N-CSR 1 filing706.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number   811-01400


Fidelity Contrafund

 (Exact name of registrant as specified in charter)


245 Summer St., Boston, Massachusetts 02210

 (Address of principal executive offices)       (Zip code)


Cynthia Lo Bessette, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

December 31



Date of reporting period:

December 31, 2021




Item 1.

Reports to Stockholders




Fidelity® Contrafund®



Annual Report

December 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions


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

You may also call 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Performance: The Bottom Line

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

Average Annual Total Returns

For the periods ended December 31, 2021 Past 1 year Past 5 years Past 10 years 
Fidelity® Contrafund® 24.36% 22.63% 17.96% 
Class K 24.42% 22.74% 18.07% 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Contrafund®, a class of the fund, on December 31, 2011.

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


Period Ending Values
$52,143Fidelity® Contrafund®
$46,257S&P 500® Index

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 28.71% in 2021, with U.S. equities rising on improving economic growth, strong corporate earnings, widespread COVID-19 vaccination, and accommodative fiscal and monetary stimulus. In the first quarter, the index gained 6.17%. Investors were buoyed by the rollout of vaccines, the U.S. Federal Reserve’s pledge to hold short-term interest rates near zero until the economy recovered, and the federal government’s deployment of trillions of dollars to boost the economy. A flattish May reflected concerns about inflation and jobs, but the rally resumed through August amid strong earnings. In September, the index returned -4.65% as sentiment turned broadly negative due to a host of factors. These included inflationary pressure from surging commodity prices, rising bond yields, supply constraints and disruption, and the fast-spreading delta variant of the coronavirus. The Fed also signaled it could soon begin to taper the bond purchases it has made since the onset of the pandemic. The index sharply reversed course with a 7.01% gain in October, driven by strength in earnings. Then in November, the index stalled again, returning -0.69% amid the emergence of a new, more-highly transmissible variant, omicron, and rising inflation, which breached a 40-year high. The index advanced 4.48% in December, after studies suggested omicron resulted in fewer severe COVID-19 cases. All sectors had a double-digit return, led by energy (+55%) and real estate (+46%), whereas utilities (+18%) notably lagged.

Comments from Portfolio Manager William Danoff:  For the fiscal year ending December 31, 2021, the fund's share classes gained about 24%, underperforming the 28.71% result of the benchmark S&P 500® index. The primary detractor from performance versus the benchmark was our security selection in the consumer discretionary sector. Stock picks and an overweighting in financials also hurt, as did an overweighting in communication services. The biggest individual relative detractor was an overweight position in Amazon.com (+2%). Amazon.com was among our largest holdings. Another notable relative detractor was an outsized stake in Meta Platforms (+23%), which was the fund's biggest holding. Our lighter-than-benchmark stake in Tesla (+50%) also hurt relative performance. In contrast, the largest contributor to performance versus the benchmark was our security selection in communication services. Stock picking and an underweighting in consumer staples also boosted the fund's relative performance. Also boosting the fund's relative performance was an underweighting in the industrials sector, especially within the capital goods industry. The biggest individual relative contributor was an overweight position in Nvidia (+125%). Nvidia was among the largest holdings at period end. Also boosting value was our overweighting in Alphabet, which gained 65%. Alphabet was among the fund's biggest holdings. Another notable relative contributor was an outsized stake in UnitedHealth Group (+45%), which was one of the fund's largest holdings. Notable changes in positioning include increased exposure to the financials sector.

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

Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2021

 % of fund's net assets 
Meta Platforms, Inc. Class A 9.7 
Amazon.com, Inc. 7.8 
Microsoft Corp. 6.5 
Berkshire Hathaway, Inc. Class A 5.9 
Apple, Inc. 3.8 
UnitedHealth Group, Inc. 3.6 
Alphabet, Inc. Class A 3.4 
NVIDIA Corp. 3.2 
Alphabet, Inc. Class C 3.1 
Salesforce.com, Inc. 2.4 
 49.4 

Top Five Market Sectors as of December 31, 2021

 % of fund's net assets 
Information Technology 32.1 
Communication Services 19.2 
Consumer Discretionary 13.8 
Financials 12.9 
Health Care 11.7 

Asset Allocation (% of fund's net assets)

As of December 31, 2021* 
   Stocks 98.3% 
   Convertible Securities 1.0% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.7% 


 * Foreign investments - 7.5%

Schedule of Investments December 31, 2021

Showing Percentage of Net Assets

Common Stocks - 98.3%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 19.2%   
Entertainment - 2.6%   
Activision Blizzard, Inc. 1,171,437 $77,936 
Live Nation Entertainment, Inc. (a) 122,200 14,626 
Netflix, Inc. (a) 5,029,520 3,029,984 
Roblox Corp. (a) 667,710 68,881 
Spotify Technology SA (a) 65,200 15,259 
The Walt Disney Co. (a) 2,770,969 429,195 
Universal Music Group NV 5,656,840 159,868 
Warner Music Group Corp. Class A 1,019,419 44,019 
  3,839,768 
Interactive Media & Services - 16.4%   
Alphabet, Inc.:   
Class A (a) 1,680,593 4,868,745 
Class C (a) 1,553,498 4,495,186 
Bumble, Inc. (b) 2,010,628 68,080 
Meta Platforms, Inc. Class A (a) 41,728,146 14,035,254 
Snap, Inc. Class A (a) 3,681,034 173,119 
Zoominfo Technologies, Inc. (a) 1,457,195 93,552 
  23,733,936 
Media - 0.1%   
Charter Communications, Inc. Class A (a) 43,962 28,662 
Liberty Media Corp. Liberty Formula One Group Series C (a) 2,402,004 151,903 
  180,565 
Wireless Telecommunication Services - 0.1%   
T-Mobile U.S., Inc. (a) 893,456 103,623 
TOTAL COMMUNICATION SERVICES  27,857,892 
CONSUMER DISCRETIONARY - 13.7%   
Automobiles - 0.8%   
BYD Co. Ltd. (H Shares) 417,000 14,105 
General Motors Co. (a) 6,254,644 366,710 
Hyundai Motor Co. 651,600 114,551 
Li Auto, Inc. ADR (a) 454,800 14,599 
Rad Power Bikes, Inc. (c)(d) 2,588,458 24,807 
Rivian Automotive, Inc. 1,591,213 148,494 
Tesla, Inc. (a) 70,328 74,321 
Toyota Motor Corp. 17,726,772 327,637 
XPeng, Inc. Class A 4,862,101 115,775 
  1,200,999 
Diversified Consumer Services - 0.0%   
Duolingo, Inc. (a) 80,663 8,559 
Hotels, Restaurants & Leisure - 0.5%   
Airbnb, Inc. Class A 2,002,369 333,374 
Chipotle Mexican Grill, Inc. (a) 128,265 224,239 
Churchill Downs, Inc. 50,279 12,112 
Dutch Bros, Inc. 278,312 14,169 
Hilton Worldwide Holdings, Inc. (a) 969,059 151,164 
  735,058 
Household Durables - 0.4%   
D.R. Horton, Inc. 1,109,016 120,273 
Garmin Ltd. 301,554 41,063 
Lennar Corp. Class A 1,913,323 222,252 
Mohawk Industries, Inc. (a) 494,684 90,122 
Sony Group Corp. 369,814 46,699 
Taylor Morrison Home Corp. (a) 81,285 2,842 
Tempur Sealy International, Inc. 1,195,539 56,226 
  579,477 
Internet & Direct Marketing Retail - 8.7%   
Amazon.com, Inc. (a) 3,370,568 11,238,620 
Cazoo Group Ltd. 7,242,211 41,487 
Coupang, Inc. Class A (a)(b) 8,863,582 260,412 
Deliveroo PLC Class A (a)(e) 52,240,895 149,129 
Delivery Hero AG (a)(e) 111,500 12,342 
Doordash, Inc. 1,092,369 162,654 
eBay, Inc. 7,070,580 470,194 
Etsy, Inc. (a) 593,137 129,861 
Wayfair LLC Class A (a) 320,765 60,936 
Zomato Ltd. (a)(c) 36,025,900 56,487 
  12,582,122 
Leisure Products - 0.0%   
Thule Group AB (e) 554,186 33,469 
Multiline Retail - 0.0%   
Dollar Tree, Inc. (a) 305,500 42,929 
Specialty Retail - 2.3%   
Academy Sports & Outdoors, Inc. (a) 3,773,216 165,644 
Aurora Innovation, Inc. Class B 4,604,657 46,664 
AutoZone, Inc. (a) 103,047 216,027 
Dick's Sporting Goods, Inc. 1,605,598 184,628 
Fanatics, Inc. Class A (c)(d) 2,461,391 166,981 
JD Sports Fashion PLC 10,446,185 30,801 
National Vision Holdings, Inc. (a) 1,053,225 50,544 
O'Reilly Automotive, Inc. (a) 371,865 262,622 
The Home Depot, Inc. 4,238,830 1,759,157 
TJX Companies, Inc. 2,414,735 183,327 
Warby Parker, Inc. (a) 254,454 11,847 
Williams-Sonoma, Inc. 1,140,555 192,902 
  3,271,144 
Textiles, Apparel & Luxury Goods - 1.0%   
Allbirds, Inc. Class B 2,029,000 27,538 
Deckers Outdoor Corp. (a) 381,949 139,912 
Dr. Martens Ltd. 14,145,118 82,271 
lululemon athletica, Inc. (a) 177,724 69,570 
LVMH Moet Hennessy Louis Vuitton SE 32,886 27,178 
NIKE, Inc. Class B 5,337,356 889,577 
On Holding AG 1,303,384 49,281 
On Holding AG 2,925,000 105,065 
Under Armour, Inc. Class A (sub. vtg.) (a) 559,200 11,849 
  1,402,241 
TOTAL CONSUMER DISCRETIONARY  19,855,998 
CONSUMER STAPLES - 2.8%   
Beverages - 0.4%   
Anheuser-Busch InBev SA NV 731,905 44,127 
Constellation Brands, Inc. Class A (sub. vtg.) 64,000 16,062 
Diageo PLC 1,375,136 75,187 
PepsiCo, Inc. 1,494,204 259,558 
The Coca-Cola Co. 2,564,880 151,867 
  546,801 
Food & Staples Retailing - 1.1%   
Costco Wholesale Corp. 2,999,126 1,702,604 
Food Products - 0.0%   
The Vita Coco Co., Inc. (b) 454,000 5,071 
Personal Products - 1.3%   
Estee Lauder Companies, Inc. Class A 4,466,873 1,653,636 
L'Oreal SA (a) 187,900 89,593 
L'Oreal SA (a) 190,332 90,753 
Olaplex Holdings, Inc. 986,756 28,744 
  1,862,726 
TOTAL CONSUMER STAPLES  4,117,202 
ENERGY - 0.4%   
Oil, Gas & Consumable Fuels - 0.4%   
Canadian Natural Resources Ltd. 3,879,176 163,913 
Cheniere Energy, Inc. 733,722 74,414 
ConocoPhillips Co. 575,942 41,571 
Diamondback Energy, Inc. 351,264 37,884 
EOG Resources, Inc. 476,227 42,303 
Hess Corp. 378,187 27,997 
Pioneer Natural Resources Co. 227,238 41,330 
Reliance Industries Ltd. 3,645,739 115,910 
  545,322 
FINANCIALS - 12.9%   
Banks - 3.1%   
Bank of America Corp. 34,615,583 1,540,047 
JPMorgan Chase & Co. 9,206,143 1,457,793 
Kotak Mahindra Bank Ltd. (a) 3,388,766 81,714 
Nu Holdings Ltd. (b) 2,754,300 25,835 
Royal Bank of Canada 4,832,039 512,828 
Starling Bank Ltd. Series D (a)(c)(d) 23,277,483 40,781 
SVB Financial Group (a) 144,922 98,292 
The Toronto-Dominion Bank (b) 5,951,616 456,293 
Wells Fargo & Co. 5,033,528 241,509 
  4,455,092 
Capital Markets - 2.2%   
BlackRock, Inc. Class A 686,061 628,130 
Brookfield Asset Management, Inc. (Canada) Class A 1,630,049 98,438 
Charles Schwab Corp. 2,657,958 223,534 
CME Group, Inc. 129,300 29,540 
Coinbase Global, Inc. (a) 376,471 95,010 
Goldman Sachs Group, Inc. 1,349,055 516,081 
Intercontinental Exchange, Inc. 537,409 73,501 
Moody's Corp. 324,385 126,698 
Morgan Stanley 10,488,733 1,029,574 
MSCI, Inc. 460,904 282,391 
NASDAQ, Inc. 144,329 30,311 
S&P Global, Inc. 256,527 121,063 
  3,254,271 
Consumer Finance - 0.3%   
American Express Co. 263,821 43,161 
Capital One Financial Corp. 2,320,455 336,675 
  379,836 
Diversified Financial Services - 5.9%   
Berkshire Hathaway, Inc. Class A (a) 18,936 8,533,736 
P3 Health Partners, Inc. (c)(f) 2,735,364 18,294 
Rapyd Financial Network 2016 Ltd. (c)(d) 340,545 27,874 
  8,579,904 
Insurance - 1.4%   
Admiral Group PLC 7,365,021 315,256 
American International Group, Inc. 6,594,602 374,969 
Aon PLC 45,587 13,702 
Arthur J. Gallagher & Co. 757,329 128,496 
Brookfield Asset Management Reinsurance Partners Ltd. 7,780 489 
Chubb Ltd. 2,411,382 466,144 
Fairfax Financial Holdings Ltd. (sub. vtg.) 143,775 70,724 
Hartford Financial Services Group, Inc. 1,570,239 108,409 
Intact Financial Corp. 601,556 78,191 
Marsh & McLennan Companies, Inc. 354,800 61,671 
Oscar Health, Inc. (a) 227,820 1,788 
Progressive Corp. 2,392,744 245,615 
The Travelers Companies, Inc. 1,403,331 219,523 
  2,084,977 
TOTAL FINANCIALS  18,754,080 
HEALTH CARE - 11.7%   
Biotechnology - 1.8%   
AbbVie, Inc. 2,868,991 388,461 
Alnylam Pharmaceuticals, Inc. (a) 228,893 38,816 
Genmab A/S (a) 8,460 3,377 
Horizon Therapeutics PLC (a) 4,674,586 503,733 
Idorsia Ltd. (a) 2,217,357 45,187 
Intarcia Therapeutics, Inc. warrants 12/31/24 (a)(d) 105,983 0 
Intellia Therapeutics, Inc. (a) 876,477 103,635 
Regeneron Pharmaceuticals, Inc. (a) 2,007,923 1,268,044 
Vertex Pharmaceuticals, Inc. (a) 1,393,986 306,119 
Zai Lab Ltd. (a) 478,693 30,521 
  2,687,893 
Health Care Equipment & Supplies - 1.3%   
Abbott Laboratories 1,723,864 242,617 
Alcon, Inc. 173,514 15,117 
Align Technology, Inc. (a) 294,269 193,388 
DexCom, Inc. (a) 255,646 137,269 
Edwards Lifesciences Corp. (a) 2,470,734 320,084 
Envista Holdings Corp. (a) 1,251,531 56,394 
Intuitive Surgical, Inc. (a) 2,085,325 749,257 
Sonova Holding AG 307,167 120,040 
  1,834,166 
Health Care Providers & Services - 4.2%   
AmerisourceBergen Corp. 680,005 90,366 
Anthem, Inc. 135,000 62,578 
Cano Health, Inc. (a) 4,176,945 37,217 
CVS Health Corp. 288,700 29,782 
dentalcorp Holdings Ltd. (a) 3,351,633 43,109 
Guardant Health, Inc. (a) 133,730 13,376 
HCA Holdings, Inc. 1,326,786 340,878 
Humana, Inc. 126,000 58,446 
McKesson Corp. 131,200 32,612 
Molina Healthcare, Inc. (a) 51,758 16,463 
Option Care Health, Inc. (a) 3,261,037 92,744 
UnitedHealth Group, Inc. 10,438,062 5,241,368 
  6,058,939 
Health Care Technology - 0.0%   
Doximity, Inc. 332,167 16,652 
Inspire Medical Systems, Inc. (a) 44,472 10,231 
  26,883 
Life Sciences Tools & Services - 2.5%   
23andMe Holding Co. Class B (e) 11,320,291 75,393 
Bio-Rad Laboratories, Inc. Class A (a) 217,032 163,983 
Charles River Laboratories International, Inc. (a) 125,195 47,171 
Danaher Corp. 3,816,237 1,255,580 
Eurofins Scientific SA 891,112 110,401 
ICON PLC (a) 48,500 15,020 
IQVIA Holdings, Inc. (a) 922,479 260,268 
Maravai LifeSciences Holdings, Inc. (a) 1,478,177 61,936 
Mettler-Toledo International, Inc. (a) 438,653 744,486 
Thermo Fisher Scientific, Inc. 920,945 614,491 
Veterinary Emergency Group LLC Class A (c)(d)(g) 714,200 22,957 
Waters Corp. (a) 491,554 183,153 
West Pharmaceutical Services, Inc. 121,215 56,851 
WuXi AppTec Co. Ltd. (H Shares) (e) 431,761 7,475 
  3,619,165 
Pharmaceuticals - 1.9%   
Asymchem Laboratories Tianjin Co. Ltd. (H Shares) (e) 1,061,800 43,575 
Eli Lilly & Co. 6,407,682 1,769,930 
Intra-Cellular Therapies, Inc. (a) 274,123 14,348 
Merck & Co., Inc. 1,046,921 80,236 
Nuvation Bio, Inc. (a)(b) 7,088,572 60,253 
Nuvation Bio, Inc. (c) 3,572,265 30,364 
Pfizer, Inc. 1,417,257 83,689 
Roche Holding AG (participation certificate) 299,900 124,417 
Royalty Pharma PLC 3,346,214 133,347 
UCB SA 489,309 55,843 
Zoetis, Inc. Class A 1,667,699 406,969 
  2,802,971 
TOTAL HEALTH CARE  17,030,017 
INDUSTRIALS - 3.2%   
Aerospace & Defense - 0.2%   
Northrop Grumman Corp. 434,760 168,283 
Space Exploration Technologies Corp.:   
Class A (a)(c)(d) 347,648 194,683 
Class C (a)(c)(d) 12,991 7,275 
  370,241 
Air Freight & Logistics - 0.8%   
Expeditors International of Washington, Inc. 430,591 57,824 
United Parcel Service, Inc. Class B 4,839,498 1,037,298 
Zipline International, Inc. (c)(d) 515,816 18,569 
  1,113,691 
Airlines - 0.0%   
Joby Aviation, Inc. (c) 1,388,830 10,138 
Building Products - 0.6%   
Carrier Global Corp. 2,081,517 112,901 
Fortune Brands Home & Security, Inc. 4,049,768 432,920 
Toto Ltd. 3,149,467 144,838 
Trane Technologies PLC 1,020,896 206,252 
  896,911 
Commercial Services & Supplies - 0.4%   
Aurora Innovation, Inc. (a)(b) 1,702,895 19,175 
Cintas Corp. 638,128 282,799 
Clean TeQ Water Pty Ltd. (a)(b) 2,173,911 1,107 
GFL Environmental, Inc. (b) 1,671,045 63,249 
TulCo LLC (a)(c)(d)(g) 140,771 176,024 
ZenPayroll, Inc. (c)(d) 289,200 8,790 
  551,144 
Industrial Conglomerates - 0.4%   
General Electric Co. 6,130,936 579,190 
Roper Technologies, Inc. 29,800 14,657 
  593,847 
Machinery - 0.3%   
AutoStore Holdings Ltd. 3,389,100 13,333 
Deere & Co. 333,512 114,358 
Fortive Corp. 384,600 29,341 
Ingersoll Rand, Inc. 2,378,833 147,178 
Nordson Corp. 47,188 12,046 
Otis Worldwide Corp. 1,662,034 144,713 
  460,969 
Professional Services - 0.2%   
Equifax, Inc. 535,100 156,672 
Thomson Reuters Corp. 725,277 86,733 
  243,405 
Road & Rail - 0.2%   
Canadian Pacific Railway Ltd. 1,414,645 101,747 
J.B. Hunt Transport Services, Inc. 682,435 139,490 
Old Dominion Freight Lines, Inc. 124,600 44,654 
  285,891 
Trading Companies & Distributors - 0.1%   
Ferguson PLC 458,500 81,442 
TOTAL INDUSTRIALS  4,607,679 
INFORMATION TECHNOLOGY - 31.9%   
Communications Equipment - 0.1%   
Arista Networks, Inc. (a) 893,448 128,433 
Electronic Equipment & Components - 1.6%   
Amphenol Corp. Class A 21,890,080 1,914,506 
CDW Corp. 701,947 143,745 
Keysight Technologies, Inc. (a) 567,974 117,292 
Samsung SDI Co. Ltd. 80,034 44,095 
Zebra Technologies Corp. Class A (a) 299,634 178,342 
  2,397,980 
IT Services - 5.2%   
Accenture PLC Class A 3,436,015 1,424,400 
Adyen BV (a)(e) 155,377 407,865 
Affirm Holdings, Inc. 2,061,496 207,304 
ASAC II LP (a)(c)(d) 39,494,500 6,635 
Cloudflare, Inc. (a) 7,295,118 959,308 
Digitalocean Holdings, Inc. (a) 152,552 12,255 
Endava PLC ADR (a) 12,315 2,068 
EPAM Systems, Inc. (a) 24,197 16,174 
MasterCard, Inc. Class A 1,288,745 463,072 
MongoDB, Inc. Class A (a) 794,738 420,695 
Okta, Inc. (a) 384,996 86,305 
PayPal Holdings, Inc. (a) 3,763,224 709,669 
Shopify, Inc. Class A (a) 657,265 904,978 
Snowflake Computing, Inc. (a) 239,466 81,119 
Visa, Inc. Class A (b) 8,734,797 1,892,918 
  7,594,765 
Semiconductors & Semiconductor Equipment - 7.7%   
Advanced Micro Devices, Inc. (a) 9,233,691 1,328,728 
Analog Devices, Inc. 2,632,119 462,648 
Applied Materials, Inc. 2,138,520 336,518 
ASML Holding NV 107,217 85,360 
Broadcom, Inc. 113,800 75,724 
Enphase Energy, Inc. (a) 205,700 37,631 
KLA Corp. 109,700 47,183 
Lam Research Corp. 993,067 714,164 
Lattice Semiconductor Corp. (a) 1,256,159 96,800 
Marvell Technology, Inc. 4,731,443 413,954 
Monolithic Power Systems, Inc. 62,264 30,717 
NVIDIA Corp. 15,859,752 4,664,512 
NXP Semiconductors NV 63,100 14,373 
ON Semiconductor Corp. (a) 3,305,866 224,534 
Qualcomm, Inc. 9,599,159 1,755,398 
Semtech Corp. (a) 407,725 36,259 
Silergy Corp. 110,000 19,944 
SiTime Corp. (a) 76,197 22,291 
Synaptics, Inc. (a)(f) 2,404,903 696,243 
Teradyne, Inc. 198,900 32,526 
Texas Instruments, Inc. 685,011 129,104 
  11,224,611 
Software - 13.4%   
Adobe, Inc. (a) 5,047,689 2,862,343 
Atlassian Corp. PLC (a) 2,363,479 901,171 
Bill.Com Holdings, Inc. (a) 158,400 39,465 
Cadence Design Systems, Inc. (a) 1,404,512 261,731 
Ceridian HCM Holding, Inc. (a) 122,400 12,786 
Confluent, Inc. 190,700 14,539 
Crowdstrike Holdings, Inc. (a) 120,922 24,759 
Datadog, Inc. Class A (a) 1,556,083 277,154 
Dropbox, Inc. Class A (a) 635,042 15,584 
Dynatrace, Inc. (a) 3,198,386 193,023 
Epic Games, Inc. (a)(c)(d) 123,700 112,421 
Fortinet, Inc. (a) 135,258 48,612 
HubSpot, Inc. (a) 228,089 150,345 
Informatica, Inc. 480,976 17,786 
Intuit, Inc. 1,148,591 738,797 
KnowBe4, Inc. (a) 1,664,725 38,189 
Microsoft Corp. 27,990,922 9,413,907 
Monday.com Ltd. (b) 113,561 35,059 
Palo Alto Networks, Inc. (a) 92,991 51,774 
Paycom Software, Inc. (a) 35,689 14,818 
Qualtrics International, Inc. 689,232 24,399 
Rapid7, Inc. (a) 30,986 3,647 
Salesforce.com, Inc. (a) 13,660,560 3,471,558 
Samsara, Inc. 591,400 16,624 
SentinelOne, Inc. (b) 311,697 15,738 
ServiceNow, Inc. (a) 495,878 321,879 
Stripe, Inc. Class B (a)(c)(d) 455,600 19,053 
Tanium, Inc. Class B (a)(c)(d) 6,742,751 85,566 
Unity Software, Inc. (a) 164,400 23,508 
Workday, Inc. Class A (a) 262,366 71,673 
Xero Ltd. (a) 250,729 25,801 
Zscaler, Inc. (a) 259,662 83,437 
  19,387,146 
Technology Hardware, Storage & Peripherals - 3.9%   
Apple, Inc. 30,807,389 5,470,468 
Dell Technologies, Inc. (a) 2,470,647 138,776 
  5,609,244 
TOTAL INFORMATION TECHNOLOGY  46,342,179 
MATERIALS - 2.2%   
Chemicals - 0.7%   
LG Chemical Ltd. 23,180 11,991 
Sherwin-Williams Co. 2,644,129 931,156 
Westlake Chemical Corp. 261,395 25,389 
  968,536 
Metals & Mining - 1.5%   
B2Gold Corp. (a) 44,065,715 173,483 
Barrick Gold Corp. (Canada) 6,601,001 125,502 
Cleveland-Cliffs, Inc. (a) 4,169,243 90,764 
Franco-Nevada Corp. 4,060,840 561,606 
Freeport-McMoRan, Inc. 9,288,397 387,605 
Gatos Silver, Inc. (a) 1,709,334 17,743 
Ivanhoe Electric, Inc. (c)(d) 14,154,085 11,748 
Ivanhoe Mines Ltd. (a) 41,447,668 338,148 
Ivanhoe Mines Ltd. (a)(e) 11,940,481 97,416 
Novagold Resources, Inc. (a) 7,159,689 49,073 
Nucor Corp. 2,397,613 273,688 
Steel Dynamics, Inc. 1,875,829 116,433 
Stelco Holdings, Inc. 400,090 13,037 
Sunrise Energy Metals Ltd. (a) 4,347,823 5,646 
  2,261,892 
TOTAL MATERIALS  3,230,428 
REAL ESTATE - 0.2%   
Equity Real Estate Investment Trusts (REITs) - 0.2%   
Equity Commonwealth (a) 1,684,657 43,633 
Prologis (REIT), Inc. 1,392,321 234,411 
  278,044 
UTILITIES - 0.1%   
Electric Utilities - 0.1%   
NextEra Energy, Inc. 655,800 61,225 
TOTAL COMMON STOCKS   
(Cost $45,764,514)  142,680,066 
Preferred Stocks - 1.0%   
Convertible Preferred Stocks - 1.0%   
CONSUMER DISCRETIONARY - 0.1%   
Automobiles - 0.0%   
Rad Power Bikes, Inc.:   
Series A (c)(d) 337,463 3,234 
Series C (c)(d) 1,327,879 12,726 
Series D (c)(d) 2,329,100 22,322 
  38,282 
Internet & Direct Marketing Retail - 0.1%   
GoBrands, Inc.:   
Series G (c)(d) 55,517 21,568 
Series H (c)(d) 69,898 27,155 
Reddit, Inc.:   
Series E (c)(d) 165,300 10,215 
Series F (c)(d) 878,650 54,296 
  113,234 
Textiles, Apparel & Luxury Goods - 0.0%   
Discord, Inc. Series I (c)(d) 15,500 8,535 
TOTAL CONSUMER DISCRETIONARY  160,051 
CONSUMER STAPLES - 0.0%   
Food Products - 0.0%   
Bowery Farming, Inc. Series C1 (c)(d) 226,491 13,646 
FINANCIALS - 0.0%   
Thrifts & Mortgage Finance - 0.0%   
Acrisure Holdings, Inc. Series B (c)(d) 379,681 7,484 
HEALTH CARE - 0.0%   
Biotechnology - 0.0%   
ElevateBio LLC Series C (c)(d) 3,224,900 11,871 
Intarcia Therapeutics, Inc. Series CC (a)(c)(d) 2,100,446 0 
  11,871 
Health Care Providers & Services - 0.0%   
Get Heal, Inc. Series B (a)(c)(d) 35,877,127 1,409 
Lyra Health, Inc.:   
Series E (c)(d) 1,478,100 26,946 
Series F (c)(d) 69,520 1,267 
  29,622 
TOTAL HEALTH CARE  41,493 
INDUSTRIALS - 0.6%   
Aerospace & Defense - 0.5%   
Relativity Space, Inc.:   
Series D (a)(c)(d) 1,673,085 38,205 
Series E (c)(d) 436,722 9,973 
Space Exploration Technologies Corp.:   
Series G (a)(c)(d) 558,215 312,600 
Series H (a)(c)(d) 120,282 67,358 
Series N (a)(c)(d) 428,458 239,936 
  668,072 
Air Freight & Logistics - 0.0%   
Zipline International, Inc. Series E (c)(d) 1,317,166 47,418 
Commercial Services & Supplies - 0.1%   
ZenPayroll, Inc.:   
Series D (a)(c)(d) 2,436,137 74,047 
Series E (c)(d) 167,099 5,079 
  79,126 
Transportation Infrastructure - 0.0%   
Delhivery Private Ltd. Series H (c)(d) 55,947 26,781 
TOTAL INDUSTRIALS  821,397 
INFORMATION TECHNOLOGY - 0.2%   
IT Services - 0.1%   
ByteDance Ltd. Series E1 (a)(c)(d) 653,587 81,045 
Semiconductors & Semiconductor Equipment - 0.0%   
Tenstorrent, Inc. Series C1 (c)(d) 200,200 15,023 
Software - 0.1%   
ASAPP, Inc. Series C (c)(d) 1,300,504 5,889 
Carbon, Inc.:   
Series D (a)(c)(d) 915,425 27,069 
Series E (a)(c)(d) 81,735 2,448 
Delphix Corp. Series D (a)(c)(d) 3,712,687 22,388 
Nuro, Inc.:   
Series C (a)(c)(d) 3,293,118 68,647 
Series D (c)(d) 643,113 13,406 
Stripe, Inc. Series H (c)(d) 190,300 7,958 
  147,805 
TOTAL INFORMATION TECHNOLOGY  243,873 
MATERIALS - 0.1%   
Metals & Mining - 0.1%   
High Power Exploration, Inc. Series A (a)(c)(d) 14,154,085 62,844 
TOTAL CONVERTIBLE PREFERRED STOCKS  1,350,788 
Nonconvertible Preferred Stocks - 0.0%   
ENERGY - 0.0%   
Oil, Gas & Consumable Fuels - 0.0%   
Petroleo Brasileiro SA - Petrobras sponsored ADR 1,372,000 15,065 
TOTAL PREFERRED STOCKS   
(Cost $849,569)  1,365,853 
 Principal Amount (000s) Value (000s) 
Preferred Securities - 0.0%   
CONSUMER DISCRETIONARY - 0.0%   
Internet & Direct Marketing Retail - 0.0%   
Circle Internet Financial Ltd. 0% (c)(h) 17,195 20,222 
HEALTH CARE - 0.0%   
Biotechnology - 0.0%   
Intarcia Therapeutics, Inc. 6% 7/18/22 (c)(d) 9,273 12,905 
INFORMATION TECHNOLOGY - 0.0%   
Semiconductors & Semiconductor Equipment - 0.0%   
Tenstorrent, Inc. 0% (c)(d)(h) 11,130 11,130 
TOTAL PREFERRED SECURITIES   
(Cost $37,598)  44,257 
 Shares Value (000s) 
Money Market Funds - 1.2%   
Fidelity Cash Central Fund 0.08% (i) 1,363,914,700 1,364,187 
Fidelity Securities Lending Cash Central Fund 0.08% (i)(j) 435,139,535 435,183 
TOTAL MONEY MARKET FUNDS   
(Cost $1,799,369)  1,799,370 
TOTAL INVESTMENT IN SECURITIES - 100.5%   
(Cost $48,451,050)  145,889,546 
NET OTHER ASSETS (LIABILITIES) - (0.5)%  (724,402) 
NET ASSETS - 100%  $145,165,144 

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) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,434,492,000 or 1.7% of net assets.

 (d) Level 3 security

 (e) 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 $826,664,000 or 0.6% of net assets.

 (f) Affiliated company

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

 (h) Security is perpetual in nature with no stated maturity date.

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

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
Acrisure Holdings, Inc. Series B 3/22/21 $6,918 
ASAC II LP 10/10/13 $3,041 
ASAPP, Inc. Series C 4/30/21 $8,580 
Bowery Farming, Inc. Series C1 5/18/21 $13,646 
ByteDance Ltd. Series E1 11/18/20 $71,616 
Carbon, Inc. Series D 12/15/17 $21,376 
Carbon, Inc. Series E 3/22/19 $2,288 
Circle Internet Financial Ltd. 0% 5/11/21 $17,195 
Delhivery Private Ltd. Series H 5/20/21 $27,309 
Delphix Corp. Series D 7/10/15 $33,414 
Discord, Inc. Series I 9/15/21 $8,535 
ElevateBio LLC Series C 3/9/21 $13,528 
Epic Games, Inc. 7/13/20 - 7/30/20 $71,128 
Fanatics, Inc. Class A 8/13/20 - 12/15/21 $82,369 
Get Heal, Inc. Series B 11/7/16 $10,944 
GoBrands, Inc. Series G 3/2/21 $13,864 
GoBrands, Inc. Series H 7/22/21 $27,155 
High Power Exploration, Inc. Series A 11/15/19 - 3/4/21 $74,592 
Intarcia Therapeutics, Inc. Series CC 11/14/12 $28,629 
Intarcia Therapeutics, Inc. 6% 7/18/22 1/3/20 $9,273 
Ivanhoe Electric, Inc. 4/30/21 $11,748 
Joby Aviation, Inc. 2/23/21 $13,888 
Lyra Health, Inc. Series E 1/14/21 $13,534 
Lyra Health, Inc. Series F 6/4/21 $1,092 
Nuro, Inc. Series C 10/30/20 $42,990 
Nuro, Inc. Series D 10/29/21 $13,406 
Nuvation Bio, Inc. 2/10/21 $35,723 
P3 Health Partners, Inc. 5/25/21 $27,354 
Rad Power Bikes, Inc. 1/21/21 $12,486 
Rad Power Bikes, Inc. Series A 1/21/21 $1,628 
Rad Power Bikes, Inc. Series C 1/21/21 $6,405 
Rad Power Bikes, Inc. Series D 9/17/21 $22,322 
Rapyd Financial Network 2016 Ltd. 3/30/21 $25,000 
Reddit, Inc. Series E 5/18/21 $7,021 
Reddit, Inc. Series F 8/11/21 $54,296 
Relativity Space, Inc. Series D 11/20/20 $24,974 
Relativity Space, Inc. Series E 5/27/21 $9,973 
Space Exploration Technologies Corp. Class A 10/16/15 - 2/16/21 $52,558 
Space Exploration Technologies Corp. Class C 9/11/17 $1,754 
Space Exploration Technologies Corp. Series G 1/20/15 $43,239 
Space Exploration Technologies Corp. Series H 8/4/17 $16,238 
Space Exploration Technologies Corp. Series N 8/4/20 $115,684 
Starling Bank Ltd. Series D 6/18/21 $41,617 
Stripe, Inc. Class B 5/18/21 $18,282 
Stripe, Inc. Series H 3/15/21 $7,636 
Tanium, Inc. Class B 4/21/17 - 9/18/20 $57,901 
Tenstorrent, Inc. Series C1 4/23/21 $11,903 
Tenstorrent, Inc. 0% 4/23/21 $11,130 
TulCo LLC 8/24/17 - 9/7/18 $51,985 
Veterinary Emergency Group LLC Class A 9/16/21 - 11/30/21 $22,958 
ZenPayroll, Inc. 10/1/21 $8,326 
ZenPayroll, Inc. Series D 7/16/19 $32,431 
ZenPayroll, Inc. Series E 7/13/21 $5,079 
Zipline International, Inc. 10/12/21 $18,569 
Zipline International, Inc. Series E 12/21/20 $42,978 
Zomato Ltd. 12/9/20 - 2/5/21 $22,002 

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.08% $1,128,522 $18,234,003 $17,998,346 $1,274 $9 $(1) $1,364,187 2.5% 
Fidelity Securities Lending Cash Central Fund 0.08% 453,834 3,885,929 3,904,580 2,258 -- -- 435,183 1.4% 
Total $1,582,356 $22,119,932 $21,902,926 $3,532 $9 $(1) $1,799,370  

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds(a) Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
P3 Health Partners, Inc. $-- $27,353 $-- $-- $-- $(9,059) $18,294 
Sunrise Energy Metals Ltd. 9,033 -- 1,307 -- (10) (2,070) -- 
Synaptics, Inc. 211,308 69,228 24,271 -- 15,089 424,889 696,243 
Total $220,341 $96,581 $25,578 $-- $15,079 $413,760 $714,537 

 (a) Includes the value of securities delivered through in-kind transactions, if applicable.

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Communication Services $27,857,892 $27,698,024 $159,868 $-- 
Consumer Discretionary 20,016,049 18,399,069 1,265,141 351,839 
Consumer Staples 4,130,848 3,817,542 299,660 13,646 
Energy 560,387 560,387 -- -- 
Financials 18,761,564 18,351,875 333,550 76,139 
Health Care 17,071,510 16,517,274 489,786 64,450 
Industrials 5,429,076 4,107,563 94,775 1,226,738 
Information Technology 46,586,052 45,710,639 407,865 467,548 
Materials 3,293,272 3,218,680 -- 74,592 
Real Estate 278,044 278,044 -- -- 
Utilities 61,225 61,225 -- -- 
Preferred Securities 44,257 -- 20,222 24,035 
Money Market Funds 1,799,370 1,799,370 -- -- 
Total Investments in Securities: $145,889,546 $140,519,692 $3,070,867 $2,298,987 
Net unrealized depreciation on unfunded commitments $(872) $(872) $-- $-- 

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 $1,468,818 
Net Realized Gain (Loss) on Investment Securities 15,731 
Net Unrealized Gain (Loss) on Investment Securities 826,889 
Cost of Purchases 527,550 
Proceeds of Sales (107,513) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (432,488) 
Ending Balance $2,298,987 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2021 $765,809 

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

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  December 31, 2021 
Assets   
Investment in securities, at value (including securities loaned of $423,377) — See accompanying schedule:
Unaffiliated issuers (cost $46,419,021) 		$143,375,639  
Fidelity Central Funds (cost $1,799,369) 1,799,370  
Other affiliated issuers (cost $232,660) 714,537  
Total Investment in Securities (cost $48,451,050)  $145,889,546 
Cash  1,857 
Foreign currency held at value (cost $39)  40 
Receivable for investments sold  2,358 
Receivable for fund shares sold  46,565 
Dividends receivable  24,490 
Distributions receivable from Fidelity Central Funds  252 
Prepaid expenses  137 
Other receivables  8,401 
Total assets  145,973,646 
Liabilities   
Payable for investments purchased $8,715  
Unrealized depreciation on unfunded commitments 872  
Payable for fund shares redeemed 247,036  
Accrued management fee 84,383  
Other affiliated payables 12,728  
Other payables and accrued expenses 19,768  
Collateral on securities loaned 435,000  
Total liabilities  808,502 
Net Assets  $145,165,144 
Net Assets consist of:   
Paid in capital  $46,688,874 
Total accumulated earnings (loss)  98,476,270 
Net Assets  $145,165,144 
Net Asset Value and Maximum Offering Price   
Contrafund:   
Net Asset Value, offering price and redemption price per share ($128,577,225 ÷ 6,852,924 shares)  $18.76 
Class K:   
Net Asset Value, offering price and redemption price per share ($16,587,919 ÷ 881,317 shares)  $18.82 

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


Statement of Operations

Amounts in thousands  Year ended December 31, 2021 
Investment Income   
Dividends  $776,462 
Income from Fidelity Central Funds (including $2,258 from security lending)  3,532 
Total income  779,994 
Expenses   
Management fee   
Basic fee $739,103  
Performance adjustment 236,050  
Transfer agent fees 146,450  
Accounting fees 4,101  
Custodian fees and expenses 1,228  
Independent trustees' fees and expenses 489  
Registration fees 394  
Audit 213  
Legal 138  
Miscellaneous 628  
Total expenses before reductions 1,128,794  
Expense reductions (2,226)  
Total expenses after reductions  1,126,568 
Net investment income (loss)  (346,574) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $16,593) 20,704,936  
Fidelity Central Funds 9  
Other affiliated issuers 15,079  
Foreign currency transactions (901)  
Total net realized gain (loss)  20,719,123 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $12,678) 9,767,286  
Fidelity Central Funds (1)  
Other affiliated issuers 413,760  
Unfunded commitments (872)  
Assets and liabilities in foreign currencies (281)  
Total change in net unrealized appreciation (depreciation)  10,179,892 
Net gain (loss)  30,899,015 
Net increase (decrease) in net assets resulting from operations  $30,552,441 

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


Statement of Changes in Net Assets

Amounts in thousands Year ended December 31, 2021 Year ended December 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(346,574) $(270,970) 
Net realized gain (loss) 20,719,123 15,703,640 
Change in net unrealized appreciation (depreciation) 10,179,892 19,594,631 
Net increase (decrease) in net assets resulting from operations 30,552,441 35,027,301 
Distributions to shareholders (14,927,529) (10,341,456) 
Share transactions - net increase (decrease) (6,755,026) (8,115,065) 
Total increase (decrease) in net assets 8,869,886 16,570,780 
Net Assets   
Beginning of period 136,295,258 119,724,478 
End of period $145,165,144 $136,295,258 

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


Financial Highlights

Fidelity Contrafund

Years ended December 31, 2021 2020 2019 2018 A 2017 A 
Selected Per–Share Data      
Net asset value, beginning of period $16.77 $13.71 $11.01 $12.24 $9.85 
Income from Investment Operations      
Net investment income (loss)B (.05) (.04) –C –C .01 
Net realized and unrealized gain (loss) 4.07 4.44 3.27 (.22) 3.14 
Total from investment operations 4.02 4.40 3.27 (.22) 3.15 
Distributions from net investment income – – – – (.01) 
Distributions from net realized gain (2.03) (1.34) (.57) (1.01) (.75) 
Total distributions (2.03) (1.34) (.57) (1.01) (.76) 
Net asset value, end of period $18.76 $16.77 $13.71 $11.01 $12.24 
Total ReturnD 24.36% 32.58% 29.98% (2.13)% 32.21% 
Ratios to Average Net AssetsE,F      
Expenses before reductions .81% .86% .85% .82% .74% 
Expenses net of fee waivers, if any .81% .86% .85% .81% .74% 
Expenses net of all reductions .81% .85% .85% .81% .74% 
Net investment income (loss) (.26)% (.23)% (.02)% .01% .08% 
Supplemental Data      
Net assets, end of period (in millions) $128,577 $113,100 $97,098 $82,628 $89,874 
Portfolio turnover rateG 27%H 32%H 26%H 32%H 29%H 

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

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

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

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

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

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

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

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


Fidelity Contrafund Class K

Years ended December 31, 2021 2020 2019 2018 A 2017 A 
Selected Per–Share Data      
Net asset value, beginning of period $16.81 $13.73 $11.01 $12.24 $9.84 
Income from Investment Operations      
Net investment income (loss)B (.03) (.02) .01 .01 .02 
Net realized and unrealized gain (loss) 4.07 4.44 3.28 (.23) 3.14 
Total from investment operations 4.04 4.42 3.29 (.22) 3.16 
Distributions from net investment income – – – – (.02) 
Distributions from net realized gain (2.03) (1.34) (.57) (1.01) (.74) 
Total distributions (2.03) (1.34) (.57) (1.01) (.76) 
Net asset value, end of period $18.82 $16.81 $13.73 $11.01 $12.24 
Total ReturnC 24.42% 32.68% 30.17% (2.07)% 32.34% 
Ratios to Average Net AssetsD,E      
Expenses before reductions .74% .78% .77% .73% .65% 
Expenses net of fee waivers, if any .74% .78% .76% .73% .65% 
Expenses net of all reductions .74% .78% .76% .72% .65% 
Net investment income (loss) (.18)% (.16)% .06% .10% .17% 
Supplemental Data      
Net assets, end of period (in millions) $16,588 $23,196 $22,626 $25,502 $32,699 
Portfolio turnover rateF 27%G 32%G 26%G 32%G 29%G 

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

 B Calculated based on average shares outstanding during the period.

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

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

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

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

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

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


Notes to Financial Statements

For the period ended December 31, 2021
(Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

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

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

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

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

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

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

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

Asset Type Fair Value Valuation Technique(s) Unobservable Input Amount or Range/Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities $2,274,952 Market comparable Transaction price $6.60 Increase 
   Discount rate 45.0% Decrease 
   Premium rate 29.6% - 483.5% / 242.1% Increase 
   Discount for Lack of Marketability 10.0% Decrease 
   Enterprise Value/EBITDA multiple (EV/EBITDA) 22.5 Increase 
   Enterprise value/Sales multiple (EV/S) 2.6 - 22.1 / 10.8 Increase 
   Conversion ratio 1.0 Increase 
  Recovery value Recovery value 0.0% - 0.2% / 0.2% Increase 
  Market approach Transaction price $0.03 - $560.00 / $324.42 Increase 
   Premium rate 26.2% - 36.5% / 27.1% Increase 
   Discount for Lack of Marketability 20.0% Decrease 
   Parity price $0.83 - $4.44 / $3.87 Increase 
  Discounted cash flow Discount for Lack of Marketability 15.0% Decrease 
   Growth rate 5.0% Increase 
   Weighted average cost of capital (WACC) 25.0% Decrease 
Preferred Securities $24,035 Recovery value Recovery value 127.2% Increase 
  Market approach Transaction price $100.00 Increase 

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2021, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

Fidelity Contrafund $7,054 

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

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

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

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

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

Gross unrealized appreciation $97,549,377 
Gross unrealized depreciation (689,673) 
Net unrealized appreciation (depreciation) $96,859,704 
Tax Cost $49,028,970 

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

Undistributed long-term capital gain $1,627,083 
Net unrealized appreciation (depreciation) on securities and other investments $96,859,932 

The tax character of distributions paid was as follows:

 December 31, 2021 December 31, 2020 
Long-term Capital Gains $14,927,529 $10,341,456 

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

Special Purpose Acquisition Companies. Funds may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities. A SPAC is a publicly traded company that raises investment capital via an initial public offering (IPO) for the purpose of acquiring the equity securities of one or more existing companies via merger, business combination, acquisition or other similar transactions within a designated time frame.

Private Investment in Public Equity. Funds may acquire equity securities of an issuer through a private investment in a public equity (PIPE) transaction, including through commitments to purchase securities on a when-issued basis. A PIPE typically involves the purchase of securities directly from a publicly traded company in a private placement transaction. Securities purchased through PIPE transactions will be restricted from trading and considered illiquid until a resale registration statement for the shares is filed and declared effective.

At period end, the Fund had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on these commitments is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and in the Statement of Operations as Change in unrealized appreciation (depreciation) on unfunded commitments.

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

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

 $ Amount % of Net Assets 
Fidelity Contrafund 198,981 .14 

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

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

4. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity Contrafund 36,865,814 51,872,642 

Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

 Shares Total net realized gain or loss
($) 		Total Proceeds
($) 		Participating classes 
Fidelity Contrafund 407,509 5,049,090 7,291,329 Contrafund, Class K 

Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

 Shares Total net realized gain or loss
($) 		Total Proceeds
($) 		Participating classes 
Fidelity Contrafund 180,084 1,990,002 2,741,984 Class K 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Contrafund as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .69% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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

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

 Amount % of Class-Level Average Net Assets 
Contrafund $138,326 .11 
Class K 8,124 .04 
 $146,450  

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

 % of Average Net Assets 
Fidelity Contrafund –(a) 

 (a) Amount represents less than .005%.

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Fidelity Contrafund $631 

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

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity Contrafund 1,582,502 3,840,749 1,032,447 

Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:

 Amount ($) 
Fidelity Contrafund 39 

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity Contrafund $250 

7. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Contrafund $233 $77 $3,264 

8. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $2,226.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Year ended
December 31, 2021 		Year ended
December 31, 2020 
Fidelity Contrafund   
Distributions to shareholders   
Contrafund $13,046,053 $8,564,833 
Class K 1,881,476 1,776,623 
Total $14,927,529 $10,341,456 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Year ended December 31, 2021 Year ended December 31, 2020 Year ended December 31, 2021 Year ended December 31, 2020 
Fidelity Contrafund     
Contrafund     
Shares sold 460,572 595,726 $8,438,992 $8,778,483 
Reinvestment of distributions 659,076 497,404 12,171,042 8,005,656 
Shares redeemed (1,009,147) (1,433,309) (18,328,322) (21,006,503) 
Net increase (decrease) 110,501 (340,179) $2,281,712 $(4,222,364) 
Class K     
Shares sold 121,469 262,661 $2,200,613 $3,878,994 
Reinvestment of distributions 102,076 110,301 1,881,455 1,776,528 
Shares redeemed (722,074) (641,608) (13,118,806) (9,548,223) 
Net increase (decrease) (498,529) (268,646) $(9,036,738) $(3,892,701) 

11. Other.

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

12. Coronavirus (COVID-19) Pandemic.

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

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Contrafund (one of the funds constituting Fidelity Contrafund, referred to hereafter as the “Fund”) as of December 31, 2021, the related statement of operations for the year ended December 31, 2021, the statement of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2021 and the financial highlights for each of the five years in the period ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 14, 2022



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

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Each of the Trustees oversees 314 funds. 

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

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one.

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

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

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

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

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

Interested Trustees*:

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

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

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

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

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

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

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

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

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

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

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

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

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

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

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

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

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

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

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

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

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

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

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

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

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

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

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2021 to December 31, 2021).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
July 1, 2021 		Ending
Account Value
December 31, 2021 		Expenses Paid
During Period-B
July 1, 2021
to December 31, 2021 
Fidelity Contrafund     
Contrafund .81%    
Actual  $1,000.00 $1,086.60 $4.26 
Hypothetical-C  $1,000.00 $1,021.12 $4.13 
Class K .73%    
Actual  $1,000.00 $1,086.90 $3.84 
Hypothetical-C  $1,000.00 $1,021.53 $3.72 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Distributions (Unaudited)

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

 Pay Date Record Date Capital Gains 
Contrafund 02/07/22 02/04/22 $0.215 
Class K 02/07/22 02/04/22 $0.215 

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2021, $14,751,812,422, or, if subsequently determined to be different, the net capital gain of such year.

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.





Fidelity Investments

CON-ANN-0322
1.540009.124

Fidelity Advisor® New Insights Fund



Annual Report

December 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Performance: The Bottom Line

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

Average Annual Total Returns

For the periods ended December 31, 2021 Past 1 year Past 5 years Past 10 years 
Class A (incl. 5.75% sales charge) 17.15% 18.00% 15.35% 
Class M (incl. 3.50% sales charge) 19.66% 18.27% 15.33% 
Class C (incl. contingent deferred sales charge) 22.36% 18.51% 15.34% 
Class I 24.62% 19.72% 16.33% 
Class Z 24.79% 19.87% 16.46% 

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

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

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® New Insights Fund - Class A on December 31, 2011, and the current 5.75% sales charge was paid.

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


Period Ending Values
$41,704Fidelity Advisor® New Insights Fund - Class A
$46,257S&P 500® Index

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 28.71% in 2021, with U.S. equities rising on improving economic growth, strong corporate earnings, widespread COVID-19 vaccination, and accommodative fiscal and monetary stimulus. In the first quarter, the index gained 6.17%. Investors were buoyed by the rollout of vaccines, the U.S. Federal Reserve’s pledge to hold short-term interest rates near zero until the economy recovered, and the federal government’s deployment of trillions of dollars to boost the economy. A flattish May reflected concerns about inflation and jobs, but the rally resumed through August amid strong earnings. In September, the index returned -4.65% as sentiment turned broadly negative due to a host of factors. These included inflationary pressure from surging commodity prices, rising bond yields, supply constraints and disruption, and the fast-spreading delta variant of the coronavirus. The Fed also signaled it could soon begin to taper the bond purchases it has made since the onset of the pandemic. The index sharply reversed course with a 7.01% gain in October, driven by strength in earnings. Then in November, the index stalled again, returning -0.69% amid the emergence of a new, more-highly transmissible variant, omicron, and rising inflation, which breached a 40-year high. The index advanced 4.48% in December, after studies suggested omicron resulted in fewer severe COVID-19 cases. All sectors had a double-digit return, led by energy (+55%) and real estate (+46%), whereas utilities (+18%) notably lagged.

Comments from Co-Managers William Danoff and Nidhi Gupta:  For the fiscal year ending December 31, 2021, the fund's share classes (excluding sales charges, if applicable) gained about 23% to 25%, trailing the 28.71% result of the benchmark S&P 500® index. The largest detractor from performance versus the benchmark was stock selection in consumer discretionary. Security selection and an underweighting in financials and an overweighting in communication services also hampered the fund's relative result. The fund's biggest individual relative detractor was an outsized stake in Amazon.com, which gained roughly 2% the past year. The company was among our largest holdings. Also hurting performance was our overweighting in Netflix, which gained about 11%. Netflix was one of the fund's biggest holdings. Also holding back performance was an underweighting in Tesla, which gained 50%. We decreased our position the past 12 months. Conversely, the top contributor to performance versus the benchmark was security selection in communication services. An underweighting and stock picks in consumer staples and stock selection in information technology also helped the fund's relative result. The fund's top individual relative contributor was an outsized stake in Nvidia, which gained roughly 125% the past year. The company was among the fund's largest holdings. Also adding value was our overweighting in Alphabet, which gained 65%. Alphabet was among our biggest holdings. Another top relative contributor was an out-of-benchmark stake in Synaptics (+200%). Notable changes in positioning include increased exposure to the financials sector.

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

Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2021

 % of fund's net assets 
Meta Platforms, Inc. Class A 8.9 
Amazon.com, Inc. 6.9 
Alphabet, Inc. Class A 6.6 
Microsoft Corp. 5.9 
NVIDIA Corp. 5.0 
Berkshire Hathaway, Inc. Class A 4.3 
UnitedHealth Group, Inc. 2.5 
Netflix, Inc. 2.3 
Adobe, Inc. 2.1 
Salesforce.com, Inc. 2.0 
 46.5 

Top Five Market Sectors as of December 31, 2021

 % of fund's net assets 
Information Technology 31.1 
Communication Services 19.3 
Consumer Discretionary 14.0 
Financials 12.0 
Health Care 11.6 

Asset Allocation (% of fund's net assets)

As of December 31, 2021* 
   Stocks 98.1% 
   Convertible Securities 1.0% 
   Other Investments 0.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.7% 


 * Foreign investments - 10.8%

Schedule of Investments December 31, 2021

Showing Percentage of Net Assets

Common Stocks - 98.1%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 19.3%   
Entertainment - 2.7%   
Cinemark Holdings, Inc. (a) 495,700 $7,991 
Live Nation Entertainment, Inc. (a) 18,000 2,154 
Netflix, Inc. (a) 1,023,019 616,308 
Roblox Corp. (a) 108,413 11,184 
Sea Ltd. ADR (a) 47,400 10,604 
Spotify Technology SA (a) 9,400 2,200 
The Walt Disney Co. (a) 216,400 33,518 
Universal Music Group NV 831,800 23,508 
Warner Music Group Corp. Class A 164,300 7,094 
  714,561 
Interactive Media & Services - 16.2%   
Alphabet, Inc.:   
Class A (a) 601,196 1,741,689 
Class C (a) 36,241 104,867 
Bumble, Inc. (b) 306,500 10,378 
Meta Platforms, Inc. Class A (a) 7,026,113 2,363,232 
NerdWallet, Inc. 15,500 241 
Snap, Inc. Class A (a) 1,162,100 54,654 
Zoominfo Technologies, Inc. (a) 217,000 13,931 
  4,288,992 
Media - 0.2%   
Charter Communications, Inc. Class A (a) 32,601 21,255 
Liberty Media Corp. Liberty Formula One Group Series C (a) 363,307 22,976 
  44,231 
Wireless Telecommunication Services - 0.2%   
T-Mobile U.S., Inc. (a) 471,063 54,634 
TOTAL COMMUNICATION SERVICES  5,102,418 
CONSUMER DISCRETIONARY - 13.6%   
Automobiles - 0.7%   
BYD Co. Ltd. (H Shares) 61,000 2,063 
General Motors Co. (a) 1,195,477 70,091 
Hyundai Motor Co. 102,200 17,967 
Li Auto, Inc. ADR (a) 66,400 2,131 
Rad Power Bikes, Inc. (c)(d) 474,452 4,547 
Rivian Automotive, Inc. 164,905 15,389 
Tesla, Inc. (a) 10,255 10,837 
Toyota Motor Corp. 2,629,900 48,607 
XPeng, Inc. Class A 755,500 17,990 
  189,622 
Diversified Consumer Services - 0.0%   
Duolingo, Inc. (a)(b) 16,168 1,716 
Hotels, Restaurants & Leisure - 0.7%   
Airbnb, Inc. Class A 120,800 20,112 
Caesars Entertainment, Inc. (a) 133,200 12,458 
Chipotle Mexican Grill, Inc. (a) 20,268 35,434 
Churchill Downs, Inc. 9,271 2,233 
Dutch Bros, Inc. (b) 51,900 2,642 
Hilton Worldwide Holdings, Inc. (a) 457,500 71,365 
Sweetgreen, Inc. 775,600 22,337 
  166,581 
Household Durables - 0.6%   
Blu Investments LLC (a)(c)(d) 98,215,581 30 
D.R. Horton, Inc. 713,091 77,335 
Garmin Ltd. 70,049 9,539 
Lennar Corp. Class A 356,290 41,387 
Mohawk Industries, Inc. (a) 95,304 17,362 
Sony Group Corp. 54,400 6,870 
Taylor Morrison Home Corp. (a) 15,400 538 
Tempur Sealy International, Inc. 220,300 10,361 
  163,422 
Internet & Direct Marketing Retail - 7.7%   
Amazon.com, Inc. (a) 545,878 1,820,143 
Cazoo Group Ltd. 1,087,082 6,227 
Coupang, Inc. Class A (a) 1,369,906 40,248 
Deliveroo PLC Class A (a)(e) 6,762,300 19,304 
Delivery Hero AG (a)(e) 16,300 1,804 
Doordash, Inc. 156,175 23,254 
eBay, Inc. 740,300 49,230 
Etsy, Inc. (a) 87,800 19,223 
FSN E-Commerce Ventures Private Ltd. 1,779 50 
Global-e Online Ltd. (a) 217,500 13,787 
Porch Group, Inc. Class A (a) 548,100 8,545 
Wayfair LLC Class A (a) 131,978 25,072 
Zomato Ltd. (a)(c) 6,787,100 10,642 
  2,037,529 
Leisure Products - 0.0%   
Thule Group AB (e) 82,400 4,976 
Multiline Retail - 0.2%   
Dollar Tree, Inc. (a) 157,600 22,146 
Ollie's Bargain Outlet Holdings, Inc. (a) 319,335 16,347 
  38,493 
Specialty Retail - 2.5%   
Academy Sports & Outdoors, Inc. (a) 635,306 27,890 
American Eagle Outfitters, Inc. 443,300 11,224 
Auto1 Group SE (e) 51,600 1,140 
AutoZone, Inc. (a) 15,600 32,704 
Dick's Sporting Goods, Inc. 391,173 44,981 
Fanatics, Inc. Class A (c)(d) 372,921 25,299 
Floor & Decor Holdings, Inc. Class A (a) 293,100 38,106 
JD Sports Fashion PLC 1,575,000 4,644 
Lowe's Companies, Inc. 285,200 73,718 
National Vision Holdings, Inc. (a) 194,924 9,354 
O'Reilly Automotive, Inc. (a) 57,993 40,956 
The Home Depot, Inc. 708,863 294,185 
TJX Companies, Inc. 382,400 29,032 
Warby Parker, Inc. (a) 37,500 1,746 
Williams-Sonoma, Inc. 188,707 31,916 
  666,895 
Textiles, Apparel & Luxury Goods - 1.2%   
Allbirds, Inc. Class B 660,689 8,967 
Brunello Cucinelli SpA (a) 1,072,800 73,737 
Capri Holdings Ltd. (a) 345,100 22,400 
China Hongxing Sports Ltd. (a)(d) 5,977,800 252 
Deckers Outdoor Corp. (a) 65,792 24,100 
Dr. Martens Ltd. 2,474,900 14,395 
lululemon athletica, Inc. (a) 32,271 12,632 
LVMH Moet Hennessy Louis Vuitton SE 20,439 16,891 
NIKE, Inc. Class B 642,217 107,038 
On Holding AG 157,300 5,948 
PVH Corp. 122,690 13,085 
Tapestry, Inc. 425,729 17,285 
Under Armour, Inc. Class A (sub. vtg.) (a) 84,100 1,782 
  318,512 
TOTAL CONSUMER DISCRETIONARY  3,587,746 
CONSUMER STAPLES - 2.0%   
Beverages - 0.2%   
Anheuser-Busch InBev SA NV 107,200 6,463 
Constellation Brands, Inc. Class A (sub. vtg.) 9,400 2,359 
Diageo PLC 203,423 11,122 
PepsiCo, Inc. 131,700 22,878 
The Coca-Cola Co. 286,900 16,987 
  59,809 
Food & Staples Retailing - 1.0%   
Costco Wholesale Corp. 478,147 271,444 
Food Products - 0.0%   
The Vita Coco Co., Inc. (b) 83,900 937 
Household Products - 0.0%   
Procter & Gamble Co. 33,600 5,496 
Personal Products - 0.8%   
Estee Lauder Companies, Inc. Class A 485,170 179,610 
L'Oreal SA (a) 29,812 14,215 
Olaplex Holdings, Inc. 171,378 4,992 
  198,817 
TOTAL CONSUMER STAPLES  536,503 
ENERGY - 1.0%   
Energy Equipment & Services - 0.0%   
Noble Corp. (e) 4,432 110 
Oil, Gas & Consumable Fuels - 1.0%   
Canadian Natural Resources Ltd. 1,100,800 46,514 
Cheniere Energy, Inc. 405,300 41,106 
ConocoPhillips Co. 84,500 6,099 
Diamondback Energy, Inc. 54,800 5,910 
EOG Resources, Inc. 69,900 6,209 
Exxon Mobil Corp. 432,400 26,459 
GoviEx Uranium, Inc. (a) 848,865 238 
GoviEx Uranium, Inc. (a)(e) 23,200 7 
GoviEx Uranium, Inc. Class A (a)(e) 2,625,135 737 
Hess Corp. 605,582 44,831 
Pioneer Natural Resources Co. 33,300 6,057 
Reliance Industries Ltd. 497,373 15,813 
Reliance Industries Ltd. sponsored GDR (e) 651,000 41,648 
Suncor Energy, Inc. 1,246,800 31,196 
  272,824 
TOTAL ENERGY  272,934 
FINANCIALS - 12.0%   
Banks - 3.2%   
Bank of America Corp. 5,872,478 261,267 
Citigroup, Inc. 157,900 9,536 
Comerica, Inc. 412,500 35,888 
HDFC Bank Ltd. sponsored ADR 310,471 20,202 
JPMorgan Chase & Co. 1,300,600 205,950 
Kotak Mahindra Bank Ltd. (a) 659,672 15,907 
Nu Holdings Ltd. (b) 504,500 4,732 
Royal Bank of Canada 768,000 81,508 
Starling Bank Ltd. Series D (a)(c)(d) 3,417,864 5,988 
SVB Financial Group (a) 21,900 14,853 
The Toronto-Dominion Bank 930,700 71,354 
Wells Fargo & Co. 2,659,015 127,580 
  854,765 
Capital Markets - 2.4%   
BlackRock, Inc. Class A 100,200 91,739 
Brookfield Asset Management, Inc. (Canada) Class A 244,800 14,783 
Charles Schwab Corp. 410,900 34,557 
CME Group, Inc. 18,800 4,295 
Coinbase Global, Inc. (a) 60,700 15,319 
Goldman Sachs Group, Inc. 347,969 133,116 
Intercontinental Exchange, Inc. 80,600 11,024 
Moody's Corp. 41,300 16,131 
Morgan Stanley 2,275,794 223,392 
MSCI, Inc. 109,476 67,075 
NASDAQ, Inc. 65,190 13,691 
S&P Global, Inc. 37,900 17,886 
  643,008 
Consumer Finance - 0.5%   
American Express Co. 258,000 42,209 
Capital One Financial Corp. 586,600 85,110 
  127,319 
Diversified Financial Services - 4.3%   
Berkshire Hathaway, Inc. Class A (a) 2,495 1,124,402 
P3 Health Partners, Inc. (c) 395,420 2,645 
  1,127,047 
Insurance - 1.6%   
Admiral Group PLC 1,389,266 59,467 
American International Group, Inc. 1,062,700 60,425 
Aon PLC 6,700 2,014 
Arthur J. Gallagher & Co. 121,400 20,598 
Brookfield Asset Management Reinsurance Partners Ltd. 1,175 74 
Chubb Ltd. 594,207 114,866 
Fairfax Financial Holdings Ltd. (sub. vtg.) 43,767 21,529 
Hartford Financial Services Group, Inc. 249,700 17,239 
Hiscox Ltd. 1,687,943 19,823 
Intact Financial Corp. 111,500 14,493 
Marsh & McLennan Companies, Inc. 52,000 9,039 
Oscar Health, Inc. (a) 36,112 283 
Progressive Corp. 410,500 42,138 
The Travelers Companies, Inc. 240,200 37,574 
  419,562 
TOTAL FINANCIALS  3,171,701 
HEALTH CARE - 11.6%   
Biotechnology - 1.7%   
AbbVie, Inc. 322,461 43,661 
Alnylam Pharmaceuticals, Inc. (a) 81,156 13,762 
Argenx SE ADR (a) 31,432 11,007 
Ascendis Pharma A/S sponsored ADR (a) 29,200 3,928 
Avid Bioservices, Inc. (a) 263,700 7,695 
Erasca, Inc. 145,300 2,264 
Genmab A/S (a) 32,300 12,893 
Horizon Therapeutics PLC (a) 849,597 91,553 
Idorsia Ltd. (a) 462,207 9,419 
Instil Bio, Inc. (a) 251,400 4,301 
Intarcia Therapeutics, Inc. warrants 12/31/24 (a)(d) 26,062 0 
Intellia Therapeutics, Inc. (a) 153,600 18,162 
Light Sciences Oncology, Inc. (a)(d) 2,708,254 0 
Regeneron Pharmaceuticals, Inc. (a) 295,616 186,687 
Relay Therapeutics, Inc. (a) 167,800 5,153 
Vertex Pharmaceuticals, Inc. (a) 114,400 25,122 
Zai Lab Ltd. (a) 89,250 5,691 
  441,298 
Health Care Equipment & Supplies - 1.7%   
Abbott Laboratories 318,249 44,790 
Alcon, Inc. 25,700 2,239 
Align Technology, Inc. (a) 44,400 29,179 
Boston Scientific Corp. (a) 836,108 35,518 
DexCom, Inc. (a) 56,338 30,251 
Edwards Lifesciences Corp. (a) 366,697 47,506 
Envista Holdings Corp. (a) 256,655 11,565 
Hologic, Inc. (a) 538,800 41,251 
I-Pulse, Inc. (a)(c)(d) 58,562 632 
Intuitive Surgical, Inc. (a) 445,760 160,162 
Sonova Holding AG 54,543 21,315 
Tandem Diabetes Care, Inc. (a) 95,600 14,390 
  438,798 
Health Care Providers & Services - 3.3%   
AmerisourceBergen Corp. 107,100 14,233 
Anthem, Inc. 19,800 9,178 
Cano Health, Inc. (a) 1,378,638 12,284 
Centene Corp. (a) 278,300 22,932 
Cigna Corp. 189,300 43,469 
CVS Health Corp. 41,600 4,291 
dentalcorp Holdings Ltd. (a) 500,732 6,440 
Guardant Health, Inc. (a) 107,200 10,722 
HCA Holdings, Inc. 208,738 53,629 
Humana, Inc. 18,900 8,767 
McKesson Corp. 19,200 4,773 
Molina Healthcare, Inc. (a) 7,600 2,417 
Option Care Health, Inc. (a) 485,900 13,819 
The Joint Corp. (a) 109,300 7,180 
UnitedHealth Group, Inc. 1,313,919 659,771 
  873,905 
Health Care Technology - 0.0%   
Castlight Health, Inc. (a) 1,303,800 2,008 
Doximity, Inc. 64,300 3,223 
Inspire Medical Systems, Inc. (a) 8,026 1,846 
Medlive Technology Co. Ltd. 940,500 3,117 
  10,194 
Life Sciences Tools & Services - 2.5%   
23andMe Holding Co. Class B (e) 1,750,133 11,656 
Avantor, Inc. (a) 533,600 22,486 
Bio-Rad Laboratories, Inc. Class A (a) 70,123 52,983 
Charles River Laboratories International, Inc. (a) 19,500 7,347 
Danaher Corp. 774,422 254,793 
Eurofins Scientific SA 186,850 23,149 
ICON PLC (a) 7,000 2,168 
IQVIA Holdings, Inc. (a) 135,297 38,173 
Maravai LifeSciences Holdings, Inc. (a) 250,319 10,488 
Mettler-Toledo International, Inc. (a) 43,870 74,457 
Olink Holding AB ADR (a) 172,800 3,145 
Sartorius Stedim Biotech 37,300 20,485 
Seer, Inc. 59,354 1,354 
Thermo Fisher Scientific, Inc. 154,011 102,762 
Veterinary Emergency Group LLC Class A (c)(d)(f) 131,400 4,224 
Waters Corp. (a) 75,700 28,206 
West Pharmaceutical Services, Inc. 22,969 10,773 
WuXi AppTec Co. Ltd. (H Shares) (e) 313,780 5,433 
  674,082 
Pharmaceuticals - 2.4%   
AstraZeneca PLC (United Kingdom) 133,600 15,600 
Asymchem Laboratories Tianjin Co. Ltd. (H Shares) (e) 154,900 6,357 
Eli Lilly & Co. 1,374,500 379,664 
Intra-Cellular Therapies, Inc. (a) 43,500 2,277 
Merck & Co., Inc. 151,800 11,634 
Nuvation Bio, Inc. (a) 245,655 2,088 
Pfizer, Inc. 210,500 12,430 
Roche Holding AG (participation certificate) 153,843 63,823 
Royalty Pharma PLC 743,162 29,615 
Sanofi SA 262,300 26,320 
UCB SA 102,900 11,744 
Zoetis, Inc. Class A 300,459 73,321 
  634,873 
TOTAL HEALTH CARE  3,073,150 
INDUSTRIALS - 4.9%   
Aerospace & Defense - 1.0%   
Northrop Grumman Corp. 163,830 63,414 
Space Exploration Technologies Corp.:   
Class A (a)(c)(d) 257,345 144,113 
Class C (a)(c)(d) 4,546 2,546 
The Boeing Co. (a) 202,200 40,707 
TransDigm Group, Inc. (a) 33,500 21,315 
  272,095 
Air Freight & Logistics - 0.7%   
Expeditors International of Washington, Inc. 71,803 9,642 
GXO Logistics, Inc. (a) 211,270 19,190 
United Parcel Service, Inc. Class B 761,000 163,113 
Zipline International, Inc. (c)(d) 74,930 2,697 
  194,642 
Airlines - 0.2%   
Joby Aviation, Inc. (c) 207,438 1,514 
Ryanair Holdings PLC sponsored ADR (a) 335,425 34,324 
Wizz Air Holdings PLC (a)(e) 233,900 13,273 
  49,111 
Building Products - 0.9%   
Carrier Global Corp. 350,600 19,017 
Fortune Brands Home & Security, Inc. 1,046,650 111,887 
Toto Ltd. 1,380,000 63,463 
Trane Technologies PLC 195,929 39,584 
  233,951 
Commercial Services & Supplies - 0.4%   
Aurora Innovation, Inc. (a) 249,127 2,805 
Cintas Corp. 135,112 59,878 
Clean TeQ Water Pty Ltd. (a) 4,214 2 
GFL Environmental, Inc. 269,300 10,193 
TulCo LLC (a)(c)(d)(f) 17,377 21,729 
  94,607 
Electrical Equipment - 0.1%   
Acuity Brands, Inc. 107,800 22,823 
Industrial Conglomerates - 0.6%   
General Electric Co. 1,444,774 136,488 
Roper Technologies, Inc. 54,800 26,954 
  163,442 
Machinery - 0.3%   
AutoStore Holdings Ltd. 1,178,500 4,636 
Deere & Co. 63,300 21,705 
Fortive Corp. 56,500 4,310 
Ingersoll Rand, Inc. 413,194 25,564 
Nordson Corp. 8,900 2,272 
Otis Worldwide Corp. 262,000 22,812 
Woodward, Inc. 87,700 9,600 
  90,899 
Professional Services - 0.2%   
CACI International, Inc. Class A (a) 40,000 10,768 
Equifax, Inc. 81,700 23,921 
Thomson Reuters Corp. 114,500 13,693 
  48,382 
Road & Rail - 0.5%   
Canadian Pacific Railway Ltd. 717,700 51,620 
J.B. Hunt Transport Services, Inc. 109,871 22,458 
Old Dominion Freight Lines, Inc. 18,200 6,523 
TuSimple Holdings, Inc. (a) 133,100 4,772 
Uber Technologies, Inc. (a) 462,900 19,409 
XPO Logistics, Inc. (a) 211,270 16,359 
  121,141 
Trading Companies & Distributors - 0.0%   
Ferguson PLC 66,900 11,883 
TOTAL INDUSTRIALS  1,302,976 
INFORMATION TECHNOLOGY - 31.0%   
Communications Equipment - 0.1%   
Arista Networks, Inc. (a) 131,600 18,918 
Electronic Equipment & Components - 1.0%   
Amphenol Corp. Class A 2,068,952 180,951 
CDW Corp. 111,800 22,894 
Jabil, Inc. 10,894 766 
Keysight Technologies, Inc. (a) 90,810 18,753 
Samsung SDI Co. Ltd. 15,611 8,601 
Zebra Technologies Corp. Class A (a) 48,831 29,064 
  261,029 
IT Services - 4.0%   
Accenture PLC Class A 492,408 204,128 
Adyen BV (a)(e) 39,894 104,722 
Affirm Holdings, Inc. 94,200 9,473 
ASAC II LP (a)(c)(d) 9,408,021 1,581 
Cloudflare, Inc. (a) 791,374 104,066 
Cognizant Technology Solutions Corp. Class A 69,600 6,175 
Digitalocean Holdings, Inc. (a) 22,400 1,799 
Dlocal Ltd. 312,400 11,150 
Endava PLC ADR (a) 2,300 386 
EPAM Systems, Inc. (a) 3,600 2,406 
Gartner, Inc. (a) 98,400 32,897 
MasterCard, Inc. Class A 253,900 91,231 
MongoDB, Inc. Class A (a) 194,156 102,776 
Okta, Inc. (a) 143,803 32,236 
Paymentus Holdings, Inc. (a)(b) 195,100 6,825 
PayPal Holdings, Inc. (a) 377,337 71,158 
Shopify, Inc. Class A (a) 127,542 175,611 
Snowflake Computing, Inc. (a) 87,827 29,751 
Twilio, Inc. Class A (a) 38,000 10,007 
Visa, Inc. Class A 255,536 55,377 
Wix.com Ltd. (a) 84,600 13,349 
  1,067,104 
Semiconductors & Semiconductor Equipment - 10.0%   
Advanced Micro Devices, Inc. (a) 1,635,933 235,411 
AEHR Test Systems (a) 376,500 9,104 
Analog Devices, Inc. 405,705 71,311 
Applied Materials, Inc. 530,400 83,464 
ASML Holding NV 14,799 11,782 
ASML Holding NV (Netherlands) 20,100 16,101 
Broadcom, Inc. 16,800 11,179 
Enphase Energy, Inc. (a) 30,200 5,525 
KLA Corp. 16,100 6,925 
Lam Research Corp. 240,860 173,214 
Lattice Semiconductor Corp. (a) 215,774 16,628 
Marvell Technology, Inc. 1,388,700 121,497 
Micron Technology, Inc. 359,500 33,487 
Monolithic Power Systems, Inc. 9,400 4,637 
NVIDIA Corp. 4,505,928 1,325,238 
NXP Semiconductors NV 124,413 28,339 
ON Semiconductor Corp. (a) 487,200 33,091 
Qualcomm, Inc. 1,497,690 273,883 
Semtech Corp. (a) 108,801 9,676 
Silergy Corp. 16,000 2,901 
SiTime Corp. (a) 11,400 3,335 
Synaptics, Inc. (a) 382,672 110,787 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 284,500 34,228 
Teradyne, Inc. 29,100 4,759 
Texas Instruments, Inc. 104,800 19,752 
  2,646,254 
Software - 13.6%   
Adobe, Inc. (a) 968,556 549,229 
Anaplan, Inc. (a) 305,200 13,993 
Atlassian Corp. PLC (a) 563,554 214,878 
Autodesk, Inc. (a) 135,400 38,073 
Bill.Com Holdings, Inc. (a) 23,100 5,755 
Cadence Design Systems, Inc. (a) 210,464 39,220 
Ceridian HCM Holding, Inc. (a) 18,000 1,880 
Confluent, Inc. 27,900 2,127 
Crowdstrike Holdings, Inc. (a) 22,000 4,505 
Datadog, Inc. Class A (a) 236,397 42,105 
Dropbox, Inc. Class A (a) 243,153 5,967 
Dynatrace, Inc. (a) 973,632 58,759 
Elastic NV (a) 55,194 6,794 
Epic Games, Inc. (a)(c)(d) 23,900 21,721 
Five9, Inc. (a) 78,200 10,738 
Fortinet, Inc. (a) 24,300 8,733 
HashiCorp, Inc. (b) 7,000 637 
HubSpot, Inc. (a) 33,700 22,213 
Informatica, Inc. (b) 71,300 2,637 
Intuit, Inc. 271,224 174,457 
KnowBe4, Inc. (a) 313,200 7,185 
Magic Leap, Inc.:   
Class A (d) 30,864 593 
warrants (a)(d) 46,794 898 
Microsoft Corp. 4,657,515 1,566,415 
Monday.com Ltd. (b) 19,701 6,082 
Palo Alto Networks, Inc. (a) 13,700 7,628 
Paycom Software, Inc. (a) 6,300 2,616 
Qualtrics International, Inc. 253,200 8,963 
Rapid7, Inc. (a) 252,200 29,681 
Salesforce.com, Inc. (a) 2,090,884 531,356 
Samsara, Inc. 93,400 2,625 
SentinelOne, Inc. (b) 57,400 2,898 
ServiceNow, Inc. (a) 155,601 101,002 
Stripe, Inc. Class B (a)(c)(d) 83,200 3,479 
Tanium, Inc. Class B (a)(c)(d) 1,259,978 15,989 
Tenable Holdings, Inc. (a) 440,200 24,242 
Unity Software, Inc. (a) 24,200 3,460 
Volue A/S (a) 191,996 1,272 
Workday, Inc. Class A (a) 135,400 36,989 
Xero Ltd. (a) 37,118 3,820 
Zscaler, Inc. (a) 41,724 13,407 
  3,595,021 
Technology Hardware, Storage & Peripherals - 2.3%   
Apple, Inc. 2,944,100 522,784 
Dell Technologies, Inc. (a) 381,355 21,421 
Samsung Electronics Co. Ltd. 740,260 48,755 
  592,960 
TOTAL INFORMATION TECHNOLOGY  8,181,286 
MATERIALS - 2.5%   
Chemicals - 0.8%   
FMC Corp. 15,538 1,707 
LG Chemical Ltd. 3,380 1,748 
Sherwin-Williams Co. 528,156 185,995 
Tronox Holdings PLC 529,000 12,712 
Westlake Chemical Corp. 54,325 5,277 
  207,439 
Metals & Mining - 1.7%   
B2Gold Corp. (a) 13,035,880 51,321 
Barrick Gold Corp. (Canada) 639,379 12,156 
Cleveland-Cliffs, Inc. (a) 620,400 13,506 
Franco-Nevada Corp. 1,055,036 145,909 
Freeport-McMoRan, Inc. 2,066,000 86,214 
Gatos Silver, Inc. (a) 326,800 3,392 
Ivanhoe Electric, Inc. (c)(d) 16,491 14 
Ivanhoe Mines Ltd. (a) 8,031,618 65,525 
Novagold Resources, Inc. (a) 2,558,676 17,537 
Nucor Corp. 376,515 42,979 
Steel Dynamics, Inc. 303,700 18,851 
Stelco Holdings, Inc. 59,000 1,923 
Sunrise Energy Metals Ltd. (a) 8,429 11 
  459,338 
TOTAL MATERIALS  666,777 
REAL ESTATE - 0.2%   
Equity Real Estate Investment Trusts (REITs) - 0.2%   
Equity Commonwealth (a) 269,812 6,988 
Gaming & Leisure Properties 4,888 238 
Prologis (REIT), Inc. 195,006 32,831 
  40,057 
UTILITIES - 0.0%   
Electric Utilities - 0.0%   
NextEra Energy, Inc. 97,500 9,103 
TOTAL COMMON STOCKS   
(Cost $9,603,914)  25,944,651 
Preferred Stocks - 1.0%   
Convertible Preferred Stocks - 1.0%   
CONSUMER DISCRETIONARY - 0.3%   
Automobiles - 0.0%   
Rad Power Bikes, Inc.:   
Series A (c)(d) 61,855 593 
Series C (c)(d) 243,394 2,333 
Series D (c)(d) 411,659 3,945 
  6,871 
Internet & Direct Marketing Retail - 0.1%   
GoBrands, Inc.:   
Series G (c)(d) 8,102 3,148 
Series H (c)(d) 10,223 3,972 
Reddit, Inc.:   
Series E (c)(d) 30,200 1,866 
Series F (c)(d) 127,549 7,882 
  16,868 
Textiles, Apparel & Luxury Goods - 0.2%   
Bolt Threads, Inc.:   
Series D (a)(c)(d) 1,324,673 25,097 
Series E (c)(d) 627,820 11,895 
Discord, Inc. Series I (c)(d) 2,800 1,542 
  38,534 
TOTAL CONSUMER DISCRETIONARY  62,273 
CONSUMER STAPLES - 0.0%   
Food Products - 0.0%   
Bowery Farming, Inc. Series C1 (c)(d) 82,543 4,973 
HEALTH CARE - 0.0%   
Biotechnology - 0.0%   
ElevateBio LLC Series C (c)(d) 594,600 2,189 
Intarcia Therapeutics, Inc. Series CC (a)(c)(d) 516,522 0 
  2,189 
Health Care Providers & Services - 0.0%   
Lyra Health, Inc.:   
Series E (c)(d) 270,000 4,922 
Series F (c)(d) 10,070 184 
  5,106 
TOTAL HEALTH CARE  7,295 
INDUSTRIALS - 0.6%   
Aerospace & Defense - 0.6%   
Relativity Space, Inc. Series E (c)(d) 308,359 7,041 
Space Exploration Technologies Corp.:   
Series G (a)(c)(d) 145,254 81,342 
Series H (a)(c)(d) 42,094 23,573 
Series N (a)(c)(d) 66,208 37,076 
  149,032 
Air Freight & Logistics - 0.0%   
Zipline International, Inc. Series E (c)(d) 208,789 7,516 
Transportation Infrastructure - 0.0%   
Delhivery Private Ltd. Series H (c)(d) 10,572 5,061 
TOTAL INDUSTRIALS  161,609 
INFORMATION TECHNOLOGY - 0.1%   
IT Services - 0.1%   
ByteDance Ltd. Series E1 (a)(c)(d) 130,945 16,237 
Semiconductors & Semiconductor Equipment - 0.0%   
Tenstorrent, Inc. Series C1 (c)(d) 36,600 2,746 
Software - 0.0%   
Nuro, Inc.:   
Series C (a)(c)(d) 491,080 10,237 
Series D (c)(d) 94,265 1,965 
Stripe, Inc. Series H (c)(d) 34,900 1,460 
  13,662 
TOTAL INFORMATION TECHNOLOGY  32,645 
TOTAL CONVERTIBLE PREFERRED STOCKS  268,795 
Nonconvertible Preferred Stocks - 0.0%   
ENERGY - 0.0%   
Oil, Gas & Consumable Fuels - 0.0%   
Petroleo Brasileiro SA - Petrobras sponsored ADR 200,100 2,197 
INFORMATION TECHNOLOGY - 0.0%   
Software - 0.0%   
Magic Leap, Inc. Series AA (d) 325,854 6,256 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  8,453 
TOTAL PREFERRED STOCKS   
(Cost $158,000)  277,248 
 Principal Amount (000s) Value (000s) 
Preferred Securities - 0.1%   
CONSUMER DISCRETIONARY - 0.1%   
Internet & Direct Marketing Retail - 0.1%   
Circle Internet Financial Ltd. 0% (c)(g) 9,990 11,749 
HEALTH CARE - 0.0%   
Biotechnology - 0.0%   
Intarcia Therapeutics, Inc. 6% 7/18/22 (c)(d) 2,280 3,174 
INFORMATION TECHNOLOGY - 0.0%   
Semiconductors & Semiconductor Equipment - 0.0%   
Tenstorrent, Inc. 0% (c)(d)(g) 2,040 2,040 
TOTAL PREFERRED SECURITIES   
(Cost $14,310)  16,963 
 Shares Value (000s) 
Other - 0.1%   
ENERGY - 0.1%   
Oil, Gas and Consumable Fuels – 0.1%   
Utica Shale Drilling Program (non-operating revenue interest) (c)(d)(f)   
(Cost $50,430) 50,430,153 13,157 
Money Market Funds - 0.9%   
Fidelity Cash Central Fund 0.08% (h) 218,189,623 218,233 
Fidelity Securities Lending Cash Central Fund 0.08% (h)(i) 23,790,171 23,793 
TOTAL MONEY MARKET FUNDS   
(Cost $242,026)  242,026 
TOTAL INVESTMENT IN SECURITIES - 100.2%   
(Cost $10,068,680)  26,494,045 
NET OTHER ASSETS (LIABILITIES) - (0.2)%  (58,654) 
NET ASSETS - 100%  $26,435,391 

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) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $568,305,000 or 2.1% of net assets.

 (d) Level 3 security

 (e) 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 $211,167,000 or 0.8% of net assets.

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

 (g) Security is perpetual in nature with no stated maturity date.

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

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
ASAC II LP 10/10/13 $725 
Blu Investments LLC 5/21/20 $170 
Bolt Threads, Inc. Series D 12/13/17 $21,247 
Bolt Threads, Inc. Series E 2/7/20 $9,657 
Bowery Farming, Inc. Series C1 5/18/21 $4,973 
ByteDance Ltd. Series E1 11/18/20 $14,348 
Circle Internet Financial Ltd. 0% 5/11/21 $9,990 
Delhivery Private Ltd. Series H 5/20/21 $5,160 
Discord, Inc. Series I 9/15/21 $1,542 
ElevateBio LLC Series C 3/9/21 $2,494 
Epic Games, Inc. 7/13/20 - 7/30/20 $13,743 
Fanatics, Inc. Class A 8/13/20 - 12/15/21 $12,264 
GoBrands, Inc. Series G 3/2/21 $2,023 
GoBrands, Inc. Series H 7/22/21 $3,972 
I-Pulse, Inc. 3/18/10 $81 
Intarcia Therapeutics, Inc. Series CC 11/14/12 $7,040 
Intarcia Therapeutics, Inc. 6% 7/18/22 1/3/20 $2,280 
Ivanhoe Electric, Inc. 6/29/21 $14 
Joby Aviation, Inc. 2/23/21 $2,074 
Lyra Health, Inc. Series E 1/14/21 $2,472 
Lyra Health, Inc. Series F 6/4/21 $158 
Nuro, Inc. Series C 10/30/20 $6,411 
Nuro, Inc. Series D 10/29/21 $1,965 
P3 Health Partners, Inc. 5/25/21 $3,954 
Rad Power Bikes, Inc. 1/21/21 $2,289 
Rad Power Bikes, Inc. Series A 1/21/21 $298 
Rad Power Bikes, Inc. Series C 1/21/21 $1,174 
Rad Power Bikes, Inc. Series D 9/17/21 $3,945 
Reddit, Inc. Series E 5/18/21 $1,283 
Reddit, Inc. Series F 8/11/21 $7,882 
Relativity Space, Inc. Series E 5/27/21 $7,041 
Space Exploration Technologies Corp. Class A 10/16/15 - 2/16/21 $29,628 
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 $5,683 
Space Exploration Technologies Corp. Series N 8/4/20 $17,876 
Starling Bank Ltd. Series D 6/18/21 $6,111 
Stripe, Inc. Class B 5/18/21 $3,339 
Stripe, Inc. Series H 3/15/21 $1,400 
Tanium, Inc. Class B 4/21/17 - 9/18/20 $9,907 
Tenstorrent, Inc. Series C1 4/23/21 $2,176 
Tenstorrent, Inc. 0% 4/23/21 $2,040 
TulCo LLC 8/24/17 $5,885 
Utica Shale Drilling Program (non-operating revenue interest) 10/5/16 – 9/1/17 $50,430 
Veterinary Emergency Group LLC Class A 9/16/21 - 11/30/21 $4,224 
Zipline International, Inc. 10/12/21 $2,697 
Zipline International, Inc. Series E 12/21/20 $6,813 
Zomato Ltd. 12/9/20 - 2/5/21 $4,146 

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.08% $148,781 $6,661,455 $6,592,006 $196 $3 $-- $218,233 0.4% 
Fidelity Securities Lending Cash Central Fund 0.08% 69,829 896,358 942,394  547 -- -- 23,793 0.1% 
Total $218,610 $7,557,813  $7,534,400  $743 $3 $-- $242,026  

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Communication Services $5,102,418 $5,078,910 $23,508 $-- 
Consumer Discretionary 3,650,019 3,281,635 275,983 92,401 
Consumer Staples 541,476 504,703 31,800 4,973 
Energy 275,131 233,483 41,648 -- 
Financials 3,171,701 3,083,778 81,935 5,988 
Health Care 3,080,445 2,854,738 213,556 12,151 
Industrials 1,464,585 1,102,099 29,792 332,694 
Information Technology 8,220,187 8,014,930 122,095 83,162 
Materials 666,777 666,763 -- 14 
Real Estate 40,057 40,057 -- -- 
Utilities 9,103 9,103 -- -- 
Preferred Securities 16,963 -- 11,749 5,214 
Other 13,157 -- -- 13,157 
Money Market Funds 242,026 242,026 -- -- 
Total Investments in Securities: $26,494,045 $25,112,225 $832,066 $549,754 
Net unrealized depreciation on unfunded commitments $(127) $-- $(127) $-- 

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:  
Industrials  
Beginning Balance $ 153,053  
Net Realized Gain (Loss) on Investment Securities  5,849  
Net Unrealized Gain (Loss) on Investment Securities  160,605  
Cost of Purchases  18,931  
Proceeds of Sales (5,744) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $ 332,694  
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2021 $ 160,605  
Other Investments in Securities   
Beginning Balance $ 205,050  
Net Realized Gain (Loss) on Investment Securities (348) 
Net Unrealized Gain (Loss) on Investment Securities  41,752  
Cost of Purchases  63,660  
Proceeds of Sales (36,862) 
Amortization/Accretion -- 
Transfers into Level 3  6,256  
Transfers out of Level 3 (62,448) 
Ending Balance $ 217,060  
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2021 $ 39,101  

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

Other Information

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

United States of America 89.2% 
Canada 3.4% 
Ireland 1.5% 
United Kingdom 1.4% 
Others (Individually Less Than 1%) 4.5% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  December 31, 2021 
Assets   
Investment in securities, at value (including securities loaned of $22,971) — See accompanying schedule:
Unaffiliated issuers (cost $9,826,654) 		$26,252,019  
Fidelity Central Funds (cost $242,026) 242,026  
Total Investment in Securities (cost $10,068,680)  $26,494,045 
Cash  145 
Restricted cash  587 
Foreign currency held at value (cost $99)  99 
Receivable for investments sold  917 
Receivable for fund shares sold  6,002 
Dividends receivable  5,148 
Distributions receivable from Fidelity Central Funds  46 
Prepaid expenses  25 
Other receivables  1,615 
Total assets  26,508,629 
Liabilities   
Payable for investments purchased $1,610  
Unrealized depreciation on unfunded commitments 127  
Payable for fund shares redeemed 20,402  
Accrued management fee 11,547  
Deferred taxes 5,005  
Distribution and service plan fees payable 3,667  
Other affiliated payables 3,440  
Other payables and accrued expenses 3,677  
Collateral on securities loaned 23,763  
Total liabilities  73,238 
Net Assets  $26,435,391 
Net Assets consist of:   
Paid in capital  $9,794,912 
Total accumulated earnings (loss)  16,640,479 
Net Assets  $26,435,391 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($8,124,425 ÷ 201,992 shares)(a)  $40.22 
Maximum offering price per share (100/94.25 of $40.22)  $42.67 
Class M:   
Net Asset Value and redemption price per share ($2,027,325 ÷ 53,443 shares)(a)  $37.93 
Maximum offering price per share (100/96.50 of $37.93)  $39.31 
Class C:   
Net Asset Value and offering price per share ($1,376,480 ÷ 43,164 shares)(a)  $31.89 
Class I:   
Net Asset Value, offering price and redemption price per share ($12,335,063 ÷ 295,574 shares)  $41.73 
Class Z:   
Net Asset Value, offering price and redemption price per share ($2,572,098 ÷ 61,405 shares)  $41.89 

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

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


Statement of Operations

Amounts in thousands  Year ended December 31, 2021 
Investment Income   
Dividends  $135,752 
Income from Fidelity Central Funds (including $547 from security lending)  743 
Total income  136,495 
Expenses   
Management fee   
Basic fee $135,587  
Performance adjustment (3,666)  
Transfer agent fees 38,758  
Distribution and service plan fees 44,746  
Accounting fees 1,914  
Custodian fees and expenses 379  
Independent trustees' fees and expenses 90  
Registration fees 292  
Audit 123  
Legal 36  
Miscellaneous 119  
Total expenses before reductions 218,378  
Expense reductions (409)  
Total expenses after reductions  217,969 
Net investment income (loss)  (81,474) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $1,678) 3,366,869  
Fidelity Central Funds 3  
Foreign currency transactions (214)  
Total net realized gain (loss)  3,366,658 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $3,766) 2,338,182  
Unfunded commitments (127)  
Assets and liabilities in foreign currencies (139)  
Total change in net unrealized appreciation (depreciation)  2,337,916 
Net gain (loss)  5,704,574 
Net increase (decrease) in net assets resulting from operations  $5,623,100 

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


Statement of Changes in Net Assets

Amounts in thousands Year ended December 31, 2021 Year ended December 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(81,474) $(51,901) 
Net realized gain (loss) 3,366,658 2,716,105 
Change in net unrealized appreciation (depreciation) 2,337,916 2,331,164 
Net increase (decrease) in net assets resulting from operations 5,623,100 4,995,368 
Distributions to shareholders (3,135,641) (1,956,073) 
Share transactions - net increase (decrease) (953,584) (4,542,735) 
Total increase (decrease) in net assets 1,533,875 (1,503,440) 
Net Assets   
Beginning of period 24,901,516 26,404,956 
End of period $26,435,391 $24,901,516 

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


Financial Highlights

Fidelity Advisor New Insights Fund Class A

Years ended December 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $36.57 $32.08 $26.50 $31.38 $26.44 
Income from Investment Operations      
Net investment income (loss)A (.16) (.10) .06 .03 .04 
Net realized and unrealized gain (loss) 8.90 7.57 7.60 (1.26) 7.29 
Total from investment operations 8.74 7.47 7.66 (1.23) 7.33 
Distributions from net investment income – –B (.04) – –B 
Distributions from net realized gain (5.09) (2.97) (2.04) (3.65) (2.39) 
Total distributions (5.09) (2.98)C (2.08) (3.65) (2.39) 
Net asset value, end of period $40.22 $36.57 $32.08 $26.50 $31.38 
Total ReturnD,E 24.30% 23.64% 29.15% (4.42)% 27.98% 
Ratios to Average Net AssetsF,G      
Expenses before reductions .93% 1.10% 1.08% 1.04% .94% 
Expenses net of fee waivers, if any .93% 1.10% 1.08% 1.04% .94% 
Expenses net of all reductions .93% 1.10% 1.07% 1.04% .93% 
Net investment income (loss) (.40)% (.30)% .20% .08% .12% 
Supplemental Data      
Net assets, end of period (in millions) $8,124 $6,753 $6,156 $4,747 $5,612 
Portfolio turnover rateH 29% 53% 27%I 36% 30% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

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

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

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

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

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

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


Fidelity Advisor New Insights Fund Class M

Years ended December 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $34.81 $30.73 $25.49 $30.39 $25.73 
Income from Investment Operations      
Net investment income (loss)A (.25) (.17) (.01) (.05) (.04) 
Net realized and unrealized gain (loss) 8.46 7.22 7.29 (1.20) 7.09 
Total from investment operations 8.21 7.05 7.28 (1.25) 7.05 
Distributions from net investment income – – – – –B 
Distributions from net realized gain (5.09) (2.97) (2.04) (3.65) (2.39) 
Total distributions (5.09) (2.97) (2.04) (3.65) (2.39) 
Net asset value, end of period $37.93 $34.81 $30.73 $25.49 $30.39 
Total ReturnC,D 24.00% 23.33% 28.79% (4.64)% 27.66% 
Ratios to Average Net AssetsE,F      
Expenses before reductions 1.18% 1.35% 1.32% 1.29% 1.18% 
Expenses net of fee waivers, if any 1.18% 1.35% 1.32% 1.29% 1.18% 
Expenses net of all reductions 1.18% 1.35% 1.32% 1.29% 1.18% 
Net investment income (loss) (.65)% (.54)% (.05)% (.17)% (.13)% 
Supplemental Data      
Net assets, end of period (in millions) $2,027 $1,856 $1,844 $1,638 $1,926 
Portfolio turnover rateG 29% 53% 27%H 36% 30% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

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

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

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

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

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


Fidelity Advisor New Insights Fund Class C

Years ended December 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $30.09 $27.03 $22.73 $27.63 $23.69 
Income from Investment Operations      
Net investment income (loss)A (.38) (.29) (.15) (.19) (.17) 
Net realized and unrealized gain (loss) 7.27 6.32 6.49 (1.06) 6.50 
Total from investment operations 6.89 6.03 6.34 (1.25) 6.33 
Distributions from net investment income – – – – –B 
Distributions from net realized gain (5.09) (2.97) (2.04) (3.65) (2.39) 
Total distributions (5.09) (2.97) (2.04) (3.65) (2.39) 
Net asset value, end of period $31.89 $30.09 $27.03 $22.73 $27.63 
Total ReturnC,D 23.36% 22.74% 28.15% (5.11)% 26.99% 
Ratios to Average Net AssetsE,F      
Expenses before reductions 1.70% 1.86% 1.83% 1.79% 1.68% 
Expenses net of fee waivers, if any 1.69% 1.86% 1.83% 1.79% 1.68% 
Expenses net of all reductions 1.69% 1.86% 1.83% 1.79% 1.68% 
Net investment income (loss) (1.17)% (1.05)% (.55)% (.67)% (.63)% 
Supplemental Data      
Net assets, end of period (in millions) $1,376 $1,973 $2,228 $2,932 $3,718 
Portfolio turnover rateG 29% 53% 27%H 36% 30% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

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

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

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

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

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


Fidelity Advisor New Insights Fund Class I

Years ended December 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $37.69 $32.90 $27.14 $32.03 $26.95 
Income from Investment Operations      
Net investment income (loss)A (.06) (.01) .15 .11 .12 
Net realized and unrealized gain (loss) 9.19 7.78 7.77 (1.27) 7.44 
Total from investment operations 9.13 7.77 7.92 (1.16) 7.56 
Distributions from net investment income – –B (.12) (.07) (.09) 
Distributions from net realized gain (5.09) (2.97) (2.04) (3.65) (2.39) 
Total distributions (5.09) (2.98)C (2.16) (3.73)C (2.48) 
Net asset value, end of period $41.73 $37.69 $32.90 $27.14 $32.03 
Total ReturnD 24.62% 23.96% 29.42% (4.14)% 28.30% 
Ratios to Average Net AssetsE,F      
Expenses before reductions .68% .85% .82% .79% .68% 
Expenses net of fee waivers, if any .68% .85% .82% .79% .68% 
Expenses net of all reductions .68% .84% .82% .78% .67% 
Net investment income (loss) (.15)% (.04)% .46% .33% .38% 
Supplemental Data      
Net assets, end of period (in millions) $12,335 $12,219 $13,870 $12,581 $14,894 
Portfolio turnover rateG 29% 53% 27%H 36% 30% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

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

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

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

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

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


Fidelity Advisor New Insights Fund Class Z

Years ended December 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $37.77 $32.93 $27.16 $32.06 $26.97 
Income from Investment Operations      
Net investment income (loss)A (.01) .03 .18 .15 .16 
Net realized and unrealized gain (loss) 9.22 7.79 7.79 (1.28) 7.45 
Total from investment operations 9.21 7.82 7.97 (1.13) 7.61 
Distributions from net investment income – –B (.17) (.12) (.13) 
Distributions from net realized gain (5.09) (2.97) (2.04) (3.65) (2.39) 
Total distributions (5.09) (2.98)C (2.20)C (3.77) (2.52) 
Net asset value, end of period $41.89 $37.77 $32.93 $27.16 $32.06 
Total ReturnD 24.79% 24.09% 29.60% (4.03)% 28.49% 
Ratios to Average Net AssetsE,F      
Expenses before reductions .56% .73% .70% .66% .55% 
Expenses net of fee waivers, if any .56% .73% .70% .66% .55% 
Expenses net of all reductions .56% .72% .70% .66% .55% 
Net investment income (loss) (.03)% .08% .58% .46% .50% 
Supplemental Data      
Net assets, end of period (in millions) $2,572 $2,101 $2,306 $1,741 $1,626 
Portfolio turnover rateG 29% 53% 27%H 36% 30% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

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

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

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

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

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


Notes to Financial Statements

For the period ended December 31, 2021
(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor New Insights Fund (the Fund) is a fund of Fidelity Contrafund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective June 21, 2021, Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

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

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

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

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

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

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

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

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

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

Asset Type Fair Value Valuation Technique(s) Unobservable Input Amount or Range/Weighted Average Impact to Valuation from an Increase in Input(a) 
Common Stock $531,383 Market comparable Discount rate 45.0% Decrease 
   Discount for Lack of Marketability 10.0% Decrease 
   Enterprise Value/EBITDA multiple (EV/EBITDA) 22.5 Increase 
   Enterprise value/Sales multiple (EV/S) 2.6 - 14.5 / 8.2 Increase 
  Recovery value Recovery value 0.0% - 0.2% / 0.2% Increase 
  Market approach Transaction price $1.75 - $560.00 / $386.05 Increase 
   Discount rate 50.0% Decrease 
   Premium rate 26.2% Increase 
   Discount for Lack of Marketability 20.0% Decrease 
   Parity price $0.83 Increase 
  Discounted cash flow Discount for Lack of Marketability 15.0% Decrease 
   Growth rate 5.0% Increase 
   Weighted average cost of capital (WACC) 25.0% Decrease 
Other $13,157 Discounted cash flow Discount rate 14.7% Decrease 
Preferred Securities $5,214 Recovery value Recovery value $127.20 Increase 
  Market approach Transaction price $100.00 Increase 

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2021, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

Fidelity Advisor New Insights Fund $1,430 

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

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

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

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships, deferred Trustees compensation, net operating losses and losses deferred due to wash sales.

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

Gross unrealized appreciation $16,530,015 
Gross unrealized depreciation (226,982) 
Net unrealized appreciation (depreciation) $16,303,033 
Tax Cost $10,190,885 

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

Undistributed long-term capital gain $340,450 
Net unrealized appreciation (depreciation) on securities and other investments $16,303,048 

The tax character of distributions paid was as follows:

 December 31, 2021 December 31, 2020 
Ordinary Income $– $ 2,009 
Long-term Capital Gains 3,135,641 1,954,064 
Total $3,135,641 $ 1,956,073 

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

Special Purpose Acquisition Companies. Funds may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities. A SPAC is a publicly traded company that raises investment capital via an initial public offering (IPO) for the purpose of acquiring the equity securities of one or more existing companies via merger, business combination, acquisition or other similar transactions within a designated time frame.

Private Investment in Public Equity. Funds may acquire equity securities of an issuer through a private investment in a public equity (PIPE) transaction, including through commitments to purchase securities on a when-issued basis. A PIPE typically involves the purchase of securities directly from a publicly traded company in a private placement transaction. Securities purchased through PIPE transactions will be restricted from trading and considered illiquid until a resale registration statement for the shares is filed and declared effective.

At period end, the Fund had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on these commitments is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and in the Statement of Operations as Change in unrealized appreciation (depreciation) on unfunded commitments.

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

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

 $ Amount % of Net Assets 
Fidelity Advisor New Insights Fund 34,692 .13 

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

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

4. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity Advisor New Insights Fund 7,451,830 11,661,578 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Class I of the Fund as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .51% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $18,915 $137 
Class M .25% .25% 9,768 21 
Class C .75% .25% 16,063 921 
   $44,746 $1,079 

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

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

 Retained by FDC 
Class A $803 
Class M 83 
Class C(a) 31 
 $917 

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

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

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

 Amount % of Class-Level Average Net Assets 
Class A $12,083 .16 
Class M 3,084 .16 
Class C 2,716 .17 
Class I 19,926 .16 
Class Z 949 .04 
 $38,758  

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

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

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Fidelity Advisor New Insights Fund $131 

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

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity Advisor New Insights Fund 437,953 806,517 202,388 

Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:

 Amount ($) 
Fidelity Advisor New Insights Fund 3,000 

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity Advisor New Insights Fund $46 

7. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Advisor New Insights Fund $57 $74 $– 

8. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $409.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Year ended
December 31, 2021 		Year ended
December 31, 2020 
Fidelity Advisor New Insights Fund   
Distributions to shareholders   
Class A $938,651 $516,291 
Class M 250,672 149,778 
Class C 220,661 185,833 
Class I 1,435,702 942,799 
Class Z 289,955 161,372 
Total $3,135,641 $1,956,073 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Year ended December 31, 2021 Year ended December 31, 2020 Year ended December 31, 2021 Year ended December 31, 2020 
Fidelity Advisor New Insights Fund     
Class A     
Shares sold 27,998 22,707 $1,105,291 $749,949 
Reinvestment of distributions 22,076 13,633 879,805 482,144 
Shares redeemed (32,747) (43,597) (1,304,741) (1,427,098) 
Net increase (decrease) 17,327 (7,257) $680,355 $(195,005) 
Class M     
Shares sold 2,632 3,566 $100,144 $111,287 
Reinvestment of distributions 6,501 4,331 244,606 145,822 
Shares redeemed (8,999) (14,593) (340,462) (448,541) 
Net increase (decrease) 134 (6,696) $4,288 $(191,432) 
Class C     
Shares sold 2,799 4,653 $91,154 $124,710 
Reinvestment of distributions 6,852 6,252 217,347 182,192 
Shares redeemed (32,074) (27,730) (1,026,544) (762,152) 
Net increase (decrease) (22,423) (16,825) $(718,043) $(455,250) 
Class I     
Shares sold 25,638 46,991 $1,053,539 $1,551,556 
Reinvestment of distributions 31,697 23,566 1,307,410 857,516 
Shares redeemed (85,931) (167,934) (3,549,097) (5,647,106) 
Net increase (decrease) (28,596) (97,377) $(1,188,148) $(3,238,034) 
Class Z     
Shares sold 20,438 12,015 $859,645 $400,180 
Reinvestment of distributions 6,053 3,733 251,120 136,140 
Shares redeemed (20,701) (30,175) (842,801) (999,334) 
Net increase (decrease) 5,790 (14,427) $267,964 $(463,014) 

11. Other.

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

12. Coronavirus (COVID-19) Pandemic.

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

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Advisor New Insights Fund (one of the funds constituting Fidelity Contrafund, referred to hereafter as the “Fund”) as of December 31, 2021, the related statement of operations for the year ended December 31, 2021, the statement of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2021 and the financial highlights for each of the five years in the period ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 11, 2022



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

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Each of the Trustees oversees 314 funds. 

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

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

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

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

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

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

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

Interested Trustees*:

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

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

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

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

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

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

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

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

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

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

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

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

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

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

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

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

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

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

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

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

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

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

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

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

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

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

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2021 to December 31, 2021).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
July 1, 2021 		Ending
Account Value
December 31, 2021 		Expenses Paid
During Period-B
July 1, 2021
to December 31, 2021 
Fidelity Advisor New Insights Fund     
Class A .97%    
Actual  $1,000.00 $1,082.90 $5.09 
Hypothetical-C  $1,000.00 $1,020.32 $4.94 
Class M 1.22%    
Actual  $1,000.00 $1,081.60 $6.40 
Hypothetical-C  $1,000.00 $1,019.06 $6.21 
Class C 1.74%    
Actual  $1,000.00 $1,078.90 $9.12 
Hypothetical-C  $1,000.00 $1,016.43 $8.84 
Class I .72%    
Actual  $1,000.00 $1,084.30 $3.78 
Hypothetical-C  $1,000.00 $1,021.58 $3.67 
Class Z .60%    
Actual  $1,000.00 $1,085.00 $3.15 
Hypothetical-C  $1,000.00 $1,022.18 $3.06 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Distributions (Unaudited)

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

 Pay Date Record Date Capital Gains 
Fidelity Advisor New Insights Fund    
Class A 02/07/2022 02/04/2022 $0.535 
Class M 02/07/2022 02/04/2022 $0.535 
Class C 02/07/2022 02/04/2022 $0.535 
Class I 02/07/2022 02/04/2022 $0.535 
Class Z 02/07/2022 02/04/2022 $0.535 

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2021, $3,038,252,402, or, if subsequently determined to be different, the net capital gain of such year.

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.





Fidelity Investments

ANIF-ANN-0322
1.796407.118

Fidelity® Series Opportunistic Insights Fund



Annual Report

December 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Performance: The Bottom Line

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

Average Annual Total Returns

For the periods ended December 31, 2021 Past 1 year Past 5 years Life of fundA 
Fidelity® Series Opportunistic Insights Fund 24.81% 22.76% 18.68% 

 A From December 6, 2012

$10,000 Over Life of Fund

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

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


Period Ending Values
$47,309Fidelity® Series Opportunistic Insights Fund
$39,405Russell 3000® Index

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 28.71% in 2021, with U.S. equities rising on improving economic growth, strong corporate earnings, widespread COVID-19 vaccination, and accommodative fiscal and monetary stimulus. In the first quarter, the index gained 6.17%. Investors were buoyed by the rollout of vaccines, the U.S. Federal Reserve’s pledge to hold short-term interest rates near zero until the economy recovered, and the federal government’s deployment of trillions of dollars to boost the economy. A flattish May reflected concerns about inflation and jobs, but the rally resumed through August amid strong earnings. In September, the index returned -4.65% as sentiment turned broadly negative due to a host of factors. These included inflationary pressure from surging commodity prices, rising bond yields, supply constraints and disruption, and the fast-spreading delta variant of the coronavirus. The Fed also signaled it could soon begin to taper the bond purchases it has made since the onset of the pandemic. The index sharply reversed course with a 7.01% gain in October, driven by strength in earnings. Then in November, the index stalled again, returning -0.69% amid the emergence of a new, more-highly transmissible variant, omicron, and rising inflation, which breached a 40-year high. The index advanced 4.48% in December, after studies suggested omicron resulted in fewer severe COVID-19 cases. All sectors had a double-digit return, led by energy (+55%) and real estate (+46%), whereas utilities (+18%) notably lagged.

Comments from Portfolio Manager William Danoff:  For the year ending December 31, 2021, the fund gained 24.81%, trailing the 25.66% advance of the benchmark, the Russell 3000® Index. Versus the benchmark, market selection was the primary detractor, especially in the retailing area of the consumer discretionary sector. An overweighting in the communication services sector, primarily within the media & entertainment industry, also hurt. Also hurting our result was an underweighting in energy. The fund's biggest individual relative detractor was an overweighting in Amazon.com, which gained about 2% the past year. The company was among our largest holdings. Another notable relative detractor was an outsized stake in Salesforce.com (+14%). This period we reduced our stake. Also holding back performance was an underweighting in Apple, which gained roughly 35%. Conversely, the largest contributor to performance versus the benchmark was stock selection in information technology. Stock picks and an underweighting in health care and stock selection in communication services also boosted the fund's relative result. The fund's top individual relative contributor was an overweighting in Nvidia, which gained approximately 125% the past 12 months. The company was among the fund's biggest holdings. Also boosting value was our outsized stake in Synaptics, which gained roughly 199%. Another notable relative contributor was an overweighting in Alphabet (+65%), which was one of our largest holdings. Notable changes in positioning include increased exposure to the financials sector.

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

Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2021

 % of fund's net assets 
Meta Platforms, Inc. Class A 10.0 
Amazon.com, Inc. 6.2 
Berkshire Hathaway, Inc. Class A 5.8 
Microsoft Corp. 5.1 
NVIDIA Corp. 4.3 
Alphabet, Inc. Class C 3.1 
Salesforce.com, Inc. 2.5 
Alphabet, Inc. Class A 2.5 
UnitedHealth Group, Inc. 2.0 
Bank of America Corp. 1.9 
 43.4 

Top Five Market Sectors as of December 31, 2021

 % of fund's net assets 
Information Technology 30.0 
Communication Services 17.8 
Financials 16.2 
Consumer Discretionary 12.5 
Health Care 10.0 

Asset Allocation (% of fund's net assets)

As of December 31, 2021* 
   Stocks 95.5% 
   Convertible Securities 0.8% 
   Short-Term Investments and Net Other Assets (Liabilities) 3.7% 


 * Foreign investments - 9.2%

Schedule of Investments December 31, 2021

Showing Percentage of Net Assets

Common Stocks - 95.4%   
 Shares Value 
COMMUNICATION SERVICES - 17.8%   
Entertainment - 2.0%   
Live Nation Entertainment, Inc. (a) 6,800 $813,892 
Netflix, Inc. (a) 178,709 107,661,450 
Roblox Corp. (a) 41,244 4,254,731 
Spotify Technology SA (a) 3,500 819,105 
The Walt Disney Co. (a) 108,472 16,801,228 
Universal Music Group NV 595,500 16,829,476 
Warner Music Group Corp. Class A 227,032 9,803,242 
  156,983,124 
Interactive Media & Services - 15.7%   
Alphabet, Inc.:   
Class A (a) 68,517 198,496,490 
Class C (a) 86,210 249,456,394 
Bumble, Inc. (b) 120,800 4,090,288 
Meta Platforms, Inc. Class A (a) 2,378,754 800,093,906 
Zoominfo Technologies, Inc. (a) 83,900 5,386,380 
  1,257,523,458 
Media - 0.1%   
Liberty Media Corp. Liberty Formula One Group Series C (a) 139,400 8,815,656 
TOTAL COMMUNICATION SERVICES  1,423,322,238 
CONSUMER DISCRETIONARY - 12.4%   
Automobiles - 1.0%   
BYD Co. Ltd. (H Shares) 23,500 794,873 
General Motors Co. (a) 402,100 23,575,123 
Hyundai Motor Co. 86,200 15,153,972 
Li Auto, Inc. ADR (a) 25,400 815,340 
Rad Power Bikes, Inc. (c)(d) 145,919 1,398,459 
Rivian Automotive, Inc. 36,042 3,363,475 
Tesla, Inc. (a) 4,000 4,227,120 
Toyota Motor Corp. 1,297,700 23,984,860 
XPeng, Inc. Class A 289,700 6,898,260 
  80,211,482 
Diversified Consumer Services - 0.0%   
Duolingo, Inc. (a) 4,389 465,717 
Hotels, Restaurants & Leisure - 0.6%   
Airbnb, Inc. Class A 112,000 18,646,880 
Chipotle Mexican Grill, Inc. (a) 11,354 19,849,631 
Churchill Downs, Inc. 6,100 1,469,490 
Dutch Bros, Inc. 15,500 789,105 
Hilton Worldwide Holdings, Inc. (a) 32,213 5,024,906 
  45,780,012 
Household Durables - 0.7%   
Blu Investments LLC (a)(c)(d) 21,093,998 6,539 
D.R. Horton, Inc. 165,000 17,894,250 
Garmin Ltd. 22,700 3,091,059 
Lennar Corp. Class A 194,548 22,598,696 
Mohawk Industries, Inc. (a) 37,000 6,740,660 
Sony Group Corp. 20,400 2,576,077 
Taylor Morrison Home Corp. (a) 4,700 164,312 
Tempur Sealy International, Inc. 77,900 3,663,637 
  56,735,230 
Internet & Direct Marketing Retail - 7.0%   
Amazon.com, Inc. (a) 148,677 495,739,668 
Cazoo Group Ltd. 422,493 2,420,251 
Coupang, Inc. Class A (a)(b) 373,126 10,962,442 
Deliveroo PLC Class A (a)(e) 2,615,200 7,465,446 
Delivery Hero AG (a)(e) 6,200 686,282 
Doordash, Inc. 63,405 9,441,005 
eBay, Inc. 325,400 21,639,100 
Etsy, Inc. (a) 33,700 7,378,278 
Wayfair LLC Class A (a) 20,660 3,924,780 
Zomato Ltd. (a)(c) 1,929,600 3,025,508 
  562,682,760 
Leisure Products - 0.0%   
Thule Group AB (e) 32,000 1,932,558 
Multiline Retail - 0.0%   
Dollar Tree, Inc. (a) 17,342 2,436,898 
Specialty Retail - 2.3%   
Academy Sports & Outdoors, Inc. (a) 229,737 10,085,454 
AutoZone, Inc. (a) 4,841 10,148,624 
Dick's Sporting Goods, Inc. 100,063 11,506,244 
Fanatics, Inc. Class A (c)(d) 139,938 9,493,394 
JD Sports Fashion PLC 583,075 1,719,200 
National Vision Holdings, Inc. (a) 67,396 3,234,334 
O'Reilly Automotive, Inc. (a) 22,646 15,993,285 
The Home Depot, Inc. 232,055 96,305,146 
TJX Companies, Inc. 103,300 7,842,536 
Warby Parker, Inc. (a) 14,200 661,152 
Williams-Sonoma, Inc. 71,414 12,078,250 
  179,067,619 
Textiles, Apparel & Luxury Goods - 0.8%   
China Hongxing Sports Ltd. (a)(d) 22,200 934 
Deckers Outdoor Corp. (a) 28,984 10,617,129 
Dr. Martens Ltd. 853,000 4,961,259 
lululemon athletica, Inc. (a) 15,934 6,237,364 
LVMH Moet Hennessy Louis Vuitton SE 2,484 2,052,862 
NIKE, Inc. Class B 226,943 37,824,590 
On Holding AG 54,400 2,056,864 
Under Armour, Inc. Class A (sub. vtg.) (a) 32,500 688,675 
  64,439,677 
TOTAL CONSUMER DISCRETIONARY  993,751,953 
CONSUMER STAPLES - 2.5%   
Beverages - 0.4%   
Anheuser-Busch InBev SA NV 40,800 2,459,831 
Constellation Brands, Inc. Class A (sub. vtg.) 3,600 903,492 
Diageo PLC 81,624 4,462,879 
PepsiCo, Inc. 100,800 17,509,968 
The Coca-Cola Co. 98,550 5,835,146 
  31,171,316 
Food & Staples Retailing - 1.3%   
Costco Wholesale Corp. 183,937 104,421,035 
Food Products - 0.0%   
The Vita Coco Co., Inc. 25,900 289,303 
Personal Products - 0.8%   
Estee Lauder Companies, Inc. Class A 131,652 48,737,570 
L'Oreal SA (a) 13,125 6,258,169 
L'Oreal SA (a) 12,803 6,104,635 
Olaplex Holdings, Inc. 55,000 1,602,150 
  62,702,524 
TOTAL CONSUMER STAPLES  198,584,178 
ENERGY - 0.2%   
Oil, Gas & Consumable Fuels - 0.2%   
Canadian Natural Resources Ltd. 132,900 5,615,641 
Cheniere Energy, Inc. 41,300 4,188,646 
ConocoPhillips Co. 32,900 2,374,722 
Diamondback Energy, Inc. 20,233 2,182,129 
EOG Resources, Inc. 27,200 2,416,176 
Pioneer Natural Resources Co. 13,000 2,364,440 
Reliance Industries Ltd. 15,425 490,410 
  19,632,164 
FINANCIALS - 16.2%   
Banks - 4.4%   
Bank of America Corp. 3,517,762 156,505,231 
JPMorgan Chase & Co. 698,224 110,563,770 
Kotak Mahindra Bank Ltd. (a) 344,887 8,316,349 
Nu Holdings Ltd. (b) 147,800 1,386,364 
Royal Bank of Canada 286,800 30,438,278 
Starling Bank Ltd. Series D (a)(c)(d) 1,401,404 2,455,214 
SVB Financial Group (a) 8,400 5,697,216 
The Toronto-Dominion Bank 331,400 25,407,464 
Wells Fargo & Co. 328,500 15,761,430 
  356,531,316 
Capital Markets - 3.8%   
BlackRock, Inc. Class A 34,200 31,312,152 
Brookfield Asset Management, Inc. (Canada) Class A 98,800 5,966,506 
Charles Schwab Corp. 123,000 10,344,300 
CME Group, Inc. 7,100 1,622,066 
Coinbase Global, Inc. (a) 21,100 5,325,007 
Goldman Sachs Group, Inc. 221,373 84,686,241 
Intercontinental Exchange, Inc. 30,700 4,198,839 
Moody's Corp. 17,010 6,643,766 
Morgan Stanley 1,311,900 128,776,104 
MSCI, Inc. 27,711 16,978,253 
NASDAQ, Inc. 8,300 1,743,083 
S&P Global, Inc. 14,500 6,842,985 
  304,439,302 
Consumer Finance - 0.2%   
Capital One Financial Corp. 126,500 18,353,885 
Diversified Financial Services - 5.8%   
Berkshire Hathaway, Inc. Class A (a) 1,022 460,576,564 
P3 Health Partners, Inc. (c) 160,486 1,073,330 
  461,649,894 
Insurance - 2.0%   
Admiral Group PLC 524,718 22,460,273 
American International Group, Inc. 254,200 14,453,812 
Aon PLC 2,600 781,456 
Arthur J. Gallagher & Co. 47,411 8,044,224 
Brookfield Asset Management Reinsurance Partners Ltd. 480 30,144 
Chubb Ltd. 223,268 43,159,937 
Fairfax Financial Holdings Ltd. (sub. vtg.) 14,200 6,985,105 
Hartford Financial Services Group, Inc. 103,000 7,111,120 
Intact Financial Corp. 37,260 4,843,108 
Marsh & McLennan Companies, Inc. 20,000 3,476,400 
Oscar Health, Inc. (a) 11,430 89,726 
Progressive Corp. 156,700 16,085,255 
The Travelers Companies, Inc. 208,908 32,679,478 
  160,200,038 
TOTAL FINANCIALS  1,301,174,435 
HEALTH CARE - 10.0%   
Biotechnology - 1.5%   
AbbVie, Inc. 60,929 8,249,787 
Alnylam Pharmaceuticals, Inc. (a) 12,100 2,051,918 
Genmab A/S (a) 1,100 439,068 
Horizon Therapeutics PLC (a) 343,720 37,039,267 
Idorsia Ltd. (a) 157,966 3,219,155 
Intellia Therapeutics, Inc. (a) 52,700 6,231,248 
Regeneron Pharmaceuticals, Inc. (a) 82,881 52,341,009 
Vertex Pharmaceuticals, Inc. (a) 42,900 9,420,840 
Zai Lab Ltd. (a) 29,600 1,887,285 
  120,879,577 
Health Care Equipment & Supplies - 1.0%   
Abbott Laboratories 43,313 6,095,872 
Alcon, Inc. 9,600 836,352 
Align Technology, Inc. (a) 17,312 11,377,100 
DexCom, Inc. (a) 7,600 4,080,820 
Edwards Lifesciences Corp. (a) 80,247 10,395,999 
Envista Holdings Corp. (a) 89,812 4,046,929 
Intuitive Surgical, Inc. (a) 106,750 38,355,275 
Sonova Holding AG 15,590 6,092,527 
  81,280,874 
Health Care Providers & Services - 2.7%   
AmerisourceBergen Corp. 44,900 5,966,761 
Anthem, Inc. 7,700 3,569,258 
Cano Health, Inc. (a) 221,384 1,972,531 
CVS Health Corp. 15,600 1,609,296 
dentalcorp Holdings Ltd. (a) 202,536 2,605,052 
Guardant Health, Inc. (a) 7,800 780,156 
HCA Holdings, Inc. 117,100 30,085,332 
Humana, Inc. 6,900 3,200,634 
McKesson Corp. 7,200 1,789,704 
Molina Healthcare, Inc. (a) 2,900 922,432 
Option Care Health, Inc. (a) 194,500 5,531,580 
UnitedHealth Group, Inc. 321,778 161,577,605 
  219,610,341 
Health Care Technology - 0.0%   
Doximity, Inc. 20,300 1,017,639 
Inspire Medical Systems, Inc. (a) 2,721 625,993 
  1,643,632 
Life Sciences Tools & Services - 2.9%   
23andMe Holding Co. Class B (e) 679,707 4,526,849 
Bio-Rad Laboratories, Inc. Class A (a) 16,275 12,296,902 
Charles River Laboratories International, Inc. (a) 7,400 2,788,172 
Danaher Corp. 287,135 94,470,286 
Eurofins Scientific SA 55,080 6,823,951 
ICON PLC (a) 2,600 805,220 
IQVIA Holdings, Inc. (a) 56,430 15,921,160 
Maravai LifeSciences Holdings, Inc. (a) 104,477 4,377,586 
Mettler-Toledo International, Inc. (a) 20,956 35,566,733 
Thermo Fisher Scientific, Inc. 38,360 25,595,326 
Veterinary Emergency Group LLC Class A (c)(d)(f) 39,235 1,261,178 
Waters Corp. (a) 53,200 19,822,320 
West Pharmaceutical Services, Inc. 7,425 3,482,399 
WuXi AppTec Co. Ltd. (H Shares) (e) 31,980 553,674 
  228,291,756 
Pharmaceuticals - 1.9%   
Asymchem Laboratories Tianjin Co. Ltd. (H Shares) (e) 59,300 2,433,585 
Eli Lilly & Co. 318,152 87,879,945 
Intra-Cellular Therapies, Inc. (a) 14,740 771,492 
Merck & Co., Inc. 60,800 4,659,712 
Nuvation Bio, Inc. (a) 71,624 608,804 
Pfizer, Inc. 80,900 4,777,145 
Roche Holding AG (participation certificate) 16,650 6,907,440 
Royalty Pharma PLC 351,700 14,015,245 
UCB SA 33,100 3,777,572 
Zoetis, Inc. Class A 107,675 26,275,930 
  152,106,870 
TOTAL HEALTH CARE  803,813,050 
INDUSTRIALS - 3.9%   
Aerospace & Defense - 0.3%   
Northrop Grumman Corp. 26,200 10,141,234 
Space Exploration Technologies Corp.:   
Class A (a)(c)(d) 21,291 11,922,960 
Class C (a)(c)(d) 783 438,480 
  22,502,674 
Air Freight & Logistics - 1.2%   
Expeditors International of Washington, Inc. 25,115 3,372,693 
United Parcel Service, Inc. Class B 448,815 96,199,007 
Zipline International, Inc. (c)(d) 28,830 1,037,880 
  100,609,580 
Airlines - 0.0%   
Joby Aviation, Inc. (c) 81,901 597,877 
Building Products - 0.8%   
Carrier Global Corp. 129,410 7,019,198 
Fortune Brands Home & Security, Inc. 256,158 27,383,290 
Toto Ltd. 253,520 11,658,879 
Trane Technologies PLC 71,658 14,477,066 
  60,538,433 
Commercial Services & Supplies - 0.4%   
Aurora Innovation, Inc. (a) 96,897 1,091,060 
Cintas Corp. 44,931 19,912,071 
Clean TeQ Water Pty Ltd. (a) 2,653 1,351 
GFL Environmental, Inc. 3,100 117,335 
TulCo LLC (a)(c)(d)(f) 7,549 9,439,496 
  30,561,313 
Industrial Conglomerates - 0.5%   
General Electric Co. 459,437 43,403,013 
Roper Technologies, Inc. 1,700 836,162 
  44,239,175 
Machinery - 0.3%   
AutoStore Holdings Ltd. 203,500 800,590 
Fortive Corp. 21,700 1,655,493 
Ingersoll Rand, Inc. 144,014 8,910,146 
Nordson Corp. 2,982 761,215 
Otis Worldwide Corp. 101,402 8,829,072 
  20,956,516 
Professional Services - 0.1%   
Equifax, Inc. 18,900 5,533,731 
Thomson Reuters Corp. 46,700 5,584,655 
  11,118,386 
Road & Rail - 0.2%   
Canadian Pacific Railway Ltd. 68,400 4,919,587 
J.B. Hunt Transport Services, Inc. 42,600 8,707,440 
Old Dominion Freight Lines, Inc. 6,800 2,436,984 
  16,064,011 
Trading Companies & Distributors - 0.1%   
Ferguson PLC 25,200 4,476,195 
TOTAL INDUSTRIALS  311,664,160 
INFORMATION TECHNOLOGY - 29.8%   
Communications Equipment - 0.1%   
Arista Networks, Inc. (a) 50,600 7,273,750 
Electronic Equipment & Components - 1.9%   
Amphenol Corp. Class A 1,530,387 133,847,647 
CDW Corp. 44,103 9,031,412 
Keysight Technologies, Inc. (a) 31,888 6,585,191 
Zebra Technologies Corp. Class A (a) 10,700 6,368,640 
  155,832,890 
IT Services - 3.6%   
Accenture PLC Class A 247,429 102,571,692 
Adyen BV (a)(e) 11,095 29,124,404 
Affirm Holdings, Inc. 34,800 3,499,488 
ASAC II LP (a)(c)(d) 2,013,117 338,204 
Cloudflare, Inc. (a) 428,555 56,354,983 
Digitalocean Holdings, Inc. (a) 8,700 698,871 
Endava PLC ADR (a) 700 117,544 
EPAM Systems, Inc. (a) 1,400 935,830 
MasterCard, Inc. Class A 15,537 5,582,755 
MongoDB, Inc. Class A (a) 37,240 19,712,994 
Shopify, Inc. Class A (a) 48,388 66,624,685 
Snowflake Computing, Inc. (a) 13,483 4,567,366 
  290,128,816 
Semiconductors & Semiconductor Equipment - 9.9%   
Advanced Micro Devices, Inc. (a) 876,053 126,064,027 
Analog Devices, Inc. 203,100 35,698,887 
Applied Materials, Inc. 254,800 40,095,328 
ASML Holding NV 6,847 5,451,171 
Broadcom, Inc. 6,000 3,992,460 
Enphase Energy, Inc. (a) 11,600 2,122,104 
KLA Corp. 6,100 2,623,671 
Lam Research Corp. 29,909 21,509,057 
Lattice Semiconductor Corp. (a) 78,765 6,069,631 
Marvell Technology, Inc. 292,175 25,562,391 
Monolithic Power Systems, Inc. 3,600 1,775,988 
NVIDIA Corp. 1,168,960 343,802,826 
NXP Semiconductors NV 3,500 797,230 
onsemi(a) 185,400 12,592,368 
Qualcomm, Inc. 509,037 93,087,596 
Semtech Corp. (a) 30,912 2,749,004 
Silergy Corp. 7,000 1,269,168 
SiTime Corp. (a) 4,400 1,287,176 
Synaptics, Inc. (a) 192,264 55,662,351 
Teradyne, Inc. 11,300 1,847,889 
Texas Instruments, Inc. 37,800 7,124,166 
  791,184,489 
Software - 13.2%   
Adobe, Inc. (a) 260,866 147,926,674 
Atlassian Corp. PLC (a) 164,581 62,753,089 
Bill.Com Holdings, Inc. (a) 8,700 2,167,605 
Cadence Design Systems, Inc. (a) 234,100 43,624,535 
Ceridian HCM Holding, Inc. (a) 6,800 710,328 
Confluent, Inc. 10,600 808,144 
Crowdstrike Holdings, Inc. (a) 14,300 2,927,925 
Datadog, Inc. Class A (a) 87,300 15,549,003 
Dropbox, Inc. Class A (a) 74,566 1,829,850 
Dynatrace, Inc. (a) 194,500 11,738,075 
Epic Games, Inc. (a)(c)(d) 7,100 6,452,622 
Fortinet, Inc. (a) 9,965 3,581,421 
HubSpot, Inc. (a) 23,100 15,226,365 
Informatica, Inc. 27,400 1,013,252 
Intuit, Inc. 106,283 68,363,351 
KnowBe4, Inc. (a) 95,500 2,190,770 
Magic Leap, Inc.:   
Class A (d) 72,300 1,388,160 
warrants (a)(d) 39,573 759,802 
Microsoft Corp. 1,221,949 410,965,888 
Monday.com Ltd. (b) 7,600 2,346,272 
Palo Alto Networks, Inc. (a) 20,900 11,636,284 
Paycom Software, Inc. (a) 2,600 1,079,494 
Qualtrics International, Inc. 43,900 1,554,060 
Rapid7, Inc. (a) 1,642 193,247 
Salesforce.com, Inc. (a) 781,526 198,609,202 
Samsara, Inc. 29,000 815,190 
SentinelOne, Inc. 19,500 984,555 
ServiceNow, Inc. (a) 29,139 18,914,416 
Stripe, Inc. Class B (a)(c)(d) 26,700 1,116,594 
Tanium, Inc. Class B (a)(c)(d) 408,212 5,180,210 
Unity Software, Inc. (a) 9,200 1,315,508 
Workday, Inc. Class A (a) 14,900 4,070,382 
Xero Ltd. (a) 16,127 1,659,544 
Zscaler, Inc. (a) 15,600 5,012,748 
  1,054,464,565 
Technology Hardware, Storage & Peripherals - 1.1%   
Apple, Inc. 372,400 66,127,068 
Dell Technologies, Inc. (a) 433,719 24,361,996 
  90,489,064 
TOTAL INFORMATION TECHNOLOGY  2,389,373,574 
MATERIALS - 2.4%   
Chemicals - 0.7%   
LG Chemical Ltd. 1,230 636,287 
Sherwin-Williams Co. 142,634 50,229,989 
Westlake Chemical Corp. 19,748 1,918,123 
  52,784,399 
Metals & Mining - 1.7%   
B2Gold Corp. (a) 1,646,929 6,483,819 
Barrick Gold Corp. (Canada) 201,966 3,839,901 
Cleveland-Cliffs, Inc. (a) 250,300 5,449,031 
Franco-Nevada Corp. 298,117 41,228,972 
Freeport-McMoRan, Inc. 605,000 25,246,650 
Gatos Silver, Inc. (a) 106,519 1,105,667 
Ivanhoe Mines Ltd. (a) 3,314,587 27,041,810 
Novagold Resources, Inc. (a) 490,034 3,358,706 
Nucor Corp. 149,573 17,073,758 
Steel Dynamics, Inc. 119,300 7,404,951 
Stelco Holdings, Inc. 22,600 736,450 
Sunrise Energy Metals Ltd. (a) 5,306 6,891 
  138,976,606 
TOTAL MATERIALS  191,761,005 
REAL ESTATE - 0.2%   
Equity Real Estate Investment Trusts (REITs) - 0.2%   
Equity Commonwealth (a) 108,591 2,812,507 
Prologis (REIT), Inc. 81,479 13,717,804 
  16,530,311 
UTILITIES - 0.0%   
Electric Utilities - 0.0%   
NextEra Energy, Inc. 35,700 3,332,952 
TOTAL COMMON STOCKS   
(Cost $2,924,711,119)  7,652,940,020 
Preferred Stocks - 0.9%   
Convertible Preferred Stocks - 0.8%   
CONSUMER DISCRETIONARY - 0.1%   
Automobiles - 0.0%   
Rad Power Bikes, Inc.:   
Series A (c)(d) 19,024 182,322 
Series C (c)(d) 74,857 717,415 
Series D (c)(d) 127,700 1,223,851 
  2,123,588 
Internet & Direct Marketing Retail - 0.1%   
GoBrands, Inc.:   
Series G (c)(d) 3,340 1,297,557 
Series H (c)(d) 3,970 1,542,305 
Reddit, Inc.:   
Series E (c)(d) 9,600 593,226 
Series F (c)(d) 49,896 3,083,293 
  6,516,381 
Textiles, Apparel & Luxury Goods - 0.0%   
Discord, Inc. Series I (c)(d) 800 440,500 
TOTAL CONSUMER DISCRETIONARY  9,080,469 
CONSUMER STAPLES - 0.0%   
Food Products - 0.0%   
Bowery Farming, Inc. Series C1 (c)(d) 13,266 799,267 
HEALTH CARE - 0.0%   
Biotechnology - 0.0%   
ElevateBio LLC Series C (c)(d) 194,500 715,955 
Health Care Providers & Services - 0.0%   
Lyra Health, Inc.:   
Series E (c)(d) 79,800 1,454,754 
Series F (c)(d) 4,099 74,725 
  1,529,479 
TOTAL HEALTH CARE  2,245,434 
INDUSTRIALS - 0.6%   
Aerospace & Defense - 0.5%   
Relativity Space, Inc. Series E (c)(d) 125,290 2,861,010 
Space Exploration Technologies Corp.:   
Series G (a)(c)(d) 36,460 20,417,600 
Series H (a)(c)(d) 7,256 4,063,360 
Series N (a)(c)(d) 24,552 13,749,120 
  41,091,090 
Air Freight & Logistics - 0.1%   
Zipline International, Inc. Series E (c)(d) 66,084 2,379,024 
Transportation Infrastructure - 0.0%   
Delhivery Private Ltd. Series H (c)(d) 3,262 1,561,456 
TOTAL INDUSTRIALS  45,031,570 
INFORMATION TECHNOLOGY - 0.1%   
IT Services - 0.0%   
ByteDance Ltd. Series E1 (a)(c)(d) 37,932 4,703,568 
Semiconductors & Semiconductor Equipment - 0.0%   
Tenstorrent, Inc. Series C1 (c)(d) 12,300 922,992 
Software - 0.1%   
Delphix Corp. Series D (a)(c)(d) 232,855 1,404,116 
Nuro, Inc.:   
Series C (a)(c)(d) 190,290 3,966,732 
Series D (c)(d) 36,736 765,788 
Stripe, Inc. Series H (c)(d) 11,500 480,930 
  6,617,566 
TOTAL INFORMATION TECHNOLOGY  12,244,126 
TOTAL CONVERTIBLE PREFERRED STOCKS  69,400,866 
Nonconvertible Preferred Stocks - 0.1%   
ENERGY - 0.0%   
Oil, Gas & Consumable Fuels - 0.0%   
Petroleo Brasileiro SA - Petrobras sponsored ADR 72,900 800,442 
INFORMATION TECHNOLOGY - 0.1%   
Software - 0.1%   
Magic Leap, Inc. Series AA (d) 275,569 5,290,925 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  6,091,367 
TOTAL PREFERRED STOCKS   
(Cost $43,650,605)  75,492,233 
 Principal Amount Value 
Preferred Securities - 0.0%   
CONSUMER DISCRETIONARY - 0.0%   
Internet & Direct Marketing Retail - 0.0%   
Circle Internet Financial Ltd. 0% (c)(g) 1,003,200 1,179,837 
INFORMATION TECHNOLOGY - 0.0%   
Semiconductors & Semiconductor Equipment - 0.0%   
Tenstorrent, Inc. 0% (c)(d)(g) 680,000 680,000 
TOTAL PREFERRED SECURITIES   
(Cost $1,683,200)  1,859,837 
 Shares Value 
Money Market Funds - 3.9%   
Fidelity Cash Central Fund 0.08% (h) 298,535,016 298,594,723 
Fidelity Securities Lending Cash Central Fund 0.08% (h)(i) 11,575,670 11,576,828 
TOTAL MONEY MARKET FUNDS   
(Cost $310,171,551)  310,171,551 
TOTAL INVESTMENT IN SECURITIES - 100.2%   
(Cost $3,280,216,475)  8,040,463,641 
NET OTHER ASSETS (LIABILITIES) - (0.2)%  (19,857,439) 
NET ASSETS - 100%  $8,020,606,202 

Legend

 (a) Non-income producing

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

 (c) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $126,498,648 or 1.6% of net assets.

 (d) Level 3 security

 (e) 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 $46,722,798 or 0.6% of net assets.

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

 (g) Security is perpetual in nature with no stated maturity date.

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

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
ASAC II LP 10/10/13 $155,030 
Blu Investments LLC 5/21/20 $36,484 
Bowery Farming, Inc. Series C1 5/18/21 $799,267 
ByteDance Ltd. Series E1 11/18/20 $4,156,368 
Circle Internet Financial Ltd. 0% 5/11/21 $1,003,200 
Delhivery Private Ltd. Series H 5/20/21 $1,592,260 
Delphix Corp. Series D 7/10/15 $2,095,695 
Discord, Inc. Series I 9/15/21 $440,500 
ElevateBio LLC Series C 3/9/21 $815,928 
Epic Games, Inc. 7/13/20 - 7/30/20 $4,082,500 
Fanatics, Inc. Class A 8/13/20 - 12/15/21 $4,645,244 
GoBrands, Inc. Series G 3/2/21 $834,056 
GoBrands, Inc. Series H 7/22/21 $1,542,308 
Joby Aviation, Inc. 2/23/21 $819,010 
Lyra Health, Inc. Series E 1/14/21 $730,697 
Lyra Health, Inc. Series F 6/4/21 $64,372 
Nuro, Inc. Series C 10/30/20 $2,484,160 
Nuro, Inc. Series D 10/29/21 $765,788 
P3 Health Partners, Inc. 5/25/21 $1,604,860 
Rad Power Bikes, Inc. 1/21/21 $703,890 
Rad Power Bikes, Inc. Series A 1/21/21 $91,769 
Rad Power Bikes, Inc. Series C 1/21/21 $361,098 
Rad Power Bikes, Inc. Series D 9/17/21 $1,223,851 
Reddit, Inc. Series E 5/18/21 $407,752 
Reddit, Inc. Series F 8/11/21 $3,083,293 
Relativity Space, Inc. Series E 5/27/21 $2,861,010 
Space Exploration Technologies Corp. Class A 10/16/15 - 2/16/21 $3,185,238 
Space Exploration Technologies Corp. Class C 9/11/17 $105,705 
Space Exploration Technologies Corp. Series G 1/20/15 $2,824,191 
Space Exploration Technologies Corp. Series H 8/4/17 $979,560 
Space Exploration Technologies Corp. Series N 8/4/20 $6,629,040 
Starling Bank Ltd. Series D 6/18/21 $2,505,550 
Stripe, Inc. Class B 5/18/21 $1,071,428 
Stripe, Inc. Series H 3/15/21 $461,438 
Tanium, Inc. Class B 4/21/17 - 9/18/20 $3,439,433 
Tenstorrent, Inc. Series C1 4/23/21 $731,288 
Tenstorrent, Inc. 0% 4/23/21 $680,000 
TulCo LLC 8/24/17 - 12/14/17 $2,643,700 
Veterinary Emergency Group LLC Class A 9/16/21 - 11/30/21 $1,261,178 
Zipline International, Inc. 10/12/21 $1,037,880 
Zipline International, Inc. Series E 12/21/20 $2,156,281 
Zomato Ltd. 12/9/20 - 2/5/21 $1,178,353 

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.08% $218,043,291 $3,204,553,287 $3,124,006,890 $135,822 $5,461 $(426) $298,594,723 0.5% 
Fidelity Securities Lending Cash Central Fund 0.08% 28,999,428 356,577,451 374,000,051 168,833 -- -- 11,576,828 0.0% 
Total $247,042,719 $3,561,130,738 $3,498,006,941 $304,655 $5,461 $(426) $310,171,551  

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $1,423,322,238 $1,406,492,762 $16,829,476 $-- 
Consumer Discretionary 1,002,832,422 920,971,716 61,880,911 19,979,795 
Consumer Staples 199,383,445 179,298,664 19,285,514 799,267 
Energy 20,432,606 20,432,606 -- -- 
Financials 1,301,174,435 1,275,185,618 23,533,603 2,455,214 
Health Care 806,058,484 773,404,874 29,146,998 3,506,612 
Industrials 356,695,730 283,548,559 5,276,785 67,870,386 
Information Technology 2,406,908,625 2,345,013,578 29,124,404 32,770,643 
Materials 191,761,005 191,761,005 -- -- 
Real Estate 16,530,311 16,530,311 -- -- 
Utilities 3,332,952 3,332,952 -- -- 
Preferred Securities 1,859,837 -- 1,179,837 680,000 
Money Market Funds 310,171,551 310,171,551 -- -- 
Total Investments in Securities: $8,040,463,641 $7,726,144,196 $186,257,528 $128,061,917 
Net unrealized depreciation on unfunded commitments $(48,741) $-- $(48,741) $-- 

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

Investments in Securities:  
Beginning Balance $78,538,665 
Net Realized Gain (Loss) on Investment Securities 2,548,369 
Net Unrealized Gain (Loss) on Investment Securities 41,779,097 
Cost of Purchases 28,355,563 
Proceeds of Sales (4,300,926) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (18,858,851) 
Ending Balance $128,061,917 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2021 $41,797,277 

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

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


Financial Statements

Statement of Assets and Liabilities

  December 31, 2021 
Assets   
Investment in securities, at value (including securities loaned of $11,262,922) — See accompanying schedule:
Unaffiliated issuers (cost $2,970,044,924) 		$7,730,292,090  
Fidelity Central Funds (cost $310,171,551) 310,171,551  
Total Investment in Securities (cost $3,280,216,475)  $8,040,463,641 
Foreign currency held at value (cost $1,528)  1,532 
Receivable for investments sold  298,112 
Receivable for fund shares sold  9,386,933 
Dividends receivable  1,553,956 
Distributions receivable from Fidelity Central Funds  17,761 
Other receivables  32,929 
Total assets  8,051,754,864 
Liabilities   
Payable to custodian bank $161,089  
Payable for investments purchased 729,907  
Unrealized depreciation on unfunded commitments 48,741  
Payable for fund shares redeemed 18,091,203  
Other payables and accrued expenses 543,872  
Collateral on securities loaned 11,573,850  
Total liabilities  31,148,662 
Net Assets  $8,020,606,202 
Net Assets consist of:   
Paid in capital  $3,115,531,645 
Total accumulated earnings (loss)  4,905,074,557 
Net Assets  $8,020,606,202 
Net Asset Value, offering price and redemption price per share ($8,020,606,202 ÷ 386,717,909 shares)  $20.74 

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


Statement of Operations

  Year ended December 31, 2021 
Investment Income   
Dividends  $49,537,480 
Income from Fidelity Central Funds (including $168,833 from security lending)  304,655 
Total income  49,842,135 
Expenses   
Custodian fees and expenses $170,241  
Independent trustees' fees and expenses 28,153  
Interest 393  
Total expenses before reductions 198,787  
Expense reductions (127)  
Total expenses after reductions  198,660 
Net investment income (loss)  49,643,475 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $987,834) 1,384,582,475  
Fidelity Central Funds 5,461  
Foreign currency transactions (100,869)  
Total net realized gain (loss)  1,384,487,067 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $952,493) 399,317,266  
Fidelity Central Funds (426)  
Unfunded commitments (48,741)  
Assets and liabilities in foreign currencies (18,023)  
Total change in net unrealized appreciation (depreciation)  399,250,076 
Net gain (loss)  1,783,737,143 
Net increase (decrease) in net assets resulting from operations  $1,833,380,618 

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


Statement of Changes in Net Assets

 Year ended December 31, 2021 Year ended December 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $49,643,475 $42,096,279 
Net realized gain (loss) 1,384,487,067 1,074,492,441 
Change in net unrealized appreciation (depreciation) 399,250,076 766,684,672 
Net increase (decrease) in net assets resulting from operations 1,833,380,618 1,883,273,392 
Distributions to shareholders (1,459,118,632) (1,072,699,853) 
Share transactions   
Proceeds from sales of shares 1,161,106,204 708,743,743 
Reinvestment of distributions 1,459,118,631 1,072,699,854 
Cost of shares redeemed (2,647,170,260) (1,818,460,906) 
Net increase (decrease) in net assets resulting from share transactions (26,945,425) (37,017,309) 
Total increase (decrease) in net assets 347,316,561 773,556,230 
Net Assets   
Beginning of period 7,673,289,641 6,899,733,411 
End of period $8,020,606,202 $7,673,289,641 
Other Information   
Shares   
Sold 53,744,068 36,100,721 
Issued in reinvestment of distributions 70,309,438 54,583,007 
Redeemed (116,279,469) (92,929,459) 
Net increase (decrease) 7,774,037 (2,245,731) 

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


Financial Highlights

Fidelity Series Opportunistic Insights Fund

      
Years ended December 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $20.25 $18.10 $15.18 $17.32 $14.69 
Income from Investment Operations      
Net investment income (loss)A .14 .12 .15 .15 .09 
Net realized and unrealized gain (loss) 4.79 5.36 4.43 (.42) 4.75 
Total from investment operations 4.93 5.48 4.58 (.27) 4.84 
Distributions from net investment income (.20) (.16) (.15) (.13) (.10) 
Distributions from net realized gain (4.24) (3.18) (1.51) (1.75) (2.10) 
Total distributions (4.44) (3.33)B (1.66) (1.87)B (2.21)B 
Net asset value, end of period $20.74 $20.25 $18.10 $15.18 $17.32 
Total ReturnC 24.81% 31.18% 30.53% (1.87)% 32.96% 
Ratios to Average Net AssetsD,E      
Expenses before reductions - %F - %F - %F - %F .27% 
Expenses net of fee waivers, if any - %F - %F - %F - %F .27% 
Expenses net of all reductions - %F - %F - %F - %F .27% 
Net investment income (loss) .61% .61% .81% .80% .50% 
Supplemental Data      
Net assets, end of period (000 omitted) $8,020,606 $7,673,290 $6,899,733 $6,419,232 $6,317,188 
Portfolio turnover rateG 43% 33% 27%H 32%I 37% 

 A Calculated based on average shares outstanding during the period.

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

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

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

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

 F Amount represents less than .005%.

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

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

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

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


Notes to Financial Statements

For the period ended December 31, 2021

1. Organization.

Fidelity Series Opportunistic Insights Fund (the Fund) is a fund of Fidelity Contrafund (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds and Fidelity managed 529 plans. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

2. Investments in Fidelity Central Funds.

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

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

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

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

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

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

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

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

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

Asset Type Fair Value Valuation Technique(s) Unobservable Input Amount or Range/Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities  $127,381,917  Market comparable Discount rate 45.0% Decrease 
   Discount for Lack of Marketability 10.0% Decrease 
   Enterprise Value/EBITDA multiple (EV/EBITDA) 22.5  Increase 
   Enterprise value/Sales multiple (EV/S) 2.6 - 14.5 / 8.1  Increase 
  Recovery value Recovery value 0.0% - 0.2% / 0.2%  Increase 
  Market approach Transaction price $1.75 - $560.00 / $327.40  Increase 
   Discount rate 50.0%  Decrease 
   Premium rate 26.2%  Increase 
   Discount for Lack of Marketability 20.0%  Decrease 
  Discounted cash flow Discount for Lack of Marketability 15.0%  Decrease 
   Growth rate 5.0%  Increase 
   Weighted average cost of capital (WACC) 25.0%  Decrease 
Preferred Securities  $680,000 Market approach Transaction price $100.00  Increase 

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2021, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

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

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

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

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

Gross unrealized appreciation $4,800,439,219 
Gross unrealized depreciation (72,845,647) 
Net unrealized appreciation (depreciation) $4,727,593,572 
Tax Cost $3,312,821,328 

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

Undistributed long-term capital gain $186,397,016 
Net unrealized appreciation (depreciation) on securities and other investments $4,727,600,813 

The Fund intends to elect to defer to its next fiscal year $8,483,469 of capital losses recognized during the period November 1, 2020 to December 31, 2021.

The tax character of distributions paid was as follows:

 December 31, 2021 December 31, 2020 
Ordinary Income $158,912,657 $ 49,680,521 
Long-term Capital Gains 1,300,205,975 1,023,019,332 
Total $1,459,118,632 $ 1,072,699,853 

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

Special Purpose Acquisition Companies. Funds may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities. A SPAC is a publicly traded company that raises investment capital via an initial public offering (IPO) for the purpose of acquiring the equity securities of one or more existing companies via merger, business combination, acquisition or other similar transactions within a designated time frame.

Private Investment in Public Equity. Funds may acquire equity securities of an issuer through a private investment in a public equity (PIPE) transaction, including through commitments to purchase securities on a when-issued basis. A PIPE typically involves the purchase of securities directly from a publicly traded company in a private placement transaction. Securities purchased through PIPE transactions will be restricted from trading and considered illiquid until a resale registration statement for the shares is filed and declared effective.

At period end, the Fund had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on these commitments is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and in the Statement of Operations as Change in unrealized appreciation (depreciation) on unfunded commitments.

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

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

 $ Amount % of Net Assets 
Fidelity Series Opportunistic Insights Fund 10,700,674 .13 

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

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

4. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity Series Opportunistic Insights Fund 3,346,984,619 4,532,574,037 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Fidelity Series Opportunistic Insights Fund $59,855 

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

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity Series Opportunistic Insights Fund Borrower $16,132,000 .29% $393 

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

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity Series Opportunistic Insights Fund 105,576,755 279,402,284 72,542,582 

Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:

 Amount ($) 
Fidelity Series Opportunistic Insights Fund 4,548 

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

7. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Series Opportunistic Insights Fund $17,251 $28,340 $– 

8. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $127.

9. Other.

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

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

10. Coronavirus (COVID-19) Pandemic.

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

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Series Opportunistic Insights Fund (one of the funds constituting Fidelity Contrafund, referred to hereafter as the “Fund”) as of December 31, 2021, the related statement of operations for the year ended December 31, 2021, the statement of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2021 and the financial highlights for each of the five years in the period ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 11, 2022



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

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Each of the Trustees oversees 314 funds. 

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

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

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

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

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

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

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

Interested Trustees*:

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

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

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

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

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

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

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

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

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

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

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

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

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

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

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

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

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

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

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

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

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

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

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

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

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

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

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2021 to December 31, 2021).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
July 1, 2021 		Ending
Account Value
December 31, 2021 		Expenses Paid
During Period-B
July 1, 2021
to December 31, 2021 
Fidelity Series Opportunistic Insights Fund - %-C    
Actual  $1,000.00 $1,088.70 $--D 
Hypothetical-E  $1,000.00 $1,025.21 $--D 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C Amount represents less than .005%.

 D Amount represents less than $.005.

 E 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity Series Opportunistic Insights Fund voted to pay on February 7, 2022, to shareholders of record at the opening of business on February 4, 2022, a distribution of $0.460 per share derived from capital gains realized from sales of portfolio securities.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2021, $1,310,315,912 or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 0% and 31% of the dividends distributed in February and December, respectively during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund designates 1% and 37% of the dividends distributed in February and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.





Fidelity Investments

O1T-ANN-0322
1.951052.109

Fidelity® Contrafund® K6



Annual Report

December 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Performance: The Bottom Line

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

Average Annual Total Returns

For the periods ended December 31, 2021 Past 1 year Life of fundA 
Fidelity® Contrafund® K6 24.14% 20.59% 

 A From May 25, 2017

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Contrafund® K6 on May 25, 2017, when the fund started.

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


Period Ending Values
$23,685Fidelity® Contrafund® K6
$21,460S&P 500® Index

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 28.71% in 2021, with U.S. equities rising on improving economic growth, strong corporate earnings, widespread COVID-19 vaccination, and accommodative fiscal and monetary stimulus. In the first quarter, the index gained 6.17%. Investors were buoyed by the rollout of vaccines, the U.S. Federal Reserve’s pledge to hold short-term interest rates near zero until the economy recovered, and the federal government’s deployment of trillions of dollars to boost the economy. A flattish May reflected concerns about inflation and jobs, but the rally resumed through August amid strong earnings. In September, the index returned -4.65% as sentiment turned broadly negative due to a host of factors. These included inflationary pressure from surging commodity prices, rising bond yields, supply constraints and disruption, and the fast-spreading delta variant of the coronavirus. The Fed also signaled it could soon begin to taper the bond purchases it has made since the onset of the pandemic. The index sharply reversed course with a 7.01% gain in October, driven by strength in earnings. Then in November, the index stalled again, returning -0.69% amid the emergence of a new, more-highly transmissible variant, omicron, and rising inflation, which breached a 40-year high. The index advanced 4.48% in December, after studies suggested omicron resulted in fewer severe COVID-19 cases. All sectors had a double-digit return, led by energy (+55%) and real estate (+46%), whereas utilities (+18%) notably lagged.

Comments from Portfolio Manager William Danoff:  For the year ending December 31, 2021, the fund gained 24.14%, trailing the 28.71% result of the benchmark, the S&P 500® index. The largest detractor from performance versus the benchmark were stock picks in consumer discretionary. Also hurting our result was an overweighting in communication services and an underweighting in energy. The fund's largest individual relative detractor was an overweighting in Amazon.com, which gained approximately 2% the past year. The company was among our biggest holdings. Also holding back performance was our outsized stake in Netflix, which gained roughly 11%. Netflix was one of the fund's largest holdings. Also hampering performance was our overweighting in Salesforce.com, which gained 14%. Salesforce.com was one of our biggest holdings. Conversely, the largest contributor to performance versus the benchmark was security selection in communication services. Security selection and an underweighting in consumer staples and an underweighting in industrials also lifted the fund's relative performance. The fund's biggest individual relative contributor was an outsized stake in Nvidia, which gained roughly 126% the past 12 months. The company was among the largest holdings as of December 31. Also bolstering performance was our overweighting in UnitedHealth Group, which gained about 45%. UnitedHealth Group was among our biggest holdings. The fund's non-benchmark stake in Synaptics gained about 200%. Notable changes in positioning include increased exposure to the financials sector.

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

Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2021

 % of fund's net assets 
Meta Platforms, Inc. Class A 8.8 
Amazon.com, Inc. 6.9 
Microsoft Corp. 5.7 
Berkshire Hathaway, Inc. Class A 5.3 
Apple, Inc. 3.9 
UnitedHealth Group, Inc. 3.8 
NVIDIA Corp. 3.5 
Alphabet, Inc. Class A 2.9 
Alphabet, Inc. Class C 2.6 
Salesforce.com, Inc. 2.6 
 46.0 

Top Five Market Sectors as of December 31, 2021

 % of fund's net assets 
Information Technology 33.1 
Communication Services 17.6 
Consumer Discretionary 13.2 
Financials 12.9 
Health Care 12.7 

Asset Allocation (% of fund's net assets)

As of December 31, 2021* 
   Stocks 98.2% 
   Convertible Securities 0.5% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.3% 


 * Foreign investments - 7.6%

Schedule of Investments December 31, 2021

Showing Percentage of Net Assets

Common Stocks - 98.2%   
 Shares Value 
COMMUNICATION SERVICES - 17.6%   
Entertainment - 2.8%   
Activision Blizzard, Inc. 259,851 $17,287,887 
Live Nation Entertainment, Inc. (a) 21,468 2,569,505 
Netflix, Inc. (a) 966,549 582,287,780 
Roblox Corp. (a) 142,808 14,732,073 
Spotify Technology SA (a) 11,601 2,714,982 
The Walt Disney Co. (a) 540,340 83,693,263 
Universal Music Group NV 1,101,431 31,127,635 
Warner Music Group Corp. Class A 179,320 7,743,038 
  742,156,163 
Interactive Media & Services - 14.5%   
Alphabet, Inc.:   
Class A (a) 257,511 746,019,667 
Class C (a) 236,378 683,981,017 
Bumble, Inc. (b) 392,498 13,289,982 
Meta Platforms, Inc. Class A (a) 6,826,923 2,296,235,550 
Snap, Inc. Class A (a) 740,170 34,810,195 
Zoominfo Technologies, Inc. (a) 303,849 19,507,106 
  3,793,843,517 
Media - 0.2%   
Charter Communications, Inc. Class A (a) 13,994 9,123,668 
Liberty Media Corp. Liberty Formula One Group Series C (a) 468,266 29,613,142 
  38,736,810 
Wireless Telecommunication Services - 0.1%   
T-Mobile U.S., Inc. (a) 236,744 27,457,569 
TOTAL COMMUNICATION SERVICES  4,602,194,059 
CONSUMER DISCRETIONARY - 13.1%   
Automobiles - 0.9%   
BYD Co. Ltd. (H Shares) 72,540 2,453,620 
General Motors Co. (a) 1,203,176 70,542,209 
Hyundai Motor Co. 125,460 22,055,886 
Li Auto, Inc. ADR (a) 79,631 2,556,155 
Rad Power Bikes, Inc. (c)(d) 331,574 3,177,739 
Rivian Automotive, Inc. 236,360 22,057,352 
Tesla, Inc. (a) 15,315 16,184,586 
Toyota Motor Corp. 3,454,828 63,854,178 
XPeng, Inc. Class A 980,785 23,354,192 
  226,235,917 
Diversified Consumer Services - 0.0%   
Duolingo, Inc. (a)(b) 13,751 1,459,119 
Hotels, Restaurants & Leisure - 0.5%   
Airbnb, Inc. Class A 379,973 63,261,705 
Chipotle Mexican Grill, Inc. (a) 24,806 43,367,090 
Churchill Downs, Inc. 8,799 2,119,679 
Dutch Bros, Inc. 49,406 2,515,259 
Hilton Worldwide Holdings, Inc. (a) 191,591 29,886,280 
  141,150,013 
Household Durables - 0.5%   
D.R. Horton, Inc. 220,097 23,869,520 
Garmin Ltd. 67,391 9,176,632 
Lennar Corp. Class A 385,764 44,810,346 
Mohawk Industries, Inc. (a) 100,545 18,317,288 
Sony Group Corp. 65,611 8,285,243 
Taylor Morrison Home Corp. (a) 14,410 503,774 
Tempur Sealy International, Inc. 268,293 12,617,820 
  117,580,623 
Internet & Direct Marketing Retail - 7.8%   
Amazon.com, Inc. (a) 538,650 1,796,042,241 
Cazoo Group Ltd. 873,840 5,005,792 
Coupang, Inc. Class A (a)(b) 1,730,610 50,845,322 
Deliveroo PLC Class A (a)(e) 9,875,410 28,190,708 
Delivery Hero AG (a)(e) 19,600 2,169,535 
Doordash, Inc. (b) 209,962 31,263,342 
eBay, Inc. 1,350,030 89,776,995 
Etsy, Inc. (a) 115,574 25,303,772 
Wayfair LLC Class A (a) 56,394 10,713,168 
Zomato Ltd. (a)(c) 4,522,500 7,091,034 
  2,046,401,909 
Leisure Products - 0.0%   
Thule Group AB (e) 98,432 5,944,548 
Multiline Retail - 0.0%   
Dollar Tree, Inc. (a) 53,615 7,533,980 
Specialty Retail - 2.4%   
Academy Sports & Outdoors, Inc. (a) 677,267 29,732,021 
Aurora Innovation, Inc. Class B 258,416 2,618,788 
AutoZone, Inc. (a) 19,665 41,225,509 
Dick's Sporting Goods, Inc. 306,914 35,292,041 
Fanatics, Inc. Class A (c)(d) 332,480 22,555,443 
JD Sports Fashion PLC 1,844,815 5,439,446 
National Vision Holdings, Inc. (a) 240,760 11,554,072 
O'Reilly Automotive, Inc. (a) 73,852 52,156,498 
The Home Depot, Inc. 820,034 340,322,310 
TJX Companies, Inc. 466,996 35,454,336 
Warby Parker, Inc. (a) 45,177 2,103,441 
Williams-Sonoma, Inc. 217,621 36,806,240 
  615,260,145 
Textiles, Apparel & Luxury Goods - 1.0%   
Allbirds, Inc. Class B 79,500 1,078,974 
Deckers Outdoor Corp. (a) 70,459 25,809,836 
Dr. Martens Ltd. 3,000,515 17,451,736 
lululemon athletica, Inc. (a) 31,638 12,384,695 
LVMH Moet Hennessy Louis Vuitton SE 5,805 4,797,449 
NIKE, Inc. Class B 1,060,403 176,737,368 
On Holding AG (b) 208,423 7,880,474 
On Holding AG 317,250 11,395,461 
Under Armour, Inc. Class A (sub. vtg.) (a) 93,912 1,989,995 
  259,525,988 
TOTAL CONSUMER DISCRETIONARY  3,421,092,242 
CONSUMER STAPLES - 3.0%   
Beverages - 0.4%   
Anheuser-Busch InBev SA NV 129,985 7,836,792 
Constellation Brands, Inc. Class A (sub. vtg.) 11,207 2,812,621 
Diageo PLC 294,361 16,094,502 
PepsiCo, Inc. 297,727 51,718,157 
The Coca-Cola Co. 497,304 29,445,370 
  107,907,442 
Food & Staples Retailing - 1.3%   
Costco Wholesale Corp. 579,607 329,042,894 
Food Products - 0.0%   
The Vita Coco Co., Inc. (b) 79,304 885,826 
Personal Products - 1.3%   
Estee Lauder Companies, Inc. Class A 863,271 319,582,924 
L'Oreal SA (a) 23,678 11,289,975 
L'Oreal SA (a) 30,681 14,629,096 
Olaplex Holdings, Inc. 176,220 5,133,289 
  350,635,284 
TOTAL CONSUMER STAPLES  788,471,446 
ENERGY - 0.3%   
Oil, Gas & Consumable Fuels - 0.3%   
Canadian Natural Resources Ltd. 743,552 31,418,518 
Cheniere Energy, Inc. 153,416 15,559,451 
ConocoPhillips Co. 137,345 9,913,562 
Diamondback Energy, Inc. 60,948 6,573,242 
EOG Resources, Inc. 113,801 10,108,943 
Hess Corp. 83,001 6,144,564 
Pioneer Natural Resources Co. 39,505 7,185,169 
Reliance Industries Ltd. 72,382 2,301,257 
  89,204,706 
FINANCIALS - 12.9%   
Banks - 3.3%   
Bank of America Corp. 6,689,491 297,615,455 
JPMorgan Chase & Co. 1,780,188 281,892,770 
Kotak Mahindra Bank Ltd. (a) 742,472 17,903,418 
Nu Holdings Ltd. (b) 488,208 4,579,391 
Royal Bank of Canada 947,793 100,589,913 
Starling Bank Ltd. Series D (a)(c)(d) 3,502,023 6,135,430 
SVB Financial Group (a) 29,325 19,889,388 
The Toronto-Dominion Bank 1,147,599 87,983,044 
Wells Fargo & Co. 969,270 46,505,575 
  863,094,384 
Capital Markets - 2.4%   
BlackRock, Inc. Class A 133,378 122,115,562 
Brookfield Asset Management, Inc. (Canada) Class A 331,433 20,015,152 
Charles Schwab Corp. 531,885 44,731,529 
CME Group, Inc. 22,710 5,188,327 
Coinbase Global, Inc. (a) 75,695 19,103,147 
Goldman Sachs Group, Inc. 259,679 99,340,201 
Intercontinental Exchange, Inc. 112,627 15,403,995 
Moody's Corp. 64,135 25,049,848 
Morgan Stanley 2,026,953 198,965,706 
MSCI, Inc. 88,381 54,150,155 
NASDAQ, Inc. 25,472 5,349,375 
S&P Global, Inc. 51,160 24,143,939 
  633,556,936 
Consumer Finance - 0.3%   
American Express Co. 62,114 10,161,850 
Capital One Financial Corp. 454,767 65,982,144 
  76,143,994 
Diversified Financial Services - 5.3%   
Berkshire Hathaway, Inc. Class A (a) 3,058 1,378,124,396 
P3 Health Partners, Inc. (c) 450,620 3,013,747 
  1,381,138,143 
Insurance - 1.6%   
Admiral Group PLC 1,415,051 60,570,501 
American International Group, Inc. 1,293,876 73,569,789 
Aon PLC 7,940 2,386,446 
Arthur J. Gallagher & Co. 147,370 25,004,268 
Brookfield Asset Management Reinsurance Partners Ltd. 1,379 86,602 
Chubb Ltd. 465,448 89,975,753 
Fairfax Financial Holdings Ltd. (sub. vtg.) 26,117 12,847,181 
Hartford Financial Services Group, Inc. 314,542 21,715,980 
Intact Financial Corp. 121,778 15,828,878 
Marsh & McLennan Companies, Inc. 77,630 13,493,647 
Progressive Corp. 465,075 47,739,949 
The Travelers Companies, Inc. 277,618 43,427,784 
  406,646,778 
TOTAL FINANCIALS  3,360,580,235 
HEALTH CARE - 12.7%   
Biotechnology - 2.0%   
AbbVie, Inc. 575,936 77,981,734 
Alnylam Pharmaceuticals, Inc. (a) 41,760 7,081,661 
Genmab A/S (a) 3,563 1,422,182 
Horizon Therapeutics PLC (a) 917,294 98,847,601 
Idorsia Ltd. (a) 412,169 8,399,502 
Intellia Therapeutics, Inc. (a) 171,009 20,220,104 
Regeneron Pharmaceuticals, Inc. (a) 387,402 244,652,111 
Vertex Pharmaceuticals, Inc. (a) 268,882 59,046,487 
Zai Lab Ltd. (a) 94,838 6,046,835 
  523,698,217 
Health Care Equipment & Supplies - 1.4%   
Abbott Laboratories 416,016 58,550,092 
Alcon, Inc. 30,792 2,682,599 
Align Technology, Inc. (a) 55,944 36,765,278 
DexCom, Inc. (a) 52,516 28,198,466 
Edwards Lifesciences Corp. (a) 483,819 62,678,751 
Envista Holdings Corp. (a) 220,036 9,914,822 
Intuitive Surgical, Inc. (a) 407,348 146,360,136 
Sonova Holding AG 60,183 23,519,343 
  368,669,487 
Health Care Providers & Services - 4.5%   
AmerisourceBergen Corp. 144,496 19,202,073 
Anthem, Inc. 29,604 13,722,638 
Cano Health, Inc. (a) 418,971 3,733,032 
CVS Health Corp. 51,856 5,349,465 
dentalcorp Holdings Ltd. (a) 589,134 7,577,541 
Guardant Health, Inc. (a) 24,081 2,408,582 
HCA Holdings, Inc. 254,761 65,453,196 
Humana, Inc. 28,167 13,065,545 
McKesson Corp. 23,069 5,734,261 
Molina Healthcare, Inc. (a) 9,159 2,913,295 
Option Care Health, Inc. (a) 671,362 19,093,535 
UnitedHealth Group, Inc. 1,995,969 1,002,255,874 
  1,160,509,037 
Health Care Technology - 0.0%   
Doximity, Inc. 59,336 2,974,514 
Inspire Medical Systems, Inc. (a) 7,721 1,776,293 
  4,750,807 
Life Sciences Tools & Services - 2.7%   
23andMe Holding Co. Class B (e) 291,601 1,942,063 
Bio-Rad Laboratories, Inc. Class A (a) 59,926 45,278,288 
Charles River Laboratories International, Inc. (a) 22,365 8,426,685 
Danaher Corp. 737,969 242,799,181 
Eurofins Scientific SA 166,867 20,673,425 
ICON PLC (a) 8,800 2,725,360 
IQVIA Holdings, Inc. (a) 180,025 50,792,254 
Lonza Group AG 24 19,982 
Maravai LifeSciences Holdings, Inc. (a) 312,847 13,108,289 
Mettler-Toledo International, Inc. (a) 85,918 145,820,889 
Thermo Fisher Scientific, Inc. 180,457 120,408,129 
Veterinary Emergency Group LLC Class A (c)(d)(f) 124,800 4,011,596 
Waters Corp. (a) 93,377 34,792,270 
West Pharmaceutical Services, Inc. 27,493 12,894,492 
WuXi AppTec Co. Ltd. (H Shares) (e) 160,914 2,785,925 
  706,478,828 
Pharmaceuticals - 2.1%   
Asymchem Laboratories Tianjin Co. Ltd. (H Shares) (e) 242,630 9,957,179 
Eli Lilly & Co. 1,236,713 341,604,865 
Intra-Cellular Therapies, Inc. (a) 49,329 2,581,880 
Merck & Co., Inc. 213,112 16,332,904 
Nuvation Bio, Inc. (a)(b) 1,489,520 12,660,920 
Nuvation Bio, Inc. (c) 439,051 3,731,934 
Pfizer, Inc. 300,386 17,737,793 
Roche Holding AG (participation certificate) 59,166 24,545,681 
Royalty Pharma PLC 654,345 26,075,648 
UCB SA 97,305 11,105,035 
Zoetis, Inc. Class A 323,270 78,887,578 
  545,221,417 
TOTAL HEALTH CARE  3,309,327,793 
INDUSTRIALS - 3.2%   
Aerospace & Defense - 0.1%   
Northrop Grumman Corp. 83,395 32,279,703 
Space Exploration Technologies Corp. Class A (a)(c)(d) 7,300 4,088,000 
  36,367,703 
Air Freight & Logistics - 0.9%   
Expeditors International of Washington, Inc. 76,967 10,335,898 
United Parcel Service, Inc. Class B 1,015,988 217,766,868 
Zipline International, Inc. (c)(d) 87,466 3,148,776 
  231,251,542 
Airlines - 0.0%   
Joby Aviation, Inc. (c) 199,579 1,456,927 
Building Products - 0.7%   
Carrier Global Corp. 408,373 22,150,152 
Fortune Brands Home & Security, Inc. 797,043 85,203,897 
Toto Ltd. 600,382 27,610,369 
Trane Technologies PLC 206,916 41,803,239 
  176,767,657 
Commercial Services & Supplies - 0.3%   
Aurora Innovation, Inc. (a) 279,593 3,148,217 
Cintas Corp. 125,040 55,413,977 
Clean TeQ Water Pty Ltd. (a)(b) 303,947 154,796 
GFL Environmental, Inc. 301,967 11,429,451 
TulCo LLC (a)(c)(d)(f) 1,552 1,940,667 
ZenPayroll, Inc. (c)(d) 50,300 1,528,885 
  73,615,993 
Industrial Conglomerates - 0.4%   
General Electric Co. 1,176,672 111,160,204 
Roper Technologies, Inc. 5,196 2,555,705 
  113,715,909 
Machinery - 0.3%   
AutoStore Holdings Ltd. 562,200 2,211,752 
Deere & Co. 69,784 23,928,236 
Fortive Corp. 67,443 5,145,226 
Ingersoll Rand, Inc. 471,605 29,178,201 
Nordson Corp. 8,312 2,121,804 
Otis Worldwide Corp. 322,881 28,113,249 
  90,698,468 
Professional Services - 0.2%   
Equifax, Inc. 104,596 30,624,663 
Thomson Reuters Corp. 150,218 17,963,933 
  48,588,596 
Road & Rail - 0.2%   
Canadian Pacific Railway Ltd. 294,674 21,194,071 
J.B. Hunt Transport Services, Inc. 134,579 27,507,948 
Old Dominion Freight Lines, Inc. 29,374 10,527,054 
  59,229,073 
Trading Companies & Distributors - 0.1%   
Ferguson PLC 96,837 17,200,843 
TOTAL INDUSTRIALS  848,892,711 
INFORMATION TECHNOLOGY - 33.0%   
Communications Equipment - 0.1%   
Arista Networks, Inc. (a) 178,292 25,629,475 
Electronic Equipment & Components - 1.8%   
Amphenol Corp. Class A 4,232,085 370,138,154 
CDW Corp. 138,397 28,340,938 
Keysight Technologies, Inc. (a) 115,731 23,899,609 
Samsung SDI Co. Ltd. 15,347 8,455,470 
Zebra Technologies Corp. Class A (a) 60,832 36,207,206 
  467,041,377 
IT Services - 5.7%   
Accenture PLC Class A 663,467 275,040,245 
Adyen BV (a)(e) 30,030 78,828,828 
Affirm Holdings, Inc. (b) 368,184 37,024,583 
Cloudflare, Inc. (a) 1,413,128 185,826,332 
Digitalocean Holdings, Inc. (a) 26,664 2,141,919 
Endava PLC ADR (a) 2,157 362,203 
EPAM Systems, Inc. (a) 4,302 2,875,672 
MasterCard, Inc. Class A 253,713 91,164,155 
MongoDB, Inc. Class A (a) 156,444 82,813,631 
Okta, Inc. (a) 124,482 27,905,130 
PayPal Holdings, Inc. (a) 728,409 137,363,369 
Shopify, Inc. Class A (a) 128,021 176,270,126 
Snowflake Computing, Inc. (a) 50,143 16,985,941 
Visa, Inc. Class A 1,684,378 365,021,556 
  1,479,623,690 
Semiconductors & Semiconductor Equipment - 8.3%   
Advanced Micro Devices, Inc. (a) 1,785,285 256,902,512 
Analog Devices, Inc. 513,167 90,199,364 
Applied Materials, Inc. 417,450 65,689,932 
ASML Holding NV 22,045 17,550,906 
Broadcom, Inc. 20,653 13,742,713 
Enphase Energy, Inc. (a) 35,977 6,581,632 
KLA Corp. 19,330 8,314,026 
Lam Research Corp. 196,230 141,118,805 
Lattice Semiconductor Corp. (a) 270,339 20,832,323 
Marvell Technology, Inc. 926,349 81,046,274 
Monolithic Power Systems, Inc. 10,935 5,394,564 
NVIDIA Corp. 3,064,158 901,199,509 
NXP Semiconductors NV 10,977 2,500,341 
ON Semiconductor Corp. (a) 630,775 42,842,238 
Qualcomm, Inc. 1,853,934 339,028,911 
Semtech Corp. (a) 85,708 7,622,012 
Silergy Corp. 18,000 3,263,576 
SiTime Corp. (a) 13,619 3,984,102 
Synaptics, Inc. (a) 445,736 129,045,029 
Teradyne, Inc. 34,749 5,682,504 
Texas Instruments, Inc. 142,182 26,797,042 
  2,169,338,315 
Software - 13.1%   
Adobe, Inc. (a) 961,608 545,289,432 
Atlassian Corp. PLC (a) 457,009 174,252,962 
Bill.Com Holdings, Inc. (a)(b) 27,993 6,974,456 
Cadence Design Systems, Inc. (a) 529,947 98,755,623 
Ceridian HCM Holding, Inc. (a) 21,566 2,252,784 
Confluent, Inc. 68,474 5,220,458 
Crowdstrike Holdings, Inc. (a)(b) 30,500 6,244,875 
Datadog, Inc. Class A (a) 306,703 54,626,871 
Dropbox, Inc. Class A (a)(b) 158,720 3,894,989 
Dynatrace, Inc. (a) 612,810 36,983,084 
Epic Games, Inc. (a)(c)(d) 14,010 12,732,568 
Fortinet, Inc. (a) 24,012 8,629,913 
HubSpot, Inc. (a) 43,735 28,827,925 
Informatica, Inc. (b) 84,107 3,110,277 
Intuit, Inc. 221,093 142,211,439 
KnowBe4, Inc. (a) 297,148 6,816,575 
Microsoft Corp. 4,386,010 1,475,102,883 
Monday.com Ltd. (b) 19,747 6,096,294 
Palo Alto Networks, Inc. (a) 16,491 9,181,529 
Paycom Software, Inc. (a) 6,545 2,717,419 
Qualtrics International, Inc. 132,864 4,703,386 
Rapid7, Inc. (a) 5,432 639,292 
Salesforce.com, Inc. (a) 2,639,518 670,780,709 
Samsara, Inc. 113,352 3,186,325 
SentinelOne, Inc. 51,301 2,590,187 
ServiceNow, Inc. (a) 95,880 62,236,667 
Stripe, Inc. Class B(a)(c)(d) 75,100 3,140,682 
Tanium, Inc. Class B (a)(c)(d) 449,538 5,704,637 
Unity Software, Inc. (a) 28,918 4,134,985 
Workday, Inc. Class A (a) 55,854 15,258,196 
Xero Ltd. (a) 57,127 5,878,635 
Zscaler, Inc. (a) 54,293 17,445,970 
  3,425,622,027 
Technology Hardware, Storage & Peripherals - 4.0%   
Apple, Inc. 5,822,011 1,033,814,493 
Dell Technologies, Inc. (a) 465,029 26,120,679 
  1,059,935,172 
TOTAL INFORMATION TECHNOLOGY  8,627,190,056 
MATERIALS - 2.2%   
Chemicals - 0.7%   
LG Chemical Ltd. 4,130 2,136,476 
Sherwin-Williams Co. 511,041 179,968,199 
Westlake Chemical Corp. 46,353 4,502,267 
  186,606,942 
Metals & Mining - 1.5%   
B2Gold Corp. (a) 5,742,331 22,607,066 
Barrick Gold Corp. (Canada) 1,327,874 25,246,349 
Cleveland-Cliffs, Inc. (a)(b) 838,269 18,249,116 
Franco-Nevada Corp. 675,295 93,391,918 
Freeport-McMoRan, Inc. 1,794,908 74,901,511 
Gatos Silver, Inc. (a) 295,752 3,069,906 
Ivanhoe Electric, Inc. (c)(d) 1,289,012 1,069,880 
Ivanhoe Mines Ltd. (a) 5,662,729 46,198,951 
Ivanhoe Mines Ltd. (a)(e) 1,502,108 12,254,836 
Novagold Resources, Inc. (a) 1,576,690 10,806,674 
Nucor Corp. 475,318 54,257,550 
Steel Dynamics, Inc. 368,042 22,844,367 
Stelco Holdings, Inc. 69,767 2,273,446 
Sunrise Energy Metals Ltd. (a) 607,898 789,463 
  387,961,033 
TOTAL MATERIALS  574,567,975 
REAL ESTATE - 0.2%   
Equity Real Estate Investment Trusts (REITs) - 0.2%   
Equity Commonwealth (a) 345,424 8,946,482 
Prologis (REIT), Inc. 280,241 47,181,375 
  56,127,857 
UTILITIES - 0.0%   
Electric Utilities - 0.0%   
NextEra Energy, Inc. 145,892 13,620,477 
TOTAL COMMON STOCKS   
(Cost $15,782,016,294)  25,691,269,557 
Preferred Stocks - 0.5%   
Convertible Preferred Stocks - 0.5%   
CONSUMER DISCRETIONARY - 0.1%   
Automobiles - 0.0%   
Rad Power Bikes, Inc.:   
Series A (c)(d) 43,228 414,289 
Series C (c)(d) 170,098 1,630,185 
Series D (c)(d) 404,900 3,880,481 
  5,924,955 
Internet & Direct Marketing Retail - 0.1%   
GoBrands, Inc.:   
Series G (c)(d) 8,352 3,244,668 
Series H (c)(d) 11,788 4,579,520 
Reddit, Inc.:   
Series E (c)(d) 27,300 1,686,987 
Series F (c)(d) 149,136 9,215,770 
  18,726,945 
Textiles, Apparel & Luxury Goods - 0.0%   
Discord, Inc. Series I (c)(d) 2,700 1,486,686 
TOTAL CONSUMER DISCRETIONARY  26,138,586 
CONSUMER STAPLES - 0.0%   
Food Products - 0.0%   
Bowery Farming, Inc. Series C1 (c)(d) 37,316 2,248,263 
FINANCIALS - 0.0%   
Thrifts & Mortgage Finance - 0.0%   
Acrisure Holdings, Inc. Series B (c)(d) 57,282 1,129,028 
HEALTH CARE - 0.0%   
Biotechnology - 0.0%   
ElevateBio LLC Series C (c)(d) 486,500 1,790,807 
Health Care Providers& Services - 0.0%   
Lyra Health, Inc.:   
Series E (c)(d) 190,800 3,478,284 
Series F (c)(d) 11,519 209,991 
  3,688,275 
TOTAL HEALTH CARE  5,479,082 
INDUSTRIALS - 0.2%   
Aerospace & Defense - 0.2%   
Relativity Space, Inc.:   
Series D (a)(c)(d) 207,384 4,735,634 
Series E (c)(d) 143,887 3,285,674 
Space Exploration Technologies Corp. Series N (a)(c)(d) 49,490 27,714,400 
  35,735,708 
Air Freight & Logistics - 0.0%   
Zipline International, Inc. Series E (c)(d) 178,019 6,408,684 
Commercial Services & Supplies - 0.0%   
ZenPayroll, Inc.:   
Series D (a)(c)(d) 184,203 5,598,911 
Series E (c)(d) 28,063 852,984 
  6,451,895 
Transportation Infrastructure - 0.0%   
Delhivery Private Ltd. Series H (c)(d) 9,242 4,423,966 
TOTAL INDUSTRIALS  53,020,253 
INFORMATION TECHNOLOGY - 0.1%   
IT Services - 0.0%   
ByteDance Ltd. Series E1 (a)(c)(d) 80,736 10,011,264 
Semiconductors & Semiconductor Equipment - 0.0%   
Tenstorrent, Inc. Series C1 (c)(d) 33,000 2,476,320 
Software - 0.1%   
ASAPP, Inc. Series C (c)(d) 204,122 924,366 
Carbon, Inc.:   
Series D (a)(c)(d) 9,678 286,178 
Series E (a)(c)(d) 7,351 220,162 
Nuro, Inc.:   
Series C (a)(c)(d) 405,967 8,462,674 
Series D (c)(d) 114,603 2,388,982 
Stripe, Inc. Series H (c)(d) 29,000 1,212,780 
  13,495,142 
TOTAL INFORMATION TECHNOLOGY  25,982,726 
MATERIALS - 0.1%   
Metals & Mining - 0.1%   
High Power Exploration, Inc. Series A (a)(c)(d) 1,289,012 5,723,213 
TOTAL CONVERTIBLE PREFERRED STOCKS  119,721,151 
Nonconvertible Preferred Stocks - 0.0%   
ENERGY - 0.0%   
Oil, Gas & Consumable Fuels - 0.0%   
Petroleo Brasileiro SA - Petrobras sponsored ADR 240,467 2,640,328 
TOTAL PREFERRED STOCKS   
(Cost $94,813,024)  122,361,479 
 Principal Amount Value 
Preferred Securities - 0.0%   
CONSUMER DISCRETIONARY - 0.0%   
Internet & Direct Marketing Retail - 0.0%   
Circle Internet Financial Ltd. 0% (c)(g) 2,845,500 3,346,517 
INFORMATION TECHNOLOGY - 0.0%   
Semiconductors & Semiconductor Equipment - 0.0%   
Tenstorrent, Inc. 0% (c)(d)(g) 1,840,000 1,840,000 
TOTAL PREFERRED SECURITIES   
(Cost $4,685,500)  5,186,517 
 Shares Value 
Money Market Funds - 2.4%   
Fidelity Cash Central Fund 0.08% (h) 557,045,911 557,157,321 
Fidelity Securities Lending Cash Central Fund 0.08% (h)(i) 68,997,797 69,004,697 
TOTAL MONEY MARKET FUNDS   
(Cost $626,161,025)  626,162,018 
TOTAL INVESTMENT IN SECURITIES - 101.1%   
(Cost $16,507,675,843)  26,444,979,571 
NET OTHER ASSETS (LIABILITIES) - (1.1)%  (298,350,041) 
NET ASSETS - 100%  $26,146,629,530 

Legend

 (a) Non-income producing

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

 (c) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $209,435,613 or 0.8% of net assets.

 (d) Level 3 security

 (e) 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 $142,073,622 or 0.5% of net assets.

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

 (g) Security is perpetual in nature with no stated maturity date.

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

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Acrisure Holdings, Inc. Series B 3/22/21 $1,043,678 
ASAPP, Inc. Series C 4/30/21 $1,346,613 
Bowery Farming, Inc. Series C1 5/18/21 $2,248,263 
ByteDance Ltd. Series E1 11/18/20 $8,846,581 
Carbon, Inc. Series D 12/15/17 $225,990 
Carbon, Inc. Series E 3/22/19 $205,787 
Circle Internet Financial Ltd. 0% 5/11/21 $2,845,500 
Delhivery Private Ltd. Series H 5/20/21 $4,511,240 
Discord, Inc. Series I 9/15/21 $1,486,686 
ElevateBio LLC Series C 3/9/21 $2,040,868 
Epic Games, Inc. 7/13/20 - 7/30/20 $8,055,750 
Fanatics, Inc. Class A 8/13/20 - 12/15/21 $12,844,485 
GoBrands, Inc. Series G 3/2/21 $2,085,639 
GoBrands, Inc. Series H 7/22/21 $4,579,527 
High Power Exploration, Inc. Series A 11/15/19 - 3/4/21 $5,723,215 
Ivanhoe Electric, Inc. 4/30/21 $1,069,880 
Joby Aviation, Inc. 2/23/21 $1,995,790 
Lyra Health, Inc. Series E 1/14/21 $1,747,079 
Lyra Health, Inc. Series F 6/4/21 $180,899 
Nuro, Inc. Series C 10/30/20 $5,299,737 
Nuro, Inc. Series D 10/29/21 $2,388,982 
Nuvation Bio, Inc. 2/10/21 $4,390,510 
P3 Health Partners, Inc. 5/25/21 $4,506,200 
Rad Power Bikes, Inc. 1/21/21 $1,599,460 
Rad Power Bikes, Inc. Series A 1/21/21 $208,525 
Rad Power Bikes, Inc. Series C 1/21/21 $820,526 
Rad Power Bikes, Inc. Series D 9/17/21 $3,880,481 
Reddit, Inc. Series E 5/18/21 $1,159,546 
Reddit, Inc. Series F 8/11/21 $9,215,770 
Relativity Space, Inc. Series D 11/20/20 $3,095,642 
Relativity Space, Inc. Series E 5/27/21 $3,285,674 
Space Exploration Technologies Corp. Class A 2/16/21 $3,065,927 
Space Exploration Technologies Corp. Series N 8/4/20 $13,362,300 
Starling Bank Ltd. Series D 6/18/21 $6,261,217 
Stripe, Inc. Class B 5/18/21 $3,013,641 
Stripe, Inc. Series H 3/15/21 $1,163,625 
Tanium, Inc. Class B 9/18/20 $5,122,575 
Tenstorrent, Inc. Series C1 4/23/21 $1,961,992 
Tenstorrent, Inc. 0% 4/23/21 $1,840,000 
TulCo LLC 8/24/17 - 9/7/18 $651,224 
Veterinary Emergency Group LLC Class A 9/16/21 - 11/30/21 $4,011,596 
ZenPayroll, Inc. 10/1/21 $1,448,054 
ZenPayroll, Inc. Series D 7/16/19 $2,452,184 
ZenPayroll, Inc. Series E 7/13/21 $852,984 
Zipline International, Inc. 10/12/21 $3,148,776 
Zipline International, Inc. Series E 12/21/20 $5,808,653 
Zomato Ltd. 12/9/20 - 2/5/21 $2,762,058 

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.08% $761,353,791 $5,464,640,755 $5,668,842,797 $330,926 $5,572 $-- $557,157,321 1.0% 
Fidelity Securities Lending Cash Central Fund 0.08% 24,574,156 1,231,143,232  1,186,712,691 545,150 -- -- 69,004,697 0.2% 
Total $785,927,947 $ 6,695,783,987 $6,855,555,488 $876,076 $5,572 $-- $626,162,018  

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $4,602,194,059 $4,571,066,424 $31,127,635 $-- 
Consumer Discretionary 3,447,230,828 3,184,171,004 211,188,056 51,871,768 
Consumer Staples 790,719,709 738,621,081 49,850,365 2,248,263 
Energy 91,845,034 91,845,034 -- -- 
Financials 3,361,709,263 3,290,860,557 63,584,248 7,264,458 
Health Care 3,314,806,875 3,209,584,212 95,731,985 9,490,678 
Industrials 901,912,964 818,773,788 19,412,595 63,726,581 
Information Technology 8,653,172,782 8,526,783,341 78,828,828 47,560,613 
Materials 580,291,188 573,498,095 -- 6,793,093 
Real Estate 56,127,857 56,127,857 -- -- 
Utilities 13,620,477 13,620,477 -- -- 
Preferred Securities 5,186,517 -- 3,346,517 1,840,000 
Money Market Funds 626,162,018 626,162,018 -- -- 
Total Investments in Securities: $26,444,979,571 $25,701,113,888 $553,070,229 $190,795,454 
Net unrealized depreciation on unfunded commitments $(147,892) $-- $(147,892) $-- 

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


Financial Statements

Statement of Assets and Liabilities

  December 31, 2021 
Assets   
Investment in securities, at value (including securities loaned of $66,803,072) — See accompanying schedule:
Unaffiliated issuers (cost $15,881,514,818) 		$25,818,817,553  
Fidelity Central Funds (cost $626,161,025) 626,162,018  
Total Investment in Securities (cost $16,507,675,843)  $26,444,979,571 
Cash  9,840 
Foreign currency held at value (cost $123,045)  124,525 
Receivable for investments sold  1,757,435 
Receivable for fund shares sold  26,407,932 
Dividends receivable  4,061,673 
Distributions receivable from Fidelity Central Funds  57,149 
Other receivables  91,575 
Total assets  26,477,489,700 
Liabilities   
Payable for investments purchased $1,568,177  
Unrealized depreciation on unfunded commitments 147,892  
Payable for fund shares redeemed 249,592,645  
Accrued management fee 9,832,909  
Other payables and accrued expenses 713,501  
Collateral on securities loaned 69,005,046  
Total liabilities  330,860,170 
Net Assets  $26,146,629,530 
Net Assets consist of:   
Paid in capital  $16,195,716,813 
Total accumulated earnings (loss)  9,950,912,717 
Net Assets  $26,146,629,530 
Net Asset Value, offering price and redemption price per share ($26,146,629,530 ÷ 1,120,071,789 shares)  $23.34 

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


Statement of Operations

  Year ended December 31, 2021 
Investment Income   
Dividends  $131,614,330 
Income from Fidelity Central Funds (including $545,150 from security lending)  876,076 
Total income  132,490,406 
Expenses   
Management fee $104,449,077  
Independent trustees' fees and expenses 77,025  
Total expenses before reductions 104,526,102  
Expense reductions (254)  
Total expenses after reductions  104,525,848 
Net investment income (loss)  27,964,558 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $1,186,516) 975,550,324  
Fidelity Central Funds 5,572  
Foreign currency transactions (94,790)  
Total net realized gain (loss)  975,461,106 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,090,732) 3,987,161,138  
Unfunded commitments (147,892)  
Assets and liabilities in foreign currencies (60,985)  
Total change in net unrealized appreciation (depreciation)  3,986,952,261 
Net gain (loss)  4,962,413,367 
Net increase (decrease) in net assets resulting from operations  $4,990,377,925 

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


Statement of Changes in Net Assets

 Year ended December 31, 2021 Year ended December 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $27,964,558 $24,793,145 
Net realized gain (loss) 975,461,106 8,827,076 
Change in net unrealized appreciation (depreciation) 3,986,952,261 3,895,304,863 
Net increase (decrease) in net assets resulting from operations 4,990,377,925 3,928,925,084 
Distributions to shareholders (121,152,368) (35,356,894) 
Share transactions   
Proceeds from sales of shares 9,804,987,986 5,631,486,255 
Reinvestment of distributions 121,048,719 35,356,894 
Cost of shares redeemed (6,050,741,750) (4,008,180,689) 
Net increase (decrease) in net assets resulting from share transactions 3,875,294,955 1,658,662,460 
Total increase (decrease) in net assets 8,744,520,512 5,552,230,650 
Net Assets   
Beginning of period 17,402,109,018 11,849,878,368 
End of period $26,146,629,530 $17,402,109,018 
Other Information   
Shares   
Sold 477,951,690 351,858,942 
Issued in reinvestment of distributions 5,258,129 1,966,139 
Redeemed (284,504,628) (251,666,322) 
Net increase (decrease) 198,705,191 102,158,759 

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


Financial Highlights

Fidelity Contrafund K6

      
Years ended December 31, 2021 2020 2019 2018 2017 A 
Selected Per–Share Data      
Net asset value, beginning of period $18.89 $14.47 $11.08 $11.36 $10.00 
Income from Investment Operations      
Net investment income (loss)B .03 .03 .05 .05 .02 
Net realized and unrealized gain (loss) 4.53 4.43 3.38 (.29) 1.36 
Total from investment operations 4.56 4.46 3.43 (.24) 1.38 
Distributions from net investment income (.05) (.04) (.04) (.04) (.02) 
Distributions from net realized gain (.06) – – – – 
Total distributions (.11) (.04) (.04) (.04) (.02) 
Net asset value, end of period $23.34 $18.89 $14.47 $11.08 $11.36 
Total ReturnC,D 24.14% 30.83% 31.00% (2.15)% 13.77% 
Ratios to Average Net AssetsE,F      
Expenses before reductions .45% .45% .45% .45% .45%G 
Expenses net of fee waivers, if any .45% .45% .45% .45% .45%G 
Expenses net of all reductions .45% .45% .45% .45% .45%G 
Net investment income (loss) .12% .18% .39% .39% .38%G 
Supplemental Data      
Net assets, end of period (000 omitted) $26,146,630 $17,402,109 $11,849,878 $5,278,087 $1,735,754 
Portfolio turnover rateH 40%I 45%I 39%I 54%I 48%G,I 

 A For the period May 25, 2017 (commencement of operations) through December 31, 2017.

 B Calculated based on average shares outstanding during the period.

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

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

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

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

 G Annualized

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

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

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


Notes to Financial Statements

For the period ended December 31, 2021

1. Organization.

Fidelity Contrafund K6 (the Fund) is a fund of Fidelity Contrafund (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.

2. Investments in Fidelity Central Funds.

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

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2021 is included at the end of the Fund's Schedule of Investments.

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

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

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

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in kind, capital loss carryforwards and losses deferred due to wash sales.

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

Gross unrealized appreciation $10,004,064,312 
Gross unrealized depreciation (158,317,699) 
Net unrealized appreciation (depreciation) $9,845,746,613 
Tax Cost $16,599,085,066 

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

Undistributed ordinary income $1,431,571 
Undistributed long-term capital gain $104,415,992 
Net unrealized appreciation (depreciation) on securities and other investments $9,845,765,224 

The tax character of distributions paid was as follows:

 December 31, 2021 December 31, 2020 
Ordinary Income $51,884,688 $ 35,356,894 
Long-term Capital Gains 69,267,680 – 
Total $121,152,368 $ 35,356,894 

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

Special Purpose Acquisition Companies. Funds may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities. A SPAC is a publicly traded company that raises investment capital via an initial public offering (IPO) for the purpose of acquiring the equity securities of one or more existing companies via merger, business combination, acquisition or other similar transactions within a designated time frame.

Private Investment in Public Equity. Funds may acquire equity securities of an issuer through a private investment in a public equity (PIPE) transaction, including through commitments to purchase securities on a when-issued basis. A PIPE typically involves the purchase of securities directly from a publicly traded company in a private placement transaction. Securities purchased through PIPE transactions will be restricted from trading and considered illiquid until a resale registration statement for the shares is filed and declared effective.

At period end, the Fund had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on these commitments is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and in the Statement of Operations as Change in unrealized appreciation (depreciation) on unfunded commitments.

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

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

 $ Amount % of Net Assets 
Fidelity Contrafund K6 5,952,263 .02 

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

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

4. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity Contrafund K6 9,445,913,863 8,952,199,848 

Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

 Shares Total net realized gain or loss
($) 		Total Proceeds
($) 
Fidelity Contrafund K6 44,919,036 495,055,406 944,525,951 

Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

 Shares Total Proceeds
($) 
Fidelity Contrafund K6 224,086,125 4,505,428,497 

Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

 Shares Total net realized gain or loss
($) 		Total Proceeds
($) 
Fidelity Contrafund K6 3,490,146 26,947,034 57,936,426 

Prior Year Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

 Shares Total Proceeds
($) 
Fidelity Contrafund K6 67,653,810 1,062,916,308 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .45% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Fidelity Contrafund K6 $116,253 

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

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity Contrafund K6 508,982,027 659,912,682 20,751,087 

Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:

 Amount ($) 
Fidelity Contrafund K6 8,414 

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

7. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Contrafund K6 $56,564 $12,828 $– 

8. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $254.

9. Other.

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

10. Coronavirus (COVID-19) Pandemic.

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

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Contrafund and Shareholders of Fidelity Contrafund K6

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Contrafund K6 (one of the funds constituting Fidelity Contrafund, referred to hereafter as the “Fund”) as of December 31, 2021, the related statement of operations for the year ended December 31, 2021, the statement of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the four years in the period ended December 31, 2021 and for the period May 25, 2017 (commencement of operations) through December 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2021 and the financial highlights for each of the four years in the period ended December 31, 2021 and for the period May 25, 2017 (commencement of operations) through December 31, 2017 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 15, 2022



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

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Each of the Trustees oversees 314 funds. 

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

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

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

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

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

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

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

Interested Trustees*:

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

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

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

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

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

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

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

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

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

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

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

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

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

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

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

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

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

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

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

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

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

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

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

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

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

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

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2021 to December 31, 2021).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
July 1, 2021 		Ending
Account Value
December 31, 2021 		Expenses Paid
During Period-B
July 1, 2021
to December 31, 2021 
Fidelity Contrafund K6 .45%    
Actual  $1,000.00 $1,089.10 $2.37 
Hypothetical-C  $1,000.00 $1,022.94 $2.29 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity Contrafund K6 voted to pay on February 14, 2022, to shareholders of record at the opening of business on February 11, 2022, a distribution of $0.094 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.002 per share from net investment income.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2021, $ 173,683,672, or, if subsequently determined to be different, the net capital gain of such year.

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

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

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.





Fidelity Investments

CONK6-ANN-0322
1.9883979.104



Fidelity Flex® Funds

Fidelity Flex® Opportunistic Insights Fund



Annual Report

December 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions


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

You may also call 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants) to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Performance: The Bottom Line

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

Average Annual Total Returns

For the periods ended December 31, 2021 Past 1 year Life of fundA 
Fidelity Flex® Opportunistic Insights Fund 24.94% 22.11% 

 A From March 8, 2017

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Flex® Opportunistic Insights Fund on March 8, 2017, when the fund started.

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


Period Ending Values
$26,191Fidelity Flex® Opportunistic Insights Fund
$21,659Russell 3000® Index

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 28.71% in 2021, with U.S. equities rising on improving economic growth, strong corporate earnings, widespread COVID-19 vaccination, and accommodative fiscal and monetary stimulus. In the first quarter, the index gained 6.17%. Investors were buoyed by the rollout of vaccines, the U.S. Federal Reserve’s pledge to hold short-term interest rates near zero until the economy recovered, and the federal government’s deployment of trillions of dollars to boost the economy. A flattish May reflected concerns about inflation and jobs, but the rally resumed through August amid strong earnings. In September, the index returned -4.65% as sentiment turned broadly negative due to a host of factors. These included inflationary pressure from surging commodity prices, rising bond yields, supply constraints and disruption, and the fast-spreading delta variant of the coronavirus. The Fed also signaled it could soon begin to taper the bond purchases it has made since the onset of the pandemic. The index sharply reversed course with a 7.01% gain in October, driven by strength in earnings. Then in November, the index stalled again, returning -0.69% amid the emergence of a new, more-highly transmissible variant, omicron, and rising inflation, which breached a 40-year high. The index advanced 4.48% in December, after studies suggested omicron resulted in fewer severe COVID-19 cases. All sectors had a double-digit return, led by energy (+55%) and real estate (+46%), whereas utilities (+18%) notably lagged.

Comments from Portfolio Manager William Danoff:  For the year ending December 31, 2021, the fund gained 24.94%, underperforming the 25.66% result of the benchmark, the Russell 3000® Index. Versus the benchmark, market selection was the primary detractor, especially in the retailing area of the consumer discretionary sector. Also detracting from our result was an underweighting in energy and an overweighting in communication services. The biggest individual relative detractor was an overweight position in Amazon.com (+3%) and we added to our stake in this company. Another notable relative detractor was an outsized stake in Salesforce.com (+14%), which was among the fund's biggest holdings. Another notable relative detractor was our lighter-than-benchmark stake in Apple (+35%). This period we increased our stake. Conversely, the biggest contributor to performance versus the benchmark was our stock picks in information technology. Stock selection and an underweighting in health care and security selection in communication services also helped the fund's relative result. The biggest individual relative contributor was an overweight position in Nvidia (+127%) and we added to our position in this company. Also boosting value was our overweighting in Synaptics, which gained 201%. We increased our stake the past 12 months. Another notable relative contributor was an outsized stake in Alphabet (+66%), which was one of our largest holdings. Notable changes in positioning include increased exposure to the financials sector.

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

Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2021

 % of fund's net assets 
Meta Platforms, Inc. Class A 10.0 
Amazon.com, Inc. 6.5 
Berkshire Hathaway, Inc. Class A 5.8 
Microsoft Corp. 5.0 
NVIDIA Corp. 4.5 
Alphabet, Inc. Class C 2.7 
Salesforce.com, Inc. 2.6 
Alphabet, Inc. Class A 2.2 
UnitedHealth Group, Inc. 2.1 
Bank of America Corp. 2.1 
 43.5 

Top Five Market Sectors as of December 31, 2021

 % of fund's net assets 
Information Technology 30.9 
Communication Services 17.3 
Financials 17.0 
Consumer Discretionary 13.1 
Health Care 10.7 

Asset Allocation (% of fund's net assets)

As of December 31, 2021* 
   Stocks 98.0% 
   Convertible Securities 0.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.7% 


 * Foreign investments - 9.2%

Schedule of Investments December 31, 2021

Showing Percentage of Net Assets

Common Stocks - 98.0%   
 Shares Value 
COMMUNICATION SERVICES - 17.3%   
Entertainment - 2.2%   
Live Nation Entertainment, Inc. (a) 41 $4,907 
Netflix, Inc. (a) 1,466 883,177 
Roblox Corp. (a) 400 41,264 
Spotify Technology SA (a) 26 6,085 
The Walt Disney Co. (a) 1,245 192,838 
Universal Music Group NV 4,913 138,847 
Warner Music Group Corp. Class A 2,026 87,483 
  1,354,601 
Interactive Media & Services - 15.0%   
Alphabet, Inc.:   
Class A (a) 473 1,370,300 
Class C (a) 592 1,713,005 
Bumble, Inc. 712 24,108 
Meta Platforms, Inc. Class A (a) 18,466 6,211,037 
Zoominfo Technologies, Inc. (a) 638 40,960 
  9,359,410 
Media - 0.1%   
Liberty Media Corp. Liberty Formula One Group Series C (a) 1,270 80,315 
TOTAL COMMUNICATION SERVICES  10,794,326 
CONSUMER DISCRETIONARY - 13.0%   
Automobiles - 1.0%   
BYD Co. Ltd. (H Shares) 140 4,735 
General Motors Co. (a) 3,296 193,244 
Hyundai Motor Co. 715 125,697 
Li Auto, Inc. ADR (a) 172 5,521 
Rad Power Bikes, Inc. (b)(c) 669 6,412 
Rivian Automotive, Inc. 205 19,131 
Tesla, Inc. (a) 35 36,987 
Toyota Motor Corp. 10,600 195,915 
XPeng, Inc. Class A 2,559 60,934 
  648,576 
Hotels, Restaurants & Leisure - 0.7%   
Airbnb, Inc. Class A 931 155,002 
Chipotle Mexican Grill, Inc. (a) 97 169,580 
Churchill Downs, Inc. 121 29,149 
Dutch Bros, Inc. 91 4,633 
Hilton Worldwide Holdings, Inc. (a) 401 62,552 
  420,916 
Household Durables - 0.8%   
D.R. Horton, Inc. 1,359 147,384 
Garmin Ltd. 219 29,821 
Lennar Corp. Class A 1,599 185,740 
Mohawk Industries, Inc. (a) 355 64,674 
Sony Group Corp. 229 28,918 
Taylor Morrison Home Corp. (a) 157 5,489 
Tempur Sealy International, Inc. 602 28,312 
  490,338 
Internet & Direct Marketing Retail - 7.4%   
Amazon.com, Inc. (a) 1,220 4,067,895 
Cazoo Group Ltd. 1,174 6,725 
Cazoo Group Ltd. Class A (a) 2,263 13,646 
Coupang, Inc. Class A (a) 3,231 94,927 
Deliveroo PLC Class A (a)(d) 22,434 64,041 
Delivery Hero AG (a)(d) 42 4,649 
Doordash, Inc. 567 84,426 
eBay, Inc. 3,050 202,825 
Etsy, Inc. (a) 299 65,463 
Wayfair LLC Class A (a) 110 20,897 
Zomato Ltd. (a)(b) 6,700 10,505 
  4,635,999 
Leisure Products - 0.0%   
Thule Group AB (d) 183 11,052 
Multiline Retail - 0.0%   
Dollar Tree, Inc. (a) 126 17,706 
Specialty Retail - 2.3%   
Academy Sports & Outdoors, Inc. (a) 1,496 65,674 
AutoZone, Inc. (a) 42 88,048 
Dick's Sporting Goods, Inc. 654 75,203 
Fanatics, Inc. Class A (b)(c) 588 39,890 
JD Sports Fashion PLC 4,790 14,123 
National Vision Holdings, Inc. (a) 504 24,187 
O'Reilly Automotive, Inc. (a) 198 139,834 
The Home Depot, Inc. 1,902 789,349 
TJX Companies, Inc. 853 64,760 
Warby Parker, Inc. (a) 84 3,911 
Williams-Sonoma, Inc. 633 107,059 
  1,412,038 
Textiles, Apparel & Luxury Goods - 0.8%   
Deckers Outdoor Corp. (a) 95 34,799 
Dr. Martens Ltd. 8,010 46,588 
lululemon athletica, Inc. (a) 100 39,145 
LVMH Moet Hennessy Louis Vuitton SE 21 17,355 
NIKE, Inc. Class B 1,865 310,840 
On Holding AG 520 19,661 
Under Armour, Inc. Class A (sub. vtg.) (a) 133 2,818 
  471,206 
TOTAL CONSUMER DISCRETIONARY  8,107,831 
CONSUMER STAPLES - 2.5%   
Beverages - 0.4%   
Anheuser-Busch InBev SA NV 267 16,097 
Constellation Brands, Inc. Class A (sub. vtg.) 24 6,023 
Diageo PLC 818 44,725 
PepsiCo, Inc. 827 143,658 
The Coca-Cola Co. 750 44,408 
  254,911 
Food & Staples Retailing - 1.4%   
Costco Wholesale Corp. 1,508 856,092 
Food Products - 0.0%   
The Vita Coco Co., Inc. 238 2,658 
Personal Products - 0.7%   
Estee Lauder Companies, Inc. Class A 1,080 399,816 
L'Oreal SA (a) 43 20,503 
Olaplex Holdings, Inc. 370 10,778 
  431,097 
TOTAL CONSUMER STAPLES  1,544,758 
ENERGY - 0.3%   
Oil, Gas & Consumable Fuels - 0.3%   
Canadian Natural Resources Ltd. 1,535 64,861 
Cheniere Energy, Inc. 444 45,030 
ConocoPhillips Co. 369 26,634 
Diamondback Energy, Inc. 132 14,236 
EOG Resources, Inc. 307 27,271 
Pioneer Natural Resources Co. 147 26,736 
Reliance Industries Ltd. 174 5,532 
  210,300 
FINANCIALS - 17.0%   
Banks - 4.7%   
Bank of America Corp. 28,838 1,283,003 
JPMorgan Chase & Co. 5,728 907,029 
Kotak Mahindra Bank Ltd. (a) 2,799 67,493 
Nu Holdings Ltd. 1,100 10,318 
Royal Bank of Canada 2,351 249,513 
Starling Bank Ltd. Series D (a)(b)(c) 6,297 11,032 
SVB Financial Group (a) 68 46,120 
The Toronto-Dominion Bank 2,717 208,304 
Wells Fargo & Co. 2,800 134,344 
  2,917,156 
Capital Markets - 4.0%   
BlackRock, Inc. Class A 280 256,357 
Brookfield Asset Management, Inc. (Canada) Class A 899 54,290 
Charles Schwab Corp. 971 81,661 
CME Group, Inc. 50 11,423 
Coinbase Global, Inc. (a) 161 40,632 
Goldman Sachs Group, Inc. 1,816 694,711 
Intercontinental Exchange, Inc. 278 38,022 
Moody's Corp. 152 59,368 
Morgan Stanley 10,755 1,055,711 
MSCI, Inc. 236 144,595 
NASDAQ, Inc. 48 10,080 
S&P Global, Inc. 114 53,800 
  2,500,650 
Consumer Finance - 0.2%   
Capital One Financial Corp. 1,040 150,894 
Diversified Financial Services - 5.8%   
Berkshire Hathaway, Inc. Class A (a) 8 3,605,296 
P3 Health Partners, Inc. (b) 598 3,999 
  3,609,295 
Insurance - 2.3%   
Admiral Group PLC 4,302 184,145 
American International Group, Inc. 2,834 161,141 
Aon PLC 15 4,508 
Arthur J. Gallagher & Co. 442 74,994 
Brookfield Asset Management Reinsurance Partners Ltd. 2 126 
Chubb Ltd. 1,830 353,757 
Fairfax Financial Holdings Ltd. (sub. vtg.) 114 56,078 
Hartford Financial Services Group, Inc. 943 65,105 
Intact Financial Corp. 318 41,334 
Marsh & McLennan Companies, Inc. 195 33,895 
Progressive Corp. 1,297 133,137 
The Travelers Companies, Inc. 1,856 290,334 
  1,398,554 
TOTAL FINANCIALS  10,576,549 
HEALTH CARE - 10.7%   
Biotechnology - 1.7%   
AbbVie, Inc. 687 93,020 
Alnylam Pharmaceuticals, Inc. (a) 96 16,280 
Genmab A/S (a) 3 1,197 
Horizon Therapeutics PLC (a) 3,012 324,573 
Idorsia Ltd. (a) 1,725 35,153 
Intellia Therapeutics, Inc. (a) 486 57,465 
Regeneron Pharmaceuticals, Inc. (a) 678 428,171 
Vertex Pharmaceuticals, Inc. (a) 347 76,201 
Zai Lab Ltd. (a) 297 18,937 
  1,050,997 
Health Care Equipment & Supplies - 1.1%   
Abbott Laboratories 362 50,948 
Alcon, Inc. 58 5,053 
Align Technology, Inc. (a) 149 97,920 
DexCom, Inc. (a) 65 34,902 
Edwards Lifesciences Corp. (a) 892 115,559 
Intuitive Surgical, Inc. (a) 874 314,028 
Sonova Holding AG 125 48,850 
  667,260 
Health Care Providers & Services - 2.9%   
AmerisourceBergen Corp. 348 46,246 
Anthem, Inc. 73 33,838 
Cano Health, Inc. (a) 384 3,421 
CVS Health Corp. 118 12,173 
dentalcorp Holdings Ltd. (a) 1,668 21,454 
Guardant Health, Inc. (a) 192 19,204 
HCA Holdings, Inc. 960 246,643 
Humana, Inc. 72 33,398 
McKesson Corp. 47 11,683 
Molina Healthcare, Inc. (a) 17 5,407 
Option Care Health, Inc. (a) 1,796 51,078 
UnitedHealth Group, Inc. 2,637 1,324,143 
  1,808,688 
Health Care Technology - 0.0%   
Doximity, Inc. 114 5,715 
Inspire Medical Systems, Inc. (a) 19 4,371 
  10,086 
Life Sciences Tools & Services - 3.0%   
23andMe Holding Co.:   
Class A (a)(e) 5,839 38,888 
Class B (d) 730 4,862 
Bio-Rad Laboratories, Inc. Class A (a) 139 105,024 
Charles River Laboratories International, Inc. (a) 56 21,100 
Danaher Corp. 2,354 774,490 
Eurofins Scientific SA 448 55,503 
ICON PLC (a) 21 6,504 
IQVIA Holdings, Inc. (a) 462 130,349 
Maravai LifeSciences Holdings, Inc. (a) 986 41,313 
Mettler-Toledo International, Inc. (a) 172 291,920 
Thermo Fisher Scientific, Inc. 315 210,181 
Waters Corp. (a) 448 166,925 
West Pharmaceutical Services, Inc. 74 34,707 
WuXi AppTec Co. Ltd. (H Shares) (d) 433 7,497 
  1,889,263 
Pharmaceuticals - 2.0%   
Asymchem Laboratories Tianjin Co. Ltd. (H Shares) (d) 402 16,497 
Eli Lilly & Co. 2,603 719,001 
Intra-Cellular Therapies, Inc. (a) 129 6,752 
Merck & Co., Inc. 490 37,554 
Nuvation Bio, Inc. (a) 2,928 24,888 
Pfizer, Inc. 713 42,103 
Roche Holding AG (participation certificate) 139 57,666 
Royalty Pharma PLC 2,979 118,713 
UCB SA 280 31,955 
Zoetis, Inc. Class A 883 215,478 
  1,270,607 
TOTAL HEALTH CARE  6,696,901 
INDUSTRIALS - 3.9%   
Aerospace & Defense - 0.1%   
Northrop Grumman Corp. 211 81,672 
Space Exploration Technologies Corp. Class A (a)(b)(c) 20 11,200 
  92,872 
Air Freight & Logistics - 1.3%   
Expeditors International of Washington, Inc. 211 28,335 
United Parcel Service, Inc. Class B 3,679 788,557 
Zipline International, Inc. (b)(c) 168 6,048 
  822,940 
Airlines - 0.0%   
Joby Aviation, Inc. (b) 215 1,570 
Building Products - 0.8%   
Carrier Global Corp. 1,100 59,664 
Fortune Brands Home & Security, Inc. 2,100 224,490 
Toto Ltd. 2,159 99,288 
Trane Technologies PLC 588 118,794 
  502,236 
Commercial Services & Supplies - 0.3%   
Aurora Innovation, Inc. (a) 376 4,234 
Cintas Corp. 389 172,393 
Clean TeQ Water Pty Ltd. (a) 3 2 
GFL Environmental, Inc. 80 3,028 
  179,657 
Industrial Conglomerates - 0.6%   
General Electric Co. 3,767 355,868 
Roper Technologies, Inc. 10 4,919 
  360,787 
Machinery - 0.3%   
AutoStore Holdings Ltd. 753 2,962 
Fortive Corp. 128 9,765 
Ingersoll Rand, Inc. 1,155 71,460 
Nordson Corp. 15 3,829 
Otis Worldwide Corp. 834 72,616 
  160,632 
Professional Services - 0.2%   
Equifax, Inc. 204 59,729 
Thomson Reuters Corp. 365 43,649 
  103,378 
Road & Rail - 0.2%   
Canadian Pacific Railway Ltd. 815 58,618 
J.B. Hunt Transport Services, Inc. 385 78,694 
Old Dominion Freight Lines, Inc. 47 16,844 
  154,156 
Trading Companies & Distributors - 0.1%   
Ferguson PLC 242 42,986 
TOTAL INDUSTRIALS  2,421,214 
INFORMATION TECHNOLOGY - 30.8%   
Communications Equipment - 0.1%   
Arista Networks, Inc. (a) 408 58,650 
Electronic Equipment & Components - 2.0%   
Amphenol Corp. Class A 12,546 1,097,273 
CDW Corp. 360 73,721 
Keysight Technologies, Inc. (a) 266 54,932 
Zebra Technologies Corp. Class A (a) 86 51,187 
  1,277,113 
IT Services - 3.9%   
Accenture PLC Class A 2,026 839,878 
Adyen BV (a)(d) 97 254,625 
Affirm Holdings, Inc. 256 25,743 
Cloudflare, Inc. (a) 3,513 461,960 
Digitalocean Holdings, Inc. (a) 52 4,177 
Endava PLC ADR (a) 32 5,373 
EPAM Systems, Inc. (a) 8 5,348 
MasterCard, Inc. Class A 199 71,505 
MongoDB, Inc. Class A (a) 313 165,687 
Shopify, Inc. Class A (a) 399 549,377 
Snowflake Computing, Inc. (a) 127 43,021 
  2,426,694 
Semiconductors & Semiconductor Equipment - 10.4%   
Advanced Micro Devices, Inc. (a) 7,177 1,032,770 
Analog Devices, Inc. 1,665 292,657 
Applied Materials, Inc. 2,087 328,410 
ASML Holding NV 58 46,176 
Broadcom, Inc. 47 31,274 
Enphase Energy, Inc. (a) 130 23,782 
KLA Corp. 69 29,678 
Lam Research Corp. 248 178,349 
Lattice Semiconductor Corp. (a) 703 54,173 
Marvell Technology, Inc. 2,395 209,539 
Monolithic Power Systems, Inc. 29 14,307 
NVIDIA Corp. 9,581 2,817,868 
NXP Semiconductors NV 21 4,783 
ON Semiconductor Corp. (a) 1,521 103,306 
Qualcomm, Inc. 4,169 762,385 
Semtech Corp. (a) 340 30,236 
Silergy Corp. 35 6,346 
SiTime Corp. (a) 25 7,314 
Synaptics, Inc. (a) 1,356 392,576 
Teradyne, Inc. 70 11,447 
Texas Instruments, Inc. 475 89,523 
  6,466,899 
Software - 13.2%   
Adobe, Inc. (a) 1,950 1,105,767 
Atlassian Corp. PLC (a) 1,357 517,411 
Bill.Com Holdings, Inc. (a) 59 14,700 
Cadence Design Systems, Inc. (a) 1,919 357,606 
Ceridian HCM Holding, Inc. (a) 41 4,283 
Confluent, Inc. 141 10,750 
Crowdstrike Holdings, Inc. (a) 113 23,137 
Datadog, Inc. Class A (a) 716 127,527 
Dropbox, Inc. Class A (a) 522 12,810 
Dynatrace, Inc. (a) 1,607 96,982 
Epic Games, Inc. (a)(b)(c) 34 30,900 
Fortinet, Inc. (a) 88 31,627 
HubSpot, Inc. (a) 189 124,579 
Informatica, Inc. 311 11,501 
Intuit, Inc. 871 560,245 
KnowBe4, Inc. (a) 841 19,293 
Microsoft Corp. 9,196 3,092,799 
Monday.com Ltd. 93 28,711 
Palo Alto Networks, Inc. (a) 180 100,217 
Paycom Software, Inc. (a) 15 6,228 
Qualtrics International, Inc. 553 19,576 
Rapid7, Inc. (a) 37 4,355 
Salesforce.com, Inc. (a) 6,412 1,629,482 
Samsara, Inc. 252 7,084 
SentinelOne, Inc. 85 4,292 
ServiceNow, Inc. (a) 244 158,383 
Stripe, Inc. Class B (a)(b)(c) 88 3,680 
Tanium, Inc. Class B (a)(b)(c) 741 9,403 
Unity Software, Inc. (a) 55 7,864 
Workday, Inc. Class A (a) 132 36,060 
Xero Ltd. (a) 141 14,510 
Zscaler, Inc. (a) 156 50,127 
  8,221,889 
Technology Hardware, Storage & Peripherals - 1.2%   
Apple, Inc. 3,057 542,831 
Dell Technologies, Inc. (a) 3,556 199,741 
  742,572 
TOTAL INFORMATION TECHNOLOGY  19,193,817 
MATERIALS - 2.2%   
Chemicals - 0.7%   
LG Chemical Ltd. 9 4,656 
Sherwin-Williams Co. 1,169 411,675 
Westlake Chemical Corp. 153 14,861 
  431,192 
Metals & Mining - 1.5%   
B2Gold Corp. (a) 4,102 16,149 
Barrick Gold Corp. (Canada) 1,808 34,375 
Cleveland-Cliffs, Inc. (a) 2,309 50,267 
Franco-Nevada Corp. 1,510 208,830 
Freeport-McMoRan, Inc. 4,955 206,772 
Gatos Silver, Inc. (a) 891 9,249 
Ivanhoe Mines Ltd. (a) 20,706 168,928 
Novagold Resources, Inc. (a) 4,286 29,376 
Nucor Corp. 1,272 145,199 
Steel Dynamics, Inc. 1,011 62,753 
Stelco Holdings, Inc. 132 4,301 
Sunrise Energy Metals Ltd. (a) 7 9 
  936,208 
TOTAL MATERIALS  1,367,400 
REAL ESTATE - 0.2%   
Equity Real Estate Investment Trusts (REITs) - 0.2%   
Equity Commonwealth (a) 1,203 31,158 
Prologis (REIT), Inc. 668 112,464 
  143,622 
UTILITIES - 0.1%   
Electric Utilities - 0.1%   
NextEra Energy, Inc. 392 36,597 
TOTAL COMMON STOCKS   
(Cost $45,900,016)  61,093,315 
Preferred Stocks - 0.3%   
Convertible Preferred Stocks - 0.3%   
CONSUMER DISCRETIONARY - 0.1%   
Automobiles - 0.0%   
Rad Power Bikes, Inc.:   
Series A (b)(c) 88 843 
Series C (b)(c) 343 3,287 
Series D (b)(c) 800 7,667 
  11,797 
Internet & Direct Marketing Retail - 0.1%   
GoBrands, Inc.:   
Series G (b)(c) 9 3,496 
Series H (b)(c) 23 8,935 
Reddit, Inc.:   
Series E (b)(c) 65 4,017 
Series F (b)(c) 284 17,550 
  33,998 
Textiles, Apparel & Luxury Goods - 0.0%   
Discord, Inc. Series I (b)(c) 16 8,810 
TOTAL CONSUMER DISCRETIONARY  54,605 
CONSUMER STAPLES - 0.0%   
Food Products - 0.0%   
Bowery Farming, Inc. Series C1 (b)(c) 50 3,012 
HEALTH CARE - 0.0%   
Biotechnology - 0.0%   
ElevateBio LLC Series C (b)(c) 1,014 3,733 
Health Care Providers & Services - 0.0%   
Lyra Health, Inc.:   
Series E (b)(c) 600 10,938 
Series F (b)(c) 17 310 
  11,248 
TOTAL HEALTH CARE  14,981 
INDUSTRIALS - 0.1%   
Aerospace & Defense - 0.1%   
Relativity Space, Inc. Series E (b)(c) 505 11,532 
Space Exploration Technologies Corp. Series N (a)(b)(c) 74 41,440 
  52,972 
Air Freight & Logistics - 0.0%   
Zipline International, Inc. Series E (b)(c) 236 8,496 
Transportation Infrastructure - 0.0%   
Delhivery Private Ltd. Series H (b)(c) 11 5,265 
TOTAL INDUSTRIALS  66,733 
INFORMATION TECHNOLOGY - 0.1%   
IT Services - 0.0%   
ByteDance Ltd. Series E1 (a)(b)(c) 117 14,508 
Semiconductors & Semiconductor Equipment - 0.0%   
Tenstorrent, Inc. Series C1 (b)(c) 100 7,504 
Software - 0.1%   
Nuro, Inc.:   
Series C (a)(b)(c) 562 11,715 
Series D (b)(c) 212 4,419 
Stripe, Inc. Series H (b)(c) 89 3,722 
  19,856 
TOTAL INFORMATION TECHNOLOGY  41,868 
TOTAL CONVERTIBLE PREFERRED STOCKS  181,199 
Nonconvertible Preferred Stocks - 0.0%   
ENERGY - 0.0%   
Oil, Gas & Consumable Fuels - 0.0%   
Petroleo Brasileiro SA - Petrobras sponsored ADR 518 5,688 
TOTAL PREFERRED STOCKS   
(Cost $147,164)  186,887 
 Principal Amount Value 
Preferred Securities - 0.0%   
CONSUMER DISCRETIONARY - 0.0%   
Internet & Direct Marketing Retail - 0.0%   
Circle Internet Financial Ltd. 0% (b)(f) 3,800 4,469 
INFORMATION TECHNOLOGY - 0.0%   
Semiconductors & Semiconductor Equipment - 0.0%   
Tenstorrent, Inc. 0% (b)(c)(f) 4,994 4,994 
TOTAL PREFERRED SECURITIES   
(Cost $8,794)  9,463 
 Shares Value 
Money Market Funds - 2.5%   
Fidelity Cash Central Fund 0.08% (g) 1,528,384 1,528,689 
Fidelity Securities Lending Cash Central Fund 0.08% (g)(h) 31,172 31,175 
TOTAL MONEY MARKET FUNDS   
(Cost $1,559,864)  1,559,864 
TOTAL INVESTMENT IN SECURITIES - 100.8%   
(Cost $47,615,838)  62,849,529 
NET OTHER ASSETS (LIABILITIES) - (0.8)%  (509,177) 
NET ASSETS - 100%  $62,340,352 

Legend

 (a) Non-income producing

 (b) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $325,301 or 0.5% of net assets.

 (c) Level 3 security

 (d) 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 $363,223 or 0.6% of net assets.

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

 (f) Security is perpetual in nature with no stated maturity date.

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

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Bowery Farming, Inc. Series C1 5/18/21 $3,012 
ByteDance Ltd. Series E1 11/18/20 $12,820 
Circle Internet Financial Ltd. 0% 5/11/21 $3,800 
Delhivery Private Ltd. Series H 5/20/21 $5,369 
Discord, Inc. Series I 9/15/21 $8,810 
ElevateBio LLC Series C 3/9/21 $4,254 
Epic Games, Inc. 7/30/20 $19,550 
Fanatics, Inc. Class A 8/13/20 - 12/15/21 $25,230 
GoBrands, Inc. Series G 3/2/21 $2,247 
GoBrands, Inc. Series H 7/22/21 $8,935 
Joby Aviation, Inc. 2/23/21 $2,150 
Lyra Health, Inc. Series E 1/14/21 $5,494 
Lyra Health, Inc. Series F 6/4/21 $267 
Nuro, Inc. Series C 10/30/20 $7,337 
Nuro, Inc. Series D 10/29/21 $4,419 
P3 Health Partners, Inc. 5/25/21 $5,980 
Rad Power Bikes, Inc. 1/21/21 $3,227 
Rad Power Bikes, Inc. Series A 1/21/21 $425 
Rad Power Bikes, Inc. Series C 1/21/21 $1,655 
Rad Power Bikes, Inc. Series D 9/17/21 $7,667 
Reddit, Inc. Series E 5/18/21 $2,761 
Reddit, Inc. Series F 8/11/21 $17,550 
Relativity Space, Inc. Series E 5/27/21 $11,532 
Space Exploration Technologies Corp. Class A 2/16/21 $8,400 
Space Exploration Technologies Corp. Series N 8/4/20 $19,980 
Starling Bank Ltd. Series D 6/18/21 $11,258 
Stripe, Inc. Class B 5/18/21 $3,531 
Stripe, Inc. Series H 3/15/21 $3,571 
Tanium, Inc. Class B 4/21/17 - 9/18/20 $7,800 
Tenstorrent, Inc. Series C1 4/23/21 $5,945 
Tenstorrent, Inc. 0% 4/23/21 $4,994 
Zipline International, Inc. 10/12/21 $6,048 
Zipline International, Inc. Series E 12/21/20 $7,701 
Zomato Ltd. 12/9/20 $4,073 

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.08% $511,713 $52,187,905 $51,170,929 $567  $-- $-- $1,528,689 0.0% 
Fidelity Securities Lending Cash Central Fund 0.08% -- 317,319  286,144  179 -- -- 31,175 0.0% 
Total $511,713 $52,505,224 $51,457,073  $746 $-- $-- $1,559,864  

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $10,794,326 $10,655,479 $138,847 $-- 
Consumer Discretionary 8,162,436 7,576,858 484,671 100,907 
Consumer Staples 1,547,770 1,463,433 81,325 3,012 
Energy 215,988 215,988 -- -- 
Financials 10,576,549 10,377,373 188,144 11,032 
Health Care 6,711,882 6,447,640 249,261 14,981 
Industrials 2,487,947 2,358,018 45,948 83,981 
Information Technology 19,235,685 18,895,209 254,625 85,851 
Materials 1,367,400 1,367,400 -- -- 
Real Estate 143,622 143,622 -- -- 
Utilities 36,597 36,597 -- -- 
Preferred Securities 9,463 -- 4,469 4,994 
Money Market Funds 1,559,864 1,559,864 -- -- 
Total Investments in Securities: $62,849,529 $61,097,481 $1,447,290 $304,758 
Net unrealized depreciation on unfunded commitments $(284) $-- $(284) $-- 

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


Financial Statements

Statement of Assets and Liabilities

  December 31, 2021 
Assets   
Investment in securities, at value (including securities loaned of $28,638) — See accompanying schedule:
Unaffiliated issuers (cost $46,055,974) 		$61,289,665  
Fidelity Central Funds (cost $1,559,864) 1,559,864  
Total Investment in Securities (cost $47,615,838)  $62,849,529 
Foreign currency held at value (cost $10,024)  10,262 
Receivable for fund shares sold  22,153 
Dividends receivable  10,712 
Distributions receivable from Fidelity Central Funds  212 
Total assets  62,892,868 
Liabilities   
Payable to custodian bank $14,619  
Unrealized depreciation on unfunded commitments 284  
Payable for fund shares redeemed 505,652  
Other payables and accrued expenses 786  
Collateral on securities loaned 31,175  
Total liabilities  552,516 
Net Assets  $62,340,352 
Net Assets consist of:   
Paid in capital  $47,468,407 
Total accumulated earnings (loss)  14,871,945 
Net Assets  $62,340,352 
Net Asset Value, offering price and redemption price per share ($62,340,352 ÷ 2,814,689 shares)  $22.15 

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


Statement of Operations

  Year ended December 31, 2021 
Investment Income   
Dividends  $242,626 
Income from Fidelity Central Funds (including $179 from security lending)  746 
Total income  243,372 
Expenses   
Independent trustees' fees and expenses $117  
Total expenses before reductions 117  
Expense reductions (7)  
Total expenses after reductions  110 
Net investment income (loss)  243,262 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $2,432) 2,437,956  
Foreign currency transactions 138  
Total net realized gain (loss)  2,438,094 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $2,933) 5,464,692  
Unfunded commitments (284)  
Assets and liabilities in foreign currencies (169)  
Total change in net unrealized appreciation (depreciation)  5,464,239 
Net gain (loss)  7,902,333 
Net increase (decrease) in net assets resulting from operations  $8,145,595 

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


Statement of Changes in Net Assets

 Year ended December 31, 2021 Year ended December 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $243,262 $137,658 
Net realized gain (loss) 2,438,094 2,208,135 
Change in net unrealized appreciation (depreciation) 5,464,239 3,297,199 
Net increase (decrease) in net assets resulting from operations 8,145,595 5,642,992 
Distributions to shareholders (3,196,372) (1,482,822) 
Share transactions   
Proceeds from sales of shares 46,911,965 10,267,922 
Reinvestment of distributions 3,196,372 1,482,822 
Cost of shares redeemed (15,426,338) (21,457,319) 
Net increase (decrease) in net assets resulting from share transactions 34,681,999 (9,706,575) 
Total increase (decrease) in net assets 39,631,222 (5,546,405) 
Net Assets   
Beginning of period 22,709,130 28,255,535 
End of period $62,340,352 $22,709,130 
Other Information   
Shares   
Sold 2,190,806 595,451 
Issued in reinvestment of distributions 151,673 78,030 
Redeemed (719,151) (1,333,136) 
Net increase (decrease) 1,623,328 (659,655) 

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


Financial Highlights

Fidelity Flex Opportunistic Insights Fund

      
Years ended December 31, 2021 2020 2019 2018 2017 A 
Selected Per–Share Data      
Net asset value, beginning of period $19.06 $15.26 $11.82 $12.19 $10.00 
Income from Investment Operations      
Net investment income (loss)B .13 .10 .12 .11 .07 
Net realized and unrealized gain (loss) 4.48 5.04 3.49 (.33) 2.17 
Total from investment operations 4.61 5.14 3.61 (.22) 2.24 
Distributions from net investment income (.12) (.14) (.10) (.15) (.04) 
Distributions from net realized gain (1.40) (1.20) (.07) – (.01) 
Total distributions (1.52) (1.34) (.17) (.15) (.05) 
Net asset value, end of period $22.15 $19.06 $15.26 $11.82 $12.19 
Total ReturnC,D 24.94% 33.68% 30.56% (1.85)% 22.37% 
Ratios to Average Net AssetsE,F      
Expenses before reductionsG -% -% -% -% - %H 
Expenses net of fee waivers, if anyG -% -% -% -% - %H 
Expenses net of all reductionsG -% -% -% -% - %H 
Net investment income (loss) .63% .61% .82% .81% .78%H 
Supplemental Data      
Net assets, end of period (000 omitted) $62,340 $22,709 $28,256 $16,723 $14,501 
Portfolio turnover rateI 57% 39% 67% 93% 28%H 

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

 B Calculated based on average shares outstanding during the period.

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

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

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

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

 G Amount represents less than .005%.

 H Annualized

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

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


Notes to Financial Statements

For the period ended December 31, 2021

1. Organization.

Fidelity Flex Opportunistic Insights Fund (the Fund) is a fund of Fidelity Contrafund (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund is available only to certain fee-based accounts and advisory programs offered by Fidelity.

2. Investments in Fidelity Central Funds.

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

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2021 is included at the end of the Fund's Schedule of Investments.

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

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

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

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

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

Gross unrealized appreciation $15,738,274 
Gross unrealized depreciation (731,779) 
Net unrealized appreciation (depreciation) $15,006,495 
Tax Cost $47,842,750 

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

Net unrealized appreciation (depreciation) on securities and other investments $15,006,741 

The Fund intends to elect to defer to its next fiscal year $134,004 of capital losses recognized during the period November 1,2021 to December 31,2021.

The tax character of distributions paid was as follows:

 December 31, 2021 December 31, 2020 
Ordinary Income $496,262 $ 157,278 
Long-term Capital Gains 2,700,110 1,325,544 
Total $3,196,372 $ 1,482,822 

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

Special Purpose Acquisition Companies. Funds may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities. A SPAC is a publicly traded company that raises investment capital via an initial public offering (IPO) for the purpose of acquiring the equity securities of one or more existing companies via merger, business combination, acquisition or other similar transactions within a designated time frame.

Private Investment in Public Equity. Funds may acquire equity securities of an issuer through a private investment in a public equity (PIPE) transaction, including through commitments to purchase securities on a when-issued basis. A PIPE typically involves the purchase of securities directly from a publicly traded company in a private placement transaction. Securities purchased through PIPE transactions will be restricted from trading and considered illiquid until a resale registration statement for the shares is filed and declared effective.

At period end, the Fund had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on these commitments is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and in the Statement of Operations as Change in unrealized appreciation (depreciation) on unfunded commitments.

4. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity Flex Opportunistic Insights Fund 52,615,063 21,197,671 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Fidelity Flex Opportunistic Insights Fund $367 

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

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity Flex Opportunistic Insights Fund 1,244,697 1,623,658 81,000 

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

7. Security Lending.

Funds lend portfolio securities through a lending agent from time to time in order to earn additional income. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds.

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

8. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $7.

9. Other.

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

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:

Fund Affiliated % 
Fidelity Flex Opportunistic Insights Fund 21% 

10. Coronavirus (COVID-19) Pandemic.

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

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Flex Opportunistic Insights Fund (one of the funds constituting Fidelity Contrafund, referred to hereafter as the “Fund”) as of December 31, 2021, the related statement of operations for the year ended December 31, 2021, the statement of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the four years in the period ended December 31, 2021 and for the period March 8, 2017 (commencement of operations) throughDecember 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2021 and the financial highlights for each of the four years in the period ended December 31, 2021 and for the period March 8, 2017 (commencement of operations) through December 31, 2017 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021 by correspondence with the custodian and issuers of privately offered securities. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 15, 2022



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

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Each of the Trustees oversees 314 funds. 

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

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants).

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

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

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

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

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

Interested Trustees*:

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

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

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

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

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

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

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

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

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

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

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

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

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

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

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

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

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

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

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

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

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

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

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

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

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

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

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2021 to December 31, 2021).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
July 1, 2021 		Ending
Account Value
December 31, 2021 		Expenses Paid
During Period-B
July 1, 2021
to December 31, 2021 
Fidelity Flex Opportunistic Insights Fund - %C    
Actual  $1,000.00 $1,092.20 $-D 
Hypothetical-E  $1,000.00 $1,025.21 $-D 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C Amount represents less than .005%.

 D Amount represents less than $.005.

 E 5% return per year before expenses

Distributions (Unaudited)

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2021, $2,493,795, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 1% and 41% of the dividends distributed in February and December, respectively, during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund designates 2% and 50% of the dividends distributed in February and December, respectively, during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.





Fidelity Investments

ZPI-ANN-0322
1.9881595.104


Item 2.

Code of Ethics


As of the end of the period, December 31, 2021, Fidelity Contrafund (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer.  A copy of the code of ethics is filed as an exhibit to this Form N-CSR.


Item 3.

Audit Committee Financial Expert


The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR.  Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.  



Item 4.  

Principal Accountant Fees and Services


Fees and Services


The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity Advisor New Insights Fund, Fidelity Contrafund, Fidelity Contrafund K6, Fidelity Flex Opportunistic Insights Fund and Fidelity Series Opportunistic Insights Fund (the “Funds”):


Services Billed by PwC


December 31, 2021 FeesA

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Advisor New Insights Fund

$67,100

$6,600

$13,400

$2,100

Fidelity Contrafund

$111,600

$7,700

$42,500

$2,500

Fidelity Contrafund K6

$75,100

$6,200

$12,100

$2,000

Fidelity Flex Opportunistic Insights Fund

$48,600

$4,900

$11,400

$1,600

Fidelity Series Opportunistic Insights Fund

$63,100

$6,200

$11,500

$2,000







December 31, 2020 FeesA

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Advisor New Insights Fund

$72,800

$6,200

$109,600

$2,500

Fidelity Contrafund

$192,800

$7,300

$14,800

$3,000

Fidelity Contrafund K6

$99,500

$5,800

$9,600

$2,400

Fidelity Flex Opportunistic Insights Fund

$49,200

$4,700

$12,600

$1,900

Fidelity Series Opportunistic Insights Fund

$66,300

$5,800

$11,500

$2,400











A Amounts may reflect rounding.


The following table(s) present(s) fees billed by PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):


Services Billed by PwC




December 31, 2021A

December 31, 2020A

Audit-Related Fees

$8,522,600

$9,377,400

Tax Fees

$354,200

$30,000

All Other Fees

$-

$-


A Amounts may reflect rounding.


“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.


“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.


“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.  


Assurance services must be performed by an independent public accountant.


* * *




The aggregate non-audit fees billed by PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:



Billed By

December 31, 2021A

December 31, 2020A

PwC

$14,252,200

$14,742,400


A Amounts may reflect rounding.


The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its(their) audit of the Fund(s), taking into account representations from PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.


Audit Committee Pre-Approval Policies and Procedures

 

The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.


The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.


All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.


Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.


Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)


There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).



Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable.


Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies


Not applicable.


Item 8.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 9.  

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers


Not applicable.


Item 10.

Submission of Matters to a Vote of Security Holders


There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.


Item 11.

Controls and Procedures


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


(a)(ii)  There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.


Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.


Item 13.

Exhibits


(a)

(1)

Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.

(a)

(2)

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

(a)

(3)

Not applicable.

(b)


Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.




SIGNATURES


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


Fidelity Contrafund



By:

/s/Stacie M. Smith

Stacie M. Smith

President and Treasurer


Date:

February 18, 2022


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



By:

/s/Stacie M. Smith

Stacie M. Smith

President and Treasurer


Date:

February 18, 2022



By:

/s/John J. Burke III

John J. Burke III

Chief Financial Officer


Date:

February 18, 2022