc. Class A 3,156,064 416,695 
McDonald's Corp. 4,510,297 754,528 
Shake Shack, Inc. Class A (a) 210,610 13,271 
Vail Resorts, Inc. 189,608 52,032 
  1,775,658 
Household Durables - 0.0%   
SodaStream International Ltd. (a) 239,555 34,276 
Internet & Direct Marketing Retail - 10.4%   
Amazon.com, Inc. (a) 4,930,152 9,875,085 
Netflix, Inc. (a) 9,357,020 3,500,742 
Start Today Co. Ltd. 2,701,100 81,779 
The Booking Holdings, Inc. (a) 262,890 521,574 
  13,979,180 
Leisure Products - 0.0%   
Spin Master Corp. (a)(c) 102,214 4,053 
Media - 0.6%   
Discovery Communications, Inc. Class A (a) 1,913,833 61,243 
Liberty Media Corp.:   
Liberty Formula One Group Series C (a) 7,151,419 265,961 
Liberty SiriusXM Series C (a) 3,186,270 138,443 
Sirius XM Holdings, Inc. (b) 5,306,467 33,537 
The Walt Disney Co. 2,410,396 281,872 
Weinstein Co. Holdings LLC Class A-1 (a)(d)(e)(f) 41,234 
  781,056 
Multiline Retail - 0.1%   
Ollie's Bargain Outlet Holdings, Inc. (a) 793,675 76,272 
Specialty Retail - 1.5%   
Best Buy Co., Inc. 332,368 26,377 
Burlington Stores, Inc. (a) 620,363 101,070 
Home Depot, Inc. 5,355,896 1,109,474 
John David Group PLC 2,186,747 13,085 
Ross Stores, Inc. 287,496 28,491 
TJX Companies, Inc. 6,703,253 750,898 
Urban Outfitters, Inc. (a) 1,443,986 59,059 
  2,088,454 
Textiles, Apparel & Luxury Goods - 1.0%   
adidas AG 1,913,502 468,551 
Canada Goose Holdings, Inc. (a) 633,527 40,808 
Kering SA 93,525 50,135 
lululemon athletica, Inc. (a) 415,034 67,439 
LVMH Moet Hennessy - Louis Vuitton SA 226,457 80,023 
NIKE, Inc. Class B 3,877,178 328,475 
Pinduoduo, Inc. ADR (b) 510,291 13,416 
Ralph Lauren Corp. 489,715 67,360 
Tapestry, Inc. 798,263 40,129 
VF Corp. 2,119,349 198,053 
  1,354,389 
TOTAL CONSUMER DISCRETIONARY  20,799,354 
CONSUMER STAPLES - 2.0%   
Beverages - 0.4%   
Diageo PLC 719,094 25,476 
Keurig Dr. Pepper, Inc. 3,604,453 83,515 
Kweichow Moutai Co. Ltd. (A Shares) 703,600 74,776 
Monster Beverage Corp. (a) 1,573,242 91,689 
The Coca-Cola Co. 4,585,111 211,786 
  487,242 
Food & Staples Retailing - 0.5%   
Costco Wholesale Corp. 2,482,200 583,019 
Food Products - 0.0%   
The Simply Good Foods Co. (a) 2,008,014 39,056 
Household Products - 0.1%   
Colgate-Palmolive Co. 1,826,257 122,268 
Personal Products - 1.0%   
Estee Lauder Companies, Inc. Class A 7,917,378 1,150,553 
Kao Corp. 1,037,600 83,779 
L'Oreal SA (a) 223,633 53,929 
Shiseido Co. Ltd. 1,198,600 92,822 
  1,381,083 
TOTAL CONSUMER STAPLES  2,612,668 
ENERGY - 4.3%   
Oil, Gas & Consumable Fuels - 4.3%   
Birchcliff Energy Ltd. (g) 21,425,567 86,256 
Birchcliff Energy Ltd. (a)(c)(g) 686,127 2,762 
BP PLC 21,466,702 164,537 
Canadian Natural Resources Ltd. 8,184,915 267,413 
Centennial Resource Development, Inc. Class A (a)(g) 22,023,379 481,211 
Cheniere Energy, Inc. (a) 981,800 68,225 
Chevron Corp. 471,252 57,625 
Concho Resources, Inc. (a) 1,691,815 258,425 
ConocoPhillips Co. 6,581,346 509,396 
Continental Resources, Inc. (a) 4,803,463 327,980 
Diamondback Energy, Inc. 2,733,094 369,487 
Encana Corp. 8,581,748 112,483 
EOG Resources, Inc. 7,954,572 1,014,765 
Hess Corp. 6,981,400 499,729 
Magnolia Oil & Gas Corp. 7,115,700 106,807 
Marathon Petroleum Corp. 631,470 50,499 
Occidental Petroleum Corp. 1,012,752 83,218 
Phillips 66 Co. 3,568,763 402,271 
Pioneer Natural Resources Co. 351,390 61,209 
PrairieSky Royalty Ltd. 1,034,185 18,167 
Reliance Industries Ltd. 25,926,439 449,788 
Suncor Energy, Inc. 3,973,293 153,745 
Valero Energy Corp. 2,585,341 294,083 
  5,840,081 
FINANCIALS - 14.9%   
Banks - 6.9%   
Bank of America Corp. 78,685,467 2,318,074 
Citigroup, Inc. 34,141,606 2,449,319 
HDFC Bank Ltd. sponsored ADR 4,974,644 468,114 
JPMorgan Chase & Co. 22,660,160 2,556,972 
Kotak Mahindra Bank Ltd. 11,135,666 175,320 
M&T Bank Corp. 517,235 85,106 
Metro Bank PLC (a)(b)(g) 5,723,431 221,858 
Royal Bank of Canada 629,017 50,423 
The Toronto-Dominion Bank 2,307,320 140,209 
U.S. Bancorp 609,494 32,187 
Wells Fargo & Co. 15,142,449 795,887 
  9,293,469 
Capital Markets - 1.9%   
Bank of New York Mellon Corp. 10,179,092 519,032 
Charles Schwab Corp. 13,946,932 685,492 
IntercontinentalExchange, Inc. 1,044,555 78,227 
Morgan Stanley 11,728,620 546,202 
MSCI, Inc. 1,755,989 311,530 
Oaktree Capital Group LLC Class A 2,045,820 84,697 
S&P Global, Inc. 1,715,099 335,113 
  2,560,293 
Consumer Finance - 0.7%   
American Express Co. 6,664,452 709,697 
Synchrony Financial 8,712,251 270,777 
  980,474 
Diversified Financial Services - 5.0%   
Alteryx, Inc. (a)(b) 238,992 13,673 
Berkshire Hathaway, Inc. Class A (a) 20,745 6,638,401 
  6,652,074 
Insurance - 0.4%   
Admiral Group PLC 5,529,446 149,907 
AIA Group Ltd. 1,555,000 13,885 
American International Group, Inc. 1,468,722 78,195 
Chubb Ltd. 1,380,299 184,463 
Fairfax Financial Holdings Ltd. (sub. vtg.) 174,253 94,670 
Progressive Corp. 608,293 43,213 
  564,333 
TOTAL FINANCIALS  20,050,643 
HEALTH CARE - 11.0%   
Biotechnology - 2.4%   
Acceleron Pharma, Inc. (a) 815,362 46,663 
Agios Pharmaceuticals, Inc. (a) 1,407,897 108,577 
Alnylam Pharmaceuticals, Inc. (a) 233,949 20,475 
Amgen, Inc. 1,966,417 407,619 
AnaptysBio, Inc. (a) 279,895 27,925 
Arena Pharmaceuticals, Inc. (a) 482,281 22,195 
bluebird bio, Inc. (a) 320,127 46,739 
Celgene Corp. (a) 1,357,641 121,495 
CSL Ltd. 68,958 10,025 
Exact Sciences Corp. (a) 357,222 28,192 
FibroGen, Inc. (a) 2,432,050 147,747 
Galapagos Genomics NV sponsored ADR (a) 20,974 2,358 
Genmab A/S (a) 421,499 66,281 
Gilead Sciences, Inc. 3,648,766 281,721 
Heron Therapeutics, Inc. (a) 625,113 19,785 
Intrexon Corp. (a)(b) 3,092,078 53,246 
Ligand Pharmaceuticals, Inc. Class B (a) 79,821 21,910 
Neurocrine Biosciences, Inc. (a) 3,024,798 371,899 
Regeneron Pharmaceuticals, Inc. (a) 637,702 257,657 
Sage Therapeutics, Inc. (a) 404,104 57,080 
Vertex Pharmaceuticals, Inc. (a) 5,688,628 1,096,426 
Wuxi Biologics (Cayman), Inc. (a) 3,617,000 36,570 
  3,252,585 
Health Care Equipment & Supplies - 2.6%   
Abbott Laboratories 210,686 15,456 
Abiomed, Inc. (a) 78,528 35,318 
Baxter International, Inc. 8,878,241 684,424 
Becton, Dickinson & Co. 760,780 198,564 
Boston Scientific Corp. (a) 17,840,847 686,873 
Danaher Corp. 3,675,163 399,343 
DexCom, Inc. (a) 1,260,333 180,278 
Edwards Lifesciences Corp. (a) 2,260,692 393,586 
Intuitive Surgical, Inc. (a) 1,061,659 609,392 
Penumbra, Inc. (a) 270,135 40,439 
ResMed, Inc. 1,419,705 163,749 
Sonova Holding AG Class B 416,178 82,820 
Stryker Corp. 321,330 57,094 
  3,547,336 
Health Care Providers & Services - 4.1%   
Anthem, Inc. 1,078,734 295,627 
Centene Corp. (a) 102,648 14,861 
Elanco Animal Health, Inc. 1,109,493 38,710 
HealthEquity, Inc. (a) 1,881,900 177,670 
Humana, Inc. 1,657,719 561,171 
Molina Healthcare, Inc. (a) 419,549 62,387 
National Vision Holdings, Inc. 3,199,071 144,406 
UnitedHealth Group, Inc. 15,761,189 4,193,107 
  5,487,939 
Health Care Technology - 0.1%   
Veeva Systems, Inc. Class A (a) 1,308,985 142,509 
Life Sciences Tools & Services - 1.0%   
Illumina, Inc. (a) 79,921 29,336 
Mettler-Toledo International, Inc. (a)(g) 1,419,031 864,161 
Morphosys AG (a) 115,819 12,385 
PRA Health Sciences, Inc. (a) 940,453 103,629 
Quintiles Transnational Holdings, Inc. (a) 938,008 121,697 
Thermo Fisher Scientific, Inc. 869,835 212,309 
  1,343,517 
Pharmaceuticals - 0.8%   
AstraZeneca PLC sponsored ADR 4,548,959 180,002 
Eli Lilly & Co. 1,326,616 142,359 
Idorsia Ltd. (a) 1,969,001 49,596 
Ipsen SA 143,135 24,064 
Jazz Pharmaceuticals PLC (a) 398,546 67,008 
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) 2,264,900 20,938 
MyoKardia, Inc. (a) 194,944 12,710 
Nektar Therapeutics (a) 3,058,962 186,474 
Roche Holding AG (participation certificate) 324,715 78,521 
Supernus Pharmaceuticals, Inc. (a) 852,236 42,910 
Teva Pharmaceutical Industries Ltd. sponsored ADR 8,509,225 183,289 
Zoetis, Inc. Class A 786,809 72,040 
  1,059,911 
TOTAL HEALTH CARE  14,833,797 
INDUSTRIALS - 5.1%   
Aerospace & Defense - 1.0%   
Northrop Grumman Corp. 613,917 194,839 
Raytheon Co. 1,268,060 262,057 
Rolls-Royce Holdings PLC 2,098,006 26,992 
Space Exploration Technologies Corp.:   
Class A (a)(e)(f) 295,578 49,953 
Class C (e)(f) 12,991 2,195 
The Boeing Co. 2,058,767 765,655 
TransDigm Group, Inc. 228,688 85,141 
  1,386,832 
Air Freight & Logistics - 0.5%   
C.H. Robinson Worldwide, Inc. 886,981 86,853 
Expeditors International of Washington, Inc. 1,081,844 79,548 
FedEx Corp. 1,147,475 276,301 
XPO Logistics, Inc. (a) 1,791,262 204,508 
  647,210 
Airlines - 0.3%   
Ryanair Holdings PLC sponsored ADR (a) 2,107,085 202,364 
Southwest Airlines Co. 3,236,470 202,118 
  404,482 
Building Products - 0.2%   
Jeld-Wen Holding, Inc. (a) 3,432,652 84,649 
Masco Corp. 1,406,878 51,492 
Toto Ltd. 3,009,200 124,876 
  261,017 
Commercial Services & Supplies - 0.3%   
Cintas Corp. 1,094,645 216,532 
Clean TeQ Holdings Ltd. (a)(b)(g) 42,601,169 16,783 
Copart, Inc. (a) 767,537 39,551 
TulCo LLC (a)(d)(e)(f) 140,771 76,620 
  349,486 
Electrical Equipment - 0.7%   
AMETEK, Inc. 1,135,558 89,845 
Fortive Corp. (b) 9,196,767 774,368 
Melrose Industries PLC 11,661,096 30,383 
  894,596 
Industrial Conglomerates - 0.4%   
3M Co. 1,527,976 321,960 
General Electric Co. 15,609,985 176,237 
Roper Technologies, Inc. 44,928 13,308 
  511,505 
Machinery - 0.4%   
Caterpillar, Inc. 17,137 2,613 
Deere & Co. 2,072,413 311,546 
IDEX Corp. 163,064 24,567 
Ingersoll-Rand PLC 129,516 13,249 
PACCAR, Inc. 1,769,204 120,642 
Rexnord Corp. (a) 2,373,762 73,112 
Xylem, Inc. 474,312 37,883 
  583,612 
Professional Services - 0.5%   
FTI Consulting, Inc. (a) 1,349,299 98,755 
IHS Markit Ltd. (a) 1,908,595 102,988 
Recruit Holdings Co. Ltd. 2,397,100 80,002 
Robert Half International, Inc. 545,250 38,375 
SR Teleperformance SA 85,349 16,103 
TransUnion Holding Co., Inc. 4,445,171 327,076 
  663,299 
Road & Rail - 0.5%   
CSX Corp. 7,238,888 536,040 
Union Pacific Corp. 1,205,794 196,339 
  732,379 
Trading Companies & Distributors - 0.3%   
Air Lease Corp. Class A 1,449,486 66,502 
HD Supply Holdings, Inc. (a) 903,729 38,671 
W.W. Grainger, Inc. 974,977 348,467 
  453,640 
TOTAL INDUSTRIALS  6,888,058 
INFORMATION TECHNOLOGY - 41.4%   
Communications Equipment - 0.3%   
Arista Networks, Inc. (a) 1,516,693 403,228 
Electronic Equipment & Components - 1.7%   
Amphenol Corp. Class A (g) 22,191,314 2,086,427 
CDW Corp. 222,082 19,748 
Dolby Laboratories, Inc. Class A 1,372,630 96,043 
FLIR Systems, Inc. 228,286 14,033 
Zebra Technologies Corp. Class A (a) 334,446 59,140 
  2,275,391 
Internet Software & Services - 12.8%   
Alphabet, Inc.:   
Class A (a) 3,535,039 4,267,075 
Class C (a) 3,228,081 3,852,618 
CarGurus, Inc. Class A 2,403,126 133,830 
Coupa Software, Inc. (a) 722,184 57,125 
DocuSign, Inc. 388,944 20,447 
Dropbox, Inc. Class A (a)(b) 5,875,366 157,636 
Facebook, Inc. Class A (a) 46,925,342 7,717,342 
Farfetch Ltd. Class A 273,748 7,454 
GrubHub, Inc. (a) 622,279 86,260 
IAC/InterActiveCorp(a) 394,689 85,537 
MongoDB, Inc. Class A 1,562,283 127,404 
New Relic, Inc. (a) 1,659,199 156,346 
Nutanix, Inc. Class B (a)(c) 3,060,752 130,755 
Okta, Inc. (a) 2,562,346 180,287 
Shopify, Inc. Class A (a) 1,067,154 175,401 
Spotify Technology SA (a) 283,513 51,268 
SurveyMonkey 308,292 4,942 
The Trade Desk, Inc. (a) 26,177 3,950 
Twilio, Inc. Class A (a) 48,805 4,211 
Wix.com Ltd. (a) 306,466 36,684 
  17,256,572 
IT Services - 7.8%   
Accenture PLC Class A 1,286,131 218,899 
Adyen BV (c) 135,881 110,909 
ASAC II LP (a)(e)(f) 39,494,500 6,635 
EPAM Systems, Inc. (a) 706,768 97,322 
Fiserv, Inc. (a) 3,382,506 278,651 
FleetCor Technologies, Inc. (a) 567,058 129,198 
Gartner, Inc. (a) 25,375 4,022 
Global Payments, Inc. 2,697,352 343,643 
MasterCard, Inc. Class A 11,873,681 2,643,200 
Netcompany Group A/S 472,283 16,986 
PayPal Holdings, Inc. (a) 25,085,816 2,203,538 
Square, Inc. (a) 2,448,972 242,473 
Visa, Inc. Class A 26,613,120 3,994,363 
Worldpay, Inc. (a) 1,559,613 157,942 
  10,447,781 
Semiconductors & Semiconductor Equipment - 1.6%   
Advanced Micro Devices, Inc. (a) 12,767,971 394,403 
Analog Devices, Inc. 392,086 36,252 
Intel Corp. 1,466,282 69,340 
NVIDIA Corp. 4,419,266 1,241,902 
Texas Instruments, Inc. 4,039,722 433,422 
  2,175,319 
Software - 14.5%   
Activision Blizzard, Inc. 30,040,944 2,499,106 
Adobe Systems, Inc. (a) 12,456,929 3,362,748 
Atlassian Corp. PLC (a) 3,557,722 342,039 
Black Knight, Inc. (a) 21,210 1,102 
Electronic Arts, Inc. (a) 4,721,044 568,839 
Eventbrite, Inc. (b) 159,741 6,065 
Intuit, Inc. 1,489,567 338,728 
Microsoft Corp. 45,831,132 5,241,707 
Parametric Technology Corp. (a) 564,589 59,954 
Paycom Software, Inc. (a) 1,832,093 284,726 
RealPage, Inc. (a) 1,082,014 71,305 
Red Hat, Inc. (a) 1,174,910 160,117 
RingCentral, Inc. (a) 2,377,438 221,221 
Salesforce.com, Inc. (a) 26,969,262 4,288,922 
Splunk, Inc. (a) 109,392 13,227 
SS&C Technologies Holdings, Inc. 3,813,483 216,720 
Tableau Software, Inc. (a) 1,083,105 121,026 
Tanium, Inc. Class B (a)(e)(f) 2,944,100 25,595 
Trion World, Inc. (a)(e)(f) 4,607,810 
Trion World, Inc. warrants 10/3/18 (a)(e)(f) 183,516 
Ultimate Software Group, Inc. (a) 1,454,839 468,735 
Workday, Inc. Class A (a) 8,426,089 1,230,040 
Zendesk, Inc. (a) 1,100,036 78,103 
  19,600,025 
Technology Hardware, Storage & Peripherals - 2.7%   
Apple, Inc. 15,628,551 3,527,989 
HP, Inc. 4,452,019 114,729 
Pure Storage, Inc. Class A (a) 1,682,308 43,656 
  3,686,374 
TOTAL INFORMATION TECHNOLOGY  55,844,690 
MATERIALS - 1.7%   
Chemicals - 1.1%   
Air Products & Chemicals, Inc. 1,368,039 228,531 
DowDuPont, Inc. 7,780,749 500,380 
Growmax Resources Corp. (a)(c) 3,314,963 295 
LyondellBasell Industries NV Class A 1,134,317 116,279 
Sherwin-Williams Co. 1,121,046 510,311 
Westlake Chemical Corp. 2,247,988 186,830 
  1,542,626 
Metals & Mining - 0.6%   
B2Gold Corp. (a)(g) 52,446,340 119,376 
BHP Billiton Ltd. 1,556,668 38,778 
Franco-Nevada Corp. 3,669,707 229,561 
Ivanhoe Mines Ltd. (a)(g) 49,330,382 105,027 
Ivanhoe Mines Ltd. (a)(c)(g) 14,186,691 30,204 
Kirkland Lake Gold Ltd. 3,261,326 61,810 
Novagold Resources, Inc. (a) 7,809,207 28,839 
Nucor Corp. 922,677 58,544 
Randgold Resources Ltd. sponsored ADR 197,403 13,927 
Steel Dynamics, Inc. 1,947,252 87,996 
  774,062 
TOTAL MATERIALS  2,316,688 
REAL ESTATE - 0.1%   
Equity Real Estate Investment Trusts (REITs) - 0.0%   
American Tower Corp. 195,828 28,454 
Real Estate Management & Development - 0.1%   
Five Point Holdings LLC Class A (a) 1,307,207 12,301 
WeWork Companies, Inc. Class A (a)(e)(f) 607,163 48,725 
  61,026 
TOTAL REAL ESTATE  89,480 
TELECOMMUNICATION SERVICES - 0.1%   
Wireless Telecommunication Services - 0.1%   
SoftBank Corp. 140,500 14,036 
T-Mobile U.S., Inc. (a) 1,805,268 126,694 
  140,730 
UTILITIES - 0.0%   
Electric Utilities - 0.0%   
Vistra Energy Corp. (a) 507,796 12,634 
Independent Power and Renewable Electricity Producers - 0.0%   
NRG Energy, Inc. 309,313 11,568 
TOTAL UTILITIES  24,202 
TOTAL COMMON STOCKS   
(Cost $58,758,284)  129,440,391 
Convertible Preferred Stocks - 1.2%   
CONSUMER DISCRETIONARY - 0.1%   
Diversified Consumer Services - 0.1%   
Airbnb, Inc.:   
Series D (a)(e)(f) 578,817 60,926 
Series E (a)(e)(f) 388,853 40,931 
Handy Technologies, Inc. Series C (a)(e)(f) 3,537,042 20,727 
  122,584 
CONSUMER STAPLES - 0.0%   
Food & Staples Retailing - 0.0%   
Roofoods Ltd. Series F (a)(e)(f) 154,611 57,647 
HEALTH CARE - 0.2%   
Biotechnology - 0.1%   
23andMe, Inc.:   
Series E (a)(e)(f) 664,987 11,538 
Series F (a)(e)(f) 3,348,986 58,105 
Generation Bio Series B (e)(f) 2,430,600 22,230 
Intarcia Therapeutics, Inc. Series CC (a)(e)(f) 2,100,446 90,382 
  182,255 
Health Care Providers & Services - 0.1%   
Get Heal, Inc. Series B (a)(e)(f) 35,877,127 682 
Mulberry Health, Inc.:   
Series A (e)(f) 600,009 4,288 
Series A8 (a)(e)(f) 7,960,894 56,887 
Series AA (e)(f) 49,783 356 
  62,213 
TOTAL HEALTH CARE  244,468 
INDUSTRIALS - 0.1%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp.:   
Series G (a)(e)(f) 558,215 94,338 
Series H (a)(e)(f) 120,282 20,328 
  114,666 
INFORMATION TECHNOLOGY - 0.5%   
Internet Software & Services - 0.4%   
Lyft, Inc.:   
Series H (e)(f) 1,553,259 73,553 
Series I (e)(f) 1,380,203 65,358 
Pinterest, Inc.:   
Series E, 8.00% (a)(e)(f) 54,841,080 283,528 
Series F, 8.00% (a)(e)(f) 3,455,720 17,866 
Series G, 8.00% (a)(e)(f) 4,301,275 22,238 
Uber Technologies, Inc. Series D, 8.00% (a)(e)(f) 2,021,080 98,568 
  561,111 
Software - 0.1%   
Carbon, Inc. Series D (f) 915,425 23,362 
Cloudflare, Inc. Series D, 8.00% (a)(e)(f) 6,547,014 72,017 
Delphix Corp. Series D (a)(e)(f) 3,712,687 29,516 
  124,895 
TOTAL INFORMATION TECHNOLOGY  686,006 
REAL ESTATE - 0.3%   
Real Estate Management & Development - 0.3%   
WeWork Companies, Inc.:   
Series E (a)(e)(f) 5,464,465 438,523 
Series F (a)(e)(f) 253,732 20,362 
  458,885 
TELECOMMUNICATION SERVICES - 0.0%   
Wireless Telecommunication Services - 0.0%   
Altiostar Networks, Inc. Series A1 (a)(e)(f) 2,124,227 2,719 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $1,037,300)  1,686,975 
 Principal Amount (000s) Value (000s) 
Corporate Bonds - 0.2%   
Convertible Bonds - 0.0%   
INFORMATION TECHNOLOGY - 0.0%   
Software - 0.0%   
Trion World, Inc. 10% 10/10/19 pay-in-kind (e)(f)(h) 2,054 526 
Nonconvertible Bonds - 0.2%   
HEALTH CARE - 0.2%   
Pharmaceuticals - 0.2%   
Valeant Pharmaceuticals International, Inc.:   
6.125% 4/15/25 (c) 108,950 103,617 
9% 12/15/25 (c) 112,396 120,971 
  224,588 
TOTAL CORPORATE BONDS   
(Cost $215,556)  225,114 
 Shares Value (000s) 
Money Market Funds - 3.0%   
Fidelity Cash Central Fund, 2.11% (i) 3,418,343,099 3,419,027 
Fidelity Securities Lending Cash Central Fund 2.11% (i)(j) 579,087,985 579,146 
TOTAL MONEY MARKET FUNDS   
(Cost $3,998,172)  3,998,173 
TOTAL INVESTMENT IN SECURITIES - 100.4%   
(Cost $64,009,312)  135,350,653 
NET OTHER ASSETS (LIABILITIES) - (0.4)%  (563,688) 
NET ASSETS - 100%  $134,786,965 

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 $503,566,000 or 0.4% of net assets.

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

 (e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,873,862,000 or 1.4% of net assets.

 (f) Level 3 security

 (g) Affiliated company

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

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

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
23andMe, Inc. Series E 6/18/15 $7,200 
23andMe, Inc. Series F 8/31/17 $46,498 
Airbnb, Inc. Series D 4/16/14 $23,565 
Airbnb, Inc. Series E 6/29/15 $36,200 
Altiostar Networks, Inc. Series A1 1/10/17 $9,771 
ASAC II LP 10/10/13 $3,041 
Cloudflare, Inc. Series D, 8.00% 11/5/14 - 9/10/18 $51,503 
Delphix Corp. Series D 7/10/15 $33,414 
Generation Bio Series B 2/21/18 $22,230 
Get Heal, Inc. Series B 11/7/16 $10,944 
Handy Technologies, Inc. Series C 10/14/15 $20,727 
Intarcia Therapeutics, Inc. Series CC 11/14/12 $28,629 
Lyft, Inc. Series H 11/22/17 $61,736 
Lyft, Inc. Series I 6/27/18 $65,358 
Mulberry Health, Inc. Series A 3/23/18 $4,281 
Mulberry Health, Inc. Series A8 1/20/16 $53,774 
Mulberry Health, Inc. Series AA 3/23/18 $145 
Pinterest, Inc. Series E, 8.00% 10/23/13 $159,376 
Pinterest, Inc. Series F, 8.00% 5/15/14 $11,739 
Pinterest, Inc. Series G, 8.00% 2/27/15 $30,879 
Roofoods Ltd. Series F 9/12/17 $54,666 
Space Exploration Technologies Corp. Class A 10/16/15 - 9/11/17 $30,689 
Space Exploration Technologies Corp. Class C 9/11/17 $1,754 
Space Exploration Technologies Corp. Series G 1/20/15 $43,239 
Space Exploration Technologies Corp. Series H 8/4/17 $16,238 
Tanium, Inc. Class B 4/21/17 $14,615 
Trion World, Inc. 8/22/08 - 3/20/13 $25,151 
Trion World, Inc. warrants 10/3/18 10/10/13 $0 
Trion World, Inc. 10% 10/10/19 pay-in-kind 10/10/13 - 4/10/18 $2,051 
TulCo LLC 8/24/17 - 9/7/18 $52,173 
Uber Technologies, Inc. Series D, 8.00% 6/6/14 $31,654 
Weinstein Co. Holdings LLC Class A-1 10/19/05 $41,234 
WeWork Companies, Inc. Class A 6/23/15 $19,969 
WeWork Companies, Inc. Series E 6/23/15 $179,724 
WeWork Companies, Inc. Series F 12/1/16 $12,735 

Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $36,728 
Fidelity Securities Lending Cash Central Fund 8,455 
Total $45,183 

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

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 $2,007,425 $29,600 $87,464 $14,552 $69,158 $67,708 $2,086,427 
B2Gold Corp. 153,772 16,481 6,684 -- 2,296 (46,489) 119,376 
Birchcliff Energy Ltd. 73,246 4,953 3,872 1,045 (1,847) 13,776 86,256 
Birchcliff Energy Ltd. 2,402 -- -- 34 -- 360 2,762 
Centennial Resource Development, Inc. Class A 423,982 22,709 11,924 -- 3,880 42,564 481,211 
Clean TeQ Holdings Ltd. -- 39,493 811 -- (337) (21,562) 16,783 
Ivanhoe Mines Ltd. 172,912 -- 4,061 -- 2,799 (66,623) 105,027 
Ivanhoe Mines Ltd. 49,727 -- 1,168 -- (1,506) (16,849) 30,204 
Metro Bank PLC 287,797 -- 10,065 -- 7,327 (63,201) 221,858 
Mettler-Toledo International, Inc. 1,077,667 12,490 195,742 -- 83,366 (113,620) 864,161 
Total $4,248,930 $125,726 $321,791 $15,631 $165,136 $(203,936) $4,014,065 

 (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 September 30, 2018, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $20,921,938 $20,640,175 $159,179 $122,584 
Consumer Staples 2,670,315 2,587,192 25,476 57,647 
Energy 5,840,081 5,675,544 164,537 -- 
Financials 20,050,643 20,050,643 -- -- 
Health Care 15,078,265 14,755,276 78,521 244,468 
Industrials 7,002,724 6,732,298 26,992 243,434 
Information Technology 56,530,696 55,812,460 -- 718,236 
Materials 2,316,688 2,277,910 38,778 -- 
Real Estate 548,365 40,755 -- 507,610 
Telecommunication Services 143,449 126,694 14,036 2,719 
Utilities 24,202 24,202 -- -- 
Corporate Bonds 225,114 -- 224,588 526 
Money Market Funds 3,998,173 3,998,173 -- -- 
Total Investments in Securities: $135,350,653 $132,721,322 $732,107 $1,897,224 

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 $1,603,206 
Net Realized Gain (Loss) on Investment Securities 49,781 
Net Unrealized Gain (Loss) on Investment Securities 243,585 
Cost of Purchases 124,928 
Proceeds of Sales (124,276) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $1,897,224 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at September 30, 2018 $275,921 

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.

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 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: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, 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 each business day and are categorized as Level 1 in the hierarchy.

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

Asset Type Fair Value Valuation Technique (s) Unobservable Input Amount or Range / Weighted Average Impact to Valuation from an Increase in Input(a) 
Corporate Bonds $526 Recovery value Recovery value 25.6% Increase 
Equities $1,896,698 Market comparable Enterprise value/Sales multiple (EV/S) 1.3 - 16.0 / 7.8 Increase 
   Transaction price $9.15 Increase 
   Discount rate 30.0% - 78.0% / 48.7% Decrease 
   Discount for lack of marketability 10.0% - 25.0% / 11.4% Decrease 
   Premium rate 7.5% - 308.0% / 40.8% Increase 
  Market approach Transaction price $0.81 - $544.29 / $114.67 Increase 
   Conversion ratio 1.6 Increase 
  Recovery value Recovery value 0.0% - 0.2% / 0.2% Increase 

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

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder 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 Holdings Report
for

Fidelity® Contrafund® K6

September 30, 2018







CONK6-QTLY-1118
1.9883976.101





Schedule of Investments September 30, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.0%   
 Shares Value 
CONSUMER DISCRETIONARY - 15.7%   
Automobiles - 0.3%   
Mahindra & Mahindra Ltd. 329,408 $3,911,237 
Maruti Suzuki India Ltd. 39,459 3,998,659 
Tesla, Inc. (a) 28,914 7,655,560 
Toyota Motor Corp. 48,300 3,009,225 
  18,574,681 
Diversified Consumer Services - 0.2%   
Bright Horizons Family Solutions, Inc. (a) 895 105,467 
Chegg, Inc. (a) 93,133 2,647,771 
Weight Watchers International, Inc. (a) 89,661 6,454,695 
  9,207,933 
Hotels, Restaurants & Leisure - 1.3%   
Chipotle Mexican Grill, Inc. (a) 11,036 5,016,083 
Domino's Pizza, Inc. 18,055 5,322,614 
Eldorado Resorts, Inc. (a) 20,050 974,430 
Hilton Worldwide Holdings, Inc. 130,213 10,518,606 
Marriott International, Inc. Class A 129,756 17,131,685 
McDonald's Corp. 185,393 31,014,395 
Shake Shack, Inc. Class A (a) 7,892 497,275 
Vail Resorts, Inc. 7,322 2,009,303 
  72,484,391 
Household Durables - 0.0%   
SodaStream International Ltd. (a) 9,154 1,309,754 
Internet & Direct Marketing Retail - 10.6%   
Amazon.com, Inc. (a) 202,583 405,773,749 
Netflix, Inc. (a) 384,541 143,868,324 
Start Today Co. Ltd. 107,000 3,239,571 
The Booking Holdings, Inc. (a) 10,792 21,411,328 
  574,292,972 
Leisure Products - 0.0%   
Spin Master Corp. (a)(b) 4,189 166,114 
Media - 0.6%   
Discovery Communications, Inc. Class A (a)(c) 75,760 2,424,320 
Liberty Media Corp.:   
Liberty Formula One Group Series C (a) 290,057 10,787,220 
Liberty SiriusXM Series C (a) 125,868 5,468,965 
Sirius XM Holdings, Inc. (c) 214,938 1,358,408 
The Walt Disney Co. 98,954 11,571,681 
  31,610,594 
Multiline Retail - 0.1%   
Ollie's Bargain Outlet Holdings, Inc. (a) 32,417 3,115,274 
Specialty Retail - 1.6%   
Best Buy Co., Inc. 13,332 1,058,028 
Burlington Stores, Inc. (a) 25,196 4,104,932 
Home Depot, Inc. 220,075 45,588,536 
John David Group PLC 84,836 507,651 
Ross Stores, Inc. 11,097 1,099,713 
TJX Companies, Inc. 275,411 30,851,540 
Urban Outfitters, Inc. (a) 53,814 2,200,993 
  85,411,393 
Textiles, Apparel & Luxury Goods - 1.0%   
adidas AG 78,613 19,249,607 
Canada Goose Holdings, Inc. (a) 24,259 1,562,613 
Kering SA 3,531 1,892,817 
lululemon athletica, Inc. (a) 15,421 2,505,758 
LVMH Moet Hennessy - Louis Vuitton SA 9,230 3,261,614 
NIKE, Inc. Class B 158,234 13,405,584 
Pinduoduo, Inc. ADR 20,209 531,295 
Ralph Lauren Corp. 18,869 2,595,431 
Tapestry, Inc. 32,374 1,627,441 
VF Corp. 86,421 8,076,042 
  54,708,202 
TOTAL CONSUMER DISCRETIONARY  850,881,308 
CONSUMER STAPLES - 2.0%   
Beverages - 0.4%   
Diageo PLC 27,629 978,843 
Keurig Dr. Pepper, Inc. 140,362 3,252,188 
Kweichow Moutai Co. Ltd. (A Shares) 26,800 2,848,221 
Monster Beverage Corp. (a) 60,229 3,510,146 
The Coca-Cola Co. 183,733 8,486,627 
  19,076,025 
Food & Staples Retailing - 0.5%   
Costco Wholesale Corp. 101,357 23,806,732 
Food Products - 0.0%   
The Simply Good Foods Co. (a) 71,833 1,397,152 
Household Products - 0.1%   
Colgate-Palmolive Co. 71,202 4,766,974 
Personal Products - 1.0%   
Estee Lauder Companies, Inc. Class A 325,429 47,291,342 
Kao Corp. 41,400 3,342,753 
L'Oreal SA (a) 7,314 1,763,772 
Shiseido Co. Ltd. 47,100 3,647,535 
  56,045,402 
TOTAL CONSUMER STAPLES  105,092,285 
ENERGY - 4.3%   
Oil, Gas & Consumable Fuels - 4.3%   
Birchcliff Energy Ltd. 832,627 3,352,038 
BP PLC 860,840 6,598,118 
Canadian Natural Resources Ltd. 336,399 10,990,623 
Centennial Resource Development, Inc. Class A (a) 763,954 16,692,395 
Cheniere Energy, Inc. (a) 37,200 2,585,028 
Chevron Corp. 17,948 2,194,681 
Concho Resources, Inc. (a) 68,619 10,481,552 
ConocoPhillips Co. 268,535 20,784,609 
Continental Resources, Inc. (a) 197,416 13,479,564 
Diamondback Energy, Inc. 111,586 15,085,311 
Encana Corp. 339,778 4,453,561 
EOG Resources, Inc. 326,656 41,671,506 
Hess Corp. 286,687 20,521,055 
Magnolia Oil & Gas Corp. 154,000 2,311,540 
Marathon Petroleum Corp. 25,130 2,009,646 
Occidental Petroleum Corp. 41,637 3,421,312 
Phillips 66 Co. 144,728 16,313,740 
Pioneer Natural Resources Co. 13,436 2,340,417 
PrairieSky Royalty Ltd. 40,026 703,124 
Reliance Industries Ltd. 1,031,382 17,893,077 
Suncor Energy, Inc. 156,734 6,064,774 
Valero Energy Corp. 106,214 12,081,843 
  232,029,514 
FINANCIALS - 15.0%   
Banks - 7.0%   
Bank of America Corp. 3,233,884 95,270,223 
Citigroup, Inc. 1,403,213 100,666,501 
HDFC Bank Ltd. sponsored ADR 196,907 18,528,949 
JPMorgan Chase & Co. 931,310 105,089,020 
Kotak Mahindra Bank Ltd. 442,972 6,974,167 
M&T Bank Corp. 20,469 3,367,969 
Metro Bank PLC (a) 233,603 9,055,180 
Royal Bank of Canada 23,688 1,898,855 
The Toronto-Dominion Bank 90,593 5,505,086 
U.S. Bancorp 23,814 1,257,617 
Wells Fargo & Co. 599,641 31,517,131 
  379,130,698 
Capital Markets - 1.9%   
Bank of New York Mellon Corp. 418,305 21,329,372 
Charles Schwab Corp. 573,192 28,172,387 
IntercontinentalExchange, Inc. 40,588 3,039,635 
Morgan Stanley 470,133 21,894,094 
MSCI, Inc. 72,149 12,799,954 
Oaktree Capital Group LLC Class A 81,452 3,372,113 
S&P Global, Inc. 70,511 13,777,144 
  104,384,699 
Consumer Finance - 0.8%   
American Express Co. 271,860 28,950,371 
Synchrony Financial 358,705 11,148,551 
  40,098,922 
Diversified Financial Services - 4.9%   
Alteryx, Inc. (a) 9,321 533,254 
Berkshire Hathaway, Inc. Class A (a) 828 264,960,041 
  265,493,295 
Insurance - 0.4%   
Admiral Group PLC 227,259 6,161,155 
AIA Group Ltd. 61,200 546,460 
American International Group, Inc. 58,573 3,118,427 
Chubb Ltd. 53,995 7,215,892 
Fairfax Financial Holdings Ltd. (sub. vtg.) 7,020 3,813,893 
Progressive Corp. 24,207 1,719,665 
  22,575,492 
TOTAL FINANCIALS  811,683,106 
HEALTH CARE - 11.1%   
Biotechnology - 2.4%   
Acceleron Pharma, Inc. (a) 31,449 1,799,826 
Agios Pharmaceuticals, Inc. (a) 46,717 3,602,815 
Alnylam Pharmaceuticals, Inc. (a) 8,152 713,463 
Amgen, Inc. 79,971 16,577,189 
AnaptysBio, Inc. (a) 10,623 1,059,857 
Arena Pharmaceuticals, Inc. (a) 17,608 810,320 
bluebird bio, Inc. (a) 11,498 1,678,708 
Celgene Corp. (a) 55,811 4,994,526 
CSL Ltd. 2,718 395,122 
Exact Sciences Corp. (a) 14,136 1,115,613 
FibroGen, Inc. (a) 99,916 6,069,897 
Galapagos Genomics NV sponsored ADR (a) 1,221 137,277 
Genmab A/S (a) 15,840 2,490,837 
Gilead Sciences, Inc. 147,120 11,359,135 
Heron Therapeutics, Inc. (a) 23,961 758,366 
Intrexon Corp. (a)(c) 127,107 2,188,783 
Ligand Pharmaceuticals, Inc. Class B (a) 3,181 873,153 
Neurocrine Biosciences, Inc. (a) 121,335 14,918,138 
Regeneron Pharmaceuticals, Inc. (a) 25,888 10,459,788 
Sage Therapeutics, Inc. (a) 15,491 2,188,104 
Vertex Pharmaceuticals, Inc. (a) 233,664 45,036,399 
Wuxi Biologics (Cayman), Inc. (a) 140,500 1,420,552 
  130,647,868 
Health Care Equipment & Supplies - 2.7%   
Abbott Laboratories 8,250 605,220 
Abiomed, Inc. (a) 3,089 1,389,278 
Baxter International, Inc. 354,330 27,315,300 
Becton, Dickinson & Co. 30,499 7,960,239 
Boston Scientific Corp. (a) 733,280 28,231,280 
Danaher Corp. 150,914 16,398,315 
DexCom, Inc. (a) 51,026 7,298,759 
Edwards Lifesciences Corp. (a) 92,155 16,044,186 
Intuitive Surgical, Inc. (a) 43,671 25,067,154 
Penumbra, Inc. (a) 10,635 1,592,060 
ResMed, Inc. 57,853 6,672,765 
Sonova Holding AG Class B 16,313 3,246,310 
Stryker Corp. 12,199 2,167,518 
  143,988,384 
Health Care Providers & Services - 4.1%   
Anthem, Inc. 43,266 11,857,047 
Centene Corp. (a) 3,881 561,891 
Elanco Animal Health, Inc. 44,207 1,542,382 
HealthEquity, Inc. (a) 76,858 7,256,164 
Humana, Inc. 67,698 22,917,127 
Molina Healthcare, Inc. (a) 16,339 2,429,609 
National Vision Holdings, Inc. 126,233 5,698,158 
UnitedHealth Group, Inc. 647,810 172,343,372 
  224,605,750 
Health Care Technology - 0.1%   
Veeva Systems, Inc. Class A (a) 53,012 5,771,416 
Life Sciences Tools & Services - 1.0%   
Illumina, Inc. (a) 3,048 1,118,799 
Mettler-Toledo International, Inc. (a) 58,309 35,509,015 
Morphosys AG (a) 4,472 478,203 
PRA Health Sciences, Inc. (a) 38,134 4,201,985 
Quintiles Transnational Holdings, Inc. (a) 37,863 4,912,346 
Thermo Fisher Scientific, Inc. 35,229 8,598,694 
  54,819,042 
Pharmaceuticals - 0.8%   
AstraZeneca PLC sponsored ADR 185,708 7,348,466 
Eli Lilly & Co. 54,208 5,817,060 
Idorsia Ltd. (a) 76,065 1,915,964 
Ipsen SA 5,483 921,802 
Jazz Pharmaceuticals PLC (a) 15,409 2,590,715 
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) 77,600 717,384 
MyoKardia, Inc. (a) 7,321 477,329 
Nektar Therapeutics (a) 126,112 7,687,788 
Roche Holding AG (participation certificate) 12,415 3,002,139 
Supernus Pharmaceuticals, Inc. (a) 34,357 1,729,875 
Teva Pharmaceutical Industries Ltd. sponsored ADR 346,139 7,455,834 
Zoetis, Inc. Class A 31,251 2,861,342 
  42,525,698 
TOTAL HEALTH CARE  602,358,158 
INDUSTRIALS - 5.1%   
Aerospace & Defense - 1.0%   
Northrop Grumman Corp. 25,015 7,939,011 
Raytheon Co. 51,772 10,699,202 
Rolls-Royce Holdings PLC 83,394 1,072,897 
The Boeing Co. 84,546 31,442,657 
TransDigm Group, Inc. 9,286 3,457,178 
  54,610,945 
Air Freight & Logistics - 0.5%   
C.H. Robinson Worldwide, Inc. 35,075 3,434,544 
Expeditors International of Washington, Inc. 43,108 3,169,731 
FedEx Corp. 46,648 11,232,372 
XPO Logistics, Inc. (a) 71,898 8,208,595 
  26,045,242 
Airlines - 0.3%   
Ryanair Holdings PLC sponsored ADR (a) 86,033 8,262,609 
Southwest Airlines Co. 131,281 8,198,498 
  16,461,107 
Building Products - 0.2%   
Jeld-Wen Holding, Inc. (a) 140,158 3,456,296 
Masco Corp. 55,653 2,036,900 
Toto Ltd. 119,700 4,967,308 
  10,460,504 
Commercial Services & Supplies - 0.2%   
Cintas Corp. 43,898 8,683,463 
Clean TeQ Holdings Ltd. (a)(c) 1,513,079 596,082 
Copart, Inc. (a) 29,752 1,533,121 
TulCo LLC (a)(d)(e)(f) 1,552 844,735 
  11,657,401 
Electrical Equipment - 0.7%   
AMETEK, Inc. 43,497 3,441,483 
Fortive Corp. 375,441 31,612,132 
Melrose Industries PLC 409,340 1,066,534 
  36,120,149 
Industrial Conglomerates - 0.4%   
3M Co. 62,879 13,249,234 
General Electric Co. 618,979 6,988,273 
Roper Technologies, Inc. 1,810 536,140 
  20,773,647 
Machinery - 0.4%   
Caterpillar, Inc. 623 95,001 
Deere & Co. 84,601 12,718,068 
IDEX Corp. 6,095 918,273 
Ingersoll-Rand PLC 5,051 516,717 
PACCAR, Inc. 71,790 4,895,360 
Rexnord Corp. (a) 94,509 2,910,877 
Xylem, Inc. 16,875 1,347,806 
  23,402,102 
Professional Services - 0.5%   
FTI Consulting, Inc. (a) 52,780 3,862,968 
IHS Markit Ltd. (a) 77,955 4,206,452 
Recruit Holdings Co. Ltd. 94,100 3,140,532 
Robert Half International, Inc. 20,910 1,471,646 
SR Teleperformance SA 3,067 578,653 
TransUnion Holding Co., Inc. 182,660 13,440,123 
  26,700,374 
Road & Rail - 0.6%   
CSX Corp. 297,519 22,031,282 
Union Pacific Corp. 49,171 8,006,514 
  30,037,796 
Trading Companies & Distributors - 0.3%   
Air Lease Corp. Class A 56,917 2,611,352 
HD Supply Holdings, Inc. (a) 33,862 1,448,955 
W.W. Grainger, Inc. 39,766 14,212,766 
  18,273,073 
TOTAL INDUSTRIALS  274,542,340 
INFORMATION TECHNOLOGY - 42.0%   
Communications Equipment - 0.3%   
Arista Networks, Inc. (a) 61,508 16,352,517 
Electronic Equipment & Components - 1.7%   
Amphenol Corp. Class A 912,045 85,750,471 
CDW Corp. 8,451 751,463 
Dolby Laboratories, Inc. Class A 54,578 3,818,823 
FLIR Systems, Inc. 8,530 524,339 
Zebra Technologies Corp. Class A (a) 13,521 2,390,918 
  93,236,014 
Internet Software & Services - 12.8%   
Alphabet, Inc.:   
Class A (a) 145,235 175,310,264 
Class C (a) 132,634 158,294,700 
CarGurus, Inc. Class A 95,679 5,328,364 
Coupa Software, Inc. (a) 27,294 2,158,955 
DocuSign, Inc. 15,456 812,522 
Dropbox, Inc. Class A (a) 241,390 6,476,494 
Facebook, Inc. Class A (a) 1,868,328 307,265,223 
Farfetch Ltd. Class A 10,556 287,440 
GrubHub, Inc. (a) 25,205 3,493,917 
IAC/InterActiveCorp (a) 15,542 3,368,262 
MongoDB, Inc. Class A 64,111 5,228,252 
New Relic, Inc. (a) 65,959 6,215,317 
Okta, Inc. (a) 102,211 7,191,566 
Shopify, Inc. Class A (a) 39,059 6,419,870 
Spotify Technology SA (a) 10,859 1,963,633 
SurveyMonkey 12,308 197,297 
The Trade Desk, Inc. (a) 1,112 167,812 
Twilio, Inc. Class A (a) 1,909 164,709 
Wix.com Ltd. (a) 11,626 1,391,632 
  691,736,229 
IT Services - 7.9%   
Accenture PLC Class A 52,367 8,912,863 
Adyen BV (b) 5,300 4,325,956 
EPAM Systems, Inc. (a) 28,831 3,970,029 
Fiserv, Inc. (a) 137,179 11,300,806 
FleetCor Technologies, Inc. (a) 23,449 5,342,620 
Gartner, Inc. (a) 1,250 198,125 
Global Payments, Inc. 110,808 14,116,939 
MasterCard, Inc. Class A 488,016 108,637,242 
Netcompany Group A/S 18,719 673,230 
PayPal Holdings, Inc. (a) 1,031,010 90,563,918 
Square, Inc. (a) 99,368 9,838,426 
Visa, Inc. Class A 1,093,682 164,150,731 
Worldpay, Inc. (a) 63,645 6,445,329 
  428,476,214 
Semiconductors & Semiconductor Equipment - 1.7%   
Advanced Micro Devices, Inc. (a) 521,171 16,098,972 
Analog Devices, Inc. 15,457 1,429,154 
Intel Corp. 58,823 2,781,740 
NVIDIA Corp. 181,507 51,007,097 
Texas Instruments, Inc. 166,243 17,836,211 
  89,153,174 
Software - 14.8%   
Activision Blizzard, Inc. 1,234,555 102,702,630 
Adobe Systems, Inc. (a) 511,922 138,193,344 
Atlassian Corp. PLC (a) 145,211 13,960,586 
Black Knight, Inc. (a) 728 37,820 
Electronic Arts, Inc. (a) 194,023 23,377,831 
Eventbrite, Inc. 6,359 241,451 
Intuit, Inc. 61,215 13,920,291 
Microsoft Corp. 1,883,804 215,450,663 
Parametric Technology Corp. (a) 22,536 2,393,098 
Paycom Software, Inc. (a) 74,328 11,551,314 
RealPage, Inc. (a) 40,890 2,694,651 
Red Hat, Inc. (a) 46,670 6,360,188 
RingCentral, Inc. (a) 97,673 9,088,473 
Salesforce.com, Inc. (a) 1,108,393 176,267,739 
Splunk, Inc. (a) 4,312 521,364 
SS&C Technologies Holdings, Inc. 155,147 8,817,004 
Tableau Software, Inc. (a) 43,239 4,831,526 
Ultimate Software Group, Inc. (a) 59,921 19,305,947 
Workday, Inc. Class A (a) 346,429 50,571,705 
Zendesk, Inc. (a) 43,513 3,089,423 
  803,377,048 
Technology Hardware, Storage & Peripherals - 2.8%   
Apple, Inc. 642,368 145,008,152 
HP, Inc. 174,852 4,505,936 
Pure Storage, Inc. Class A (a) 63,730 1,653,794 
  151,167,882 
TOTAL INFORMATION TECHNOLOGY  2,273,499,078 
MATERIALS - 1.7%   
Chemicals - 1.2%   
Air Products & Chemicals, Inc. 55,887 9,335,923 
DowDuPont, Inc. 318,093 20,456,561 
Growmax Resources Corp. (a)(b) 108,800 9,687 
LyondellBasell Industries NV Class A 45,278 4,641,448 
Sherwin-Williams Co. 45,711 20,808,104 
Westlake Chemical Corp. 89,402 7,430,200 
  62,681,923 
Metals & Mining - 0.5%   
B2Gold Corp. (a) 1,925,366 4,382,438 
BHP Billiton Ltd. 58,498 1,457,238 
Franco-Nevada Corp. 148,797 9,308,092 
Ivanhoe Mines Ltd. (a) 1,887,989 4,019,641 
Ivanhoe Mines Ltd. (a)(b) 463,154 986,083 
Kirkland Lake Gold Ltd. 124,075 2,351,532 
Novagold Resources, Inc. (a) 277,340 1,024,203 
Nucor Corp. 33,821 2,145,942 
Randgold Resources Ltd. sponsored ADR 7,897 557,133 
Steel Dynamics, Inc. 74,722 3,376,687 
  29,608,989 
TOTAL MATERIALS  92,290,912 
REAL ESTATE - 0.0%   
Equity Real Estate Investment Trusts (REITs) - 0.0%   
American Tower Corp. 7,200 1,046,160 
Real Estate Management & Development - 0.0%   
Five Point Holdings LLC Class A (a) 43,902 413,118 
TOTAL REAL ESTATE  1,459,278 
TELECOMMUNICATION SERVICES - 0.1%   
Wireless Telecommunication Services - 0.1%   
SoftBank Corp. 5,400 539,458 
T-Mobile U.S., Inc. (a) 70,595 4,954,357 
  5,493,815 
UTILITIES - 0.0%   
Electric Utilities - 0.0%   
Vistra Energy Corp. (a) 18,303 455,379 
Independent Power and Renewable Electricity Producers - 0.0%   
NRG Energy, Inc. 11,158 417,309 
TOTAL UTILITIES  872,688 
TOTAL COMMON STOCKS   
(Cost $4,544,374,309)  5,250,202,482 
Convertible Preferred Stocks - 0.1%   
CONSUMER STAPLES - 0.0%   
Food & Staples Retailing - 0.0%   
Roofoods Ltd. Series F (a)(e)(f) 1,222 455,623 
HEALTH CARE - 0.0%   
Biotechnology - 0.0%   
23andMe, Inc. Series F (a)(e)(f) 26,649 462,360 
Generation Bio Series B (e)(f) 48,000 438,994 
  901,354 
INFORMATION TECHNOLOGY - 0.1%   
Internet Software & Services - 0.1%   
Lyft, Inc.:   
Series H (e)(f) 16,404 776,793 
Series I (e)(f) 41,454 1,963,009 
  2,739,802 
Software - 0.0%   
Carbon, Inc. Series D (f) 9,678 246,983 
Cloudflare, Inc. Series D, 8.00% (a)(e)(f) 83,500 918,500 
  1,165,483 
TOTAL INFORMATION TECHNOLOGY  3,905,285 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $5,000,551)  5,262,262 
 Principal Amount Value 
Nonconvertible Bonds - 0.1%   
HEALTH CARE - 0.1%   
Pharmaceuticals - 0.1%   
Valeant Pharmaceuticals International, Inc.:   
6.125% 4/15/25 (b) 3,440,000 3,271,612 
9% 12/15/25 (b) 3,540,000 3,810,067 
(Cost $6,764,969)  7,081,679 
 Shares Value 
Money Market Funds - 2.8%   
Fidelity Cash Central Fund, 2.11% (g) 143,017,368 143,045,971 
Fidelity Securities Lending Cash Central Fund 2.11% (g)(h) 5,039,379 5,039,883 
TOTAL MONEY MARKET FUNDS   
(Cost $148,085,854)  148,085,854 
TOTAL INVESTMENT IN SECURITIES - 100.0%   
(Cost $4,704,225,683)  5,410,632,277 
NET OTHER ASSETS (LIABILITIES) - 0.0%  2,277,902 
NET ASSETS - 100%  $5,412,910,179 

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 $12,569,519 or 0.2% of net assets.

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

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

 (e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $5,860,014 or 0.1% of net assets.

 (f) Level 3 security

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

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
23andMe, Inc. Series F 8/31/17 $370,000 
Cloudflare, Inc. Series D, 8.00% 9/10/18 $918,500 
Generation Bio Series B 2/21/18 $438,994 
Lyft, Inc. Series H 11/22/17 $651,995 
Lyft, Inc. Series I 6/27/18 $1,963,009 
Roofoods Ltd. Series F 9/12/17 $432,063 
TulCo LLC 8/24/17 - 9/7/18 $651,224 

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $1,444,922 
Fidelity Securities Lending Cash Central Fund 84,244 
Total $1,529,166 

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

Investment Valuation

The following is a summary of the inputs used, as of September 30, 2018, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $850,881,308 $844,610,469 $6,270,839 $-- 
Consumer Staples 105,547,908 104,113,442 978,843 455,623 
Energy 232,029,514 225,431,396 6,598,118 -- 
Financials 811,683,106 811,683,106 -- -- 
Health Care 603,259,512 599,356,019 3,002,139 901,354 
Industrials 274,542,340 272,624,708 1,072,897 844,735 
Information Technology 2,277,404,363 2,273,499,078 -- 3,905,285 
Materials 92,290,912 90,833,674 1,457,238 -- 
Real Estate 1,459,278 1,459,278 -- -- 
Telecommunication Services 5,493,815 4,954,357 539,458 -- 
Utilities 872,688 872,688 -- -- 
Corporate Bonds 7,081,679 -- 7,081,679 -- 
Money Market Funds 148,085,854 148,085,854 -- -- 
Total Investments in Securities: $5,410,632,277 $5,377,524,069 $27,001,211 $6,106,997 

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 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: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.

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

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

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder 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 Holdings Report
for

Fidelity Flex℠ Funds

Fidelity Flex℠ Opportunistic Insights Fund

September 30, 2018







ZPI-QTLY-1118
1.9881593.101





Schedule of Investments September 30, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%   
 Shares Value 
CONSUMER DISCRETIONARY - 16.2%   
Automobiles - 0.3%   
Mahindra & Mahindra Ltd. 2,597 $30,836 
Maruti Suzuki India Ltd. 300 30,401 
Toyota Motor Corp. 300 18,691 
  79,928 
Diversified Consumer Services - 0.4%   
Chegg, Inc. (a) 658 18,707 
Weight Watchers International, Inc. (a) 1,500 107,985 
  126,692 
Hotels, Restaurants & Leisure - 1.8%   
Chipotle Mexican Grill, Inc. (a) 81 36,816 
Domino's Pizza, Inc. 124 36,555 
Eldorado Resorts, Inc. (a) 300 14,580 
Hilton Worldwide Holdings, Inc. 720 58,162 
Marriott International, Inc. Class A 1,329 175,468 
McDonald's Corp. 1,166 195,060 
Shake Shack, Inc. Class A (a) 100 6,301 
Vail Resorts, Inc. 34 9,330 
  532,272 
Household Durables - 0.0%   
SodaStream International Ltd. (a) 63 9,014 
Internet & Direct Marketing Retail - 10.2%   
Amazon.com, Inc. (a) 1,133 2,269,391 
Netflix, Inc. (a) 1,928 721,323 
Start Today Co. Ltd. 754 22,828 
The Booking Holdings, Inc. (a) 40 79,360 
  3,092,902 
Media - 0.8%   
Discovery Communications, Inc. Class A (a)(b) 500 16,000 
Liberty Media Corp.:   
Liberty Formula One Group Series C (a) 2,565 95,392 
Liberty SiriusXM Series C (a) 1,841 79,991 
Sirius XM Holdings, Inc. 691 4,367 
The Walt Disney Co. 300 35,082 
  230,832 
Multiline Retail - 0.5%   
Ollie's Bargain Outlet Holdings, Inc. (a) 1,490 143,189 
Specialty Retail - 1.3%   
Burlington Stores, Inc. (a) 135 21,994 
Home Depot, Inc. 1,371 284,003 
John David Group PLC 500 2,992 
TJX Companies, Inc. 576 64,524 
Urban Outfitters, Inc. (a) 500 20,450 
  393,963 
Textiles, Apparel & Luxury Goods - 0.9%   
adidas AG 517 126,595 
Canada Goose Holdings, Inc. (a) 200 12,883 
Kering SA 31 16,618 
lululemon athletica, Inc. (a) 100 16,249 
LVMH Moet Hennessy - Louis Vuitton SA 63 22,262 
NIKE, Inc. Class B 209 17,706 
Pinduoduo, Inc. ADR 100 2,629 
Ralph Lauren Corp. 78 10,729 
VF Corp. 484 45,230 
  270,901 
TOTAL CONSUMER DISCRETIONARY  4,879,693 
CONSUMER STAPLES - 2.3%   
Beverages - 0.3%   
Diageo PLC 200 7,086 
Keurig Dr. Pepper, Inc. 682 15,802 
Kweichow Moutai Co. Ltd. (A Shares) 100 10,628 
Monster Beverage Corp. (a) 508 29,606 
The Coca-Cola Co. 501 23,141 
  86,263 
Food & Staples Retailing - 0.7%   
Costco Wholesale Corp. 858 201,527 
Food Products - 0.0%   
The Simply Good Foods Co. (a) 602 11,709 
Personal Products - 1.3%   
Estee Lauder Companies, Inc. Class A 2,378 345,571 
Kao Corp. 200 16,149 
Shiseido Co. Ltd. 300 23,233 
  384,953 
TOTAL CONSUMER STAPLES  684,452 
ENERGY - 4.7%   
Oil, Gas & Consumable Fuels - 4.7%   
Birchcliff Energy Ltd. 5,087 20,480 
BP PLC 5,778 44,287 
Canadian Natural Resources Ltd. 2,334 76,255 
Centennial Resource Development, Inc. Class A (a) 6,369 139,163 
Cheniere Energy, Inc. (a) 200 13,898 
Chevron Corp. 133 16,263 
Concho Resources, Inc. (a) 431 65,835 
ConocoPhillips Co. 1,561 120,821 
Continental Resources, Inc. (a) 1,174 80,161 
Diamondback Energy, Inc. 580 78,410 
Encana Corp. 2,555 33,489 
EOG Resources, Inc. 1,424 181,660 
Hess Corp. 1,574 112,667 
Magnolia Oil & Gas Corp. 1,300 19,513 
Occidental Petroleum Corp. 281 23,090 
Phillips 66 Co. 889 100,208 
Pioneer Natural Resources Co. 146 25,432 
PrairieSky Royalty Ltd. 343 6,025 
Reliance Industries Ltd. 6,970 120,920 
Suncor Energy, Inc. 1,124 43,493 
Tamarack Valley Energy Ltd. (a) 5,755 22,411 
Valero Energy Corp. 697 79,284 
  1,423,765 
FINANCIALS - 17.2%   
Banks - 9.5%   
Bank of America Corp. 36,159 1,065,244 
Citigroup, Inc. 7,860 563,876 
HDFC Bank Ltd. sponsored ADR 1,549 145,761 
JPMorgan Chase & Co. 8,434 951,693 
Kotak Mahindra Bank Ltd. 3,185 50,145 
M&T Bank Corp. 197 32,414 
Metro Bank PLC (a) 78 
Royal Bank of Canada 236 18,918 
The Toronto-Dominion Bank 652 39,620 
  2,867,749 
Capital Markets - 2.3%   
Bank of New York Mellon Corp. 2,420 123,396 
Charles Schwab Corp. 3,452 169,666 
Morgan Stanley 4,490 209,099 
MSCI, Inc. 472 83,738 
Oaktree Capital Group LLC Class A 840 34,776 
S&P Global, Inc. 361 70,536 
  691,211 
Consumer Finance - 0.8%   
American Express Co. 1,571 167,296 
Synchrony Financial 2,387 74,188 
  241,484 
Diversified Financial Services - 4.3%   
Alteryx, Inc. (a) 100 5,721 
Berkshire Hathaway, Inc. Class A (a) 1,280,000 
  1,285,721 
Insurance - 0.3%   
Admiral Group PLC 1,443 39,121 
American International Group, Inc. 369 19,646 
Fairfax Financial Holdings Ltd. (sub. vtg.) 57 30,968 
Progressive Corp. 100 7,104 
  96,839 
TOTAL FINANCIALS  5,183,004 
HEALTH CARE - 10.8%   
Biotechnology - 2.5%   
Acceleron Pharma, Inc. (a) 300 17,169 
Agios Pharmaceuticals, Inc. (a) 394 30,385 
Alnylam Pharmaceuticals, Inc. (a) 74 6,476 
Amgen, Inc. 266 55,139 
AnaptysBio, Inc. (a) 101 10,077 
Arena Pharmaceuticals, Inc. (a) 100 4,602 
Celgene Corp. (a) 382 34,185 
CSL Ltd. 23 3,344 
FibroGen, Inc. (a) 694 42,161 
Genmab A/S (a) 84 13,209 
Gilead Sciences, Inc. 574 44,319 
Heron Therapeutics, Inc. (a) 200 6,330 
Intrexon Corp. (a) 774 13,328 
Neurocrine Biosciences, Inc. (a) 893 109,794 
Regeneron Pharmaceuticals, Inc. (a) 177 71,515 
Sage Therapeutics, Inc. (a) 91 12,854 
Vertex Pharmaceuticals, Inc. (a) 1,354 260,970 
Wuxi Biologics (Cayman), Inc. (a) 1,500 15,166 
  751,023 
Health Care Equipment & Supplies - 2.8%   
Abbott Laboratories 100 7,336 
Abiomed, Inc. (a) 33 14,842 
Baxter International, Inc. 2,283 175,996 
Becton, Dickinson & Co. 209 54,549 
Boston Scientific Corp. (a) 3,081 118,619 
Danaher Corp. 1,067 115,940 
DexCom, Inc. (a) 262 37,476 
Edwards Lifesciences Corp. (a) 552 96,103 
Intuitive Surgical, Inc. (a) 269 154,406 
Penumbra, Inc. (a) 95 14,222 
ResMed, Inc. 381 43,945 
Sonova Holding AG Class B 60 11,940 
  845,374 
Health Care Providers & Services - 3.8%   
Anthem, Inc. 222 60,839 
Elanco Animal Health, Inc. 400 13,956 
HealthEquity, Inc. (a) 531 50,132 
Humana, Inc. 436 147,595 
Molina Healthcare, Inc. (a) 56 8,327 
National Vision Holdings, Inc. 832 37,556 
UnitedHealth Group, Inc. 3,048 810,890 
  1,129,295 
Health Care Technology - 0.2%   
Veeva Systems, Inc. Class A (a) 413 44,963 
Life Sciences Tools & Services - 0.8%   
Illumina, Inc. (a) 21 7,708 
Mettler-Toledo International, Inc. (a) 283 172,341 
PRA Health Sciences, Inc. (a) 235 25,895 
Quintiles Transnational Holdings, Inc. (a) 64 8,303 
Thermo Fisher Scientific, Inc. 165 40,273 
  254,520 
Pharmaceuticals - 0.7%   
AstraZeneca PLC sponsored ADR 1,019 40,322 
Eli Lilly & Co. 216 23,179 
Idorsia Ltd. (a) 630 15,869 
Ipsen SA 39 6,557 
Jazz Pharmaceuticals PLC (a) 105 17,654 
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) 600 5,547 
MyoKardia, Inc. (a) 100 6,520 
Nektar Therapeutics (a) 608 37,064 
Roche Holding AG (participation certificate) 16 3,869 
Supernus Pharmaceuticals, Inc. (a) 209 10,523 
Teva Pharmaceutical Industries Ltd. sponsored ADR 2,092 45,062 
  212,166 
TOTAL HEALTH CARE  3,237,341 
INDUSTRIALS - 5.0%   
Aerospace & Defense - 1.0%   
Northrop Grumman Corp. 123 39,037 
Raytheon Co. 232 47,945 
Rolls-Royce Holdings PLC 200 2,573 
The Boeing Co. 495 184,091 
TransDigm Group, Inc. 51 18,987 
  292,633 
Air Freight & Logistics - 0.5%   
C.H. Robinson Worldwide, Inc. 77 7,540 
Expeditors International of Washington, Inc. 312 22,941 
FedEx Corp. 253 60,920 
XPO Logistics, Inc. (a) 481 54,916 
  146,317 
Airlines - 0.2%   
Ryanair Holdings PLC sponsored ADR (a) 567 54,455 
Southwest Airlines Co. 329 20,546 
  75,001 
Building Products - 0.2%   
Jeld-Wen Holding, Inc. (a) 951 23,452 
Masco Corp. 404 14,786 
Toto Ltd. 803 33,323 
  71,561 
Commercial Services & Supplies - 0.2%   
Cintas Corp. 318 62,904 
Copart, Inc. (a) 180 9,275 
  72,179 
Electrical Equipment - 0.8%   
AMETEK, Inc. 246 19,464 
Fortive Corp. 2,499 210,416 
Melrose Industries PLC 4,629 12,061 
  241,941 
Industrial Conglomerates - 0.2%   
General Electric Co. 3,908 44,121 
Roper Technologies, Inc. 36 10,664 
  54,785 
Machinery - 0.6%   
Caterpillar, Inc. 44 6,710 
Deere & Co. 629 94,558 
IDEX Corp. 45 6,780 
PACCAR, Inc. 535 36,482 
Rexnord Corp. (a) 573 17,648 
Xylem, Inc. 114 9,105 
  171,283 
Professional Services - 0.6%   
FTI Consulting, Inc. (a) 337 24,665 
IHS Markit Ltd. (a) 460 24,822 
Recruit Holdings Co. Ltd. 772 25,765 
Robert Half International, Inc. 108 7,601 
SR Teleperformance SA 24 4,528 
TransUnion Holding Co., Inc. 1,277 93,962 
  181,343 
Road & Rail - 0.4%   
CSX Corp. 1,444 106,928 
Trading Companies & Distributors - 0.3%   
HD Supply Holdings, Inc. (a) 300 12,837 
W.W. Grainger, Inc. 246 87,923 
  100,760 
TOTAL INDUSTRIALS  1,514,731 
INFORMATION TECHNOLOGY - 40.1%   
Communications Equipment - 0.4%   
Arista Networks, Inc. (a) 449 119,371 
Electronic Equipment & Components - 2.0%   
Amphenol Corp. Class A 5,880 552,838 
CDW Corp. 145 12,893 
Dolby Laboratories, Inc. Class A 311 21,761 
FLIR Systems, Inc. 100 6,147 
Zebra Technologies Corp. Class A (a) 45 7,957 
  601,596 
Internet Software & Services - 12.2%   
Alphabet, Inc.:   
Class A (a) 557 672,344 
Class C (a) 579 691,019 
CarGurus, Inc. Class A 671 37,368 
Coupa Software, Inc. (a) 179 14,159 
DocuSign, Inc. 200 10,514 
Dropbox, Inc. Class A (a) 400 10,732 
Facebook, Inc. Class A (a) 12,551 2,064,137 
GrubHub, Inc. (a) 137 18,991 
MongoDB, Inc. Class A 362 29,521 
New Relic, Inc. (a) 347 32,698 
Okta, Inc. (a) 448 31,521 
Shopify, Inc. Class A (a) 208 34,188 
Spotify Technology SA (a) 79 14,286 
Wix.com Ltd. (a) 55 6,584 
  3,668,062 
IT Services - 7.6%   
Accenture PLC Class A 323 54,975 
Adyen BV (c) 38 31,016 
EPAM Systems, Inc. (a) 203 27,953 
Fiserv, Inc. (a) 242 19,936 
FleetCor Technologies, Inc. (a) 130 29,619 
Global Payments, Inc. 740 94,276 
MasterCard, Inc. Class A 3,505 780,248 
Netcompany Group A/S 200 7,193 
PayPal Holdings, Inc. (a) 6,566 576,757 
Square, Inc. (a) 331 32,772 
Visa, Inc. Class A 4,124 618,971 
Worldpay, Inc. (a) 239 24,204 
  2,297,920 
Semiconductors & Semiconductor Equipment - 1.9%   
Advanced Micro Devices, Inc. (a) 3,300 101,937 
Analog Devices, Inc. 360 33,286 
Intel Corp. 346 16,362 
NVIDIA Corp. 1,189 334,133 
Texas Instruments, Inc. 941 100,960 
  586,678 
Software - 15.4%   
Activision Blizzard, Inc. 4,246 353,225 
Adobe Systems, Inc. (a) 3,493 942,935 
Atlassian Corp. PLC (a) 942 90,564 
Electronic Arts, Inc. (a) 246 29,641 
Eventbrite, Inc. 100 3,797 
Intuit, Inc. 621 141,215 
Microsoft Corp. 7,356 841,306 
Parametric Technology Corp. (a) 158 16,778 
Paycom Software, Inc. (a) 484 75,218 
RealPage, Inc. (a) 300 19,770 
Red Hat, Inc. (a) 372 50,696 
RingCentral, Inc. (a) 618 57,505 
Salesforce.com, Inc. (a) 8,856 1,408,370 
SS&C Technologies Holdings, Inc. 1,017 57,796 
Tableau Software, Inc. (a) 266 29,723 
Tanium, Inc. Class B (a)(d)(e) 100 869 
Ultimate Software Group, Inc. (a) 577 185,904 
Workday, Inc. Class A (a) 2,135 311,667 
Zendesk, Inc. (a) 382 27,122 
  4,644,101 
Technology Hardware, Storage & Peripherals - 0.6%   
Apple, Inc. 573 129,349 
HP, Inc. 1,169 30,125 
Pure Storage, Inc. Class A (a) 500 12,975 
  172,449 
TOTAL INFORMATION TECHNOLOGY  12,090,177 
MATERIALS - 1.9%   
Chemicals - 1.3%   
Air Products & Chemicals, Inc. 204 34,078 
DowDuPont, Inc. 1,819 116,980 
LyondellBasell Industries NV Class A 339 34,751 
Sherwin-Williams Co. 343 156,137 
Westlake Chemical Corp. 620 51,528 
  393,474 
Metals & Mining - 0.6%   
B2Gold Corp. (a) 4,102 9,337 
BHP Billiton Ltd. 400 9,964 
Franco-Nevada Corp. 926 57,927 
Ivanhoe Mines Ltd. (a) 13,229 28,165 
Kirkland Lake Gold Ltd. 878 16,640 
Novagold Resources, Inc. (a) 1,936 7,150 
Nucor Corp. 246 15,609 
Steel Dynamics, Inc. 495 22,369 
  167,161 
TOTAL MATERIALS  560,635 
REAL ESTATE - 0.0%   
Equity Real Estate Investment Trusts (REITs) - 0.0%   
American Tower Corp. 48 6,974 
TELECOMMUNICATION SERVICES - 0.1%   
Wireless Telecommunication Services - 0.1%   
T-Mobile U.S., Inc. (a) 499 35,020 
UTILITIES - 0.0%   
Electric Utilities - 0.0%   
Vistra Energy Corp. (a) 100 2,488 
Independent Power and Renewable Electricity Producers - 0.0%   
NRG Energy, Inc. 100 3,740 
TOTAL UTILITIES  6,228 
TOTAL COMMON STOCKS   
(Cost $24,235,390)  29,622,020 
Convertible Preferred Stocks - 0.1%   
CONSUMER STAPLES - 0.0%   
Food & Staples Retailing - 0.0%   
Roofoods Ltd. Series F (a)(d)(e) 2,983 
HEALTH CARE - 0.0%   
Biotechnology - 0.0%   
23andMe, Inc. Series F (a)(d)(e) 144 2,498 
INFORMATION TECHNOLOGY - 0.1%   
Internet Software & Services - 0.1%   
Lyft, Inc.:   
Series H (d)(e) 126 5,967 
Series I (d)(e) 359 17,000 
  22,967 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $26,836)  28,448 
 Principal Amount Value 
Nonconvertible Bonds - 0.1%   
HEALTH CARE - 0.1%   
Pharmaceuticals - 0.1%   
Valeant Pharmaceuticals International, Inc.:   
6.125% 4/15/25 (c) 18,000 17,119 
9% 12/15/25 (c) 14,000 15,068 
TOTAL NONCONVERTIBLE BONDS   
(Cost $30,463)  32,187 
 Shares Value 
Money Market Funds - 1.3%   
Fidelity Cash Central Fund, 2.11% (f) 393,288 393,367 
Fidelity Securities Lending Cash Central Fund 2.11% (f)(g) 9,811 9,812 
TOTAL MONEY MARKET FUNDS   
(Cost $403,179)  403,179 
TOTAL INVESTMENT IN SECURITIES - 99.8%   
(Cost $24,695,868)  30,085,834 
NET OTHER ASSETS (LIABILITIES) - 0.2%  65,361 
NET ASSETS - 100%  $30,151,195 

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 $63,203 or 0.2% of net assets.

 (d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $29,317 or 0.1% of net assets.

 (e) Level 3 security

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

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
23andMe, Inc. Series F 8/31/17 $1,999 
Lyft, Inc. Series H 11/22/17 $5,008 
Lyft, Inc. Series I 6/27/18 $17,000 
Roofoods Ltd. Series F 9/12/17 $2,829 
Tanium, Inc. Class B 4/21/17 $496 

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $9,403 
Fidelity Securities Lending Cash Central Fund 286 
Total $9,689 

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

Investment Valuation

The following is a summary of the inputs used, as of September 30, 2018, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $4,879,693 $4,838,740 $40,953 $-- 
Consumer Staples 687,435 677,366 7,086 2,983 
Energy 1,423,765 1,379,478 44,287 -- 
Financials 5,183,004 5,183,004 -- -- 
Health Care 3,239,839 3,233,472 3,869 2,498 
Industrials 1,514,731 1,512,158 2,573 -- 
Information Technology 12,113,144 12,089,308 -- 23,836 
Materials 560,635 550,671 9,964 -- 
Real Estate 6,974 6,974 -- -- 
Telecommunication Services 35,020 35,020 -- -- 
Utilities 6,228 6,228 -- -- 
Corporate Bonds 32,187 -- 32,187 -- 
Money Market Funds 403,179 403,179 -- -- 
Total Investments in Securities: $30,085,834 $29,915,598 $140,919 $29,317 

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 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: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.

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

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

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder 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 Holdings Report
for

Fidelity® Series Opportunistic Insights Fund

September 30, 2018







O1T-QTLY-1118
1.951057.105





Schedule of Investments September 30, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.5%   
 Shares Value 
CONSUMER DISCRETIONARY - 16.4%   
Automobiles - 0.2%   
Mahindra & Mahindra Ltd. 516,850 $6,136,836 
Maruti Suzuki India Ltd. 66,705 6,759,688 
Toyota Motor Corp. 81,700 5,090,139 
  17,986,663 
Diversified Consumer Services - 0.4%   
Bright Horizons Family Solutions, Inc. (a) 1,300 153,192 
Chegg, Inc. (a) 168,785 4,798,558 
Weight Watchers International, Inc. (a) 356,042 25,631,464 
  30,583,214 
Hotels, Restaurants & Leisure - 1.8%   
Chipotle Mexican Grill, Inc. (a) 17,600 7,999,552 
Domino's Pizza, Inc. 29,228 8,616,414 
Eldorado Resorts, Inc. (a) 33,400 1,623,240 
Hilton Worldwide Holdings, Inc. 219,267 17,712,388 
Marriott International, Inc. Class A 377,884 49,892,025 
McDonald's Corp. 282,100 47,192,509 
Shake Shack, Inc. Class A (a) 12,600 793,926 
Vail Resorts, Inc. 12,500 3,430,250 
  137,260,304 
Household Durables - 0.0%   
SodaStream International Ltd. (a) 14,100 2,017,428 
Internet & Direct Marketing Retail - 10.6%   
Amazon.com, Inc. (a) 298,110 597,114,328 
Netflix, Inc. (a) 536,126 200,580,820 
Start Today Co. Ltd. 211,657 6,408,203 
The Booking Holdings, Inc. (a) 8,850 17,558,400 
  821,661,751 
Leisure Products - 0.0%   
Spin Master Corp. (a)(b) 6,800 269,652 
Media - 0.7%   
Discovery Communications, Inc. Class A (a) 113,200 3,622,400 
Liberty Media Corp.:   
Liberty Formula One Group Series C (a) 609,999 22,685,863 
Liberty SiriusXM Series C (a) 445,800 19,370,010 
Sirius XM Holdings, Inc. (c) 245,112 1,549,108 
The Walt Disney Co. 64,800 7,577,712 
  54,805,093 
Multiline Retail - 0.5%   
Ollie's Bargain Outlet Holdings, Inc. (a) 374,219 35,962,446 
Specialty Retail - 1.3%   
Best Buy Co., Inc. 8,400 666,624 
Burlington Stores, Inc. (a) 39,600 6,451,632 
Home Depot, Inc. 330,600 68,483,790 
John David Group PLC 130,800 782,695 
Ross Stores, Inc. 16,600 1,645,060 
TJX Companies, Inc. 166,640 18,667,013 
Urban Outfitters, Inc. (a) 93,100 3,807,790 
  100,504,604 
Textiles, Apparel & Luxury Goods - 0.9%   
adidas AG 126,026 30,859,413 
Canada Goose Holdings, Inc. (a) 38,600 2,486,370 
Kering SA 7,273 3,898,741 
lululemon athletica, Inc. (a) 24,700 4,013,503 
LVMH Moet Hennessy - Louis Vuitton SA 14,678 5,186,779 
NIKE, Inc. Class B 73,700 6,243,864 
Pinduoduo, Inc. ADR (c) 29,300 770,297 
Ralph Lauren Corp. 28,600 3,933,930 
VF Corp. 132,600 12,391,470 
  69,784,367 
TOTAL CONSUMER DISCRETIONARY  1,270,835,522 
CONSUMER STAPLES - 2.2%   
Beverages - 0.3%   
Diageo PLC 42,400 1,502,151 
Keurig Dr. Pepper, Inc. 177,600 4,114,992 
Kweichow Moutai Co. Ltd. (A Shares) 35,600 3,783,457 
Monster Beverage Corp. (a) 107,100 6,241,788 
The Coca-Cola Co. 108,366 5,005,426 
  20,647,814 
Food & Staples Retailing - 0.6%   
Costco Wholesale Corp. 209,758 49,267,959 
Food Products - 0.0%   
The Simply Good Foods Co. (a) 131,600 2,559,620 
Personal Products - 1.3%   
Estee Lauder Companies, Inc. Class A 575,652 83,653,749 
Kao Corp. 60,900 4,917,238 
L'Oreal SA (a) 12,800 3,086,721 
Shiseido Co. Ltd. 80,200 6,210,877 
  97,868,585 
TOTAL CONSUMER STAPLES  170,343,978 
ENERGY - 4.5%   
Oil, Gas & Consumable Fuels - 4.5%   
Birchcliff Energy Ltd. 1,263,000 5,084,659 
BP PLC 1,281,184 9,819,947 
Canadian Natural Resources Ltd. 558,400 18,243,704 
Centennial Resource Development, Inc. Class A (a) 1,435,550 31,366,768 
Cheniere Energy, Inc. (a) 58,700 4,079,063 
Chevron Corp. 33,400 4,084,152 
Concho Resources, Inc. (a) 108,163 16,521,898 
ConocoPhillips Co. 402,000 31,114,800 
Continental Resources, Inc. (a) 295,549 20,180,086 
Diamondback Energy, Inc. 145,518 19,672,578 
Encana Corp. 533,200 6,988,794 
EOG Resources, Inc. 380,639 48,558,117 
Hess Corp. 412,800 29,548,224 
Magnolia Oil & Gas Corp. 407,000 6,109,070 
Marathon Petroleum Corp. 35,100 2,806,947 
Occidental Petroleum Corp. 63,900 5,250,663 
Phillips 66 Co. 223,300 25,170,376 
Pioneer Natural Resources Co. 24,854 4,329,318 
PrairieSky Royalty Ltd. 69,000 1,212,101 
Reliance Industries Ltd. 1,666,425 28,910,210 
Suncor Energy, Inc. 251,200 9,720,107 
Tamarack Valley Energy Ltd. (a) 1,263,300 4,919,598 
Valero Energy Corp. 163,911 18,644,876 
  352,336,056 
FINANCIALS - 16.3%   
Banks - 8.9%   
Bank of America Corp. 8,680,346 255,722,993 
Citigroup, Inc. 1,993,900 143,042,386 
HDFC Bank Ltd. sponsored ADR 375,129 35,299,639 
JPMorgan Chase & Co. 2,007,510 226,527,428 
Kotak Mahindra Bank Ltd. 756,547 11,911,103 
M&T Bank Corp. 40,733 6,702,208 
Metro Bank PLC (a) 9,979 386,817 
Royal Bank of Canada 41,700 3,342,715 
The Toronto-Dominion Bank 153,200 9,309,541 
  692,244,830 
Capital Markets - 2.3%   
Bank of New York Mellon Corp. 618,521 31,538,386 
Charles Schwab Corp. 868,919 42,707,369 
CME Group, Inc. 600 102,126 
Morgan Stanley 1,118,910 52,107,639 
MSCI, Inc. 121,837 21,615,102 
Oaktree Capital Group LLC Class A 202,198 8,370,997 
S&P Global, Inc. 85,569 16,719,327 
  173,160,946 
Consumer Finance - 0.8%   
American Express Co. 402,702 42,883,736 
Synchrony Financial 601,200 18,685,296 
  61,569,032 
Diversified Financial Services - 4.0%   
Alteryx, Inc. (a) 13,800 789,498 
Berkshire Hathaway, Inc. Class A (a) 972 311,040,049 
  311,829,547 
Insurance - 0.3%   
Admiral Group PLC 332,244 9,007,374 
American International Group, Inc. 71,000 3,780,040 
Fairfax Financial Holdings Ltd. (sub. vtg.) 13,300 7,225,752 
Progressive Corp. 19,200 1,363,968 
  21,377,134 
TOTAL FINANCIALS  1,260,181,489 
HEALTH CARE - 10.6%   
Biotechnology - 2.5%   
Acceleron Pharma, Inc. (a) 55,400 3,170,542 
Agios Pharmaceuticals, Inc. (a) 91,997 7,094,809 
Alnylam Pharmaceuticals, Inc. (a) 13,400 1,172,768 
Amgen, Inc. 89,500 18,552,455 
AnaptysBio, Inc. (a) 18,200 1,815,814 
Arena Pharmaceuticals, Inc. (a) 23,900 1,099,878 
bluebird bio, Inc. (a) 19,500 2,847,000 
Celgene Corp. (a) 85,300 7,633,497 
CSL Ltd. 5,281 767,711 
Exact Sciences Corp. (a) 12,000 947,040 
FibroGen, Inc. (a) 156,739 9,521,894 
Galapagos Genomics NV sponsored ADR (a) 2,100 236,103 
Genmab A/S (a) 23,364 3,673,985 
Gilead Sciences, Inc. 122,400 9,450,504 
Heron Therapeutics, Inc. (a) 37,600 1,190,040 
Intrexon Corp. (a)(c) 176,567 3,040,484 
Ligand Pharmaceuticals, Inc. Class B (a) 5,100 1,399,899 
Neurocrine Biosciences, Inc. (a) 218,216 26,829,657 
Regeneron Pharmaceuticals, Inc. (a) 43,000 17,373,720 
Sage Therapeutics, Inc. (a) 24,300 3,432,375 
Vertex Pharmaceuticals, Inc. (a) 348,131 67,098,769 
Wuxi Biologics (Cayman), Inc. (a) 225,500 2,279,960 
  190,628,904 
Health Care Equipment & Supplies - 2.7%   
Abbott Laboratories 12,600 924,336 
Abiomed, Inc. (a) 5,000 2,248,750 
Baxter International, Inc. 590,100 45,490,809 
Becton, Dickinson & Co. 52,912 13,810,032 
Boston Scientific Corp. (a) 768,500 29,587,250 
Danaher Corp. 268,434 29,168,038 
DexCom, Inc. (a) 75,900 10,856,736 
Edwards Lifesciences Corp. (a) 147,929 25,754,439 
Intuitive Surgical, Inc. (a) 66,754 38,316,796 
Penumbra, Inc. (a) 24,598 3,682,321 
ResMed, Inc. 93,604 10,796,285 
Sonova Holding AG Class B 15,100 3,004,922 
  213,640,714 
Health Care Providers & Services - 3.6%   
Anthem, Inc. 66,800 18,306,540 
Centene Corp. (a) 6,200 897,636 
Elanco Animal Health, Inc. 63,600 2,219,004 
HealthEquity, Inc. (a) 129,445 12,220,902 
Humana, Inc. 104,800 35,476,896 
Molina Healthcare, Inc. (a) 24,300 3,613,410 
National Vision Holdings, Inc. 199,900 9,023,486 
UnitedHealth Group, Inc. 740,900 197,109,036 
  278,866,910 
Health Care Technology - 0.1%   
Veeva Systems, Inc. Class A (a) 102,910 11,203,812 
Life Sciences Tools & Services - 0.9%   
Illumina, Inc. (a) 4,700 1,725,182 
Mettler-Toledo International, Inc. (a) 70,866 43,155,977 
Morphosys AG (a) 6,900 737,836 
PRA Health Sciences, Inc. (a) 60,652 6,683,244 
Quintiles Transnational Holdings, Inc. (a) 48,690 6,317,041 
Thermo Fisher Scientific, Inc. 38,400 9,372,672 
  67,991,952 
Pharmaceuticals - 0.8%   
AstraZeneca PLC sponsored ADR 256,200 10,137,834 
Eli Lilly & Co. 77,800 8,348,718 
Idorsia Ltd. (a) 122,590 3,087,859 
Ipsen SA 8,600 1,445,832 
Jazz Pharmaceuticals PLC (a) 26,600 4,472,258 
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) 142,123 1,313,875 
MyoKardia, Inc. (a) 11,700 762,840 
Nektar Therapeutics (a) 190,100 11,588,496 
Roche Holding AG (participation certificate) 3,694 893,266 
Supernus Pharmaceuticals, Inc. (a) 53,300 2,683,655 
Teva Pharmaceutical Industries Ltd. sponsored ADR 512,100 11,030,634 
Zoetis, Inc. Class A 43,815 4,011,701 
  59,776,968 
TOTAL HEALTH CARE  822,109,260 
INDUSTRIALS - 5.0%   
Aerospace & Defense - 1.0%   
Northrop Grumman Corp. 30,120 9,559,184 
Raytheon Co. 54,100 11,180,306 
Rolls-Royce Holdings PLC 61,200 787,362 
Space Exploration Technologies Corp.:   
Class A (a)(d)(e) 18,191 3,074,279 
Class C (d)(e) 783 132,327 
The Boeing Co. 129,300 48,086,670 
TransDigm Group, Inc. 13,700 5,100,510 
  77,920,638 
Air Freight & Logistics - 0.4%   
C.H. Robinson Worldwide, Inc. 32,759 3,207,761 
Expeditors International of Washington, Inc. 68,310 5,022,834 
FedEx Corp. 55,400 13,339,766 
XPO Logistics, Inc. (a) 121,832 13,909,559 
  35,479,920 
Airlines - 0.2%   
Ryanair Holdings PLC sponsored ADR(a) 126,812 12,179,024 
Southwest Airlines Co. 65,600 4,096,720 
  16,275,744 
Building Products - 0.2%   
Jeld-Wen Holding, Inc. (a) 221,753 5,468,429 
Masco Corp. 108,323 3,964,622 
Toto Ltd. 208,100 8,635,729 
  18,068,780 
Commercial Services & Supplies - 0.3%   
Cintas Corp. 73,893 14,616,774 
Copart, Inc. (a) 40,200 2,071,506 
TulCo LLC (a)(d)(e)(f) 7,549 4,108,832 
  20,797,112 
Electrical Equipment - 0.8%   
AMETEK, Inc. 73,800 5,839,056 
Fortive Corp. (c) 622,293 52,397,071 
Melrose Industries PLC 934,404 2,434,586 
  60,670,713 
Industrial Conglomerates - 0.2%   
General Electric Co. 976,214 11,021,456 
Roper Technologies, Inc. 4,200 1,244,082 
  12,265,538 
Machinery - 0.6%   
Caterpillar, Inc. 10,800 1,646,892 
Deere & Co. 158,541 23,833,469 
IDEX Corp. 10,100 1,521,666 
Ingersoll-Rand PLC 7,500 767,250 
PACCAR, Inc. 127,573 8,699,203 
Rexnord Corp. (a) 153,034 4,713,447 
Xylem, Inc. 34,500 2,755,515 
  43,937,442 
Professional Services - 0.5%   
FTI Consulting, Inc. (a) 84,927 6,215,807 
IHS Markit Ltd. (a) 94,881 5,119,779 
Recruit Holdings Co. Ltd. 165,000 5,506,777 
Robert Half International, Inc. 34,800 2,449,224 
SR Teleperformance SA 5,200 981,087 
TransUnion Holding Co., Inc. 308,985 22,735,116 
  43,007,790 
Road & Rail - 0.5%   
CSX Corp. 362,700 26,857,935 
Union Pacific Corp. 64,600 10,518,818 
  37,376,753 
Trading Companies & Distributors - 0.3%   
Air Lease Corp. Class A 2,100 96,348 
HD Supply Holdings, Inc. (a) 52,000 2,225,080 
W.W. Grainger, Inc. 61,600 22,016,456 
  24,337,884 
TOTAL INDUSTRIALS  390,138,314 
INFORMATION TECHNOLOGY - 39.5%   
Communications Equipment - 0.4%   
Arista Networks, Inc. (a) 114,498 30,440,438 
Electronic Equipment & Components - 1.9%   
Amphenol Corp. Class A 1,457,416 137,026,252 
CDW Corp. 35,177 3,127,939 
Dolby Laboratories, Inc. Class A 86,814 6,074,376 
FLIR Systems, Inc. 13,700 842,139 
Zebra Technologies Corp. Class A (a) 17,405 3,077,726 
  150,148,432 
Internet Software & Services - 12.2%   
Alphabet, Inc.:   
Class A (a) 148,000 178,647,840 
Class C (a) 150,143 179,191,166 
CarGurus, Inc. Class A 143,371 7,984,331 
Coupa Software, Inc. (a) 49,800 3,939,180 
DocuSign, Inc. 22,400 1,177,568 
Dropbox, Inc. Class A (a) 343,708 9,221,686 
Facebook, Inc. Class A (a) 3,035,000 499,136,100 
Farfetch Ltd. Class A 15,400 419,342 
GrubHub, Inc. (a) 40,000 5,544,800 
IAC/InterActiveCorp (a) 23,048 4,994,963 
MongoDB, Inc. Class A 95,000 7,747,250 
New Relic, Inc. (a) 79,626 7,503,158 
Nutanix, Inc. Class B (a)(b) 196,209 8,382,048 
Okta, Inc. (a) 128,328 9,029,158 
Shopify, Inc. Class A (a) 69,400 11,406,821 
Spotify Technology SA (a) 17,700 3,200,691 
SurveyMonkey 521,036 7,516,986 
The Trade Desk, Inc. (a) 1,600 241,456 
Twilio, Inc. Class A (a) 2,900 250,212 
Wix.com Ltd. (a) 22,236 2,661,649 
  948,196,405 
IT Services - 7.5%   
Accenture PLC Class A 80,857 13,761,861 
Adyen BV (b) 9,140 7,460,234 
ASAC II LP (a)(d)(e) 2,013,117 338,204 
EPAM Systems, Inc. (a) 44,755 6,162,764 
Fiserv, Inc. (a) 53,500 4,407,330 
FleetCor Technologies, Inc. (a) 38,300 8,726,272 
Gartner, Inc. (a) 1,800 285,300 
Global Payments, Inc. 176,046 22,428,260 
MasterCard, Inc. Class A 855,000 190,331,550 
Netcompany Group A/S 29,200 1,050,180 
PayPal Holdings, Inc. (a) 1,652,763 145,178,702 
Square, Inc. (a) 137,500 13,613,875 
Visa, Inc. Class A 1,032,300 154,937,907 
Worldpay, Inc. (a) 94,800 9,600,396 
  578,282,835 
Semiconductors & Semiconductor Equipment - 1.8%   
Advanced Micro Devices, Inc. (a) 787,300 24,319,697 
Analog Devices, Inc. 70,586 6,526,382 
Intel Corp. 112,800 5,334,312 
NVIDIA Corp. 301,820 84,817,456 
Texas Instruments, Inc. 208,155 22,332,950 
  143,330,797 
Software - 15.2%   
Activision Blizzard, Inc. 1,057,940 88,010,029 
Adobe Systems, Inc. (a) 877,249 236,813,368 
Atlassian Corp. PLC (a) 243,170 23,378,364 
Electronic Arts, Inc. (a) 68,709 8,278,747 
Eventbrite, Inc. 9,100 345,527 
Intuit, Inc. 156,104 35,498,050 
Microsoft Corp. 1,846,000 211,127,020 
Parametric Technology Corp. (a) 40,100 4,258,219 
Paycom Software, Inc. (a) 117,807 18,308,386 
RealPage, Inc. (a) 65,000 4,283,500 
Red Hat, Inc. (a) 72,362 9,861,493 
RingCentral, Inc. (a) 161,349 15,013,524 
Salesforce.com, Inc. (a) 2,300,214 365,803,032 
Splunk, Inc. (a) 6,400 773,824 
SS&C Technologies Holdings, Inc. 239,526 13,612,263 
Tableau Software, Inc. (a) 66,300 7,408,362 
Tanium, Inc. Class B (a)(d)(e) 188,500 1,638,744 
Ultimate Software Group, Inc. (a) 146,280 47,129,953 
Workday, Inc. Class A (a) 538,170 78,562,057 
Zendesk, Inc. (a) 74,196 5,267,916 
  1,175,372,378 
Technology Hardware, Storage & Peripherals - 0.5%   
Apple, Inc. 134,662 30,398,600 
HP, Inc. 285,600 7,359,912 
Pure Storage, Inc. Class A (a) 106,300 2,758,485 
  40,516,997 
TOTAL INFORMATION TECHNOLOGY  3,066,288,282 
MATERIALS - 1.8%   
Chemicals - 1.2%   
Air Products & Chemicals, Inc. 51,342 8,576,681 
DowDuPont, Inc. 449,769 28,924,644 
LyondellBasell Industries NV Class A 70,073 7,183,183 
Sherwin-Williams Co. 84,645 38,531,250 
Westlake Chemical Corp. 139,022 11,554,118 
  94,769,876 
Metals & Mining - 0.6%   
B2Gold Corp. (a) 1,583,686 3,604,720 
BHP Billiton Ltd. 93,345 2,325,308 
Franco-Nevada Corp. 222,200 13,899,865 
Ivanhoe Mines Ltd. (a) 3,166,022 6,740,650 
Kirkland Lake Gold Ltd. 220,762 4,183,992 
Novagold Resources, Inc. (a) 439,393 1,622,657 
Nucor Corp. 63,100 4,003,695 
Randgold Resources Ltd. sponsored ADR 11,300 797,215 
Steel Dynamics, Inc. 104,719 4,732,252 
  41,910,354 
TOTAL MATERIALS  136,680,230 
REAL ESTATE - 0.1%   
Equity Real Estate Investment Trusts (REITs) - 0.0%   
American Tower Corp. 11,100 1,612,830 
Real Estate Management & Development - 0.1%   
Five Point Holdings LLC Class A (a)(c) 84,611 796,190 
WeWork Companies, Inc. Class A (a)(d)(e) 38,595 3,097,249 
  3,893,439 
TOTAL REAL ESTATE  5,506,269 
TELECOMMUNICATION SERVICES - 0.1%   
Wireless Telecommunication Services - 0.1%   
SoftBank Corp. 8,100 809,187 
T-Mobile U.S., Inc. (a) 124,981 8,771,167 
  9,580,354 
UTILITIES - 0.0%   
Electric Utilities - 0.0%   
Vistra Energy Corp. (a) 30,300 753,864 
Independent Power and Renewable Electricity Producers - 0.0%   
NRG Energy, Inc. 22,100 826,540 
TOTAL UTILITIES  1,580,404 
TOTAL COMMON STOCKS   
(Cost $3,753,451,056)  7,485,580,158 
Convertible Preferred Stocks - 2.2%   
CONSUMER DISCRETIONARY - 0.1%   
Diversified Consumer Services - 0.1%   
Airbnb, Inc.:   
Series D (a)(d)(e) 35,238 3,709,152 
Series E (a)(d)(e) 16,112 1,695,949 
  5,405,101 
Household Durables - 0.0%   
Blu Homes, Inc. Series A, 5.00% (a)(d)(e) 1,523,087 30,462 
TOTAL CONSUMER DISCRETIONARY  5,435,563 
CONSUMER STAPLES - 0.0%   
Food & Staples Retailing - 0.0%   
Roofoods Ltd. Series F (a)(d)(e) 9,254 3,450,354 
FINANCIALS - 0.1%   
Consumer Finance - 0.1%   
Oportun Finance Corp. Series H (a)(d)(e) 2,704,468 6,112,098 
HEALTH CARE - 0.1%   
Biotechnology - 0.1%   
23andMe, Inc.:   
Series E (a)(d)(e) 46,180 801,223 
Series F (a)(d)(e) 200,299 3,475,188 
  4,276,411 
Health Care Providers & Services - 0.0%   
Mulberry Health, Inc. Series A8 (a)(d)(e) 480,971 3,436,913 
TOTAL HEALTH CARE  7,713,324 
INDUSTRIALS - 0.1%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp.:   
Series G (a)(d)(e) 36,460 6,161,740 
Series H (a)(d)(e) 7,256 1,226,264 
  7,388,004 
INFORMATION TECHNOLOGY - 1.4%   
Internet Software & Services - 0.5%   
Lyft, Inc.:   
Series H (d)(e) 90,122 4,267,628 
Series I (d)(e) 81,070 3,838,981 
Pinterest, Inc.:   
Series E, 8.00% (a)(d)(e) 2,912,810 15,059,228 
Series F, 8.00% (a)(d)(e) 2,454,345 12,688,964 
Series G, 8.00% (a)(d)(e) 421,305 2,178,147 
Uber Technologies, Inc. Series D, 8.00% (a)(d)(e) 125,201 6,106,053 
  44,139,001 
Software - 0.9%   
Cloudflare, Inc. Series D, 8.00% (a)(d)(e) 280,255 3,082,805 
Delphix Corp. Series D (a)(d)(e) 232,855 1,851,197 
Magic Leap, Inc.:   
Series B, 8.00% (a)(d)(e) 1,907,399 51,499,773 
Series C (a)(d)(e) 17,554 473,958 
Series D (a)(d)(e) 469,823 12,685,221 
  69,592,954 
TOTAL INFORMATION TECHNOLOGY  113,731,955 
REAL ESTATE - 0.4%   
Real Estate Management & Development - 0.4%   
WeWork Companies, Inc.:   
Series E (a)(d)(e) 347,358 27,875,480 
Series F (a)(d)(e) 16,235 1,302,859 
  29,178,339 
TELECOMMUNICATION SERVICES - 0.0%   
Wireless Telecommunication Services - 0.0%   
Altiostar Networks, Inc. Series A1 (a)(d)(e) 139,573 178,653 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $112,329,889)  173,188,290 
 Principal Amount Value 
Nonconvertible Bonds - 0.2%   
HEALTH CARE - 0.2%   
Pharmaceuticals - 0.2%   
Valeant Pharmaceuticals International, Inc.   
6.125% 4/15/25 (b) 6,620,000 6,295,951 
9% 12/15/25 (b) 6,855,000 7,377,968 
TOTAL NONCONVERTIBLE BONDS   
(Cost $12,984,975)  13,673,919 
 Shares Value 
Money Market Funds - 1.7%   
Fidelity Cash Central Fund, 2.11% (g) 70,864,590 70,878,763 
Fidelity Securities Lending Cash Central Fund 2.11% (g)(h) 59,468,123 59,474,070 
TOTAL MONEY MARKET FUNDS   
(Cost $130,352,833)  130,352,833 
TOTAL INVESTMENT IN SECURITIES - 100.6%   
(Cost $4,009,118,753)  7,802,795,200 
NET OTHER ASSETS (LIABILITIES) - (0.6)%  (50,151,244) 
NET ASSETS - 100%  $7,752,643,956 

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 $29,785,853 or 0.4% of net assets.

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

 (d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $185,577,921 or 2.4% 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 are available on the SEC's website or upon request.

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
23andMe, Inc. Series E 6/18/15 $500,004 
23andMe, Inc. Series F 8/31/17 $2,780,992 
Airbnb, Inc. Series D 4/16/14 $1,434,646 
Airbnb, Inc. Series E 6/29/15 $1,499,937 
Altiostar Networks, Inc. Series A1 1/10/17 $642,036 
ASAC II LP 10/10/13 $155,030 
Blu Homes, Inc. Series A, 5.00% 6/10/13 - 12/30/14 $7,036,662 
Cloudflare, Inc. Series D, 8.00% 11/5/14 - 6/24/15 $1,746,208 
Delphix Corp. Series D 7/10/15 $2,095,695 
Lyft, Inc. Series H 11/22/17 $3,581,998 
Lyft, Inc. Series I 6/27/18 $3,838,981 
Magic Leap, Inc. Series B, 8.00% 10/17/14 $22,049,532 
Magic Leap, Inc. Series C 12/23/15 $404,321 
Magic Leap, Inc. Series D 10/6/17 $12,685,221 
Mulberry Health, Inc. Series A8 1/20/16 $3,248,839 
Oportun Finance Corp. Series H 2/6/15 $7,700,431 
Pinterest, Inc. Series E, 8.00% 10/23/13 $8,465,034 
Pinterest, Inc. Series F, 8.00% 5/15/14 $8,337,498 
Pinterest, Inc. Series G, 8.00% 2/27/15 $3,024,587 
Roofoods Ltd. Series F 9/12/17 $3,271,942 
Space Exploration Technologies Corp. Class A 10/16/15 - 9/11/17 $1,883,269 
Space Exploration Technologies Corp. Class C 9/11/17 $105,705 
Space Exploration Technologies Corp. Series G 1/20/15 $2,824,191 
Space Exploration Technologies Corp. Series H 8/4/17 $979,560 
Tanium, Inc. Class B 4/21/17 $935,771 
TulCo LLC 8/24/17 - 12/14/17 $2,645,550 
Uber Technologies, Inc. Series D, 8.00% 6/6/14 $1,942,249 
WeWork Companies, Inc. Class A 6/23/15 $1,269,373 
WeWork Companies, Inc. Series E 6/23/15 $11,424,455 
WeWork Companies, Inc. Series F 12/1/16 $814,871 

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $1,533,392 
Fidelity Securities Lending Cash Central Fund 382,949 
Total $1,916,341 

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

Investment Valuation

The following is a summary of the inputs used, as of September 30, 2018, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $1,276,271,085 $1,260,558,604 $10,276,918 $5,435,563 
Consumer Staples 173,794,332 168,841,827 1,502,151 3,450,354 
Energy 352,336,056 342,516,109 9,819,947 -- 
Financials 1,266,293,587 1,260,181,489 -- 6,112,098 
Health Care 829,822,584 821,215,994 893,266 7,713,324 
Industrials 397,526,318 382,035,514 787,362 14,703,442 
Information Technology 3,180,020,237 3,056,794,348 7,516,986 115,708,903 
Materials 136,680,230 134,354,922 2,325,308 -- 
Real Estate 34,684,608 2,409,020 -- 32,275,588 
Telecommunication Services 9,759,007 8,771,167 809,187 178,653 
Utilities 1,580,404 1,580,404 -- -- 
Corporate Bonds 13,673,919 -- 13,673,919 -- 
Money Market Funds 130,352,833 130,352,833 -- -- 
Total Investments in Securities: $7,802,795,200 $7,569,612,231 $47,605,044 $185,577,925 

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

Investments in Securities:  
Equities - Information Technology  
Beginning Balance $109,818,963 
Net Realized Gain (Loss) on Investment Securities 2,708,952 
Net Unrealized Gain (Loss) on Investment Securities 9,165,017 
Cost of Purchases 12,852,432 
Proceeds of Sales (18,836,461) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $115,708,903 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at September 30, 2018 $6,030,901 
Equities - Other Investments in Securities  
Beginning Balance $48,089,618 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities 15,701,562 
Cost of Purchases 6,077,842 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $69,869,022 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at September 30, 2018 $15,701,562 

The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

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 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: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, 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 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 $185,577,925 Market comparable Enterprise value/Sales multiple (EV/S)  1.6 - 9.5 / 7.9  Increase 
   Discount rate 25.0% - 78.0% / 44.1% Decrease 
   Discount for lack of marketability 10.0% - 25.0% / 10.7% Decrease 
   Price/Earnings multiple (P/E) 14.1 Increase 
   Premium rate 7.5% - 76.3% / 32.3% Increase 
  Market approach Transaction price $0.81 - $544.29 / $62.17 Increase 
   Conversion ratio 1.6 Increase 
  Recovery value Recovery value 0.0% - 0.2% / 0.2% Increase 

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

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder 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.


Item 2.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Contrafunds (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 Trusts internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trusts last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trusts 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/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

November 28, 2018


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



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

November 28, 2018



By:

/s/John J. Burke III


John J. Burke III


Chief Financial Officer



Date:

November 28, 2018