UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-01400
Fidelity Contrafund
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Cynthia Lo Bessette, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
| |
Date of fiscal year end: | December 31 |
|
|
Date of reporting period: | December 31, 2019 |
Item 1.
Reports to Stockholders
Fidelity® Contrafund®
Annual Report
December 31, 2019
See the inside front cover for important information about access to your fund’s shareholder reports.
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
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| Account Type | Website | Phone Number |
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Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2020 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended December 31, 2019 | Past 1 year | Past 5 years | Past 10 years |
| Fidelity® Contrafund® | 29.98% | 13.10% | 13.96% |
| Class K | 30.17% | 13.22% | 14.08% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® Contrafund®, a class of the fund, on December 31, 2009.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
See above for additional information regarding the performance of Fidelity® Contrafund®.
| Period Ending Values |
| $36,928 | Fidelity® Contrafund® |
| $35,666 | S&P 500® Index |
Management's Discussion of Fund Performance
Market Recap: U.S. stocks continued to roll in 2019, with the S&P 500
® index soaring 31.49% and marking history as the longest and strongest bull market ever, despite persistent, nagging concerns about global economic growth and trade. After a rough end to 2018, equities sharply reversed course to begin the new year amid upbeat company earnings and signs the Federal Reserve may pause on rates. The uptrend continued until May, when the index sunk as trade negotiations between the U.S. and China broke down. The bull market roared back to record a series of highs in July, when the Fed cut interest rates for the first time since 2008. Volatility intensified in August, as the Treasury yield curve inverted, which some investors viewed as a sign the U.S. economy could be heading for recession. But the market proved resilient, hitting a new high on October 30, when the Fed lowered rates for the third time in 2019, and moving even higher through year-end. Gains were robust and broad-based, with information technology (+50%) leading the way with its best calendar-year result in a decade, amid strong growth trends. Communication services (+33%) and financials (+32%) also stood out. In contrast, energy (+12%) was by far the weakest group – struggling amid sluggish oil prices – while several strong gainers nonetheless fell short of the broader market: industrials and real estate (+29% each), consumer discretionary and consumer staples (+28% each), utilities (+26%), materials (+25%), and health care (+21%).
Comments from Portfolio Manager William Danoff: For the year, the fund's share classes gained roughly 30%, lagging the benchmark S&P 500
® index. Versus the benchmark, security selection was the biggest detractor, especially in the information technology and financials sectors. The fund's modest position in cash hampered relative performance in a strong market. Our picks in consumer discretionary, industrials and real estate hurt to a lesser extent. The largest individual relative detractor was an underweighting in Apple (+89%), a maker of personal electronics and a sizable benchmark component the past year. The company had favorable financial results, driven by its wearables, home and accessories segment. Underexposure to Apple allowed us to invest in companies with better growth prospects. In financials, it hurt to overweight Berkshire Hathaway, as shares of the insurance-focused conglomerate gained 11% in 2019, lagging the benchmark. Rising interest rates pressured the stock, but we held steady our sizable position. Conversely, a considerable overweighting in the market-leading information technology sector notably contributed, as did underexposure to energy. My picks in health care and communication services also helped. The biggest individual contributor by a wide margin was a large investment in Facebook (+57%), as the social-media platform operator reported better-than-expected revenue, earnings and average revenue per user. Facebook was the fund's top holding.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Top Ten Stocks as of December 31, 2019
| | % of fund's net assets |
| Facebook, Inc. Class A | 7.5 |
| Amazon.com, Inc. | 6.6 |
| Microsoft Corp. | 5.6 |
| Berkshire Hathaway, Inc. Class A | 5.6 |
| Visa, Inc. Class A | 3.9 |
| Salesforce.com, Inc. | 3.7 |
| UnitedHealth Group, Inc. | 3.1 |
| Adobe, Inc. | 2.9 |
| Alphabet, Inc. Class A | 2.8 |
| MasterCard, Inc. Class A | 2.6 |
| | 44.3 |
Top Five Market Sectors as of December 31, 2019
| | % of fund's net assets |
| Information Technology | 32.0 |
| Communication Services | 17.6 |
| Financials | 13.6 |
| Health Care | 13.5 |
| Consumer Discretionary | 11.8 |
Asset Allocation (% of fund's net assets)
| As of December 31, 2019* |
| | Stocks | 99.3% |
| | Convertible Securities | 0.8% |
| | Short-Term Investments and Net Other Assets (Liabilities)** | (0.1)% |
* Foreign investments - 8.2%
** Short-Term Investments and Net Other Assets (Liabilities) are not included in the pie chart
Schedule of Investments December 31, 2019
Showing Percentage of Net Assets
| Common Stocks - 99.3% | | | |
| | | Shares | Value (000s) |
| COMMUNICATION SERVICES - 17.6% | | | |
| Entertainment - 3.8% | | | |
| Activision Blizzard, Inc. | | 12,649,733 | $751,647 |
| Netflix, Inc. (a) | | 7,785,352 | 2,519,106 |
| Spotify Technology SA (a)(b) | | 420,970 | 62,956 |
| The Walt Disney Co. | | 8,368,119 | 1,210,281 |
| | | | 4,543,990 |
| Interactive Media & Services - 13.0% | | | |
| Alphabet, Inc.: | | | |
| Class A (a) | | 2,475,480 | 3,315,633 |
| Class C (a) | | 2,230,870 | 2,982,718 |
| CarGurus, Inc. Class A (a) | | 923,065 | 32,473 |
| Facebook, Inc. Class A (a) | | 43,602,965 | 8,949,514 |
| Pinterest, Inc. Class A | | 16,789,593 | 312,958 |
| | | | 15,593,296 |
| Media - 0.4% | | | |
| Charter Communications, Inc. Class A (a) | | 241,569 | 117,180 |
| Comcast Corp. Class A | | 702,325 | 31,584 |
| Discovery Communications, Inc. Class A (a) | | 1,199,224 | 39,263 |
| Liberty Media Corp. Liberty Formula One Group Series C (a) | | 5,893,200 | 270,881 |
| | | | 458,908 |
| Wireless Telecommunication Services - 0.4% | | | |
| T-Mobile U.S., Inc. (a) | | 5,601,937 | 439,304 |
|
| TOTAL COMMUNICATION SERVICES | | | 21,035,498 |
|
| CONSUMER DISCRETIONARY - 11.7% | | | |
| Automobiles - 0.1% | | | |
| Tesla, Inc. (a)(b) | | 198,611 | 83,085 |
| Toyota Motor Corp. | | 831,800 | 58,610 |
| | | | 141,695 |
| Hotels, Restaurants & Leisure - 1.3% | | | |
| Chipotle Mexican Grill, Inc. (a) | | 609,118 | 509,899 |
| Churchill Downs, Inc. | | 86,940 | 11,928 |
| Evolution Gaming Group AB (c) | | 1,899,775 | 57,198 |
| Hilton Worldwide Holdings, Inc. | | 502,768 | 55,762 |
| McDonald's Corp. | | 3,954,990 | 781,546 |
| Starbucks Corp. | | 1,096,617 | 96,415 |
| | | | 1,512,748 |
| Household Durables - 0.1% | | | |
| Garmin Ltd. | | 685,701 | 66,897 |
| Lennar Corp. Class A | | 196,421 | 10,958 |
| Mohawk Industries, Inc. (a) | | 556,698 | 75,922 |
| | | | 153,777 |
| Internet & Direct Marketing Retail - 6.9% | | | |
| Alibaba Group Holding Ltd. | | 10,976,200 | 291,861 |
| Alibaba Group Holding Ltd. sponsored ADR (a) | | 248,785 | 52,767 |
| Amazon.com, Inc. (a) | | 4,243,947 | 7,842,135 |
| Meituan Dianping Class B (a) | | 2,174,800 | 28,440 |
| | | | 8,215,203 |
| Multiline Retail - 0.0% | | | |
| Dollar General Corp. | | 211,087 | 32,925 |
| Specialty Retail - 1.7% | | | |
| AutoZone, Inc. (a) | | 50,041 | 59,614 |
| Burlington Stores, Inc. (a) | | 120,859 | 27,559 |
| John David Group PLC | | 7,412,719 | 82,223 |
| O'Reilly Automotive, Inc. (a) | | 497,035 | 217,831 |
| Ross Stores, Inc. | | 1,158,006 | 134,815 |
| Sally Beauty Holdings, Inc. (a) | | 1,515,918 | 27,666 |
| The Home Depot, Inc. | | 2,825,681 | 617,072 |
| TJX Companies, Inc. | | 13,003,587 | 793,999 |
| | | | 1,960,779 |
| Textiles, Apparel & Luxury Goods - 1.6% | | | |
| adidas AG | | 1,966,970 | 639,400 |
| Allbirds, Inc. (a)(d)(e) | | 867,565 | 9,864 |
| Burberry Group PLC | | 944,991 | 27,601 |
| Deckers Outdoor Corp. (a) | | 333,702 | 56,349 |
| Hermes International SCA | | 43,098 | 32,206 |
| lululemon athletica, Inc. (a) | | 386,334 | 89,502 |
| NIKE, Inc. Class B | | 7,579,903 | 767,920 |
| Ralph Lauren Corp. | | 443,721 | 52,013 |
| VF Corp. | | 2,822,075 | 281,248 |
| | | | 1,956,103 |
|
| TOTAL CONSUMER DISCRETIONARY | | | 13,973,230 |
|
| CONSUMER STAPLES - 3.9% | | | |
| Beverages - 1.2% | | | |
| Budweiser Brewing Co. APAC Ltd. (a)(c) | | 11,209,800 | 37,834 |
| Keurig Dr. Pepper, Inc. | | 9,319,268 | 269,793 |
| PepsiCo, Inc. | | 3,067,901 | 419,290 |
| The Coca-Cola Co. | | 11,774,286 | 651,707 |
| | | | 1,378,624 |
| Food & Staples Retailing - 0.9% | | | |
| Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | | 2,023,303 | 64,210 |
| Costco Wholesale Corp. | | 3,075,698 | 904,009 |
| Grocery Outlet Holding Corp. | | 645,748 | 20,955 |
| Walmart, Inc. | | 697,988 | 82,949 |
| | | | 1,072,123 |
| Food Products - 0.1% | | | |
| Mondelez International, Inc. | | 1,457,511 | 80,280 |
| The Simply Good Foods Co. (a) | | 1,515,765 | 43,260 |
| | | | 123,540 |
| Household Products - 0.2% | | | |
| Procter & Gamble Co. | | 2,368,568 | 295,834 |
| Personal Products - 1.5% | | | |
| Estee Lauder Companies, Inc. Class A | | 7,549,695 | 1,559,314 |
| Kao Corp. | | 472,800 | 38,994 |
| L'Oreal SA | | 168,170 | 49,800 |
| L'Oreal SA | | 207,643 | 61,489 |
| Shiseido Co. Ltd. | | 1,866,700 | 132,554 |
| | | | 1,842,151 |
|
| TOTAL CONSUMER STAPLES | | | 4,712,272 |
|
| ENERGY - 1.2% | | | |
| Oil, Gas & Consumable Fuels - 1.2% | | | |
| Birchcliff Energy Ltd. (f) | | 19,893,692 | 39,679 |
| Birchcliff Energy Ltd. (c)(f) | | 686,127 | 1,369 |
| Canadian Natural Resources Ltd. | | 1,049,621 | 33,949 |
| Centennial Resource Development, Inc. Class A (a)(f) | | 20,006,000 | 92,428 |
| Continental Resources, Inc. | | 429,570 | 14,734 |
| EOG Resources, Inc. | | 1,613,347 | 135,134 |
| Hess Corp. | | 6,350,096 | 424,250 |
| Magnolia Oil & Gas Corp. Class A (a) | | 6,880,413 | 86,556 |
| Reliance Industries Ltd. | | 26,583,239 | 564,058 |
| | | | 1,392,157 |
| FINANCIALS - 13.6% | | | |
| Banks - 5.5% | | | |
| Bank of America Corp. | | 61,264,155 | 2,157,724 |
| Citigroup, Inc. | | 18,478,013 | 1,476,208 |
| HDFC Bank Ltd. sponsored ADR | | 6,839,959 | 433,448 |
| JPMorgan Chase & Co. | | 14,696,786 | 2,048,732 |
| Kotak Mahindra Bank Ltd. | | 13,628,266 | 321,698 |
| PNC Financial Services Group, Inc. | | 764,928 | 122,105 |
| U.S. Bancorp | | 998,283 | 59,188 |
| | | | 6,619,103 |
| Capital Markets - 0.7% | | | |
| Brookfield Asset Management, Inc.: | | | |
| (Canada) Class A | | 2,097,665 | 121,203 |
| Class A | | 1,209,184 | 69,891 |
| Charles Schwab Corp. | | 1,889,694 | 89,874 |
| CME Group, Inc. | | 1,799,054 | 361,106 |
| Moody's Corp. | | 354,059 | 84,057 |
| MSCI, Inc. | | 39,393 | 10,170 |
| S&P Global, Inc. | | 42,799 | 11,686 |
| XP, Inc. Class A (a)(b) | | 809,727 | 31,191 |
| | | | 779,178 |
| Consumer Finance - 1.1% | | | |
| American Express Co. | | 10,709,383 | 1,333,211 |
| Diversified Financial Services - 5.6% | | | |
| AXA Equitable Holdings, Inc. | | 303,648 | 7,524 |
| Berkshire Hathaway, Inc. Class A (a) | | 19,615 | 6,661,058 |
| | | | 6,668,582 |
| Insurance - 0.7% | | | |
| Admiral Group PLC | | 3,447,759 | 105,450 |
| AFLAC, Inc. | | 439,328 | 23,240 |
| Allstate Corp. | | 472,039 | 53,081 |
| American International Group, Inc. | | 6,149,580 | 315,658 |
| Chubb Ltd. | | 1,825,580 | 284,170 |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | | 136,240 | 63,972 |
| Marsh & McLennan Companies, Inc. | | 250,276 | 27,883 |
| The Travelers Companies, Inc. | | 26,787 | 3,668 |
| | | | 877,122 |
|
| TOTAL FINANCIALS | | | 16,277,196 |
|
| HEALTH CARE - 13.3% | | | |
| Biotechnology - 1.9% | | | |
| 23andMe, Inc. (a)(d)(e) | | 166,622 | 2,386 |
| AbbVie, Inc. | | 1,955,008 | 173,096 |
| Acceleron Pharma, Inc. (a) | | 89,977 | 4,771 |
| Allogene Therapeutics, Inc. (a)(b) | | 595,199 | 15,463 |
| Amgen, Inc. | | 355,581 | 85,720 |
| Argenx SE ADR (a) | | 122,893 | 19,727 |
| bluebird bio, Inc. (a) | | 569,239 | 49,951 |
| Bridgebio Pharma, Inc. | | 199,640 | 6,997 |
| CSL Ltd. | | 63,960 | 12,377 |
| Galapagos Genomics NV sponsored ADR (a) | | 82,661 | 17,097 |
| Gilead Sciences, Inc. | | 154,049 | 10,010 |
| Global Blood Therapeutics, Inc. (a) | | 162,202 | 12,893 |
| Idorsia Ltd. (a) | | 1,828,682 | 56,572 |
| Innovent Biolgics, Inc. (a)(c) | | 3,741,500 | 12,748 |
| Morphosys AG (a) | | 218,515 | 31,080 |
| Neurocrine Biosciences, Inc. (a) | | 335,241 | 36,035 |
| Regeneron Pharmaceuticals, Inc. (a) | | 740,461 | 278,028 |
| Turning Point Therapeutics, Inc. | | 562,113 | 35,014 |
| Vertex Pharmaceuticals, Inc. (a) | | 6,393,750 | 1,399,912 |
| | | | 2,259,877 |
| Health Care Equipment & Supplies - 4.0% | | | |
| Abbott Laboratories | | 6,587,793 | 572,216 |
| Baxter International, Inc. | | 6,901,472 | 577,101 |
| Boston Scientific Corp. (a) | | 10,490,003 | 474,358 |
| Danaher Corp. | | 5,307,617 | 814,613 |
| DexCom, Inc. (a) | | 2,022,071 | 442,308 |
| Edwards Lifesciences Corp. (a) | | 3,336,231 | 778,309 |
| Haemonetics Corp. (a) | | 94,962 | 10,911 |
| Hoya Corp. | | 66,700 | 6,415 |
| Intuitive Surgical, Inc. (a) | | 809,721 | 478,667 |
| Masimo Corp. (a) | | 233,921 | 36,974 |
| ResMed, Inc. | | 329,888 | 51,123 |
| Sonova Holding AG Class B | | 511,980 | 117,177 |
| Stryker Corp. | | 1,905,271 | 399,993 |
| Zimmer Biomet Holdings, Inc. | | 404,386 | 60,528 |
| | | | 4,820,693 |
| Health Care Providers & Services - 3.2% | | | |
| Anthem, Inc. | | 84,571 | 25,543 |
| Cigna Corp. | | 137,787 | 28,176 |
| Hapvida Participacoes e Investimentos SA (c) | | 3,718,300 | 59,065 |
| UnitedHealth Group, Inc. | | 12,505,706 | 3,676,427 |
| | | | 3,789,211 |
| Health Care Technology - 0.2% | | | |
| Veeva Systems, Inc. Class A (a) | | 2,054,164 | 288,939 |
| Life Sciences Tools & Services - 1.6% | | | |
| 10X Genomics, Inc. (a) | | 396,548 | 30,237 |
| Bio-Rad Laboratories, Inc. Class A (a) | | 206,644 | 76,464 |
| Bruker Corp. | | 210,973 | 10,753 |
| IQVIA Holdings, Inc. (a) | | 1,239,459 | 191,509 |
| Mettler-Toledo International, Inc. (a) | | 1,064,570 | 844,502 |
| PRA Health Sciences, Inc. (a) | | 89,690 | 9,969 |
| Thermo Fisher Scientific, Inc. | | 2,190,075 | 711,490 |
| Wuxi Biologics (Cayman), Inc. (a)(c) | | 1,095,500 | 13,869 |
| | | | 1,888,793 |
| Pharmaceuticals - 2.4% | | | |
| Astellas Pharma, Inc. | | 740,300 | 12,637 |
| AstraZeneca PLC: | | | |
| (United Kingdom) | | 671,003 | 67,162 |
| sponsored ADR | | 16,185,904 | 807,029 |
| Bristol-Myers Squibb Co. | | 4,523,999 | 290,395 |
| Bristol-Myers Squibb Co. rights (a) | | 1,027,380 | 3,092 |
| Eli Lilly & Co. | | 1,996,336 | 262,378 |
| Hansoh Pharmaceutical Group Co. Ltd. (c) | | 18,724,000 | 62,235 |
| Merck & Co., Inc. | | 5,761,654 | 524,022 |
| Novartis AG sponsored ADR | | 3,166,649 | 299,850 |
| Roche Holding AG (participation certificate) | | 600,048 | 195,017 |
| Zoetis, Inc. Class A | | 2,814,672 | 372,522 |
| | | | 2,896,339 |
|
| TOTAL HEALTH CARE | | | 15,943,852 |
|
| INDUSTRIALS - 3.1% | | | |
| Aerospace & Defense - 0.7% | | | |
| Harris Corp. | | 1,345,961 | 266,325 |
| Lockheed Martin Corp. | | 241,185 | 93,913 |
| Northrop Grumman Corp. | | 549,095 | 188,872 |
| Space Exploration Technologies Corp.: | | | |
| Class A (a)(d)(e) | | 295,578 | 63,254 |
| Class C (a)(d)(e) | | 12,991 | 2,780 |
| TransDigm Group, Inc. | | 395,551 | 221,509 |
| | | | 836,653 |
| Airlines - 0.0% | | | |
| Southwest Airlines Co. | | 416,248 | 22,469 |
| United Continental Holdings, Inc. (a) | | 124,197 | 10,941 |
| | | | 33,410 |
| Building Products - 0.1% | | | |
| Allegion PLC | | 78,972 | 9,835 |
| Masco Corp. | | 724,139 | 34,751 |
| Toto Ltd. | | 2,298,900 | 97,076 |
| | | | 141,662 |
| Commercial Services & Supplies - 0.4% | | | |
| Cintas Corp. | | 1,277,612 | 343,780 |
| Clean TeQ Holdings Ltd. (a)(b)(f) | | 39,861,660 | 5,734 |
| Edenred SA | | 217,731 | 11,259 |
| TulCo LLC (a)(d)(e)(g) | | 140,771 | 73,551 |
| | | | 434,324 |
| Electrical Equipment - 0.2% | | | |
| AMETEK, Inc. | | 1,215,816 | 121,265 |
| Generac Holdings, Inc. (a) | | 208,149 | 20,938 |
| Vestas Wind Systems A/S | | 979,508 | 98,937 |
| | | | 241,140 |
| Industrial Conglomerates - 0.4% | | | |
| General Electric Co. | | 39,674,149 | 442,764 |
| Machinery - 0.6% | | | |
| Dover Corp. | | 62,664 | 7,223 |
| Fortive Corp. | | 7,195,129 | 549,636 |
| IDEX Corp. | | 68,222 | 11,734 |
| Ingersoll-Rand PLC | | 690,810 | 91,822 |
| PACCAR, Inc. | | 151,272 | 11,966 |
| | | | 672,381 |
| Professional Services - 0.4% | | | |
| Clarivate Analytics PLC (a) | | 7,927,270 | 133,178 |
| CoStar Group, Inc. (a) | | 156,075 | 93,380 |
| Experian PLC | | 2,683,449 | 90,968 |
| FTI Consulting, Inc. (a) | | 1,308,662 | 144,817 |
| | | | 462,343 |
| Road & Rail - 0.3% | | | |
| Canadian Pacific Railway Ltd. | | 182,391 | 46,496 |
| Keisei Electric Railway Co. | | 315,400 | 12,222 |
| Lyft, Inc. | | 323,908 | 13,935 |
| Union Pacific Corp. | | 1,828,306 | 330,539 |
| | | | 403,192 |
|
| TOTAL INDUSTRIALS | | | 3,667,869 |
|
| INFORMATION TECHNOLOGY - 31.9% | | | |
| Communications Equipment - 0.2% | | | |
| Motorola Solutions, Inc. | | 1,322,504 | 213,108 |
| Electronic Equipment & Components - 2.4% | | | |
| Amphenol Corp. Class A (f) | | 19,577,326 | 2,118,854 |
| CDW Corp. | | 1,382,584 | 197,488 |
| Keysight Technologies, Inc. (a) | | 1,681,771 | 172,600 |
| Zebra Technologies Corp. Class A (a) | | 1,295,997 | 331,049 |
| | | | 2,819,991 |
| IT Services - 9.8% | | | |
| Accenture PLC Class A | | 1,599,221 | 336,748 |
| Adyen BV (a)(c) | | 179,649 | 147,305 |
| ASAC II LP (a)(d)(e) | | 39,494,500 | 6,635 |
| Endava PLC ADR (a) | | 135,534 | 6,316 |
| EPAM Systems, Inc. (a) | | 458,293 | 97,231 |
| Fidelity National Information Services, Inc. | | 456,910 | 63,552 |
| Fiserv, Inc. (a) | | 673,389 | 77,864 |
| Global Payments, Inc. | | 2,603,019 | 475,207 |
| MasterCard, Inc. Class A | | 10,261,002 | 3,063,833 |
| MongoDB, Inc. Class A (a)(b) | | 1,787,265 | 235,222 |
| Okta, Inc. (a) | | 3,276,421 | 378,001 |
| PayPal Holdings, Inc. (a) | | 16,432,110 | 1,777,461 |
| Shopify, Inc. Class A (a) | | 881,709 | 350,565 |
| StoneCo Ltd. Class A (a)(b) | | 997,655 | 39,796 |
| Visa, Inc. Class A | | 24,807,626 | 4,661,353 |
| | | | 11,717,089 |
| Semiconductors & Semiconductor Equipment - 2.7% | | | |
| Advanced Micro Devices, Inc. (a) | | 9,852,874 | 451,853 |
| Analog Devices, Inc. | | 1,722,414 | 204,692 |
| ASML Holding NV | | 285,549 | 84,505 |
| Cirrus Logic, Inc. (a) | | 434,478 | 35,805 |
| Enphase Energy, Inc. (a)(b) | | 458,635 | 11,984 |
| KLA-Tencor Corp. | | 66,808 | 11,903 |
| Lam Research Corp. | | 1,015,921 | 297,055 |
| Marvell Technology Group Ltd. | | 1,975,345 | 52,465 |
| Microchip Technology, Inc. (b) | | 501,405 | 52,507 |
| NVIDIA Corp. | | 3,592,991 | 845,431 |
| NXP Semiconductors NV | | 1,825,216 | 232,277 |
| Qorvo, Inc. (a) | | 621,607 | 72,249 |
| Qualcomm, Inc. | | 7,074,006 | 624,140 |
| SolarEdge Technologies, Inc. (a) | | 525,500 | 49,970 |
| Synaptics, Inc. (a) | | 479,706 | 31,550 |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 325,805 | 18,929 |
| Universal Display Corp. | | 119,799 | 24,687 |
| Xilinx, Inc. | | 1,873,439 | 183,166 |
| | | | 3,285,168 |
| Software - 14.5% | | | |
| Adobe, Inc. (a) | | 10,440,092 | 3,443,247 |
| Atlassian Corp. PLC (a) | | 2,094,986 | 252,111 |
| Ceridian HCM Holding, Inc. (a)(b) | | 811,468 | 55,082 |
| Cloudflare, Inc. | | 6,547,014 | 106,107 |
| Coupa Software, Inc. (a) | | 1,146,761 | 167,714 |
| DocuSign, Inc. (a) | | 168,287 | 12,472 |
| Dropbox, Inc. Class A (a) | | 4,760,965 | 85,269 |
| Fortinet, Inc. (a) | | 109,815 | 11,724 |
| Intuit, Inc. | | 2,145,344 | 561,930 |
| Microsoft Corp. | | 42,397,644 | 6,686,108 |
| Netcompany Group A/S (a)(c) | | 438,480 | 20,865 |
| Paycom Software, Inc. (a) | | 764,134 | 202,312 |
| RingCentral, Inc. (a) | | 2,290,537 | 386,345 |
| Salesforce.com, Inc. (a) | | 27,286,307 | 4,437,845 |
| Slack Technologies, Inc. Class A (a)(b) | | 3,201,202 | 71,963 |
| Tanium, Inc. Class B (a)(d)(e) | | 2,944,100 | 28,676 |
| Workday, Inc. Class A (a) | | 4,994,158 | 821,289 |
| Xero Ltd. (a) | | 220,471 | 12,377 |
| | | | 17,363,436 |
| Technology Hardware, Storage & Peripherals - 2.3% | | | |
| Apple, Inc. | | 9,178,943 | 2,695,397 |
| Samsung Electronics Co. Ltd. | | 1,682,300 | 81,230 |
| | | | 2,776,627 |
|
| TOTAL INFORMATION TECHNOLOGY | | | 38,175,419 |
|
| MATERIALS - 2.2% | | | |
| Chemicals - 0.6% | | | |
| Air Products & Chemicals, Inc. | | 574,595 | 135,024 |
| FMC Corp. | | 365,770 | 36,511 |
| Growmax Resources Corp. (a)(c)(e) | | 3,078,363 | 130 |
| PPG Industries, Inc. | | 359,000 | 47,923 |
| Sherwin-Williams Co. | | 826,357 | 482,212 |
| Westlake Chemical Corp. | | 892,911 | 62,638 |
| | | | 764,438 |
| Construction Materials - 0.0% | | | |
| Vulcan Materials Co. | | 4,375 | 630 |
| Containers & Packaging - 0.0% | | | |
| Avery Dennison Corp. | | 98,299 | 12,859 |
| Metals & Mining - 1.6% | | | |
| Agnico Eagle Mines Ltd. (Canada) | | 905,752 | 55,787 |
| B2Gold Corp. | | 48,696,558 | 195,379 |
| Barrick Gold Corp. | | 1,228,159 | 22,831 |
| Barrick Gold Corp. (Canada) | | 25,339,747 | 470,675 |
| Franco-Nevada Corp. | | 4,428,484 | 457,291 |
| Ivanhoe Mines Ltd. (a) | | 45,803,384 | 149,909 |
| Ivanhoe Mines Ltd. (a)(c) | | 13,172,377 | 43,112 |
| Kirkland Lake Gold Ltd. | | 5,764,859 | 254,115 |
| Lundin Gold, Inc. (a) | | 2,026,371 | 12,999 |
| Newcrest Mining Ltd. | | 6,555,041 | 139,150 |
| Novagold Resources, Inc. (a) | | 7,330,141 | 65,593 |
| Royal Gold, Inc. | | 184,344 | 22,536 |
| Wheaton Precious Metals Corp. | | 855,934 | 25,469 |
| | | | 1,914,846 |
|
| TOTAL MATERIALS | | | 2,692,773 |
|
| REAL ESTATE - 0.7% | | | |
| Equity Real Estate Investment Trusts (REITs) - 0.7% | | | |
| American Tower Corp. | | 2,864,321 | 658,278 |
| Equity Commonwealth | | 370,335 | 12,158 |
| Equity Residential (SBI) | | 1,907,956 | 154,392 |
| Prologis, Inc. | | 388,091 | 34,594 |
| | | | 859,422 |
| Real Estate Management & Development - 0.0% | | | |
| WeWork Companies, Inc. Class A (a)(d)(e) | | 53,694 | 1,030 |
|
| TOTAL REAL ESTATE | | | 860,452 |
|
| UTILITIES - 0.1% | | | |
| Electric Utilities - 0.1% | | | |
| NextEra Energy, Inc. | | 728,942 | 176,521 |
| TOTAL COMMON STOCKS | | | |
| (Cost $51,325,474) | | | 118,907,239 |
|
| Preferred Stocks - 0.8% | | | |
| Convertible Preferred Stocks - 0.8% | | | |
| COMMUNICATION SERVICES - 0.0% | | | |
| Wireless Telecommunication Services - 0.0% | | | |
| Altiostar Networks, Inc. Series A1 (a)(d)(e) | | 2,124,227 | 9,070 |
| CONSUMER DISCRETIONARY - 0.1% | | | |
| Diversified Consumer Services - 0.1% | | | |
| Airbnb, Inc.: | | | |
| Series D (a)(d)(e) | | 578,817 | 58,657 |
| Series E (a)(d)(e) | | 388,853 | 39,406 |
| ZenPayroll, Inc. Series D (d)(e) | | 2,436,137 | 32,431 |
| | | | 130,494 |
| Textiles, Apparel & Luxury Goods - 0.0% | | | |
| Allbirds, Inc.: | | | |
| Series A (a)(d)(e) | | 342,405 | 3,893 |
| Series B (a)(d)(e) | | 60,155 | 684 |
| Series C (a)(d)(e) | | 574,905 | 6,537 |
| Series Seed (a)(d)(e) | | 183,970 | 2,092 |
| Aurora Innovation, Inc. Series B (d)(e) | | 2,121,140 | 19,600 |
| | | | 32,806 |
| TOTAL CONSUMER DISCRETIONARY | | | 163,300 |
| CONSUMER STAPLES - 0.1% | | | |
| Food & Staples Retailing - 0.1% | | | |
| Roofoods Ltd. Series F (a)(d)(e) | | 154,611 | 72,911 |
| HEALTH CARE - 0.2% | | | |
| Biotechnology - 0.2% | | | |
| 23andMe, Inc.: | | | |
| Series E (a)(d)(e) | | 664,987 | 9,523 |
| Series F (a)(d)(e) | | 3,348,986 | 47,957 |
| Generation Bio Series B (a)(d)(e) | | 2,430,600 | 22,094 |
| Intarcia Therapeutics, Inc. Series CC (a)(d)(e) | | 2,100,446 | 84,942 |
| Nuvation Bio, Inc. Series A (d)(e)(h) | | 35,794,400 | 27,611 |
| | | | 192,127 |
| Health Care Providers & Services - 0.0% | | | |
| Get Heal, Inc. Series B (a)(d)(e) | | 35,877,127 | 215 |
| Mulberry Health, Inc.: | | | |
| Series A-8 (a)(d)(e) | | 7,960,894 | 41,715 |
| Series A-9 (a)(d)(e) | | 600,009 | 3,144 |
| Series AA-9 (a)(d)(e) | | 49,783 | 261 |
| | | | 45,335 |
| Pharmaceuticals - 0.0% | | | |
| Allovir, Inc. Series B (d)(e) | | 1,909,634 | 15,564 |
| TOTAL HEALTH CARE | | | 253,026 |
| INDUSTRIALS - 0.1% | | | |
| Aerospace & Defense - 0.1% | | | |
| Space Exploration Technologies Corp.: | | | |
| Series G (a)(d)(e) | | 558,215 | 119,458 |
| Series H (a)(d)(e) | | 120,282 | 25,740 |
| | | | 145,198 |
| INFORMATION TECHNOLOGY - 0.1% | | | |
| Software - 0.1% | | | |
| Affirm, Inc. Series F (d)(e) | | 2,371,275 | 30,115 |
| Carbon, Inc.: | | | |
| Series D (a)(d)(e) | | 915,425 | 25,627 |
| Series E (d)(e) | | 139,606 | 3,908 |
| Delphix Corp. Series D (a)(d)(e) | | 3,712,687 | 26,212 |
| | | | 85,862 |
| MATERIALS - 0.1% | | | |
| Metals & Mining - 0.1% | | | |
| High Power Exploration, Inc. Series A (d)(e) | | 12,577,747 | 66,285 |
| REAL ESTATE - 0.1% | | | |
| Real Estate Management & Development - 0.1% | | | |
| WeWork Companies, Inc.: | | | |
| Series E (a)(d)(e) | | 5,464,465 | 104,863 |
| Series F (a)(d)(e) | | 253,732 | 4,869 |
| | | | 109,732 |
|
| TOTAL CONVERTIBLE PREFERRED STOCKS | | | 905,384 |
|
| Nonconvertible Preferred Stocks - 0.0% | | | |
| CONSUMER STAPLES - 0.0% | | | |
| Food & Staples Retailing - 0.0% | | | |
| Roofoods Ltd. Series G (e) | | 46,145 | 21,761 |
| ENERGY - 0.0% | | | |
| Oil, Gas & Consumable Fuels - 0.0% | | | |
| Petroleo Brasileiro SA - Petrobras sponsored ADR | | 1,477,906 | 23,558 |
|
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | | | 45,319 |
|
| TOTAL PREFERRED STOCKS | | | |
| (Cost $857,560) | | | 950,703 |
|
| Money Market Funds - 0.2% | | | |
| Fidelity Cash Central Fund 1.58% (i) | | 54,715,042 | 54,726 |
| Fidelity Securities Lending Cash Central Fund 1.58% (i)(j) | | 159,230,324 | 159,246 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $213,971) | | | 213,972 |
| TOTAL INVESTMENT IN SECURITIES - 100.3% | | | |
| (Cost $52,397,005) | | | 120,071,914 |
| NET OTHER ASSETS (LIABILITIES) - (0.3)% | | | (347,436) |
| NET ASSETS - 100% | | | $119,724,478 |
Values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $455,730,000 or 0.4% of net assets.
(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,093,560,000 or 0.9% of net assets.
(e) Level 3 security
(f) Affiliated company
(g) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(h) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(j) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Acquisition Cost (000s) |
| 23andMe, Inc. | 12/7/18 | $2,799 |
| 23andMe, Inc. Series E | 6/18/15 | $7,200 |
| 23andMe, Inc. Series F | 8/31/17 | $46,498 |
| Affirm, Inc. Series F | 3/22/19 | $31,261 |
| Airbnb, Inc. Series D | 4/16/14 | $23,565 |
| Airbnb, Inc. Series E | 6/29/15 | $36,200 |
| Allbirds, Inc. | 10/9/18 | $9,515 |
| Allbirds, Inc. Series Seed | 10/9/18 | $2,018 |
| Allbirds, Inc. Series A | 10/9/18 | $3,755 |
| Allbirds, Inc. Series B | 10/9/18 | $660 |
| Allbirds, Inc. Series C | 10/9/18 | $6,305 |
| Allovir, Inc. Series B | 5/8/19 | $15,564 |
| Altiostar Networks, Inc. Series A1 | 1/10/17 | $9,771 |
| ASAC II LP | 10/10/13 | $3,041 |
| Aurora Innovation, Inc. Series B | 3/1/19 | $19,600 |
| Carbon, Inc. Series D | 12/15/17 | $21,376 |
| Carbon, Inc. Series E | 3/22/19 | $3,908 |
| Delphix Corp. Series D | 7/10/15 | $33,414 |
| Generation Bio Series B | 2/21/18 | $22,230 |
| Get Heal, Inc. Series B | 11/7/16 | $10,944 |
| High Power Exploration, Inc. Series A | 11/15/19 | $66,285 |
| Intarcia Therapeutics, Inc. Series CC | 11/14/12 | $28,629 |
| Mulberry Health, Inc. Series A-8 | 1/20/16 | $53,774 |
| Mulberry Health, Inc. Series A-9 | 3/23/18 | $4,281 |
| Mulberry Health, Inc. Series AA-9 | 3/23/18 | $145 |
| Nuvation Bio, Inc. Series A | 6/17/19 | $27,612 |
| Roofoods Ltd. Series F | 9/12/17 | $54,666 |
| Space Exploration Technologies Corp. Class A | 10/16/15 - 9/11/17 | $30,689 |
| Space Exploration Technologies Corp. Class C | 9/11/17 | $1,754 |
| Space Exploration Technologies Corp. Series G | 1/20/15 | $43,239 |
| Space Exploration Technologies Corp. Series H | 8/4/17 | $16,238 |
| Tanium, Inc. Class B | 4/21/17 | $14,615 |
| TulCo LLC | 8/24/17 - 9/7/18 | $52,173 |
| WeWork Companies, Inc. Class A | 6/23/15 | $1,766 |
| WeWork Companies, Inc. Series E | 6/23/15 | $179,724 |
| WeWork Companies, Inc. Series F | 12/1/16 | $12,735 |
| ZenPayroll, Inc. Series D | 7/16/19 | $32,431 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| | (Amounts in thousands) |
| Fidelity Cash Central Fund | $37,724 |
| Fidelity Securities Lending Cash Central Fund | 6,389 |
| Total | $44,113 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
| Affiliate (Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds(a) | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Amphenol Corp. Class A | $1,831,879 | $11,985 | $291,699 | $20,117 | $124,412 | $442,277 | $2,118,854 |
| B2Gold Corp. | 151,042 | -- | 9,671 | 421 | 5,629 | 48,379 | -- |
| Birchcliff Energy Ltd. | 47,013 | -- | 2,625 | 1,373 | (1,676) | (3,033) | 39,679 |
| Birchcliff Energy Ltd. | 1,528 | -- | -- | 46 | -- | (159) | 1,369 |
| Centennial Resource Development, Inc. Class A | 231,392 | 3,258 | 9,411 | -- | (2,824) | (129,987) | 92,428 |
| Churchill Capital Corp. Class A | -- | 63,958 | 865 | -- | 155 | -- | -- |
| Clean TeQ Holdings Ltd. | 11,088 | 76 | 542 | -- | (1,429) | (3,459) | 5,734 |
| Ivanhoe Mines Ltd. | 84,386 | -- | 7,352 | -- | 5,460 | 67,415 | -- |
| Ivanhoe Mines Ltd. | 24,268 | -- | 2,114 | -- | (1,770) | 22,728 | -- |
| Metro Bank PLC | 121,700 | -- | 62,162 | -- | (58,711) | (827) | -- |
| Mettler-Toledo International, Inc. | 785,722 | 33,206 | 258,689 | -- | 184,137 | 100,126 | -- |
| Total | $3,290,018 | $112,483 | $645,130 | $21,957 | $253,383 | $543,460 | $2,258,064 |
(a) Includes the value of securities delivered through in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of December 31, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| | Valuation Inputs at Reporting Date: |
| Description | Total | Level 1 | Level 2 | Level 3 |
| (Amounts in thousands) | | | | |
| Investments in Securities: | | | | |
| Equities: | | | | |
| Communication Services | $21,044,568 | $21,035,498 | $-- | $9,070 |
| Consumer Discretionary | 14,136,530 | 13,904,756 | 58,610 | 173,164 |
| Consumer Staples | 4,806,944 | 4,540,724 | 171,548 | 94,672 |
| Energy | 1,415,715 | 1,415,715 | -- | -- |
| Financials | 16,277,196 | 16,277,196 | -- | -- |
| Health Care | 16,196,878 | 15,666,650 | 274,816 | 255,412 |
| Industrials | 3,813,067 | 3,229,081 | 299,203 | 284,783 |
| Information Technology | 38,261,281 | 38,034,001 | 106,107 | 121,173 |
| Materials | 2,759,058 | 2,692,643 | -- | 66,415 |
| Real Estate | 970,184 | 859,422 | -- | 110,762 |
| Utilities | 176,521 | 176,521 | -- | -- |
| Money Market Funds | 213,972 | 213,972 | -- | -- |
| Total Investments in Securities: | $120,071,914 | $118,046,179 | $910,284 | $1,115,451 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
| (Amounts in thousands) | |
| Investments in Securities: | |
| Beginning Balance | $1,761,332 |
| Net Realized Gain (Loss) on Investment Securities | (57,935) |
| Net Unrealized Gain (Loss) on Investment Securities | (198,044) |
| Cost of Purchases | 215,969 |
| Proceeds of Sales | (29,898) |
| Amortization/Accretion | -- |
| Transfers into Level 3 | 191 |
| Transfers out of Level 3 | (576,164) |
| Ending Balance | $1,115,451 |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2019 | $(267,008) |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period, and proceeds of sales includes securities delivered through in-kind transactions. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| Amounts in thousands (except per-share amounts) | | December 31, 2019 |
| Assets | | |
Investment in securities, at value (including securities loaned of $156,889) — See accompanying schedule:
Unaffiliated issuers (cost $51,129,546) | $117,599,878 | |
| Fidelity Central Funds (cost $213,971) | 213,972 | |
| Other affiliated issuers (cost $1,053,488) | 2,258,064 | |
| Total Investment in Securities (cost $52,397,005) | | $120,071,914 |
| Cash | | 395 |
| Foreign currency held at value (cost $1) | | 1 |
| Receivable for investments sold | | 288,391 |
| Receivable for fund shares sold | | 56,466 |
| Dividends receivable | | 59,727 |
| Distributions receivable from Fidelity Central Funds | | 2,085 |
| Prepaid expenses | | 163 |
| Other receivables | | 5,419 |
| Total assets | | 120,484,561 |
| Liabilities | | |
| Payable for investments purchased | | |
| Regular delivery | $15,229 | |
| Delayed delivery | 13,806 | |
| Payable for fund shares redeemed | 459,876 | |
| Accrued management fee | 73,093 | |
| Other affiliated payables | 10,969 | |
| Other payables and accrued expenses | 28,036 | |
| Collateral on securities loaned | 159,074 | |
| Total liabilities | | 760,083 |
| Net Assets | | $119,724,478 |
| Net Assets consist of: | | |
| Paid in capital | | $51,650,577 |
| Total accumulated earnings (loss) | | 68,073,901 |
| Net Assets | | $119,724,478 |
| Net Asset Value and Maximum Offering Price | | |
| Contrafund: | | |
| Net Asset Value, offering price and redemption price per share ($97,098,237÷ 7,082,602 shares) | | $13.71 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($22,626,241 ÷ 1,648,492 shares) | | $13.73 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Amounts in thousands | | Year ended December 31, 2019 |
| Investment Income | | |
| Dividends (including $21,957 earned from other affiliated issuers) | | $930,827 |
| Interest | | 124 |
| Income from Fidelity Central Funds (including $6,389 from security lending) | | 44,113 |
| Total income | | 975,064 |
| Expenses | | |
| Management fee | | |
| Basic fee | $633,759 | |
| Performance adjustment | 210,306 | |
| Transfer agent fees | 131,169 | |
| Accounting and security lending fees | 3,686 | |
| Custodian fees and expenses | 1,133 | |
| Independent trustees' fees and expenses | 647 | |
| Registration fees | 369 | |
| Audit | 240 | |
| Legal | 188 | |
| Interest | 14 | |
| Miscellaneous | 805 | |
| Total expenses before reductions | 982,316 | |
| Expense reductions | (2,914) | |
| Total expenses after reductions | | 979,402 |
| Net investment income (loss) | | (4,338) |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 9,062,996 | |
| Redemptions in-kind with affiliated entities | 122,459 | |
| Fidelity Central Funds | 56 | |
| Other affiliated issuers | 253,383 | |
| Foreign currency transactions | (417) | |
| Total net realized gain (loss) | | 9,438,477 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $22,379) | 20,636,802 | |
| Fidelity Central Funds | (56) | |
| Other affiliated issuers | 543,460 | |
| Assets and liabilities in foreign currencies | 87 | |
| Total change in net unrealized appreciation (depreciation) | | 21,180,293 |
| Net gain (loss) | | 30,618,770 |
| Net increase (decrease) in net assets resulting from operations | | $30,614,432 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Amounts in thousands | Year ended December 31, 2019 | Year ended December 31, 2018 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $(4,338) | $44,957 |
| Net realized gain (loss) | 9,438,477 | 13,728,208 |
| Change in net unrealized appreciation (depreciation) | 21,180,293 | (15,445,399) |
| Net increase (decrease) in net assets resulting from operations | 30,614,432 | (1,672,234) |
| Distributions to shareholders | (5,019,205) | (9,545,204) |
| Share transactions - net increase (decrease) | (14,000,174) | (3,226,163) |
| Total increase (decrease) in net assets | 11,595,053 | (14,443,601) |
| Net Assets | | |
| Beginning of period | 108,129,425 | 122,573,026 |
| End of period | $119,724,478 | $108,129,425 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Contrafund
| Years ended December 31, | 2019 | 2018 A | 2017 A | 2016 A | 2015 A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.01 | $12.24 | $9.85 | $9.89 | $9.80 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | –C | –C | .01 | .03 | .03 |
| Net realized and unrealized gain (loss) | 3.27 | (.22) | 3.14 | .31 | .59 |
| Total from investment operations | 3.27 | (.22) | 3.15 | .34 | .62 |
| Distributions from net investment income | – | – | (.01) | (.03) | (.03) |
| Distributions from net realized gain | (.57) | (1.01) | (.75) | (.35) | (.50) |
| Total distributions | (.57) | (1.01) | (.76) | (.38) | (.53) |
| Net asset value, end of period | $13.71 | $11.01 | $12.24 | $9.85 | $9.89 |
| Total ReturnD | 29.98% | (2.13)% | 32.21% | 3.36% | 6.46% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | .85% | .82% | .74% | .68% | .71% |
| Expenses net of fee waivers, if any | .85% | .81% | .74% | .68% | .71% |
| Expenses net of all reductions | .85% | .81% | .74% | .68% | .70% |
| Net investment income (loss) | (.02)% | .01% | .08% | .29% | .33% |
| Supplemental Data | | | | | |
| Net assets, end of period (in millions) | $97,098 | $82,628 | $89,874 | $73,035 | $77,724 |
| Portfolio turnover rateG | 26%H | 32%H | 29%H | 41%H | 35%H |
A Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on August 10, 2018.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Contrafund Class K
| Years ended December 31, | 2019 | 2018 A | 2017 A | 2016 A | 2015 A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.01 | $12.24 | $9.84 | $9.88 | $9.79 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .01 | .01 | .02 | .04 | .04 |
| Net realized and unrealized gain (loss) | 3.28 | (.23) | 3.14 | .31 | .59 |
| Total from investment operations | 3.29 | (.22) | 3.16 | .35 | .63 |
| Distributions from net investment income | – | – | (.02) | (.04) | (.04) |
| Distributions from net realized gain | (.57) | (1.01) | (.74) | (.35) | (.50) |
| Total distributions | (.57) | (1.01) | (.76) | (.39) | (.54) |
| Net asset value, end of period | $13.73 | $11.01 | $12.24 | $9.84 | $9.88 |
| Total ReturnC | 30.17% | (2.07)% | 32.34% | 3.48% | 6.55% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | .77% | .73% | .65% | .58% | .61% |
| Expenses net of fee waivers, if any | .76% | .73% | .65% | .58% | .61% |
| Expenses net of all reductions | .76% | .72% | .65% | .58% | .61% |
| Net investment income (loss) | .06% | .10% | .17% | .39% | .43% |
| Supplemental Data | | | | | |
| Net assets, end of period (in millions) | $22,626 | $25,502 | $32,699 | $29,031 | $31,560 |
| Portfolio turnover rateF | 26%G | 32%G | 29%G | 41%G | 35%G |
A Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on August 10, 2018.
B Calculated based on average shares outstanding during the period.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended December 31, 2019
(Amounts in thousands except percentages)
1. Organization.
Fidelity Contrafund (the Fund) is a fund of Fidelity Contrafund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Contrafund and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, income approach and cost approach and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2019, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency.The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for the Fund, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees of $4,798 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2019, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount, redemptions in kind, partnerships, deferred trustees compensation and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $68,056,148 |
| Gross unrealized depreciation | (752,655) |
| Net unrealized appreciation (depreciation) | $67,303,493 |
| Tax Cost | $52,768,421 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed long-term capital gain | $797,532 |
| Net unrealized appreciation (depreciation) on securities and other investments | $67,303,546 |
The tax character of distributions paid was as follows:
| | December 31, 2019 | December 31, 2018 |
| Long-term Capital Gains | $5,019,205 | $9,545,204 |
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, the Fund held an investment of $73,551 in this Subsidiary, representing .06% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $30,208,539 and $37,095,545, respectively.
Unaffiliated Redemptions In-Kind. During the period, 502,341 shares of the Fund were redeemed in-kind for investments, including accrued interest, and cash with a value of $6,406,178. The net realized gain of $4,021,010 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.
Prior Fiscal Year Unaffiliated Redemptions In-Kind.
During the prior period, 507,507* shares of the Fund were redeemed in-kind for investments, including accrued interest, and cash with a value of $6,481,043. The Fund had a net realized gain of $4,188,360 on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.
* Share activity prior to August 10, 2018 has been adjusted to reflect the impact of the 10 for 1 share split that occurred on that date.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Contrafund as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .71% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Contrafund, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| | Amount | % of Class-Level Average Net Assets |
| Contrafund | $119,639 | .13 |
| Class K | 11,530 | .05 |
| | $131,169 | |
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Prior to April 1, 2019, FSC had a separate agreement with the Fund for administration of the security lending program, based on the number and duration of lending transactions. For the period, the total fees paid for accounting and administration of securities lending were equivalent to the following annual rates:
| | % of Average Net Assets |
| Contrafund | –(a) |
(a) Amount represents less than .005%.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense |
| Contrafund | Borrower | $69,014 | 2.41% | $14 |
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Affiliated Redemptions In-Kind. During the period, 13,204 shares of the Fund were redeemed in-kind for investments and cash with a value of $179,130. The net realized gain of $122,459 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $314 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with NFS, as affiliated borrower. Total fees paid by the Fund to NFS, as lending agent, amounted to $146. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds, and includes $80 from securities loaned to NFS, as affiliated borrower.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $2,001 for the period. In addition, through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $3. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
| | Expense reduction |
| Contrafund | $21 |
In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $889.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended
December 31, 2019 | Year ended
December 31, 2018 |
| Distributions to shareholders | | |
| Contrafund | $3,992,140 | $7,220,133 |
| Class K | 1,027,065 | 2,325,071 |
| Total | $5,019,205 | $9,545,204 |
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended December 31, 2019 | Year ended December 31, 2018(a) | Year ended December 31, 2019 | Year ended December 31, 2018 |
| Contrafund | | | | |
| Shares sold | 507,277 | 905,916 | $6,458,090 | $11,723,977 |
| Reinvestment of distributions | 286,215 | 589,812 | 3,742,055 | 6,814,704 |
| Shares redeemed | (1,218,146)(b),(c) | (1,329,932)(d) | (15,635,943)(b),(c) | (17,031,104)(d) |
| Net increase (decrease) | (424,654) | 165,796 | $(5,435,798) | $1,507,577 |
| Class K | | | | |
| Shares sold | 236,454 | 421,063 | $3,005,530 | $5,450,387 |
| Reinvestment of distributions | 78,740 | 200,953 | 1,026,783 | 2,325,013 |
| Shares redeemed | (983,000)(b) | (978,368)(d) | (12,596,689)(b) | (12,509,140)(d) |
| Net increase (decrease) | (667,806) | (356,352) | $(8,564,376) | $(4,733,740) |
(a) Share activity prior to August 10, 2018 has been adjusted to reflect the impact of the 10 for 1 share split that occurred on that date.
(b) Amount includes in-kind redemptions (see the Unaffiliated Redemptions In-Kind note for additional details).
(c) Amount includes in-kind redemptions (see the Affiliated Redemptions In-Kind note for additional details).
(d) Amount includes in-kind redemptions (see the Prior Fiscal Year Unaffiliated Redemptions In-Kind note for additional details).
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Effective January 1, 2020, following any required regulatory notices and approvals:
Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".
Fidelity Investments Institutional Operations Company, Inc. (FIIOC) converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Contrafund and Shareholders of Fidelity Contrafund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Contrafund (one of the funds constituting Fidelity Contrafund, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
February 12, 2020
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Michael E. Wiley, each of the Trustees oversees 302 funds. Mr. Wiley oversees 199 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the Investment Company Act of 1940 (1940 Act)) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. James C. Curvey is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
James C. Curvey (1935)
Year of Election or Appointment: 2007
Trustee
Chairman of the Board of Trustees
Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey is an Overseer Emeritus for the Boston Symphony Orchestra, a Director of Artis-Naples, and a Trustee of Brewster Academy in Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-2018), Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), as a member of the Independent Directors Council (IDC) Governing Council (2010-2015), and as a member of the Board of Directors for The Brookville Center for Children’s Services, Inc. (2009-2017). Mr. Dirks is a member of the Finance Committee (2016-present) and Board of Directors (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as a Trustee of other Fidelity® funds. Mr. Donahue is President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as a Member of the Advisory Board of certain Fidelity® funds (2015-2018) and Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006), and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue serves as a Member (2007-present) and Co-Chairman (2016-present) of the Board of Directors of United Way of New York, Member of the Board of Directors of NYC Leadership Academy (2012-present) and Member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). He also served as Chairman (2010-2012) and Member of the Board of Directors (2012-2013) of Omgeo, LLC (financial services), Treasurer of United Way of New York (2012-2016), and Member of the Board of Directors of XBRL US (financial services non-profit, 2009-2012) and the International Securities Services Association (2009-2012).
Alan J. Lacy (1953)
Year of Election or Appointment: 2008
Trustee
Mr. Lacy also serves as Trustee of other Fidelity® funds. Mr. Lacy serves as a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2014-2017) and a member (2010-2017) of the Board of Directors of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes), as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association, and as a member of the Board of Directors for The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), Earth Fare, Inc. (retail grocery, 2010-2014), and The Western Union Company (global money transfer, 2006-2011).
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2000
Trustee
Chairman of the Independent Trustees
Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Chair (2018-present) and Member (2013-present) of the Board of Governors, State University System of Florida and is a member of the Council on Foreign Relations (1994-present). He is also a member and has most recently served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner and Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach also had a 30-year career with IBM (technology company) during which time he served as Senior Vice President and a member of the Corporate Executive Committee (1968-1998).
Joseph Mauriello (1944)
Year of Election or Appointment: 2008
Trustee
Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-2018).
Cornelia M. Small (1944)
Year of Election or Appointment: 2005
Trustee
Ms. Small also serves as Trustee of other Fidelity® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to Mr. Smith's retirement, he served as Chairman and Chief Executive Officer of Inbrand Corp. (manufacturer of personal absorbent products, 1990-1997). He also served as President (1986-1990) of Inbrand Corp. Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank. In addition, Mr. Smith served as a Member of the Advisory Board of certain Fidelity® funds (2012-2013) and as a board member of the Jackson Hole Land Trust (2009-2012).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present) and as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), a Director of Fortune Brands, Inc. (consumer products, 2000-2011), and a member of the Board of Trustees of the University of Florida (2013-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Wiley also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Wiley serves as a Director of High Point Resources (exploration and production, 2005-present). Previously, Mr. Wiley served as a Director of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a Director of Andeavor Logistics LP (natural resources logistics, 2015-2018), a Director of Post Oak Bank (privately-held bank, 2004-2018), a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-2013), a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), an Advisory Director of Riverstone Holdings (private investment), a Director of Spinnaker Exploration Company (exploration and production, 2001-2005) and Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Vicki L. Fuller (1957)
Year of Election or Appointment: 2018
Member of the Advisory Board
Ms. Fuller also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Fuller serves as a member of the Board of Directors, Audit Committee, and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present). Previously, Ms. Fuller served as the Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Member of the Advisory Board
Ms. Kampling also serves as Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Compensation Committee and Executive Committee and as Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Member of the Advisory Board
Ms. Tomasky also serves as Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board of Kenyon College (2016-present). Previously, Ms. Tomasky served as a member of the Board (2011-2019) and as Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Kenneth B. Robins (1969)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2019 to December 31, 2019).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| | Annualized Expense Ratio-A | Beginning
Account Value
July 1, 2019 | Ending
Account Value
December 31, 2019 | Expenses Paid
During Period-B
July 1, 2019
to December 31, 2019 |
| Contrafund | .84% | | | |
| Actual | | $1,000.00 | $1,076.30 | $4.40 |
| Hypothetical-C | | $1,000.00 | $1,020.97 | $4.28 |
| Class K | .76% | | | |
| Actual | | $1,000.00 | $1,077.00 | $3.98 |
| Hypothetical-C | | $1,000.00 | $1,021.37 | $3.87 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of the Fidelity Contrafund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities:
| | Pay Date | Record Date | Capital Gains |
| Contrafund | 02/10/2020 | 02/07/2020 | $0.097 |
| Class K | 02/10/2020 | 02/07/2020 | $0.097 |
|
The fund hereby designates as a capital gain dividend with respect to the taxable year December 31, 2019, $5,299,684,685, or, if subsequently determined to be different, the net capital gain of such year.
The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.
Board Approval of Investment Advisory Contracts
Fidelity Contrafund
At its November 2019 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve an amended and restated management contract and amended and restated sub-advisory agreements (together, the Amended and Restated Contracts) for the fund, effective January 1, 2020, for a one month period through January 31, 2020, in connection with an upcoming consolidation of certain of Fidelity's advisory businesses.
The Board considered that, on or about January 1, 2020, each of FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and SelectCo, LLC (SelectCo) will merge with and into Fidelity Management & Research Company (FMR) and that, after the merger, FMR will redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that the Amended and Restated Contracts would be updated to reflect the renamed adviser, Fidelity Management & Research Company LLC and its new form of organization and domicile. The Board also noted that the Amended and Restated Contracts will not change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees or expenses paid by the fund.
The Board concluded that the fund's Amended and Restated Contracts are fair and reasonable, and that the fund's Advisory Contracts should be approved through January 31, 2020.
In connection with its consideration of future renewals of the fund's Amended and Restated Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Amended and Restated Contracts should be approved.
CON-ANN-0220
1.540009.122
Fidelity Advisor® New Insights Fund
Annual Report
December 31, 2019
See the inside front cover for important information about access to your fund’s shareholder reports.
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
| Account Type | Website | Phone Number |
| Brokerage, Mutual Fund, or Annuity Contracts: | fidelity.com/mailpreferences | 1-800-343-3548 |
| Employer Provided Retirement Accounts: | netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) | 1-800-343-0860 |
| Advisor Sold Accounts Serviced Through Your Financial Intermediary: | Contact Your Financial Intermediary | Your Financial Intermediary's phone number |
| Advisor Sold Accounts Serviced by Fidelity: | institutional.fidelity.com | 1-877-208-0098 |
Contents
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. © 2020 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended December 31, 2019 | Past 1 year | Past 5 years | Past 10 years |
| Class A (incl. 5.75% sales charge) | 21.73% | 10.14% | 12.04% |
| Class M (incl. 3.50% sales charge) | 24.29% | 10.38% | 12.03% |
| Class C (incl. contingent deferred sales charge) | 27.15% | 10.61% | 11.87% |
| Class I | 29.42% | 11.73% | 13.00% |
| Class Z | 29.60% | 11.87% | 13.09% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on August 13, 2013. Returns prior to August 13, 2013, are those of Class I.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor® New Insights Fund - Class A on December 31, 2009, and the current 5.75% sales charge was paid.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $31,170 | Fidelity Advisor® New Insights Fund - Class A |
| $35,666 | S&P 500® Index |
Management's Discussion of Fund Performance
Market Recap: U.S. stocks continued to roll in 2019, with the S&P 500
® index soaring 31.49% and marking history as the longest and strongest bull market ever, despite persistent, nagging concerns about global economic growth and trade. After a rough end to 2018, equities sharply reversed course to begin the new year amid upbeat company earnings and signs the Federal Reserve may pause on rates. The uptrend continued until May, when the index sunk as trade negotiations between the U.S. and China broke down. The bull market roared back to record a series of highs in July, when the Fed cut interest rates for the first time since 2008. Volatility intensified in August, as the Treasury yield curve inverted, which some investors viewed as a sign the U.S. economy could be heading for recession. But the market proved resilient, hitting a new high on October 30, when the Fed lowered rates for the third time in 2019, and moving even higher through year-end. Gains were robust and broad-based, with information technology (+50%) leading the way with its best calendar-year result in a decade, amid strong growth trends. Communication services (+33%) and financials (+32%) also stood out. In contrast, energy (+12%) was by far the weakest group – struggling amid sluggish oil prices – while several strong gainers nonetheless fell short of the broader market: industrials and real estate (+29% each), consumer discretionary and consumer staples (+28% each), utilities (+26%), materials (+25%), and health care (+21%).
Comments from Co-Portfolio Managers William Danoff and John Roth: For the year, the fund's share classes (excluding sales charges, if applicable) gained roughly 28% to 30%, lagging the benchmark S&P 500
® index. Versus the benchmark, security selection was the largest detractor, especially in the information technology and financials sectors. Our picks in energy hurt to a lesser extent. The biggest individual relative detractor by a wide margin was largely avoiding Apple (+89%), a maker of personal electronics and a sizable benchmark component the past year.The company had favorable financial results, driven by its wearables, home and accessories segment. Underexposure to Apple allowed us to invest in companies with better growth prospects. In financials, it hurt to overweight Berkshire Hathaway, as shares of the insurance-focused conglomerate gained 11% in 2019, lagging the benchmark. Rising interest rates pressured the stock, but we held steady our sizable position. Conversely, security selection in health care contributed most versus the benchmark, followed by a considerable overweighting in the strong software & services industry within information technology. The biggest individual contributor was a large investment in Facebook (+56%), as the social-media platform operator reported better-than-expected revenue, earnings and average revenue per user. Facebook was the fund's top holding at year-end.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Top Ten Stocks as of December 31, 2019
| | % of fund's net assets |
| Facebook, Inc. Class A | 5.2 |
| Amazon.com, Inc. | 4.8 |
| Microsoft Corp. | 4.0 |
| Berkshire Hathaway, Inc. Class A | 2.9 |
| Alphabet, Inc. Class A | 2.8 |
| Salesforce.com, Inc. | 2.8 |
| Adobe, Inc. | 2.5 |
| Visa, Inc. Class A | 2.4 |
| Bank of America Corp. | 2.3 |
| General Electric Co. | 2.3 |
| | 32.0 |
Top Five Market Sectors as of December 31, 2019
| | % of fund's net assets |
| Information Technology | 23.6 |
| Financials | 14.8 |
| Communication Services | 13.5 |
| Health Care | 12.7 |
| Consumer Discretionary | 12.4 |
Asset Allocation (% of fund's net assets)
| As of December 31, 2019* |
| | Stocks | 98.6% |
| | Convertible Securities | 0.6% |
| | Other Investments | 0.1% |
| | Short-Term Investments and Net Other Assets (Liabilities) | 0.7% |
* Foreign investments - 10.7%
Schedule of Investments December 31, 2019
Showing Percentage of Net Assets
| Common Stocks - 98.6% | | | |
| | | Shares | Value (000s) |
| COMMUNICATION SERVICES - 13.5% | | | |
| Diversified Telecommunication Services - 0.6% | | | |
| Verizon Communications, Inc. | | 2,509,454 | $154,080 |
| Entertainment - 2.8% | | | |
| Activision Blizzard, Inc. | | 687,876 | 40,874 |
| Netflix, Inc. (a) | | 1,535,119 | 496,718 |
| Spotify Technology SA (a) | | 62,568 | 9,357 |
| The Walt Disney Co. | | 1,084,215 | 156,810 |
| WME Entertainment Parent, LLC Class A (a)(b)(c)(d) | | 13,518,536 | 38,122 |
| | | | 741,881 |
| Interactive Media & Services - 8.5% | | | |
| Alphabet, Inc.: | | | |
| Class A (a) | | 556,396 | 745,231 |
| Class C (a) | | 64,015 | 85,589 |
| Facebook, Inc. Class A (a) | | 6,659,522 | 1,366,883 |
| Pinterest, Inc. Class A | | 2,715,106 | 50,610 |
| | | | 2,248,313 |
| Media - 1.2% | | | |
| Charter Communications, Inc. Class A (a) | | 36,201 | 17,560 |
| Comcast Corp. Class A | | 5,266,714 | 236,844 |
| Discovery Communications, Inc. Class A (a) | | 167,878 | 5,496 |
| Liberty Media Corp. Liberty Formula One Group Series C (a) | | 931,212 | 42,803 |
| | | | 302,703 |
| Wireless Telecommunication Services - 0.4% | | | |
| Sprint Corp. (a) | | 12,110,172 | 63,094 |
| T-Mobile U.S., Inc. (a) | | 652,415 | 51,162 |
| | | | 114,256 |
|
| TOTAL COMMUNICATION SERVICES | | | 3,561,233 |
|
| CONSUMER DISCRETIONARY - 12.3% | | | |
| Automobiles - 0.8% | | | |
| Aston Martin Lagonda Global Holdings PLC (a)(e)(f) | | 3,987,714 | 27,456 |
| Fiat Chrysler Automobiles NV | | 4,811,016 | 70,674 |
| General Motors Co. | | 1,550,977 | 56,766 |
| Tesla, Inc. (a)(e) | | 97,819 | 40,921 |
| Toyota Motor Corp. | | 136,200 | 9,597 |
| | | | 205,414 |
| Hotels, Restaurants & Leisure - 1.2% | | | |
| ARAMARK Holdings Corp. | | 777,381 | 33,738 |
| Chipotle Mexican Grill, Inc. (a) | | 89,668 | 75,062 |
| Churchill Downs, Inc. | | 12,255 | 1,681 |
| Dunkin' Brands Group, Inc. | | 517,291 | 39,076 |
| Evolution Gaming Group AB (f) | | 278,976 | 8,399 |
| Hilton Worldwide Holdings, Inc. | | 70,871 | 7,860 |
| McDonald's Corp. | | 521,628 | 103,079 |
| Starbucks Corp. | | 154,283 | 13,565 |
| Wynn Resorts Ltd. | | 182,591 | 25,356 |
| | | | 307,816 |
| Household Durables - 0.7% | | | |
| Blu Homes, Inc. (a)(c)(d) | | 98,215,581 | 170 |
| D.R. Horton, Inc. | | 1,196,975 | 63,140 |
| Garmin Ltd. | | 110,548 | 10,785 |
| Lennar Corp. Class A | | 26,701 | 1,490 |
| Mohawk Industries, Inc. (a) | | 363,837 | 49,620 |
| NVR, Inc. (a) | | 16,117 | 61,380 |
| | | | 186,585 |
| Internet & Direct Marketing Retail - 5.3% | | | |
| Alibaba Group Holding Ltd. | | 2,088,100 | 55,523 |
| Alibaba Group Holding Ltd. sponsored ADR (a) | | 35,501 | 7,530 |
| Amazon.com, Inc. (a) | | 687,834 | 1,271,007 |
| Meituan Dianping Class B (a) | | 300,800 | 3,934 |
| The Booking Holdings, Inc. (a) | | 31,478 | 64,647 |
| | | | 1,402,641 |
| Leisure Products - 0.4% | | | |
| Peloton Interactive, Inc. | | 3,760,544 | 101,459 |
| Peloton Interactive, Inc. Class A (a)(e) | | 239,475 | 6,801 |
| | | | 108,260 |
| Multiline Retail - 0.3% | | | |
| Dollar General Corp. | | 489,006 | 76,275 |
| Specialty Retail - 1.9% | | | |
| AutoZone, Inc. (a) | | 46,360 | 55,229 |
| Best Buy Co., Inc. | | 463,401 | 40,687 |
| Burlington Stores, Inc. (a) | | 23,114 | 5,271 |
| John David Group PLC | | 1,145,156 | 12,702 |
| National Vision Holdings, Inc. (a) | | 1,593,391 | 51,674 |
| O'Reilly Automotive, Inc. (a) | | 74,303 | 32,564 |
| Ross Stores, Inc. | | 177,091 | 20,617 |
| Sally Beauty Holdings, Inc. (a) | | 213,137 | 3,890 |
| The Home Depot, Inc. | | 254,063 | 55,482 |
| Tiffany & Co., Inc. | | 420,168 | 56,155 |
| TJX Companies, Inc. | | 2,912,825 | 177,857 |
| | | | 512,128 |
| Textiles, Apparel & Luxury Goods - 1.7% | | | |
| adidas AG | | 317,311 | 103,148 |
| Allbirds, Inc. (a)(c)(d) | | 189,420 | 2,154 |
| Brunello Cucinelli SpA | | 1,802,600 | 63,814 |
| Burberry Group PLC | | 140,081 | 4,091 |
| China Hongxing Sports Ltd. (a)(d) | | 5,977,800 | 252 |
| Deckers Outdoor Corp. (a) | | 45,892 | 7,749 |
| Hermes International SCA | | 6,894 | 5,152 |
| lululemon athletica, Inc. (a) | | 61,871 | 14,334 |
| NIKE, Inc. Class B | | 759,626 | 76,958 |
| PVH Corp. | | 421,264 | 44,296 |
| Ralph Lauren Corp. | | 63,066 | 7,393 |
| Tapestry, Inc. | | 1,331,629 | 35,914 |
| Under Armour, Inc. Class A (sub. vtg.) (a)(e) | | 1,522,288 | 32,881 |
| VF Corp. | | 436,184 | 43,470 |
| | | | 441,606 |
|
| TOTAL CONSUMER DISCRETIONARY | | | 3,240,725 |
|
| CONSUMER STAPLES - 4.7% | | | |
| Beverages - 0.7% | | | |
| Budweiser Brewing Co. APAC Ltd. (a)(f) | | 1,902,400 | 6,421 |
| Diageo PLC sponsored ADR | | 180,499 | 30,400 |
| Keurig Dr. Pepper, Inc. | | 1,401,485 | 40,573 |
| PepsiCo, Inc. | | 431,202 | 58,932 |
| The Coca-Cola Co. | | 951,882 | 52,687 |
| | | | 189,013 |
| Food & Staples Retailing - 1.9% | | | |
| Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | | 289,926 | 9,201 |
| Costco Wholesale Corp. | | 488,047 | 143,447 |
| Grocery Outlet Holding Corp. (e) | | 139,184 | 4,517 |
| Kroger Co. | | 1,851,011 | 53,661 |
| Performance Food Group Co. (a) | | 1,016,153 | 52,312 |
| U.S. Foods Holding Corp. (a) | | 1,114,771 | 46,698 |
| Walmart, Inc. | | 1,553,038 | 184,563 |
| | | | 494,399 |
| Food Products - 0.5% | | | |
| Danone SA | | 578,155 | 48,013 |
| Greencore Group PLC | | 18,257,692 | 64,789 |
| Mondelez International, Inc. | | 241,464 | 13,300 |
| | | | 126,102 |
| Household Products - 0.4% | | | |
| Kimberly-Clark Corp. | | 264,374 | 36,365 |
| Procter & Gamble Co. | | 657,945 | 82,177 |
| | | | 118,542 |
| Personal Products - 1.2% | | | |
| Estee Lauder Companies, Inc. Class A | | 1,055,784 | 218,062 |
| L'Oreal SA | | 23,812 | 7,051 |
| Shiseido Co. Ltd. | | 296,200 | 21,033 |
| Unilever NV | | 1,197,748 | 68,740 |
| | | | 314,886 |
|
| TOTAL CONSUMER STAPLES | | | 1,242,942 |
|
| ENERGY - 4.0% | | | |
| Energy Equipment & Services - 0.2% | | | |
| Borr Drilling Ltd. (a)(e) | | 2,934,120 | 25,320 |
| Oceaneering International, Inc. (a) | | 2,162,918 | 32,249 |
| Pacific Drilling SA (a) | | 1,328,764 | 5,421 |
| | | | 62,990 |
| Oil, Gas & Consumable Fuels - 3.8% | | | |
| BP PLC sponsored ADR | | 2,250,643 | 84,939 |
| Cabot Oil & Gas Corp. | | 2,144,054 | 37,328 |
| Canadian Natural Resources Ltd. | | 234,800 | 7,594 |
| Centennial Resource Development, Inc. Class A (a) | | 4,306,160 | 19,894 |
| Cheniere Energy, Inc. (a) | | 759,300 | 46,370 |
| Concho Resources, Inc. (a) | | 25,680 | 2,249 |
| Continental Resources, Inc. | | 234,151 | 8,031 |
| Energy Transfer Equity LP | | 2,418,300 | 31,027 |
| EOG Resources, Inc. | | 55,720 | 4,667 |
| Exxon Mobil Corp. | | 3,805,322 | 265,535 |
| Golar LNG Ltd. | | 1,506,848 | 21,427 |
| GoviEx Uranium, Inc. (a) | | 848,865 | 105 |
| GoviEx Uranium, Inc. (a)(f) | | 23,200 | 3 |
| GoviEx Uranium, Inc. Class A (a)(f) | | 2,625,135 | 323 |
| Hess Corp. | | 2,579,270 | 172,321 |
| Kosmos Energy Ltd. | | 14,896,150 | 84,908 |
| Magnolia Oil & Gas Corp. Class A (a) | | 967,415 | 12,170 |
| Reliance Industries Ltd. | | 2,971,173 | 63,044 |
| The Williams Companies, Inc. | | 3,330,215 | 78,993 |
| Valero Energy Corp. | | 655,753 | 61,411 |
| | | | 1,002,339 |
|
| TOTAL ENERGY | | | 1,065,329 |
|
| FINANCIALS - 14.8% | | | |
| Banks - 5.6% | | | |
| Bank of America Corp. | | 17,410,874 | 613,211 |
| BB&T Corp. | | 1,222,870 | 68,872 |
| Citigroup, Inc. | | 984,769 | 78,673 |
| HDFC Bank Ltd. sponsored ADR | | 2,653,246 | 168,136 |
| JPMorgan Chase & Co. | | 1,378,989 | 192,231 |
| Kotak Mahindra Bank Ltd. | | 2,032,872 | 47,986 |
| PNC Financial Services Group, Inc. | | 918,433 | 146,609 |
| U.S. Bancorp | | 135,200 | 8,016 |
| Wells Fargo & Co. | | 2,880,215 | 154,956 |
| | | | 1,478,690 |
| Capital Markets - 1.5% | | | |
| Brookfield Asset Management, Inc. (Canada) Class A | | 290,819 | 16,803 |
| Charles Schwab Corp. | | 263,000 | 12,508 |
| CME Group, Inc. | | 249,476 | 50,075 |
| Goldman Sachs Group, Inc. | | 317,169 | 72,927 |
| Moody's Corp. | | 49,100 | 11,657 |
| Morgan Stanley | | 1,211,894 | 61,952 |
| MSCI, Inc. | | 6,476 | 1,672 |
| Northern Trust Corp. | | 472,764 | 50,226 |
| S&P Global, Inc. | | 5,900 | 1,611 |
| The NASDAQ OMX Group, Inc. | | 646,490 | 69,239 |
| TPG Specialty Lending, Inc. | | 1,893,018 | 40,643 |
| XP, Inc. Class A (a) | | 120,400 | 4,638 |
| | | | 393,951 |
| Consumer Finance - 1.0% | | | |
| American Express Co. | | 1,839,533 | 229,003 |
| Oportun Financial Corp. | | 981,015 | 22,181 |
| | | | 251,184 |
| Diversified Financial Services - 3.7% | | | |
| AXA Equitable Holdings, Inc. | | 65,100 | 1,613 |
| Berkshire Hathaway, Inc.: | | | |
| Class A (a) | | 2,252 | 764,757 |
| Class B (a) | | 932,778 | 211,274 |
| | | | 977,644 |
| Insurance - 2.8% | | | |
| Admiral Group PLC | | 617,853 | 18,897 |
| AFLAC, Inc. | | 62,568 | 3,310 |
| Allstate Corp. | | 70,339 | 7,910 |
| American International Group, Inc. | | 4,666,732 | 239,543 |
| Arch Capital Group Ltd. (a) | | 2,352,265 | 100,889 |
| Chubb Ltd. | | 921,334 | 143,415 |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | | 35,867 | 16,842 |
| First American Financial Corp. | | 452,841 | 26,410 |
| FNF Group | | 1,011,671 | 45,879 |
| Hiscox Ltd. | | 1,442,243 | 27,204 |
| Marsh & McLennan Companies, Inc. | | 43,881 | 4,889 |
| MetLife, Inc. | | 1,387,711 | 70,732 |
| The Travelers Companies, Inc. | | 262,006 | 35,882 |
| | | | 741,802 |
| Thrifts & Mortgage Finance - 0.2% | | | |
| Radian Group, Inc. | | 2,193,969 | 55,200 |
|
| TOTAL FINANCIALS | | | 3,898,471 |
|
| HEALTH CARE - 12.5% | | | |
| Biotechnology - 1.8% | | | |
| 23andMe, Inc. (a)(c)(d) | | 22,532 | 323 |
| AbbVie, Inc. | | 269,216 | 23,836 |
| Acceleron Pharma, Inc. (a) | | 20,544 | 1,089 |
| Allogene Therapeutics, Inc. (a)(e) | | 118,810 | 3,087 |
| Amgen, Inc. | | 753,134 | 181,558 |
| Argenx SE ADR (a) | | 12,653 | 2,031 |
| bluebird bio, Inc. (a) | | 87,277 | 7,659 |
| Bridgebio Pharma, Inc. | | 41,478 | 1,454 |
| CSL Ltd. | | 12,183 | 2,358 |
| Galapagos Genomics NV sponsored ADR (a) | | 15,348 | 3,174 |
| Global Blood Therapeutics, Inc. (a) | | 21,700 | 1,725 |
| Idorsia Ltd. (a) | | 333,066 | 10,304 |
| Innovent Biolgics, Inc. (a)(f) | | 523,000 | 1,782 |
| Light Sciences Oncology, Inc. (a)(d) | | 2,708,254 | 0 |
| Morphosys AG (a) | | 34,562 | 4,916 |
| Neurocrine Biosciences, Inc. (a) | | 73,246 | 7,873 |
| Olivo Labs (a)(c)(d) | | 630,333 | 0 |
| Regeneron Pharmaceuticals, Inc. (a) | | 100,643 | 37,789 |
| Turning Point Therapeutics, Inc. | | 110,989 | 6,914 |
| Vertex Pharmaceuticals, Inc. (a) | | 842,746 | 184,519 |
| | | | 482,391 |
| Health Care Equipment & Supplies - 3.6% | | | |
| Abbott Laboratories | | 1,336,049 | 116,049 |
| Baxter International, Inc. | | 1,267,654 | 106,001 |
| Becton, Dickinson & Co. | | 373,151 | 101,486 |
| Boston Scientific Corp. (a) | | 1,909,708 | 86,357 |
| Danaher Corp. | | 1,245,922 | 191,224 |
| DexCom, Inc. (a) | | 309,382 | 67,674 |
| Edwards Lifesciences Corp. (a) | | 624,087 | 145,593 |
| Haemonetics Corp. (a) | | 13,251 | 1,523 |
| Hoya Corp. | | 7,900 | 760 |
| I-Pulse, Inc. (a)(c)(d) | | 58,562 | 178 |
| Intuitive Surgical, Inc. (a) | | 81,320 | 48,072 |
| Masimo Corp. (a) | | 32,618 | 5,156 |
| ResMed, Inc. | | 5,022 | 778 |
| Sonova Holding AG Class B | | 77,214 | 17,672 |
| Stryker Corp. | | 269,103 | 56,495 |
| Zimmer Biomet Holdings, Inc. | | 55,417 | 8,295 |
| | | | 953,313 |
| Health Care Providers & Services - 2.9% | | | |
| Cigna Corp. | | 354,628 | 72,518 |
| CVS Health Corp. | | 897,514 | 66,676 |
| Hapvida Participacoes e Investimentos SA (f) | | 719,600 | 11,431 |
| Henry Schein, Inc. (a) | | 802,944 | 53,572 |
| UnitedHealth Group, Inc. | | 1,699,719 | 499,683 |
| Universal Health Services, Inc. Class B | | 468,580 | 67,222 |
| | | | 771,102 |
| Health Care Technology - 0.3% | | | |
| Castlight Health, Inc. (a) | | 1,303,800 | 1,734 |
| Veeva Systems, Inc. Class A (a) | | 502,597 | 70,695 |
| | | | 72,429 |
| Life Sciences Tools & Services - 2.0% | | | |
| 10X Genomics, Inc. (a) | | 55,793 | 4,254 |
| Agilent Technologies, Inc. | | 676,373 | 57,701 |
| Bio-Rad Laboratories, Inc. Class A (a) | | 28,196 | 10,433 |
| Bruker Corp. | | 1,293,981 | 65,954 |
| IQVIA Holdings, Inc. (a) | | 82,805 | 12,794 |
| Mettler-Toledo International, Inc. (a) | | 140,863 | 111,744 |
| PRA Health Sciences, Inc. (a) | | 14,900 | 1,656 |
| Thermo Fisher Scientific, Inc. | | 780,511 | 253,565 |
| Wuxi Biologics (Cayman), Inc. (a)(f) | | 155,500 | 1,969 |
| | | | 520,070 |
| Pharmaceuticals - 1.9% | | | |
| Astellas Pharma, Inc. | | 106,200 | 1,813 |
| AstraZeneca PLC: | | | |
| (United Kingdom) | | 95,131 | 9,522 |
| sponsored ADR | | 2,072,443 | 103,332 |
| Bristol-Myers Squibb Co. | | 1,925,930 | 123,625 |
| Bristol-Myers Squibb Co. rights (a) | | 146,657 | 441 |
| Catalent, Inc. (a) | | 741,321 | 41,736 |
| Hansoh Pharmaceutical Group Co. Ltd. (f) | | 3,147,000 | 10,460 |
| Merck & Co., Inc. | | 795,266 | 72,329 |
| Novartis AG sponsored ADR | | 435,324 | 41,221 |
| Roche Holding AG (participation certificate) | | 127,983 | 41,595 |
| Zoetis, Inc. Class A | | 429,259 | 56,812 |
| | | | 502,886 |
|
| TOTAL HEALTH CARE | | | 3,302,191 |
|
| INDUSTRIALS - 7.8% | | | |
| Aerospace & Defense - 2.1% | | | |
| General Dynamics Corp. | | 668,703 | 117,926 |
| Harris Corp. | | 193,836 | 38,354 |
| Huntington Ingalls Industries, Inc. | | 460,512 | 115,533 |
| Kratos Defense & Security Solutions, Inc. (a) | | 2,214,101 | 39,876 |
| Lockheed Martin Corp. | | 33,345 | 12,984 |
| Northrop Grumman Corp. | | 453,352 | 155,939 |
| Space Exploration Technologies Corp.: | | | |
| Class A (a)(c)(d) | | 247,745 | 53,017 |
| Class C (a)(c)(d) | | 4,546 | 973 |
| TransDigm Group, Inc. | | 58,979 | 33,028 |
| | | | 567,630 |
| Air Freight & Logistics - 0.1% | | | |
| XPO Logistics, Inc. (a) | | 394,070 | 31,407 |
| Airlines - 0.2% | | | |
| Ryanair Holdings PLC sponsored ADR (a) | | 560,025 | 49,064 |
| Southwest Airlines Co. | | 56,092 | 3,028 |
| United Continental Holdings, Inc. (a) | | 17,336 | 1,527 |
| | | | 53,619 |
| Building Products - 0.5% | | | |
| Allegion PLC | | 13,849 | 1,725 |
| Fortune Brands Home & Security, Inc. | | 474,247 | 30,987 |
| Masco Corp. | | 103,516 | 4,968 |
| Toto Ltd. | | 2,271,900 | 95,936 |
| | | | 133,616 |
| Commercial Services & Supplies - 0.6% | | | |
| Cintas Corp. | | 220,579 | 59,353 |
| Clean TeQ Holdings Ltd. (a) | | 70,040 | 10 |
| Edenred SA | | 31,284 | 1,618 |
| IAA Spinco, Inc. (a) | | 722,395 | 33,996 |
| KAR Auction Services, Inc. (e) | | 726,795 | 15,837 |
| Stericycle, Inc. (a) | | 512,311 | 32,691 |
| TulCo LLC (a)(b)(c)(d) | | 17,377 | 9,079 |
| | | | 152,584 |
| Construction & Engineering - 0.1% | | | |
| AECOM (a) | | 580,446 | 25,035 |
| Electrical Equipment - 0.4% | | | |
| AMETEK, Inc. | | 202,735 | 20,221 |
| Generac Holdings, Inc. (a) | | 34,590 | 3,479 |
| Melrose Industries PLC | | 18,428,956 | 58,611 |
| Vestas Wind Systems A/S | | 136,134 | 13,750 |
| | | | 96,061 |
| Industrial Conglomerates - 2.3% | | | |
| General Electric Co. | | 54,927,602 | 612,992 |
| Machinery - 0.6% | | | |
| Donaldson Co., Inc. | | 904,687 | 52,128 |
| Dover Corp. | | 14,247 | 1,642 |
| Fortive Corp. | | 894,432 | 68,326 |
| IDEX Corp. | | 17,659 | 3,037 |
| Ingersoll-Rand PLC | | 101,470 | 13,487 |
| PACCAR, Inc. | | 21,122 | 1,671 |
| Pentair PLC | | 501,751 | 23,015 |
| | | | 163,306 |
| Professional Services - 0.3% | | | |
| Clarivate Analytics PLC (a) | | 1,285,553 | 21,597 |
| CoStar Group, Inc. (a) | | 23,846 | 14,267 |
| Experian PLC | | 406,214 | 13,770 |
| FTI Consulting, Inc. (a) | | 211,217 | 23,373 |
| | | | 73,007 |
| Road & Rail - 0.6% | | | |
| Canadian Pacific Railway Ltd. | | 32,500 | 8,285 |
| Knight-Swift Transportation Holdings, Inc. Class A | | 1,466,937 | 52,575 |
| Lyft, Inc. | | 1,016,634 | 43,736 |
| Uber Technologies, Inc. | | 818,000 | 24,327 |
| Union Pacific Corp. | | 150,341 | 27,180 |
| | | | 156,103 |
|
| TOTAL INDUSTRIALS | | | 2,065,360 |
|
| INFORMATION TECHNOLOGY - 23.5% | | | |
| Communications Equipment - 0.8% | | | |
| Cisco Systems, Inc. | | 2,658,177 | 127,486 |
| Ericsson (B Shares) | | 4,994,205 | 43,638 |
| Motorola Solutions, Inc. | | 201,453 | 32,462 |
| | | | 203,586 |
| Electronic Equipment & Components - 2.0% | | | |
| Amphenol Corp. Class A | | 3,957,647 | 428,336 |
| CDW Corp. | | 201,721 | 28,814 |
| Keysight Technologies, Inc. (a) | | 249,675 | 25,624 |
| Zebra Technologies Corp. Class A (a) | | 195,404 | 49,914 |
| | | | 532,688 |
| IT Services - 7.1% | | | |
| Accenture PLC Class A | | 218,908 | 46,095 |
| Adyen BV (a)(f) | | 36,976 | 30,319 |
| Akamai Technologies, Inc. (a) | | 781,664 | 67,520 |
| ASAC II LP (a)(c)(d) | | 9,408,021 | 1,581 |
| Black Knight, Inc. (a) | | 999,070 | 64,420 |
| Endava PLC ADR (a) | | 31,434 | 1,465 |
| EPAM Systems, Inc. (a) | | 103,018 | 21,856 |
| Euronet Worldwide, Inc. (a) | | 216,958 | 34,184 |
| Fidelity National Information Services, Inc. | | 610,813 | 84,958 |
| Fiserv, Inc. (a) | | 523,667 | 60,552 |
| Global Payments, Inc. | | 392,936 | 71,734 |
| Leidos Holdings, Inc. | | 389,687 | 38,146 |
| MasterCard, Inc. Class A | | 975,889 | 291,391 |
| MongoDB, Inc. Class A (a) | | 283,203 | 37,272 |
| Okta, Inc. (a) | | 854,003 | 98,526 |
| PayPal Holdings, Inc. (a) | | 2,137,637 | 231,228 |
| Shopify, Inc. Class A (a) | | 177,442 | 70,550 |
| StoneCo Ltd. Class A (a)(e) | | 160,771 | 6,413 |
| Visa, Inc. Class A | | 3,319,636 | 623,760 |
| | | | 1,881,970 |
| Semiconductors & Semiconductor Equipment - 2.4% | | | |
| Advanced Micro Devices, Inc. (a) | | 1,542,833 | 70,754 |
| Analog Devices, Inc. | | 634,174 | 75,365 |
| ASML Holding NV | | 40,799 | 12,074 |
| Cirrus Logic, Inc. (a) | | 73,400 | 6,049 |
| Enphase Energy, Inc. (a)(e) | | 65,900 | 1,722 |
| KLA-Tencor Corp. | | 9,365 | 1,669 |
| Lam Research Corp. | | 142,160 | 41,568 |
| Marvell Technology Group Ltd. | | 296,501 | 7,875 |
| Microchip Technology, Inc. | | 16,400 | 1,717 |
| NVIDIA Corp. | | 974,282 | 229,249 |
| NXP Semiconductors NV | | 285,972 | 36,393 |
| Qorvo, Inc. (a) | | 83,449 | 9,699 |
| Qualcomm, Inc. | | 986,990 | 87,082 |
| SolarEdge Technologies, Inc. (a) | | 71,865 | 6,834 |
| Synaptics, Inc. (a) | | 75,496 | 4,965 |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 42,941 | 2,495 |
| Universal Display Corp. | | 16,500 | 3,400 |
| Xilinx, Inc. | | 257,096 | 25,136 |
| | | �� | 624,046 |
| Software - 11.2% | | | |
| Adobe, Inc. (a) | | 1,967,456 | 648,887 |
| Atlassian Corp. PLC (a) | | 497,062 | 59,816 |
| Ceridian HCM Holding, Inc. (a) | | 114,468 | 7,770 |
| Coupa Software, Inc. (a) | | 228,391 | 33,402 |
| DocuSign, Inc. (a) | | 23,400 | 1,734 |
| Dropbox, Inc. Class A (a) | | 811,853 | 14,540 |
| Fortinet, Inc. (a) | | 15,100 | 1,612 |
| Intuit, Inc. | | 488,101 | 127,848 |
| Microsoft Corp. | | 6,750,515 | 1,064,556 |
| Netcompany Group A/S (a)(f) | | 996 | 47 |
| Paycom Software, Inc. (a) | | 122,560 | 32,449 |
| RingCentral, Inc. (a) | | 402,676 | 67,919 |
| Salesforce.com, Inc. (a) | | 4,534,784 | 737,537 |
| Slack Technologies, Inc. Class A (a) | | 442,700 | 9,952 |
| SurveyMonkey (a) | | 1,082,968 | 19,353 |
| Tanium, Inc. Class B (a)(c)(d) | | 692,100 | 6,741 |
| Workday, Inc. Class A (a) | | 674,923 | 110,991 |
| Xero Ltd. (a) | | 30,800 | 1,729 |
| | | | 2,946,883 |
| Technology Hardware, Storage & Peripherals - 0.0% | | | |
| Apple, Inc. | | 6,100 | 1,791 |
| Samsung Electronics Co. Ltd. | | 231,900 | 11,197 |
| | | | 12,988 |
|
| TOTAL INFORMATION TECHNOLOGY | | | 6,202,161 |
|
| MATERIALS - 3.0% | | | |
| Chemicals - 0.9% | | | |
| Air Products & Chemicals, Inc. | | 81,474 | 19,146 |
| FMC Corp. | | 50,238 | 5,015 |
| International Flavors & Fragrances, Inc. (e) | | 438,098 | 56,523 |
| LG Chemical Ltd. | | 109,930 | 30,202 |
| Nutrien Ltd. | | 677,887 | 32,455 |
| PPG Industries, Inc. | | 64,722 | 8,640 |
| Sherwin-Williams Co. | | 121,252 | 70,755 |
| Westlake Chemical Corp. | | 87,874 | 6,164 |
| | | | 228,900 |
| Construction Materials - 0.0% | | | |
| Vulcan Materials Co. | | 1,046 | 151 |
| Containers & Packaging - 0.1% | | | |
| Avery Dennison Corp. | | 223,634 | 29,256 |
| Metals & Mining - 2.0% | | | |
| Agnico Eagle Mines Ltd. (Canada) | | 134,998 | 8,315 |
| B2Gold Corp. | | 32,886,704 | 131,947 |
| Barrick Gold Corp. | | 167,978 | 3,123 |
| Barrick Gold Corp. (Canada) | | 3,620,379 | 67,247 |
| Franco-Nevada Corp. | | 1,427,336 | 147,389 |
| Ivanhoe Mines Ltd. (a) | | 7,901,718 | 25,861 |
| Kirkland Lake Gold Ltd. | | 1,088,219 | 47,969 |
| Lundin Gold, Inc. (a) | | 458,003 | 2,938 |
| Newcrest Mining Ltd. | | 2,701,993 | 57,358 |
| Novagold Resources, Inc. (a) | | 3,373,076 | 30,184 |
| Royal Gold, Inc. | | 25,705 | 3,142 |
| Wheaton Precious Metals Corp. | | 115,671 | 3,442 |
| | | | 528,915 |
|
| TOTAL MATERIALS | | | 787,222 |
|
| REAL ESTATE - 1.3% | | | |
| Equity Real Estate Investment Trusts (REITs) - 1.3% | | | |
| American Tower Corp. | | 557,050 | 128,021 |
| Equity Commonwealth | | 50,712 | 1,665 |
| Equity Residential (SBI) | | 265,516 | 21,486 |
| Gaming & Leisure Properties | | 616,108 | 26,523 |
| Prologis, Inc. | | 52,306 | 4,663 |
| Simon Property Group, Inc. | | 300,433 | 44,752 |
| Spirit Realty Capital, Inc. | | 718,789 | 35,350 |
| VEREIT, Inc. | | 2,639,848 | 24,392 |
| VICI Properties, Inc. | | 2,365,015 | 60,426 |
| | | | 347,278 |
| UTILITIES - 1.2% | | | |
| Electric Utilities - 1.2% | | | |
| Alliant Energy Corp. | | 1,073,332 | 58,733 |
| Duke Energy Corp. | | 1,365,984 | 124,591 |
| IDACORP, Inc. | | 231,202 | 24,692 |
| NextEra Energy, Inc. | | 117,167 | 28,373 |
| Southern Co. | | 1,293,975 | 82,426 |
| | | | 318,815 |
| TOTAL COMMON STOCKS | | | |
| (Cost $14,282,338) | | | 26,031,727 |
|
| Preferred Stocks - 0.6% | | | |
| Convertible Preferred Stocks - 0.6% | | | |
| CONSUMER DISCRETIONARY - 0.1% | | | |
| Textiles, Apparel & Luxury Goods - 0.1% | | | |
| Allbirds, Inc.: | | | |
| Series A (a)(c)(d) | | 74,760 | 850 |
| Series B (a)(c)(d) | | 13,135 | 149 |
| Series C (a)(c)(d) | | 125,520 | 1,427 |
| Series D (c)(d) | | 94,365 | 1,073 |
| Series Seed (a)(c)(d) | | 40,165 | 457 |
| Bolt Threads, Inc. Series D (a)(c)(d) | | 1,324,673 | 18,519 |
| | | | 22,475 |
| CONSUMER STAPLES - 0.1% | | | |
| Food & Staples Retailing - 0.1% | | | |
| Roofoods Ltd. Series F (a)(c)(d) | | 21,314 | 10,051 |
| Sweetgreen, Inc.: | | | |
| Series C (c)(d) | | 14,103 | 208 |
| Series D (c)(d) | | 226,847 | 3,346 |
| Series I (c)(d) | | 534,650 | 7,886 |
| | | | 21,491 |
| HEALTH CARE - 0.2% | | | |
| Biotechnology - 0.1% | | | |
| 23andMe, Inc.: | | | |
| Series E (a)(c)(d) | | 166,247 | 2,381 |
| Series F (a)(c)(d) | | 462,756 | 6,627 |
| Intarcia Therapeutics, Inc. Series CC (a)(c)(d) | | 516,522 | 20,888 |
| | | | 29,896 |
| Health Care Equipment & Supplies - 0.1% | | | |
| Butterfly Network, Inc. Series D (a)(c)(d) | | 2,225,827 | 25,886 |
| Health Care Providers & Services - 0.0% | | | |
| Mulberry Health, Inc. Series A-8 (a)(c)(d) | | 1,159,721 | 6,077 |
| TOTAL HEALTH CARE | | | 61,859 |
| INDUSTRIALS - 0.1% | | | |
| Aerospace & Defense - 0.1% | | | |
| Space Exploration Technologies Corp.: | | | |
| Series G (a)(c)(d) | | 145,254 | 31,084 |
| Series H (a)(c)(d) | | 42,094 | 9,008 |
| | | | 40,092 |
| INFORMATION TECHNOLOGY - 0.1% | | | |
| Software - 0.1% | | | |
| Magic Leap, Inc. Series D (a)(c)(d) | | 555,556 | 15,000 |
| REAL ESTATE - 0.0% | | | |
| Real Estate Management & Development - 0.0% | | | |
| WeWork Companies, Inc. Series F (a)(c)(d) | | 31,954 | 613 |
|
| TOTAL CONVERTIBLE PREFERRED STOCKS | | | 161,530 |
|
| Nonconvertible Preferred Stocks - 0.0% | | | |
| ENERGY - 0.0% | | | |
| Oil, Gas & Consumable Fuels - 0.0% | | | |
| Petroleo Brasileiro SA - Petrobras sponsored ADR | | 194,977 | 3,108 |
| TOTAL PREFERRED STOCKS | | | |
| (Cost $128,738) | | | 164,638 |
| | | Principal Amount (000s) | Value (000s) |
|
| Nonconvertible Bonds - 0.0% | | | |
| ENERGY - 0.0% | | | |
| Energy Equipment & Services - 0.0% | | | |
| Pacific Drilling SA 12% 4/1/24 pay-in-kind(f)(g) | | | |
| (Cost $682) | | 670 | 402 |
| | | Shares | Value (000s) |
|
| Other - 0.1% | | | |
| ENERGY - 0.1% | | | |
| Oil, Gas & Consumable Fuels - 0.1% | | | |
| Utica Shale Drilling Program (non-operating revenue interest) (b)(c)(d) | | | |
| (Cost $50,430) | | 50,430,153 | 23,289 |
|
| Money Market Funds - 1.2% | | | |
| Fidelity Cash Central Fund 1.58% (h) | | 206,976,938 | 207,018 |
| Fidelity Securities Lending Cash Central Fund 1.58% (h)(i) | | 108,223,125 | 108,234 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $315,252) | | | 315,252 |
| TOTAL INVESTMENT IN SECURITIES - 100.5% | | | |
| (Cost $14,777,440) | | | 26,535,308 |
| NET OTHER ASSETS (LIABILITIES) - (0.5)% | | | (130,352) |
| NET ASSETS - 100% | | | $26,404,956 |
Values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
(a) Non-income producing
(b) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(c) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $297,157,000 or 1.1% of net assets.
(d) Level 3 security
(e) Security or a portion of the security is on loan at period end.
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $99,012,000 or 0.4% of net assets.
(g) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(h) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(i) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Acquisition Cost (000s) |
| 23andMe, Inc. | 12/7/18 | $379 |
| 23andMe, Inc. Series E | 6/18/15 | $1,800 |
| 23andMe, Inc. Series F | 8/31/17 | $6,425 |
| Allbirds, Inc. | 10/9/18 | $2,077 |
| Allbirds, Inc. Series A | 10/9/18 | $820 |
| Allbirds, Inc. Series B | 10/9/18 | $144 |
| Allbirds, Inc. Series C | 10/9/18 | $1,377 |
| Allbirds, Inc. Series D | 12/23/19 | $1,216 |
| Allbirds, Inc. Series Seed | 10/9/18 | $440 |
| ASAC II LP | 10/10/13 | $725 |
| Blu Homes, Inc. | 6/10/13 - 12/30/14 | $32,763 |
| Bolt Threads, Inc. Series D | 12/13/17 | $21,247 |
| Butterfly Network, Inc. Series D | 5/4/18 | $22,859 |
| I-Pulse, Inc. | 3/18/10 | $94 |
| Intarcia Therapeutics, Inc. Series CC | 11/14/12 | $7,040 |
| Magic Leap, Inc. Series D | 10/6/17 | $15,000 |
| Mulberry Health, Inc. Series A-8 | 1/20/16 | $7,834 |
| Olivo Labs | 2/8/17 | $763 |
| Roofoods Ltd. Series F | 9/12/17 | $7,536 |
| Space Exploration Technologies Corp. Class A | 10/16/15 - 9/11/17 | $25,597 |
| Space Exploration Technologies Corp. Class C | 9/11/17 | $614 |
| Space Exploration Technologies Corp. Series G | 1/20/15 | $11,251 |
| Space Exploration Technologies Corp. Series H | 8/4/17 | $5,682 |
| Sweetgreen, Inc. Series C | 9/13/19 | $241 |
| Sweetgreen, Inc. Series D | 9/13/19 | $3,879 |
| Sweetgreen, Inc. Series I | 9/13/19 | $9,143 |
| Tanium, Inc. Class B | 4/21/17 | $3,436 |
| TulCo LLC | 8/24/17 | $6,082 |
| Utica Shale Drilling Program (non-operating revenue interest) | 10/5/16 - 9/1/17 | $50,430 |
| WeWork Companies, Inc. Series F | 12/1/16 | $1,604 |
| WME Entertainment Parent, LLC Class A | 8/16/16 | $25,816 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| | (Amounts in thousands) |
| Fidelity Cash Central Fund | $10,045 |
| Fidelity Securities Lending Cash Central Fund | 1,893 |
| Total | $11,938 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of December 31, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| | Valuation Inputs at Reporting Date: |
| Description | Total | Level 1 | Level 2 | Level 3 |
| (Amounts in thousands) | | | | |
| Investments in Securities: | | | | |
| Equities: | | | | |
| Communication Services | $3,561,233 | $3,523,111 | $-- | $38,122 |
| Consumer Discretionary | 3,263,200 | 3,127,093 | 111,056 | 25,051 |
| Consumer Staples | 1,264,433 | 1,105,156 | 137,786 | 21,491 |
| Energy | 1,068,437 | 1,068,437 | -- | -- |
| Financials | 3,898,471 | 3,876,290 | 22,181 | -- |
| Health Care | 3,364,050 | 3,248,760 | 52,930 | 62,360 |
| Industrials | 2,105,452 | 1,878,835 | 123,456 | 103,161 |
| Information Technology | 6,217,161 | 6,150,201 | 43,638 | 23,322 |
| Materials | 787,222 | 787,222 | -- | -- |
| Real Estate | 347,891 | 347,278 | -- | 613 |
| Utilities | 318,815 | 318,815 | -- | -- |
| Corporate Bonds | 402 | -- | 402 | -- |
| Other | 23,289 | -- | -- | 23,289 |
| Money Market Funds | 315,252 | 315,252 | -- | -- |
| Total Investments in Securities: | $26,535,308 | $25,746,450 | $491,449 | $297,409 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
| (Amounts in thousands) | |
| Investments in Securities: | |
| Beginning Balance | $499,909 |
| Net Realized Gain (Loss) on Investment Securities | (6,460) |
| Net Unrealized Gain (Loss) on Investment Securities | 31,889 |
| Cost of Purchases | 14,504 |
| Proceeds of Sales | (369) |
| Amortization/Accretion | -- |
| Transfers into Level 3 | -- |
| Transfers out of Level 3 | (242,064) |
| Ending Balance | $297,409 |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2019 | $25,438 |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period, and proceeds of sales includes securities delivered through in-kind transactions. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
| United States of America | 89.3% |
| Canada | 2.4% |
| United Kingdom | 1.5% |
| Switzerland | 1.1% |
| India | 1.0% |
| Netherlands | 1.0% |
| Others (Individually Less Than 1%) | 3.7% |
| | 100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| Amounts in thousands (except per-share amounts) | | December 31, 2019 |
| Assets | | |
Investment in securities, at value (including securities loaned of $106,320) — See accompanying schedule:
Unaffiliated issuers (cost $14,462,188) | $26,220,056 | |
| Fidelity Central Funds (cost $315,252) | 315,252 | |
| Total Investment in Securities (cost $14,777,440) | | $26,535,308 |
| Restricted cash | | 2,962 |
| Receivable for investments sold | | 9,966 |
| Receivable for fund shares sold | | 11,717 |
| Dividends receivable | | 16,167 |
| Interest receivable | | 14 |
| Distributions receivable from Fidelity Central Funds | | 684 |
| Prepaid expenses | | 36 |
| Other receivables | | 1,111 |
| Total assets | | 26,577,965 |
| Liabilities | | |
| Payable to custodian bank | $3,297 | |
| Payable for investments purchased | 357 | |
| Payable for fund shares redeemed | 34,686 | |
| Accrued management fee | 14,364 | |
| Distribution and service plan fees payable | 3,867 | |
| Other affiliated payables | 3,554 | |
| Other payables and accrued expenses | 4,715 | |
| Collateral on securities loaned | 108,169 | |
| Total liabilities | | 173,009 |
| Net Assets | | $26,404,956 |
| Net Assets consist of: | | |
| Paid in capital | | $14,570,633 |
| Total accumulated earnings (loss) | | 11,834,323 |
| Net Assets | | $26,404,956 |
| Net Asset Value and Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($6,156,381 ÷ 191,922 shares)(a) | | $32.08 |
| Maximum offering price per share (100/94.25 of $32.08) | | $34.04 |
| Class M: | | |
| Net Asset Value and redemption price per share ($1,843,930 ÷ 60,005 shares)(a) | | $30.73 |
| Maximum offering price per share (100/96.50 of $30.73) | | $31.84 |
| Class C: | | |
| Net Asset Value and offering price per share ($2,227,855 ÷ 82,412 shares)(a) | | $27.03 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($13,870,388 ÷ 421,547 shares) | | $32.90 |
| Class Z: | | |
| Net Asset Value, offering price and redemption price per share ($2,306,402 ÷ 70,042 shares) | | $32.93 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Amounts in thousands | | Year ended December 31, 2019 |
| Investment Income | | |
| Dividends | | $303,452 |
| Non-Cash dividends | | 17,119 |
| Interest | | 1,519 |
| Income from Fidelity Central Funds (including $1,893 from security lending) | | 11,938 |
| Total income | | 334,028 |
| Expenses | | |
| Management fee | | |
| Basic fee | $140,494 | |
| Performance adjustment | 27,860 | |
| Transfer agent fees | 41,823 | |
| Distribution and service plan fees | 49,037 | |
| Accounting and security lending fees | 1,929 | |
| Custodian fees and expenses | 313 | |
| Independent trustees' fees and expenses | 143 | |
| Registration fees | 313 | |
| Audit | 103 | |
| Legal | 50 | |
| Interest | 8 | |
| Miscellaneous | 180 | |
| Total expenses before reductions | 262,253 | |
| Expense reductions | (984) | |
| Total expenses after reductions | | 261,269 |
| Net investment income (loss) | | 72,759 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 1,825,584 | |
| Redemptions in-kind with affiliated entities | 50,654 | |
| Fidelity Central Funds | 56 | |
| Foreign currency transactions | (188) | |
| Total net realized gain (loss) | | 1,876,106 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $3,543) | 4,638,463 | |
| Fidelity Central Funds | (53) | |
| Assets and liabilities in foreign currencies | 10 | |
| Total change in net unrealized appreciation (depreciation) | | 4,638,420 |
| Net gain (loss) | | 6,514,526 |
| Net increase (decrease) in net assets resulting from operations | | $6,587,285 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Amounts in thousands | Year ended December 31, 2019 | Year ended December 31, 2018 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $72,759 | $35,802 |
| Net realized gain (loss) | 1,876,106 | 2,912,633 |
| Change in net unrealized appreciation (depreciation) | 4,638,420 | (3,878,808) |
| Net increase (decrease) in net assets resulting from operations | 6,587,285 | (930,373) |
| Distributions to shareholders | (1,692,173) | (3,115,953) |
| Share transactions - net increase (decrease) | (2,130,240) | (88,504) |
| Total increase (decrease) in net assets | 2,764,872 | (4,134,830) |
| Net Assets | | |
| Beginning of period | 23,640,084 | 27,774,914 |
| End of period | $26,404,956 | $23,640,084 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor New Insights Fund Class A
| Years ended December 31, | 2019 | 2018 | 2017 | 2016 | 2015 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $26.50 | $31.38 | $26.44 | $26.14 | $26.67 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .06 | .03 | .04 | .06 | .05 |
| Net realized and unrealized gain (loss) | 7.60 | (1.26) | 7.29 | 1.56 | .57 |
| Total from investment operations | 7.66 | (1.23) | 7.33 | 1.62 | .62 |
| Distributions from net investment income | (.04) | – | –B | (.04) | (.02) |
| Distributions from net realized gain | (2.04) | (3.65) | (2.39) | (1.28) | (1.13) |
| Total distributions | (2.08) | (3.65) | (2.39) | (1.32) | (1.15) |
| Net asset value, end of period | $32.08 | $26.50 | $31.38 | $26.44 | $26.14 |
| Total ReturnC,D | 29.15% | (4.42)% | 27.98% | 6.31% | 2.39% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.08% | 1.04% | .94% | .89% | .92% |
| Expenses net of fee waivers, if any | 1.08% | 1.04% | .94% | .89% | .91% |
| Expenses net of all reductions | 1.07% | 1.04% | .93% | .88% | .91% |
| Net investment income (loss) | .20% | .08% | .12% | .24% | .20% |
| Supplemental Data | | | | | |
| Net assets, end of period (in millions) | $6,156 | $4,747 | $5,612 | $6,873 | $7,920 |
| Portfolio turnover rateG | 27%H | 36% | 30% | 42% | 47% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor New Insights Fund Class M
| Years ended December 31, | 2019 | 2018 | 2017 | 2016 | 2015 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $25.49 | $30.39 | $25.73 | $25.51 | $26.10 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | (.01) | (.05) | (.04) | –B | (.01) |
| Net realized and unrealized gain (loss) | 7.29 | (1.20) | 7.09 | 1.50 | .55 |
| Total from investment operations | 7.28 | (1.25) | 7.05 | 1.50 | .54 |
| Distributions from net investment income | – | – | –B | –B | – |
| Distributions from net realized gain | (2.04) | (3.65) | (2.39) | (1.28) | (1.13) |
| Total distributions | (2.04) | (3.65) | (2.39) | (1.28) | (1.13) |
| Net asset value, end of period | $30.73 | $25.49 | $30.39 | $25.73 | $25.51 |
| Total ReturnC,D | 28.79% | (4.64)% | 27.66% | 6.01% | 2.14% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.32% | 1.29% | 1.18% | 1.14% | 1.17% |
| Expenses net of fee waivers, if any | 1.32% | 1.29% | 1.18% | 1.14% | 1.16% |
| Expenses net of all reductions | 1.32% | 1.29% | 1.18% | 1.13% | 1.16% |
| Net investment income (loss) | (.05)% | (.17)% | (.13)% | (.01)% | (.05)% |
| Supplemental Data | | | | | |
| Net assets, end of period (in millions) | $1,844 | $1,638 | $1,926 | $1,849 | $2,071 |
| Portfolio turnover rateG | 27%H | 36% | 30% | 42% | 47% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor New Insights Fund Class C
| Years ended December 31, | 2019 | 2018 | 2017 | 2016 | 2015 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $22.73 | $27.63 | $23.69 | $23.70 | $24.45 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | (.15) | (.19) | (.17) | (.12) | (.14) |
| Net realized and unrealized gain (loss) | 6.49 | (1.06) | 6.50 | 1.39 | .52 |
| Total from investment operations | 6.34 | (1.25) | 6.33 | 1.27 | .38 |
| Distributions from net investment income | – | – | –B | –B | – |
| Distributions from net realized gain | (2.04) | (3.65) | (2.39) | (1.28) | (1.13) |
| Total distributions | (2.04) | (3.65) | (2.39) | (1.28) | (1.13) |
| Net asset value, end of period | $27.03 | $22.73 | $27.63 | $23.69 | $23.70 |
| Total ReturnC,D | 28.15% | (5.11)% | 26.99% | 5.49% | 1.63% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.83% | 1.79% | 1.68% | 1.64% | 1.67% |
| Expenses net of fee waivers, if any | 1.83% | 1.79% | 1.68% | 1.64% | 1.66% |
| Expenses net of all reductions | 1.83% | 1.79% | 1.68% | 1.63% | 1.66% |
| Net investment income (loss) | (.55)% | (.67)% | (.63)% | (.51)% | (.55)% |
| Supplemental Data | | | | | |
| Net assets, end of period (in millions) | $2,228 | $2,932 | $3,718 | $3,521 | $3,841 |
| Portfolio turnover rateG | 27%H | 36% | 30% | 42% | 47% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor New Insights Fund Class I
| Years ended December 31, | 2019 | 2018 | 2017 | 2016 | 2015 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $27.14 | $32.03 | $26.95 | $26.63 | $27.15 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .15 | .11 | .12 | .13 | .13 |
| Net realized and unrealized gain (loss) | 7.77 | (1.27) | 7.44 | 1.59 | .57 |
| Total from investment operations | 7.92 | (1.16) | 7.56 | 1.72 | .70 |
| Distributions from net investment income | (.12) | (.07) | (.09) | (.11) | (.09) |
| Distributions from net realized gain | (2.04) | (3.65) | (2.39) | (1.28) | (1.13) |
| Total distributions | (2.16) | (3.73)B | (2.48) | (1.40)C | (1.22) |
| Net asset value, end of period | $32.90 | $27.14 | $32.03 | $26.95 | $26.63 |
| Total ReturnD | 29.42% | (4.14)% | 28.30% | 6.55% | 2.64% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | .82% | .79% | .68% | .63% | .66% |
| Expenses net of fee waivers, if any | .82% | .79% | .68% | .63% | .66% |
| Expenses net of all reductions | .82% | .78% | .67% | .63% | .66% |
| Net investment income (loss) | .46% | .33% | .38% | .50% | .45% |
| Supplemental Data | | | | | |
| Net assets, end of period (in millions) | $13,870 | $12,581 | $14,894 | $11,662 | $12,310 |
| Portfolio turnover rateG | 27%H | 36% | 30% | 42% | 47% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $3.73 per share is comprised of distributions from net investment income of $.073 and distributions from net realized gain of $3.653 per share.
C Total distributions of $1.40 per share is comprised of distributions from net investment income of $.114 and distributions from net realized gain of $1.281 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor New Insights Fund Class Z
| Years ended December 31, | 2019 | 2018 | 2017 | 2016 | 2015 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $27.16 | $32.06 | $26.97 | $26.65 | $27.17 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .18 | .15 | .16 | .17 | .16 |
| Net realized and unrealized gain (loss) | 7.79 | (1.28) | 7.45 | 1.58 | .58 |
| Total from investment operations | 7.97 | (1.13) | 7.61 | 1.75 | .74 |
| Distributions from net investment income | (.17) | (.12) | (.13) | (.15) | (.12) |
| Distributions from net realized gain | (2.04) | (3.65) | (2.39) | (1.28) | (1.13) |
| Total distributions | (2.20)B | (3.77) | (2.52) | (1.43) | (1.26)C |
| Net asset value, end of period | $32.93 | $27.16 | $32.06 | $26.97 | $26.65 |
| Total ReturnD | 29.60% | (4.03)% | 28.49% | 6.68% | 2.78% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | .70% | .66% | .55% | .50% | .53% |
| Expenses net of fee waivers, if any | .70% | .66% | .55% | .50% | .53% |
| Expenses net of all reductions | .70% | .66% | .55% | .50% | .53% |
| Net investment income (loss) | .58% | .46% | .50% | .63% | .58% |
| Supplemental Data | | | | | |
| Net assets, end of period (in millions) | $2,306 | $1,741 | $1,626 | $492 | $436 |
| Portfolio turnover rateG | 27%H | 36% | 30% | 42% | 47% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $2.20 per share is comprised of distributions from net investment income of $.165 and distributions from net realized gain of $2.035 per share.
C Total distributions of $1.26 per share is comprised of distributions from net investment income of $.124 and distributions from net realized gain of $1.134 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended December 31, 2019
(Amounts in thousands except percentages)
1. Organization.
Fidelity Advisor New Insights Fund (the Fund) is a fund of Fidelity Contrafund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective March 1, 2019, Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, income approach and cost approach and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
| Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in Input(a) |
| Equities | $ 274,120 | Market comparable | Enterprise value/Sales multiple (EV/S) | 1.5 – 14.4 / 8.7 | Increase |
| | | | Discount rate | 15.0% - 73.3% / 37.3% | Decrease |
| | | | Discount for lack of marketability | 10.0% - 15.0% / 11.8% | Decrease |
| | | | Premium rate | 25.0% - 94.7% / 56.2% | Increase |
| | | | Proxy discount | 6.0% | Decrease |
| | | Market approach | Enterprise value/Sales multiple (EV/S) | 3.1 – 3.4 / 3.2 | Increase |
| | | | Transaction price | $9.85 - $214.00 / $157.04 | Increase |
| | | | Tender price | $19.19 | Increase |
| | | | Discount for lack of marketability | 20.0% - 50.0% / 20.8% | Decrease |
| | | Recovery value | Recovery value | 0.0% - 0.2% / 0.2% | Increase |
| Other | $ 23,289 | Discounted cash flow | Discount rate | 16.5% | Decrease |
(a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2019, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for the Fund, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees of $927 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2019, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, redemptions in kind, partnerships, deferred trustees compensation, and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $12,252,384 |
| Gross unrealized depreciation | (573,965) |
| Net unrealized appreciation (depreciation) | $11,678,419 |
| Tax Cost | $14,856,889 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $1,431 |
| Undistributed long-term capital gain | $158,940 |
| Net unrealized appreciation (depreciation) on securities and other investments | $11,678,422 |
The tax character of distributions paid was as follows:
| | December 31, 2019 | December 31, 2018 |
| Ordinary Income | $68,496 | $ 38,429 |
| Long-term Capital Gains | 1,623,677 | 3,077,524 |
| Total | $1,692,173 | $ 3,115,953 |
Restricted Securities (including Private Placements). The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, the Fund held an investment of $73,452 in these Subsidiaries, representing .28% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and each Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.
Any cash held by the Subsidiaries is restricted as to its use and is presented as Restricted cash in the Statement of Assets and Liabilities.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $7,020,269 and $10,594,082, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Class I of the Fund as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .64% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| | Distribution Fee | Service Fee | Total Fees | Retained by FDC |
| Class A | -% | .25% | $14,623 | $141 |
| Class M | .25% | .25% | 9,119 | 32 |
| Class C | .75% | .25% | 25,295 | 1,863 |
| | | | $49,037 | $2,036 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| | Retained by FDC |
| Class A | $928 |
| Class M | 112 |
| Class C(a) | 124 |
| | $1,164 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| | Amount | % of Class-Level Average Net Assets |
| Class A | $10,068 | .17 |
| Class M | 3,107 | .17 |
| Class C | 4,438 | .18 |
| Class I | 23,245 | .17 |
| Class Z | 965 | .05 |
| | $41,823 | |
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Prior to April 1, 2019, FSC had a separate agreement with the Fund for administration of the security lending program, based on the number and duration of lending transactions. For the period, the total fees paid for accounting and administration of securities lending were equivalent to the following annual rates:
| | % of Average Net Assets |
| Fidelity Advisor New Insights Fund | .01 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount |
| Fidelity Advisor New Insights Fund | $207 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense |
| Fidelity Advisor New Insights Fund | Borrower | $32,056 | 1.77% | $8 |
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Affiliated Redemptions In-Kind. During the period, 2,829 shares of the Fund were redeemed in-kind for investments and cash with a value of $95,416. The net realized gain of $50,654 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $70 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with NFS, as affiliated borrower. Total fees paid by the Fund to NFS, as lending agent, amounted to $46. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds, and includes $4 from securities loaned to NFS, as affiliated borrower.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $766 for the period. In addition, through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $4. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
| | Expense reduction |
| Class C | $2 |
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $194.
In addition, during the period, the investment adviser or an affiliate reimbursed the Fund $18 for an operational error which is included in the accompanying Statement of Operations.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended
December 31, 2019 | Year ended
December 31, 2018 |
| Distributions to shareholders | | |
| Class A | $378,432 | $611,052 |
| Class M | 117,043 | 216,798 |
| Class C | 167,143 | 442,026 |
| Class I | 882,649 | 1,628,031 |
| Class Z | 146,906 | 218,046 |
| Total | $1,692,173 | $3,115,953 |
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended December 31, 2019 | Year ended December 31, 2018 | Year ended December 31, 2019 | Year ended December 31, 2018 |
| Class A | | | | |
| Shares sold | 43,791 | 22,403 | $1,342,089 | $724,484 |
| Reinvestment of distributions | 11,497 | 20,596 | 359,374 | 582,228 |
| Shares redeemed | (42,495) | (42,725) | (1,322,076) | (1,379,977) |
| Net increase (decrease) | 12,793 | 274 | $379,387 | $(73,265) |
| Class M | | | | |
| Shares sold | 4,552 | 6,067 | $133,820 | $188,128 |
| Reinvestment of distributions | 3,798 | 7,637 | 113,654 | 207,755 |
| Shares redeemed | (12,624) | (12,796) | (376,096) | (397,279) |
| Net increase (decrease) | (4,274) | 908 | $(128,622) | $(1,396) |
| Class C | | | | |
| Shares sold | 6,150 | 11,635 | $161,475 | $325,409 |
| Reinvestment of distributions | 5,902 | 16,981 | 155,171 | 413,509 |
| Shares redeemed | (58,619) | (34,187) | (1,534,269) | (956,302) |
| Net increase (decrease) | (46,567) | (5,571) | $(1,217,623) | $(217,384) |
| Class I | | | | |
| Shares sold | 49,250 | 78,360 | $1,557,439 | $2,567,783 |
| Reinvestment of distributions | 25,052 | 50,902 | 802,314 | 1,471,479 |
| Shares redeemed | (116,402)(a) | (130,620) | (3,703,378)(a) | (4,257,116) |
| Net increase (decrease) | (42,100) | (1,358) | $(1,343,625) | $(217,854) |
| Class Z | | | | |
| Shares sold | 24,307 | 25,301 | $768,298 | $843,488 |
| Reinvestment of distributions | 3,924 | 6,579 | 125,908 | 189,757 |
| Shares redeemed | (22,300) | (18,489) | (713,963) | (611,850) |
| Net increase (decrease) | 5,931 | 13,391 | $180,243 | $421,395 |
(a) Amount includes in-kind redemptions (see the Affiliated Redemptions In-Kind note for additional details).
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Effective January 1, 2020, following any required regulatory notices and approvals:
Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".
Broker-dealer Fidelity Distributors Corporation merged with and into Fidelity Investments Institutional Services Company, Inc. ("FIISC"). FIISC was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Distributors Company LLC".
Fidelity Investments Institutional Operations Company, Inc. (FIIOC) converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Contrafund and Shareholders of Fidelity Advisor New Insights Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Advisor New Insights Fund (one of the funds constituting Fidelity Contrafund, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
February 11, 2020
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Michael E. Wiley, each of the Trustees oversees 302 funds. Mr. Wiley oversees 199 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the Investment Company Act of 1940 (1940 Act)) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. James C. Curvey is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
James C. Curvey (1935)
Year of Election or Appointment: 2007
Trustee
Chairman of the Board of Trustees
Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey is an Overseer Emeritus for the Boston Symphony Orchestra, a Director of Artis-Naples, and a Trustee of Brewster Academy in Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-2018), Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), as a member of the Independent Directors Council (IDC) Governing Council (2010-2015), and as a member of the Board of Directors for The Brookville Center for Children’s Services, Inc. (2009-2017). Mr. Dirks is a member of the Finance Committee (2016-present) and Board of Directors (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as a Trustee of other Fidelity® funds. Mr. Donahue is President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as a Member of the Advisory Board of certain Fidelity® funds (2015-2018) and Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006), and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue serves as a Member (2007-present) and Co-Chairman (2016-present) of the Board of Directors of United Way of New York, Member of the Board of Directors of NYC Leadership Academy (2012-present) and Member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). He also served as Chairman (2010-2012) and Member of the Board of Directors (2012-2013) of Omgeo, LLC (financial services), Treasurer of United Way of New York (2012-2016), and Member of the Board of Directors of XBRL US (financial services non-profit, 2009-2012) and the International Securities Services Association (2009-2012).
Alan J. Lacy (1953)
Year of Election or Appointment: 2008
Trustee
Mr. Lacy also serves as Trustee of other Fidelity® funds. Mr. Lacy serves as a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2014-2017) and a member (2010-2017) of the Board of Directors of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes), as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association, and as a member of the Board of Directors for The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), Earth Fare, Inc. (retail grocery, 2010-2014), and The Western Union Company (global money transfer, 2006-2011).
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2000
Trustee
Chairman of the Independent Trustees
Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Chair (2018-present) and Member (2013-present) of the Board of Governors, State University System of Florida and is a member of the Council on Foreign Relations (1994-present). He is also a member and has most recently served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner and Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach also had a 30-year career with IBM (technology company) during which time he served as Senior Vice President and a member of the Corporate Executive Committee (1968-1998).
Joseph Mauriello (1944)
Year of Election or Appointment: 2008
Trustee
Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-2018).
Cornelia M. Small (1944)
Year of Election or Appointment: 2005
Trustee
Ms. Small also serves as Trustee of other Fidelity® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to Mr. Smith's retirement, he served as Chairman and Chief Executive Officer of Inbrand Corp. (manufacturer of personal absorbent products, 1990-1997). He also served as President (1986-1990) of Inbrand Corp. Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank. In addition, Mr. Smith served as a Member of the Advisory Board of certain Fidelity® funds (2012-2013) and as a board member of the Jackson Hole Land Trust (2009-2012).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present) and as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), a Director of Fortune Brands, Inc. (consumer products, 2000-2011), and a member of the Board of Trustees of the University of Florida (2013-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Wiley also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Wiley serves as a Director of High Point Resources (exploration and production, 2005-present). Previously, Mr. Wiley served as a Director of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a Director of Andeavor Logistics LP (natural resources logistics, 2015-2018), a Director of Post Oak Bank (privately-held bank, 2004-2018), a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-2013), a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), an Advisory Director of Riverstone Holdings (private investment), a Director of Spinnaker Exploration Company (exploration and production, 2001-2005) and Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Vicki L. Fuller (1957)
Year of Election or Appointment: 2018
Member of the Advisory Board
Ms. Fuller also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Fuller serves as a member of the Board of Directors, Audit Committee, and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present). Previously, Ms. Fuller served as the Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Member of the Advisory Board
Ms. Kampling also serves as Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Compensation Committee and Executive Committee and as Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Member of the Advisory Board
Ms. Tomasky also serves as Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board of Kenyon College (2016-present). Previously, Ms. Tomasky served as a member of the Board (2011-2019) and as Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Kenneth B. Robins (1969)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2019 to December 31, 2019).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | Annualized Expense Ratio-A | Beginning
Account Value
July 1, 2019 | Ending
Account Value
December 31, 2019 | Expenses Paid
During Period-B
July 1, 2019
to December 31, 2019 |
| Class A | 1.05% | | | |
| Actual | | $1,000.00 | $1,062.10 | $5.46 |
| Hypothetical-C | | $1,000.00 | $1,019.91 | $5.35 |
| Class M | 1.30% | | | |
| Actual | | $1,000.00 | $1,060.60 | $6.75 |
| Hypothetical-C | | $1,000.00 | $1,018.65 | $6.61 |
| Class C | 1.79% | | | |
| Actual | | $1,000.00 | $1,057.90 | $9.28 |
| Hypothetical-C | | $1,000.00 | $1,016.18 | $9.10 |
| Class I | .79% | | | |
| Actual | | $1,000.00 | $1,063.30 | $4.11 |
| Hypothetical-C | | $1,000.00 | $1,021.22 | $4.02 |
| Class Z | .67% | | | |
| Actual | | $1,000.00 | $1,063.90 | $3.49 |
| Hypothetical-C | | $1,000.00 | $1,021.83 | $3.41 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of Fidelity Advisor New Insights Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities:
| | Pay Date | Record Date | Dividends | Capital Gains |
| Fidelity Advisor New Insights Fund | | | | |
| Class A | 02/10/2020 | 02/07/2020 | $0.003 | $0.202 |
| Class M | 02/10/2020 | 02/07/2020 | $0.000 | $0.202 |
| Class C | 02/10/2020 | 02/07/2020 | $0.000 | $0.202 |
| Class I | 02/10/2020 | 02/07/2020 | $0.003 | $0.202 |
| Class Z | 02/10/2020 | 02/07/2020 | $0.003 | $0.202 |
| | | | | |
The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2019 $1,835,924,511, or, if subsequently determined to be different, the net capital gain of such year.
Class A, I, and Class Z designate 100% of the dividends distributed during the fiscal year as qualifying for the dividends received deduction for corporate shareholders.
Class A, I, and Class Z designate 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.
Board Approval of Investment Advisory Contracts
Fidelity Advisor New Insights Fund
At its November 2019 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve an amended and restated management contract and amended and restated sub-advisory agreements (together, the Amended and Restated Contracts) for the fund, effective January 1, 2020, for a one month period through January 31, 2020, in connection with an upcoming consolidation of certain of Fidelity's advisory businesses.
The Board considered that, on or about January 1, 2020, each of FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and SelectCo, LLC (SelectCo) will merge with and into Fidelity Management & Research Company (FMR) and that, after the merger, FMR will redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that the Amended and Restated Contracts would be updated to reflect the renamed adviser, Fidelity Management & Research Company LLC and its new form of organization and domicile. The Board also noted that the Amended and Restated Contracts will not change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees or expenses paid by the fund.
The Board concluded that the fund's Amended and Restated Contracts are fair and reasonable, and that the fund's Advisory Contracts should be approved through January 31, 2020.
In connection with its consideration of future renewals of the fund's Amended and Restated Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Amended and Restated Contracts should be approved.
ANIF-ANN-0220
1.796407.116
Fidelity® Series Opportunistic Insights Fund
Annual Report
December 31, 2019
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Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2020 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended December 31, 2019 | Past 1 year | Past 5 years | Life of fundA |
| Fidelity® Series Opportunistic Insights Fund | 30.53% | 13.07% | 16.19% |
A From December 6, 2012
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Series Opportunistic Insights Fund on December 6, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the Russell 3000® Index performed over the same period.
| Period Ending Values |
| $28,897 | Fidelity® Series Opportunistic Insights Fund |
| $25,940 | Russell 3000® Index |
Management's Discussion of Fund Performance
Market Recap: U.S. stocks continued to roll in 2019, with the S&P 500
® index soaring 31.49% and marking history as the longest and strongest bull market ever, despite persistent, nagging concerns about global economic growth and trade. After a rough end to 2018, equities sharply reversed course to begin the new year amid upbeat company earnings and signs the Federal Reserve may pause on rates. The uptrend continued until May, when the index sunk as trade negotiations between the U.S. and China broke down. The bull market roared back to record a series of highs in July, when the Fed cut interest rates for the first time since 2008. Volatility intensified in August, as the Treasury yield curve inverted, which some investors viewed as a sign the U.S. economy could be heading for recession. But the market proved resilient, hitting a new high on October 30, when the Fed lowered rates for the third time in 2019, and moving even higher through year-end. Gains were robust and broad-based, with information technology (+50%) leading the way with its best calendar-year result in a decade, amid strong growth trends. Communication services (+33%) and financials (+32%) also stood out. In contrast, energy (+12%) was by far the weakest group – struggling amid sluggish oil prices – while several strong gainers nonetheless fell short of the broader market: industrials and real estate (+29% each), consumer discretionary and consumer staples (+28% each), utilities (+26%), materials (+25%), and health care (+21%).
Comments from Portfolio Manager William Danoff: For the year, the fund gained 30.53%, roughly in line with the 31.02% advance of the benchmark Russell 3000
® Index. Versus the benchmark, security selection was the biggest detractor, especially in the information technology sector. The fund's modest position in cash hampered relative performance in a strong market. Our picks in industrials, consumer discretionary, real estate and financials hurt to a lesser extent. The largest individual relative detractor by a wide margin was an underweighting in Apple, a maker of personal electronics and a sizable benchmark component the past year. The company had favorable financial results, driven by its wearables, home and accessories segment. Underexposure to Apple, which rose 89%, allowed us to invest in companies with better growth prospects. In financials, it hurt to overweight Berkshire Hathaway, as shares of the insurance-focused conglomerate gained 11% in 2019, lagging the benchmark. Rising interest rates pressured the stock, but we held steady our sizable position. Conversely, a considerable overweighting in the market-leading information technology sector notably contributed, as did underexposure to energy. My picks in communication services and health care also helped. The biggest individual contributor by far was a large investment in Facebook (+57%), as the social-media platform operator reported better-than-expected revenue, earnings and average revenue per user. Facebook was the fund's top holding.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Top Ten Stocks as of December 31, 2019
| | % of fund's net assets |
| Facebook, Inc. Class A | 8.3 |
| Amazon.com, Inc. | 6.0 |
| Microsoft Corp. | 5.9 |
| Salesforce.com, Inc. | 5.2 |
| Berkshire Hathaway, Inc. Class A | 5.0 |
| Adobe, Inc. | 3.7 |
| MasterCard, Inc. Class A | 3.4 |
| Bank of America Corp. | 3.0 |
| Visa, Inc. Class A | 2.5 |
| JPMorgan Chase & Co. | 2.0 |
| | 45.0 |
Top Five Market Sectors as of December 31, 2019
| | % of fund's net assets |
| Information Technology | 33.5 |
| Communication Services | 16.5 |
| Financials | 14.5 |
| Health Care | 11.7 |
| Consumer Discretionary | 11.1 |
Asset Allocation (% of fund's net assets)
| As of December 31, 2019* |
| | Stocks | 97.9% |
| | Convertible Securities | 1.5% |
| | Short-Term Investments and Net Other Assets (Liabilities) | 0.6% |
* Foreign investments - 8.8%
Schedule of Investments December 31, 2019
Showing Percentage of Net Assets
| Common Stocks - 97.9% | | | |
| | | Shares | Value |
| COMMUNICATION SERVICES - 16.5% | | | |
| Entertainment - 3.0% | | | |
| Activision Blizzard, Inc. | | 122,370 | $7,271,225 |
| Netflix, Inc. (a) | | 390,909 | 126,486,425 |
| Sea Ltd. ADR (a) | | 21,631 | 869,999 |
| Spotify Technology SA (a) | | 28,182 | 4,214,618 |
| The Walt Disney Co. | | 458,772 | 66,352,194 |
| | | | 205,194,461 |
| Interactive Media & Services - 12.6% | | | |
| Alphabet, Inc.: | | | |
| Class A (a) | | 98,417 | 131,818,746 |
| Class C (a) | | 103,910 | 138,929,748 |
| CarGurus, Inc. Class A (a) | | 92,112 | 3,240,500 |
| Facebook, Inc. Class A (a) | | 2,789,554 | 572,555,953 |
| Pinterest, Inc. Class A | | 1,088,596 | 20,291,429 |
| | | | 866,836,376 |
| Media - 0.5% | | | |
| Charter Communications, Inc. Class A (a) | | 15,797 | 7,662,809 |
| Comcast Corp. Class A | | 49,160 | 2,210,725 |
| Discovery Communications, Inc. Class A (a) | | 73,420 | 2,403,771 |
| Liberty Media Corp. Liberty Formula One Group Series C (a) | | 487,116 | 22,390,287 |
| | | | 34,667,592 |
| Wireless Telecommunication Services - 0.4% | | | |
| T-Mobile U.S., Inc. (a) | | 375,831 | 29,472,667 |
|
| TOTAL COMMUNICATION SERVICES | | | 1,136,171,096 |
|
| CONSUMER DISCRETIONARY - 11.0% | | | |
| Automobiles - 0.1% | | | |
| Tesla, Inc. (a) | | 8,008 | 3,349,987 |
| Toyota Motor Corp. | | 62,112 | 4,376,505 |
| | | | 7,726,492 |
| Hotels, Restaurants & Leisure - 1.5% | | | |
| Chipotle Mexican Grill, Inc. (a) | | 40,454 | 33,864,448 |
| Churchill Downs, Inc. | | 5,303 | 727,572 |
| Evolution Gaming Group AB (b) | | 120,325 | 3,622,719 |
| Hilton Worldwide Holdings, Inc. | | 34,423 | 3,817,855 |
| McDonald's Corp. | | 273,872 | 54,119,846 |
| Starbucks Corp. | | 72,323 | 6,358,638 |
| | | | 102,511,078 |
| Household Durables - 0.1% | | | |
| Blu Homes, Inc. (a)(c)(d) | | 21,093,998 | 36,484 |
| Garmin Ltd. | | 42,149 | 4,112,056 |
| Lennar Corp. Class A | | 11,647 | 649,786 |
| Mohawk Industries, Inc. (a) | | 38,237 | 5,214,762 |
| | | | 10,013,088 |
| Internet & Direct Marketing Retail - 6.3% | | | |
| Alibaba Group Holding Ltd. | | 650,000 | 17,283,729 |
| Alibaba Group Holding Ltd. sponsored ADR (a) | | 15,239 | 3,232,192 |
| Amazon.com, Inc. (a) | | 222,877 | 411,841,036 |
| Meituan Dianping Class B (a) | | 129,420 | 1,692,427 |
| | | | 434,049,384 |
| Multiline Retail - 0.0% | | | |
| Dollar General Corp. | | 12,583 | 1,962,696 |
| Specialty Retail - 1.4% | | | |
| AutoZone, Inc. (a) | | 3,095 | 3,687,104 |
| Burlington Stores, Inc. (a) | | 7,393 | 1,685,826 |
| John David Group PLC | | 478,527 | 5,307,917 |
| O'Reilly Automotive, Inc. (a) | | 30,222 | 13,245,094 |
| Ross Stores, Inc. | | 77,727 | 9,048,977 |
| Sally Beauty Holdings, Inc. (a) | | 92,517 | 1,688,435 |
| The Home Depot, Inc. | | 181,855 | 39,713,495 |
| TJX Companies, Inc. | | 391,512 | 23,905,723 |
| | | | 98,282,571 |
| Textiles, Apparel & Luxury Goods - 1.6% | | | |
| adidas AG | | 142,590 | 46,351,540 |
| Burberry Group PLC | | 58,236 | 1,700,924 |
| China Hongxing Sports Ltd. (a)(d) | | 22,200 | 936 |
| Deckers Outdoor Corp. (a) | | 21,282 | 3,593,679 |
| Hermes International SCA | | 2,724 | 2,035,581 |
| lululemon athletica, Inc. (a) | | 25,534 | 5,915,462 |
| NIKE, Inc. Class B | | 319,843 | 32,403,294 |
| Ralph Lauren Corp. | | 27,038 | 3,169,394 |
| VF Corp. | | 128,147 | 12,771,130 |
| | | | 107,941,940 |
|
| TOTAL CONSUMER DISCRETIONARY | | | 762,487,249 |
|
| CONSUMER STAPLES - 3.9% | | | |
| Beverages - 1.1% | | | |
| Budweiser Brewing Co. APAC Ltd. (a)(b) | | 693,296 | 2,339,962 |
| Keurig Dr. Pepper, Inc. | | 577,181 | 16,709,390 |
| PepsiCo, Inc. | | 195,300 | 26,691,651 |
| The Coca-Cola Co. | | 578,450 | 32,017,208 |
| | | | 77,758,211 |
| Food & Staples Retailing - 1.1% | | | |
| Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | | 133,736 | 4,244,165 |
| Costco Wholesale Corp. | | 228,637 | 67,200,987 |
| Grocery Outlet Holding Corp. | | 39,726 | 1,289,109 |
| Walmart, Inc. | | 7,591 | 902,114 |
| | | | 73,636,375 |
| Food Products - 0.1% | | | |
| Mondelez International, Inc. | | 105,865 | 5,831,044 |
| The Simply Good Foods Co. (a) | | 118,237 | 3,374,484 |
| | | | 9,205,528 |
| Household Products - 0.0% | | | |
| Procter & Gamble Co. | | 5,839 | 729,291 |
| Personal Products - 1.6% | | | |
| Estee Lauder Companies, Inc. Class A | | 429,952 | 88,802,286 |
| Kao Corp. | | 34,318 | 2,830,381 |
| L'Oreal SA | | 13,125 | 3,886,690 |
| L'Oreal SA | | 10,503 | 3,110,241 |
| Shiseido Co. Ltd. | | 131,760 | 9,356,277 |
| | | | 107,985,875 |
|
| TOTAL CONSUMER STAPLES | | | 269,315,280 |
|
| ENERGY - 1.1% | | | |
| Oil, Gas & Consumable Fuels - 1.1% | | | |
| Birchcliff Energy Ltd. | | 1,294,134 | 2,581,192 |
| Canadian Natural Resources Ltd. | | 62,002 | 2,005,378 |
| Centennial Resource Development, Inc. Class A (a) | | 1,464,071 | 6,764,008 |
| Continental Resources, Inc. | | 53,295 | 1,828,019 |
| EOG Resources, Inc. | | 19,400 | 1,624,944 |
| Hess Corp. | | 355,268 | 23,735,455 |
| Magnolia Oil & Gas Corp. Class A (a) | | 421,192 | 5,298,595 |
| Reliance Industries Ltd. | | 1,485,325 | 31,516,450 |
| Tamarack Valley Energy Ltd. (a) | | 1,313,749 | 2,023,409 |
| | | | 77,377,450 |
| FINANCIALS - 14.5% | | | |
| Banks - 6.9% | | | |
| Bank of America Corp. | | 5,801,562 | 204,331,014 |
| Citigroup, Inc. | | 811,070 | 64,796,382 |
| HDFC Bank Ltd. sponsored ADR | | 573,445 | 36,339,210 |
| JPMorgan Chase & Co. | | 1,002,924 | 139,807,606 |
| Kotak Mahindra Bank Ltd. | | 913,987 | 21,574,858 |
| PNC Financial Services Group, Inc. | | 45,719 | 7,298,124 |
| U.S. Bancorp | | 57,400 | 3,403,246 |
| | | | 477,550,440 |
| Capital Markets - 0.8% | | | |
| Brookfield Asset Management, Inc.: | | | |
| (Canada) Class A | | 135,355 | 7,820,789 |
| Class A | | 129,801 | 7,502,498 |
| Charles Schwab Corp. | | 111,400 | 5,298,184 |
| CME Group, Inc. | | 110,961 | 22,272,092 |
| Moody's Corp. | | 21,000 | 4,985,610 |
| MSCI, Inc. | | 2,911 | 751,562 |
| S&P Global, Inc. | | 2,500 | 682,625 |
| Tradeweb Markets, Inc. Class A | | 4,367 | 202,410 |
| XP, Inc. Class A (a)(e) | | 48,000 | 1,848,960 |
| | | | 51,364,730 |
| Consumer Finance - 1.1% | | | |
| American Express Co. | | 537,072 | 66,860,093 |
| Oportun Financial Corp. | | 245,860 | 5,558,895 |
| | | | 72,418,988 |
| Diversified Financial Services - 5.0% | | | |
| AXA Equitable Holdings, Inc. | | 17,900 | 443,562 |
| Berkshire Hathaway, Inc. Class A (a) | | 1,020 | 346,381,800 |
| | | | 346,825,362 |
| Insurance - 0.7% | | | |
| Admiral Group PLC | | 232,971 | 7,125,421 |
| AFLAC, Inc. | | 30,157 | 1,595,305 |
| Allstate Corp. | | 29,222 | 3,286,014 |
| American International Group, Inc. | | 398,295 | 20,444,482 |
| Chubb Ltd. | | 69,051 | 10,748,479 |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | | 12,479 | 5,859,571 |
| Marsh & McLennan Companies, Inc. | | 16,598 | 1,849,183 |
| The Travelers Companies, Inc. | | 1,600 | 219,120 |
| | | | 51,127,575 |
|
| TOTAL FINANCIALS | | | 999,287,095 |
|
| HEALTH CARE - 11.6% | | | |
| Biotechnology - 1.9% | | | |
| 23andMe, Inc. (a)(c)(d) | | 9,536 | 136,556 |
| AbbVie, Inc. | | 116,863 | 10,347,050 |
| Acceleron Pharma, Inc. (a) | | 6,822 | 361,702 |
| Allogene Therapeutics, Inc. (a)(e) | | 38,477 | 999,632 |
| Amgen, Inc. | | 21,603 | 5,207,835 |
| Argenx SE ADR (a) | | 7,434 | 1,193,306 |
| bluebird bio, Inc. (a) | | 31,822 | 2,792,381 |
| Bridgebio Pharma, Inc. | | 11,422 | 400,341 |
| Galapagos Genomics NV sponsored ADR (a) | | 5,615 | 1,161,350 |
| Global Blood Therapeutics, Inc. (a) | | 9,400 | 747,206 |
| Idorsia Ltd. (a)(e) | | 127,087 | 3,931,582 |
| Innovent Biolgics, Inc. (a)(b) | | 229,824 | 783,059 |
| Morphosys AG (a) | | 13,499 | 1,919,984 |
| Neurocrine Biosciences, Inc. (a) | | 47,448 | 5,100,186 |
| Regeneron Pharmaceuticals, Inc. (a) | | 50,781 | 19,067,250 |
| Turning Point Therapeutics, Inc. | | 37,437 | 2,331,951 |
| Vertex Pharmaceuticals, Inc. (a) | | 351,068 | 76,866,339 |
| | | | 133,347,710 |
| Health Care Equipment & Supplies - 4.0% | | | |
| Abbott Laboratories | | 411,813 | 35,770,077 |
| Baxter International, Inc. | | 422,249 | 35,308,461 |
| Danaher Corp. | | 408,635 | 62,717,300 |
| DexCom, Inc. (a) | | 134,589 | 29,439,998 |
| Edwards Lifesciences Corp. (a) | | 184,712 | 43,091,462 |
| Haemonetics Corp. (a) | | 5,825 | 669,293 |
| Hoya Corp. | | 4,055 | 389,994 |
| Intuitive Surgical, Inc. (a) | | 41,750 | 24,680,513 |
| Masimo Corp. (a) | | 14,067 | 2,223,430 |
| ResMed, Inc. | | 32,020 | 4,962,139 |
| Sonova Holding AG Class B | | 23,710 | 5,426,498 |
| Stryker Corp. | | 119,800 | 25,150,812 |
| Zimmer Biomet Holdings, Inc. | | 23,980 | 3,589,326 |
| | | | 273,419,303 |
| Health Care Providers & Services - 1.6% | | | |
| Cigna Corp. | | 8,424 | 1,722,624 |
| Hapvida Participacoes e Investimentos SA (b) | | 221,300 | 3,515,318 |
| UnitedHealth Group, Inc. | | 363,978 | 107,002,252 |
| | | | 112,240,194 |
| Health Care Technology - 0.3% | | | |
| Veeva Systems, Inc. Class A (a) | | 167,218 | 23,520,884 |
| Life Sciences Tools & Services - 1.5% | | | |
| 10X Genomics, Inc. (a) | | 24,127 | 1,839,684 |
| Bio-Rad Laboratories, Inc. Class A (a) | | 12,375 | 4,579,121 |
| Bruker Corp. | | 15,184 | 773,928 |
| IQVIA Holdings, Inc. (a) | | 79,883 | 12,342,722 |
| Mettler-Toledo International, Inc. (a) | | 52,056 | 41,294,984 |
| PRA Health Sciences, Inc. (a) | | 5,499 | 611,214 |
| Thermo Fisher Scientific, Inc. | | 126,560 | 41,115,547 |
| Wuxi Biologics (Cayman), Inc. (a)(b) | | 67,076 | 849,178 |
| | | | 103,406,378 |
| Pharmaceuticals - 2.3% | | | |
| Astellas Pharma, Inc. | | 46,277 | 789,948 |
| AstraZeneca PLC: | | | |
| (United Kingdom) | | 44,684 | 4,472,509 |
| sponsored ADR | | 810,109 | 40,392,035 |
| Bristol-Myers Squibb Co. | | 270,440 | 17,359,544 |
| Bristol-Myers Squibb Co. rights (a) | | 63,228 | 190,316 |
| Eli Lilly & Co. | | 60,852 | 7,997,778 |
| Hansoh Pharmaceutical Group Co. Ltd. (b) | | 1,212,563 | 4,030,310 |
| Merck & Co., Inc. | | 361,049 | 32,837,407 |
| Novartis AG sponsored ADR | | 186,410 | 17,651,163 |
| Roche Holding AG (participation certificate) | | 17,021 | 5,531,873 |
| Zoetis, Inc. Class A | | 185,775 | 24,587,321 |
| | | | 155,840,204 |
|
| TOTAL HEALTH CARE | | | 801,774,673 |
|
| INDUSTRIALS - 3.2% | | | |
| Aerospace & Defense - 0.8% | | | |
| Harris Corp. | | 84,888 | 16,796,789 |
| Lockheed Martin Corp. | | 15,224 | 5,927,921 |
| Northrop Grumman Corp. | | 32,550 | 11,196,224 |
| Space Exploration Technologies Corp.: | | | |
| Class A (a)(c)(d) | | 18,191 | 3,892,874 |
| Class C (a)(c)(d) | | 783 | 167,562 |
| TransDigm Group, Inc. | | 27,883 | 15,614,480 |
| | | | 53,595,850 |
| Airlines - 0.0% | | | |
| Southwest Airlines Co. | | 24,647 | 1,330,445 |
| United Continental Holdings, Inc. (a) | | 7,591 | 668,691 |
| | | | 1,999,136 |
| Building Products - 0.2% | | | |
| Allegion PLC | | 4,888 | 608,752 |
| Masco Corp. | | 44,198 | 2,121,062 |
| Toto Ltd. | | 188,020 | 7,939,542 |
| | | | 10,669,356 |
| Commercial Services & Supplies - 0.4% | | | |
| Cintas Corp. | | 90,103 | 24,244,915 |
| Clean TeQ Holdings Ltd. (a) | | 44,093 | 6,343 |
| Edenred SA | | 13,518 | 699,021 |
| TulCo LLC (a)(c)(d)(f) | | 7,549 | 3,944,277 |
| | | | 28,894,556 |
| Electrical Equipment - 0.2% | | | |
| AMETEK, Inc. | | 85,999 | 8,577,540 |
| Generac Holdings, Inc. (a) | | 11,985 | 1,205,571 |
| Vestas Wind Systems A/S | | 58,203 | 5,878,882 |
| | | | 15,661,993 |
| Industrial Conglomerates - 0.3% | | | |
| General Electric Co. | | 2,058,496 | 22,972,815 |
| Machinery - 0.6% | | | |
| Dover Corp. | | 3,983 | 459,081 |
| Fortive Corp. | | 487,907 | 37,271,216 |
| IDEX Corp. | | 8,666 | 1,490,552 |
| Ingersoll-Rand PLC | | 5,200 | 691,184 |
| PACCAR, Inc. | | 9,255 | 732,071 |
| | | | 40,644,104 |
| Professional Services - 0.5% | | | |
| Clarivate Analytics PLC (a) | | 598,508 | 10,054,934 |
| CoStar Group, Inc. (a) | | 9,998 | 5,981,803 |
| Experian PLC | | 171,938 | 5,828,609 |
| FTI Consulting, Inc. (a) | | 91,854 | 10,164,564 |
| | | | 32,029,910 |
| Road & Rail - 0.2% | | | |
| Canadian Pacific Railway Ltd. | | 10,800 | 2,753,166 |
| Lyft, Inc. | | 26,924 | 1,158,270 |
| Union Pacific Corp. | | 59,904 | 10,830,044 |
| | | | 14,741,480 |
|
| TOTAL INDUSTRIALS | | | 221,209,200 |
|
| INFORMATION TECHNOLOGY - 32.5% | | | |
| Communications Equipment - 0.2% | | | |
| Motorola Solutions, Inc. | | 86,635 | 13,960,364 |
| Electronic Equipment & Components - 2.3% | | | |
| Amphenol Corp. Class A | | 1,182,906 | 128,025,916 |
| CDW Corp. | | 83,818 | 11,972,563 |
| Keysight Technologies, Inc. (a) | | 106,489 | 10,928,966 |
| Zebra Technologies Corp. Class A (a) | | 21,519 | 5,496,813 |
| | | | 156,424,258 |
| IT Services - 9.5% | | | |
| Accenture PLC Class A | | 109,329 | 23,021,408 |
| Adyen BV (a)(b) | | 12,845 | 10,532,421 |
| ASAC II LP (a)(c)(d) | | 2,013,117 | 338,204 |
| Endava PLC ADR (a) | | 9,880 | 460,408 |
| EPAM Systems, Inc. (a) | | 41,030 | 8,704,925 |
| Fidelity National Information Services, Inc. | | 27,146 | 3,775,737 |
| Fiserv, Inc. (a) | | 39,933 | 4,617,453 |
| Global Payments, Inc. | | 188,069 | 34,333,877 |
| MasterCard, Inc. Class A | | 787,137 | 235,031,237 |
| MongoDB, Inc. Class A (a)(e) | | 119,464 | 15,722,657 |
| Okta, Inc. (a) | | 193,610 | 22,336,786 |
| PayPal Holdings, Inc. (a) | | 865,026 | 93,569,862 |
| Shopify, Inc. Class A (a) | | 66,338 | 26,375,811 |
| StoneCo Ltd. Class A (a)(e) | | 59,823 | 2,386,339 |
| Visa, Inc. Class A | | 911,447 | 171,260,891 |
| | | | 652,468,016 |
| Semiconductors & Semiconductor Equipment - 2.9% | | | |
| Advanced Micro Devices, Inc. (a) | | 680,853 | 31,223,919 |
| Analog Devices, Inc. | | 73,934 | 8,786,317 |
| Applied Materials, Inc. | | 27,662 | 1,688,488 |
| ASML Holding NV | | 17,347 | 5,133,671 |
| Cirrus Logic, Inc. (a) | | 26,605 | 2,192,518 |
| Enphase Energy, Inc. (a)(e) | | 25,800 | 674,154 |
| KLA-Tencor Corp. | | 7,822 | 1,393,646 |
| Lam Research Corp. | | 35,051 | 10,248,912 |
| Marvell Technology Group Ltd. | | 118,656 | 3,151,503 |
| Microchip Technology, Inc. (e) | | 35,996 | 3,769,501 |
| NVIDIA Corp. | | 261,040 | 61,422,712 |
| NXP Semiconductors NV | | 125,653 | 15,990,601 |
| Qorvo, Inc. (a) | | 36,709 | 4,266,687 |
| Qualcomm, Inc. | | 444,537 | 39,221,500 |
| SolarEdge Technologies, Inc. (a) | | 30,406 | 2,891,307 |
| Synaptics, Inc. (a) | | 29,274 | 1,925,351 |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 18,927 | 1,099,659 |
| Universal Display Corp. | | 7,100 | 1,463,097 |
| Xilinx, Inc. | | 71,446 | 6,985,275 |
| | | | 203,528,818 |
| Software - 17.5% | | | |
| Adobe, Inc. (a) | | 776,962 | 256,249,837 |
| Atlassian Corp. PLC (a) | | 178,794 | 21,516,070 |
| Ceridian HCM Holding, Inc. (a) | | 50,871 | 3,453,123 |
| Cloudflare, Inc. | | 280,255 | 4,542,093 |
| Coupa Software, Inc. (a) | | 85,880 | 12,559,950 |
| DocuSign, Inc. (a) | | 20,815 | 1,542,600 |
| Dropbox, Inc. Class A (a) | | 317,666 | 5,689,398 |
| Fortinet, Inc. (a) | | 6,500 | 693,940 |
| Intuit, Inc. | | 167,590 | 43,896,849 |
| Microsoft Corp. | | 2,574,749 | 406,037,917 |
| Netcompany Group A/S (a)(b) | | 30,366 | 1,444,947 |
| Paycom Software, Inc. (a) | | 64,690 | 17,127,324 |
| RingCentral, Inc. (a) | | 142,556 | 24,044,921 |
| Salesforce.com, Inc. (a) | | 2,202,526 | 358,218,829 |
| Slack Technologies, Inc. Class A (a)(e) | | 186,800 | 4,199,264 |
| SurveyMonkey (a) | | 329,280 | 5,884,234 |
| Tanium, Inc. Class B (a)(c)(d) | | 188,500 | 1,835,990 |
| Workday, Inc. Class A (a) | | 247,230 | 40,656,974 |
| Xero Ltd. (a) | | 13,100 | 735,434 |
| | | | 1,210,329,694 |
| Technology Hardware, Storage & Peripherals - 0.1% | | | |
| Apple, Inc. | | 2,600 | 763,490 |
| Samsung Electronics Co. Ltd. | | 97,100 | 4,688,467 |
| | | | 5,451,957 |
|
| TOTAL INFORMATION TECHNOLOGY | | | 2,242,163,107 |
|
| MATERIALS - 2.6% | | | |
| Chemicals - 0.9% | | | |
| Air Products & Chemicals, Inc. | | 36,474 | 8,571,025 |
| FMC Corp. | | 21,884 | 2,184,461 |
| Growmax Resources Corp. (a)(b)(d) | | 4,800 | 203 |
| PPG Industries, Inc. (e) | | 22,075 | 2,946,792 |
| Sherwin-Williams Co. | | 76,378 | 44,569,618 |
| Westlake Chemical Corp. | | 71,779 | 5,035,297 |
| | | | 63,307,396 |
| Construction Materials - 0.0% | | | |
| Vulcan Materials Co. | | 311 | 44,781 |
| Containers & Packaging - 0.0% | | | |
| Avery Dennison Corp. | | 5,513 | 721,211 |
| Metals & Mining - 1.7% | | | |
| Agnico Eagle Mines Ltd. (Canada) | | 53,646 | 3,304,152 |
| B2Gold Corp. | | 1,646,929 | 6,607,755 |
| Barrick Gold Corp. | | 72,691 | 1,351,326 |
| Barrick Gold Corp. (Canada) | | 1,612,866 | 29,958,283 |
| Franco-Nevada Corp. | | 294,717 | 30,432,869 |
| Ivanhoe Mines Ltd. (a) | | 3,266,987 | 10,692,461 |
| Kirkland Lake Gold Ltd. | | 400,727 | 17,664,020 |
| Lundin Gold, Inc. (a) | | 126,664 | 812,530 |
| Newcrest Mining Ltd. | | 406,412 | 8,627,289 |
| Novagold Resources, Inc. (a) | | 462,134 | 4,135,380 |
| Royal Gold, Inc. | | 11,127 | 1,360,276 |
| Wheaton Precious Metals Corp. | | 50,540 | 1,503,882 |
| | | | 116,450,223 |
|
| TOTAL MATERIALS | | | 180,523,611 |
|
| REAL ESTATE - 0.8% | | | |
| Equity Real Estate Investment Trusts (REITs) - 0.8% | | | |
| American Tower Corp. | | 182,662 | 41,979,381 |
| Equity Commonwealth | | 22,150 | 727,185 |
| Equity Residential (SBI) | | 121,360 | 9,820,451 |
| Prologis, Inc. | | 22,879 | 2,039,434 |
| | | | 54,566,451 |
| Real Estate Management & Development - 0.0% | | | |
| WeWork Companies, Inc. Class A (a)(c)(d) | | 3,404 | 65,323 |
|
| TOTAL REAL ESTATE | | | 54,631,774 |
|
| UTILITIES - 0.2% | | | |
| Electric Utilities - 0.2% | | | |
| NextEra Energy, Inc. | | 53,151 | 12,871,046 |
| TOTAL COMMON STOCKS | | | |
| (Cost $3,194,711,331) | | | 6,757,811,581 |
|
| Preferred Stocks - 1.5% | | | |
| Convertible Preferred Stocks - 1.5% | | | |
| COMMUNICATION SERVICES - 0.0% | | | |
| Wireless Telecommunication Services - 0.0% | | | |
| Altiostar Networks, Inc. Series A1 (a)(c)(d) | | 139,573 | 595,977 |
| CONSUMER DISCRETIONARY - 0.1% | | | |
| Diversified Consumer Services - 0.1% | | | |
| Airbnb, Inc.: | | | |
| Series D (a)(c)(d) | | 35,238 | 3,571,019 |
| Series E (a)(c)(d) | | 16,112 | 1,632,790 |
| | | | 5,203,809 |
| CONSUMER STAPLES - 0.1% | | | |
| Food & Staples Retailing - 0.1% | | | |
| Roofoods Ltd. Series F (a)(c)(d) | | 9,254 | 4,364,001 |
| HEALTH CARE - 0.1% | | | |
| Biotechnology - 0.1% | | | |
| 23andMe, Inc.: | | | |
| Series E (a)(c)(d) | | 46,180 | 661,298 |
| Series F (a)(c)(d) | | 200,299 | 2,868,282 |
| | | | 3,529,580 |
| Health Care Providers & Services - 0.0% | | | |
| Mulberry Health, Inc. Series A-8 (a)(c)(d) | | 480,971 | 2,520,288 |
| TOTAL HEALTH CARE | | | 6,049,868 |
| INDUSTRIALS - 0.1% | | | |
| Aerospace & Defense - 0.1% | | | |
| Space Exploration Technologies Corp.: | | | |
| Series G (a)(c)(d) | | 36,460 | 7,802,440 |
| Series H (a)(c)(d) | | 7,256 | 1,552,784 |
| | | | 9,355,224 |
| INFORMATION TECHNOLOGY - 1.0% | | | |
| Software - 1.0% | | | |
| Delphix Corp. Series D (a)(c)(d) | | 232,855 | 1,643,956 |
| Magic Leap, Inc.: | | | |
| Series B, 8.00% (a)(c)(d) | | 1,907,399 | 51,499,773 |
| Series C (a)(c)(d) | | 17,554 | 473,958 |
| Series D (a)(c)(d) | | 469,823 | 12,685,221 |
| | | | 66,302,908 |
| REAL ESTATE - 0.1% | | | |
| Real Estate Management & Development - 0.1% | | | |
| WeWork Companies, Inc.: | | | |
| Series E (a)(c)(d) | | 347,358 | 6,665,800 |
| Series F (a)(c)(d) | | 16,235 | 311,550 |
| | | | 6,977,350 |
|
| TOTAL CONVERTIBLE PREFERRED STOCKS | | | 98,849,137 |
|
| Nonconvertible Preferred Stocks - 0.0% | | | |
| ENERGY - 0.0% | | | |
| Oil, Gas & Consumable Fuels - 0.0% | | | |
| Petroleo Brasileiro SA - Petrobras sponsored ADR | | 85,899 | 1,369,230 |
| TOTAL PREFERRED STOCKS | | | |
| (Cost $68,061,851) | | | 100,218,367 |
|
| Money Market Funds - 3.9% | | | |
| Fidelity Cash Central Fund 1.58% (g) | | 239,173,921 | 239,221,755 |
| Fidelity Securities Lending Cash Central Fund 1.58% (g)(h) | | 29,116,104 | 29,119,015 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $268,340,345) | | | 268,340,770 |
| TOTAL INVESTMENT IN SECURITIES - 103.3% | | | |
| (Cost $3,531,113,527) | | | 7,126,370,718 |
| NET OTHER ASSETS (LIABILITIES) - (3.3)% | | | (226,637,307) |
| NET ASSETS - 100% | | | $6,899,733,411 |
Legend
(a) Non-income producing
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $27,118,117 or 0.4% of net assets.
(c) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $109,266,407 or 1.6% of net assets.
(d) Level 3 security
(e) Security or a portion of the security is on loan at period end.
(f) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(h) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Acquisition Cost |
| 23andMe, Inc. | 12/7/18 | $160,205 |
| 23andMe, Inc. Series E | 6/18/15 | $500,004 |
| 23andMe, Inc. Series F | 8/31/17 | $2,780,992 |
| Airbnb, Inc. Series D | 4/16/14 | $1,434,646 |
| Airbnb, Inc. Series E | 6/29/15 | $1,499,937 |
| Altiostar Networks, Inc. Series A1 | 1/10/17 | $642,036 |
| ASAC II LP | 10/10/13 | $155,030 |
| Blu Homes, Inc. | 6/10/13 - 12/30/14 | $7,036,662 |
| Delphix Corp. Series D | 7/10/15 | $2,095,695 |
| Magic Leap, Inc. Series B, 8.00% | 10/17/14 | $22,049,532 |
| Magic Leap, Inc. Series C | 12/23/15 | $404,321 |
| Magic Leap, Inc. Series D | 10/6/17 | $12,685,221 |
| Mulberry Health, Inc. Series A-8 | 1/20/16 | $3,248,839 |
| Roofoods Ltd. Series F | 9/12/17 | $3,271,942 |
| Space Exploration Technologies Corp. Class A | 10/16/15 - 9/11/17 | $1,883,269 |
| Space Exploration Technologies Corp. Class C | 9/11/17 | $105,705 |
| Space Exploration Technologies Corp. Series G | 1/20/15 | $2,824,191 |
| Space Exploration Technologies Corp. Series H | 8/4/17 | $979,560 |
| Tanium, Inc. Class B | 4/21/17 | $935,771 |
| TulCo LLC | 8/24/17 - 12/14/17 | $2,643,700 |
| WeWork Companies, Inc. Class A | 6/23/15 | $111,956 |
| WeWork Companies, Inc. Series E | 6/23/15 | $11,424,455 |
| WeWork Companies, Inc. Series F | 12/1/16 | $814,871 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Cash Central Fund | $3,275,286 |
| Fidelity Securities Lending Cash Central Fund | 416,143 |
| Total | $3,691,429 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of December 31, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| | Valuation Inputs at Reporting Date: |
| Description | Total | Level 1 | Level 2 | Level 3 |
| Investments in Securities: | | | | |
| Equities: | | | | |
| Communication Services | $1,136,767,073 | $1,136,171,096 | $-- | $595,977 |
| Consumer Discretionary | 767,691,058 | 758,073,324 | 4,376,505 | 5,241,229 |
| Consumer Staples | 273,679,281 | 257,128,622 | 12,186,658 | 4,364,001 |
| Energy | 78,746,680 | 78,746,680 | -- | -- |
| Financials | 999,287,095 | 993,728,200 | 5,558,895 | -- |
| Health Care | 807,824,541 | 790,843,787 | 10,794,330 | 6,186,424 |
| Industrials | 230,564,424 | 193,557,454 | 19,647,033 | 17,359,937 |
| Information Technology | 2,308,466,015 | 2,235,446,820 | 4,542,093 | 68,477,102 |
| Materials | 180,523,611 | 180,523,408 | -- | 203 |
| Real Estate | 61,609,124 | 54,566,451 | -- | 7,042,673 |
| Utilities | 12,871,046 | 12,871,046 | -- | -- |
| Money Market Funds | 268,340,770 | 268,340,770 | -- | -- |
| Total Investments in Securities: | $7,126,370,718 | $6,959,997,658 | $57,105,514 | $109,267,546 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
| Investments in Securities: | |
| Beginning Balance | $159,227,146 |
| Net Realized Gain (Loss) on Investment Securities | 742,897 |
| Net Unrealized Gain (Loss) on Investment Securities | (1,617,658) |
| Cost of Purchases | 43,495 |
| Proceeds of Sales | (1,900,314) |
| Amortization/Accretion | -- |
| Transfers into Level 3 | -- |
| Transfers out of Level 3 | (47,228,020) |
| Ending Balance | $109,267,546 |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2019 | $(1,617,658) |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period, and cost of purchases includes securities received through in-kind transactions. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | December 31, 2019 |
| Assets | | |
Investment in securities, at value (including securities loaned of $28,893,057) — See accompanying schedule:
Unaffiliated issuers (cost $3,262,773,182) | $6,858,029,948 | |
| Fidelity Central Funds (cost $268,340,345) | 268,340,770 | |
| Total Investment in Securities (cost $3,531,113,527) | | $7,126,370,718 |
| Cash | | 24,025 |
| Receivable for investments sold | | 66,707,925 |
| Receivable for fund shares sold | | 581,612 |
| Dividends receivable | | 3,630,764 |
| Distributions receivable from Fidelity Central Funds | | 174,712 |
| Other receivables | | 59 |
| Total assets | | 7,197,489,815 |
| Liabilities | | |
| Payable for investments purchased | $945,026 | |
| Payable for fund shares redeemed | 266,153,316 | |
| Other payables and accrued expenses | 1,541,800 | |
| Collateral on securities loaned | 29,116,262 | |
| Total liabilities | | 297,756,404 |
| Net Assets | | $6,899,733,411 |
| Net Assets consist of: | | |
| Paid in capital | | $3,179,503,117 |
| Total accumulated earnings (loss) | | 3,720,230,294 |
| Net Assets | | $6,899,733,411 |
| Net Asset Value, offering price and redemption price per share ($6,899,733,411 ÷ 381,189,603 shares) | | $18.10 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended December 31, 2019 |
| Investment Income | | |
| Dividends | | $53,532,928 |
| Interest | | 6,517 |
| Income from Fidelity Central Funds (including $416,143 from security lending) | | 3,691,429 |
| Total income | | 57,230,874 |
| Expenses | | |
| Custodian fees and expenses | $151,408 | |
| Independent trustees' fees and expenses | 38,619 | |
| Commitment fees | 18,729 | |
| Total expenses before reductions | 208,756 | |
| Expense reductions | (4,521) | |
| Total expenses after reductions | | 204,235 |
| Net investment income (loss) | | 57,026,639 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of foreign taxes of $302) | 657,312,953 | |
| Fidelity Central Funds | 1,557 | |
| Foreign currency transactions | (29,490) | |
| Total net realized gain (loss) | | 657,285,020 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $1,466,148) | 1,160,099,776 | |
| Fidelity Central Funds | (2,463) | |
| Assets and liabilities in foreign currencies | 3,140 | |
| Total change in net unrealized appreciation (depreciation) | | 1,160,100,453 |
| Net gain (loss) | | 1,817,385,473 |
| Net increase (decrease) in net assets resulting from operations | | $1,874,412,112 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended December 31, 2019 | Year ended December 31, 2018 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $57,026,639 | $53,444,231 |
| Net realized gain (loss) | 657,285,020 | 550,014,746 |
| Change in net unrealized appreciation (depreciation) | 1,160,100,453 | (798,571,625) |
| Net increase (decrease) in net assets resulting from operations | 1,874,412,112 | (195,112,648) |
| Distributions to shareholders | (609,089,624) | (711,874,214) |
| Share transactions | | |
| Proceeds from sales of shares | 803,412,059 | 445,429,036 |
| Net asset value of shares issued in exchange for the net assets of Fidelity Adviser Series Opportunistic Insights Fund (note 10) | – | 950,529,936 |
| Reinvestment of distributions | 609,089,624 | 711,874,214 |
| Cost of shares redeemed | (2,197,322,705) | (1,098,802,568) |
| Net increase (decrease) in net assets resulting from share transactions | (784,821,022) | 1,009,030,618 |
| Total increase (decrease) in net assets | 480,501,466 | 102,043,756 |
| Net Assets | | |
| Beginning of period | 6,419,231,945 | 6,317,188,189 |
| End of period | $6,899,733,411 | $6,419,231,945 |
| Other Information | | |
| Shares | | |
| Sold | 44,110,643 | 24,530,405 |
| Issued in exchange for the shares of Fidelity Adviser Series Opportunistic Insights Fund (note 10) | – | 48,177,012 |
| Issued in reinvestment of distributions | 34,528,724 | 44,695,191 |
| Redeemed | (120,371,574) | (59,234,656) |
| Net increase (decrease) | (41,732,207) | 58,167,952 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Series Opportunistic Insights Fund
| | | | | | |
| Years ended December 31, | 2019 | 2018 | 2017 | 2016 | 2015 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $15.18 | $17.32 | $14.69 | $14.89 | $14.89 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .15 | .15 | .09 | –B | –B |
| Net realized and unrealized gain (loss) | 4.43 | (.42) | 4.75 | .19 | 1.04 |
| Total from investment operations | 4.58 | (.27) | 4.84 | .19 | 1.04 |
| Distributions from net investment income | (.15) | (.13) | (.10) | –B | –B |
| Distributions from net realized gain | (1.51) | (1.75) | (2.10) | (.38) | (1.04) |
| Total distributions | (1.66) | (1.87)C | (2.21)D | (.39)E | (1.04) |
| Net asset value, end of period | $18.10 | $15.18 | $17.32 | $14.69 | $14.89 |
| Total ReturnF | 30.53% | (1.87)% | 32.96% | 1.33% | 7.10% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | - %I | - %I | .27% | .83% | .90% |
| Expenses net of fee waivers, if any | - %I | - %I | .27% | .83% | .90% |
| Expenses net of all reductions | - %I | - %I | .27% | .82% | .90% |
| Net investment income (loss) | .81% | .80% | .50% | .03% | .02% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $6,899,733 | $6,419,232 | $6,317,188 | $2,240,033 | $2,329,415 |
| Portfolio turnover rate | 27%J | 32%K | 37% | 40% | 35% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total distributions of $1.87 per share is comprised of distributions from net investment income of $.127 and distributions from net realized gain of $1.746 per share.
D Total distributions of $2.21 per share is comprised of distributions from net investment income of $.104 and distributions from net realized gain of $2.103 per share.
E Total distributions of $.39 per share is comprised of distributions from net investment income of $.004 and distributions from net realized gain of $.383 per share.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
I Amount represents less than .005%.
J Portfolio turnover rate excludes securities received or delivered in-kind.
K The portfolio turnover rate does not include the assets acquired in the merger.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended December 31, 2019
1. Organization.
Fidelity Series Opportunistic Insights Fund (the Fund) is a fund of Fidelity Contrafund (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds and Fidelity managed 529 plans. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, income approach and cost approach and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
| Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in Input(a) |
| Equities | $ 109,267,546 | Market comparable | Enterprise value/Sales multiple (EV/S)
| 1.3 - 14.4 / 4.8 | Increase |
| | | | Discount rate | 15.0% - 73.3% / 46.7%
| Decrease
|
| | | | Discount for lack of marketability
| 25.0%
| Decrease |
| | | | Premium rate
| 52.9% - 75.7% / 68.2%
| Increase |
| | | | Conversion ratio
| 4.0
| Increase |
| | | Market approach | Enterprise value/Sales multiple (EV/S)
| 3.1 - 3.4 / 3.2
| Increase |
| | | | Transaction Price | $0.07 - $214.00 / $59.13
| Increase |
| | | | Tender price
| $19.19
| Increase |
| | | | Discount for lack of marketability
| 20.0% - 50.0% / 20.0%
| Decrease |
| | | Recovery value | Recovery value
| 0.0% - 0.2% / 0.2%
| Increase |
(a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2019, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2019, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, partnerships and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $3,630,506,079 |
| Gross unrealized depreciation | (52,746,147) |
| Net unrealized appreciation (depreciation) | $3,577,759,932 |
| Tax Cost | $3,548,610,786 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $2,927,463 |
| Undistributed long-term capital gain | $140,968,975 |
| Net unrealized appreciation (depreciation) on securities and other investments | $3,577,811,244 |
The tax character of distributions paid was as follows:
| | December 31, 2019 | December 31, 2018 |
| Ordinary Income | $57,754,377 | $ 49,441,657 |
| Long-term Capital Gains | 551,335,247 | 662,432,557 |
| Total | $609,089,624 | $ 711,874,214 |
Restricted Securities (including Private Placements). The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, the Fund held an investment of $3,944,277 in this Subsidiary, representing .06% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $1,827,044,564 and $3,138,003,993, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount |
| Fidelity Series Opportunistic Insights Fund | $52,705 |
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Affiliated Exchanges In-Kind. During the period, the Fund received investments, including cash valued at $275,319,852 in exchange for 14,544,102 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $18,729 and is reflected in Commitment fees on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with NFS, as affiliated borrower. Total fees paid by the Fund to NFS, as lending agent, amounted to $10,941. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds, and includes $3,852 from securities loaned to NFS, as affiliated borrower.
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $4,521.
9. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds and accounts managed by FMR or its affiliates were the owners of record of all of the outstanding shares of the Fund.
Effective January 1, 2020, following any required regulatory notices and approvals:
Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".
10. Prior Fiscal Year Merger Information.
On September 21, 2018, the Fund acquired all of the assets and assumed all of the liabilities of Fidelity Advisor Series Opportunistic Insights Fund ("Target Fund") pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees ("The Board"). The acquisition was accomplished by an exchange of shares of the Fund for shares then outstanding of the Target Fund at its net asset value on the acquisition date. The reorganization provides shareholders of the Target Fund access to a larger portfolio with a similar investment objective. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders. The Target Fund's net assets of $950,529,936, including securities of $952,974,757 and unrealized appreciation of $472,604,632, was combined with the Fund's net assets of $6,749,766,909 for total net assets after the acquisition of $7,700,296,845.
Pro forma results of operations of the combined entity for the entire period ended December 31, 2018, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:
| Net investment income (loss) | $58,636,464 |
| Total net realized gain (loss) | 616,028,215 |
| Total change in net unrealized appreciation (depreciation) | (706,891,222) |
| Net increase (decrease) in net assets resulting from operations | $(32,226,543) |
Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the acquired fund that have been included in the Fund's accompanying Statement of Operations since September 21, 2018.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Contrafund and Shareholders of Fidelity Series Opportunistic Insights Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Series Opportunistic Insights Fund (one of the funds constituting Fidelity Contrafund, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
February 14, 2020
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Michael E. Wiley, each of the Trustees oversees 302 funds. Mr. Wiley oversees 199 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the Investment Company Act of 1940 (1940 Act)) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. James C. Curvey is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
James C. Curvey (1935)
Year of Election or Appointment: 2007
Trustee
Chairman of the Board of Trustees
Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey is an Overseer Emeritus for the Boston Symphony Orchestra, a Director of Artis-Naples, and a Trustee of Brewster Academy in Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-2018), Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), as a member of the Independent Directors Council (IDC) Governing Council (2010-2015), and as a member of the Board of Directors for The Brookville Center for Children’s Services, Inc. (2009-2017). Mr. Dirks is a member of the Finance Committee (2016-present) and Board of Directors (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as a Trustee of other Fidelity® funds. Mr. Donahue is President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as a Member of the Advisory Board of certain Fidelity® funds (2015-2018) and Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006), and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue serves as a Member (2007-present) and Co-Chairman (2016-present) of the Board of Directors of United Way of New York, Member of the Board of Directors of NYC Leadership Academy (2012-present) and Member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). He also served as Chairman (2010-2012) and Member of the Board of Directors (2012-2013) of Omgeo, LLC (financial services), Treasurer of United Way of New York (2012-2016), and Member of the Board of Directors of XBRL US (financial services non-profit, 2009-2012) and the International Securities Services Association (2009-2012).
Alan J. Lacy (1953)
Year of Election or Appointment: 2008
Trustee
Mr. Lacy also serves as Trustee of other Fidelity® funds. Mr. Lacy serves as a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2014-2017) and a member (2010-2017) of the Board of Directors of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes), as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association, and as a member of the Board of Directors for The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), Earth Fare, Inc. (retail grocery, 2010-2014), and The Western Union Company (global money transfer, 2006-2011).
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2000
Trustee
Chairman of the Independent Trustees
Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Chair (2018-present) and Member (2013-present) of the Board of Governors, State University System of Florida and is a member of the Council on Foreign Relations (1994-present). He is also a member and has most recently served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner and Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach also had a 30-year career with IBM (technology company) during which time he served as Senior Vice President and a member of the Corporate Executive Committee (1968-1998).
Joseph Mauriello (1944)
Year of Election or Appointment: 2008
Trustee
Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-2018).
Cornelia M. Small (1944)
Year of Election or Appointment: 2005
Trustee
Ms. Small also serves as Trustee of other Fidelity® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to Mr. Smith's retirement, he served as Chairman and Chief Executive Officer of Inbrand Corp. (manufacturer of personal absorbent products, 1990-1997). He also served as President (1986-1990) of Inbrand Corp. Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank. In addition, Mr. Smith served as a Member of the Advisory Board of certain Fidelity® funds (2012-2013) and as a board member of the Jackson Hole Land Trust (2009-2012).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present) and as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), a Director of Fortune Brands, Inc. (consumer products, 2000-2011), and a member of the Board of Trustees of the University of Florida (2013-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Wiley also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Wiley serves as a Director of High Point Resources (exploration and production, 2005-present). Previously, Mr. Wiley served as a Director of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a Director of Andeavor Logistics LP (natural resources logistics, 2015-2018), a Director of Post Oak Bank (privately-held bank, 2004-2018), a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-2013), a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), an Advisory Director of Riverstone Holdings (private investment), a Director of Spinnaker Exploration Company (exploration and production, 2001-2005) and Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Vicki L. Fuller (1957)
Year of Election or Appointment: 2018
Member of the Advisory Board
Ms. Fuller also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Fuller serves as a member of the Board of Directors, Audit Committee, and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present). Previously, Ms. Fuller served as the Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Member of the Advisory Board
Ms. Kampling also serves as Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Compensation Committee and Executive Committee and as Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Member of the Advisory Board
Ms. Tomasky also serves as Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board of Kenyon College (2016-present). Previously, Ms. Tomasky served as a member of the Board (2011-2019) and as Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Kenneth B. Robins (1969)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2019 to December 31, 2019).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| | Annualized Expense Ratio-A | Beginning
Account Value
July 1, 2019 | Ending
Account Value
December 31, 2019 | Expenses Paid
During Period-B
July 1, 2019
to December 31, 2019 |
| Actual | - %-C | $1,000.00 | $1,065.20 | $--D |
| Hypothetical-E | | $1,000.00 | $1,025.21 | $--D |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
C Amount represents less than .005%.
D Amount represents less than $.005.
E 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of Fidelity Series Opportunistic Insights Fund voted to pay on February 18, 2020, to shareholders of record at the opening of business on February 14, 2020, a distribution of $0.384 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.008 per share from net investment income.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2019, $657,001,639, or, if subsequently determined to be different, the net capital gain of such year.
The fund designates 80% of the dividends distributed in December, 2019 as qualifying for the dividends–received deduction for corporate shareholders.
The fund designates 89% of the dividends distributed in December, 2019 as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.
Board Approval of Investment Advisory Contracts
Fidelity Series Opportunistic Insights Fund
At its November 2019 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve an amended and restated management contract and amended and restated sub-advisory agreements (together, the Amended and Restated Contracts) for the fund, effective January 1, 2020, for a one month period through January 31, 2020, in connection with an upcoming consolidation of certain of Fidelity's advisory businesses.
The Board considered that, on or about January 1, 2020, each of FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and SelectCo, LLC (SelectCo) will merge with and into Fidelity Management & Research Company (FMR) and that, after the merger, FMR will redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that the Amended and Restated Contracts would be updated to reflect the renamed adviser, Fidelity Management & Research Company LLC and its new form of organization and domicile. The Board also noted that the Amended and Restated Contracts will not change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees or expenses paid by the fund.
The Board concluded that the fund's Amended and Restated Contracts are fair and reasonable, and that the fund's Advisory Contracts should be approved through January 31, 2020.
In connection with its consideration of future renewals of the fund's Amended and Restated Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Amended and Restated Contracts should be approved.
O1T-ANN-0220
1.951052.107
Fidelity® Contrafund® K6
Annual Report
December 31, 2019
See the inside front cover for important information about access to your fund’s shareholder reports.
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
| Account Type | Website | Phone Number |
| Brokerage, Mutual Fund, or Annuity Contracts: | fidelity.com/mailpreferences | 1-800-343-3548 |
| Employer Provided Retirement Accounts: | netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) | 1-800-343-0860 |
| Advisor Sold Accounts Serviced Through Your Financial Intermediary: | Contact Your Financial Intermediary | Your Financial Intermediary's phone number |
| Advisor Sold Accounts Serviced by Fidelity: | institutional.fidelity.com | 1-877-208-0098 |
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2020 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended December 31, 2019 | Past 1 year | Life of fundA |
| Fidelity® Contrafund® K6 | 31.00% | 15.60% |
A From May 25, 2017
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Contrafund® K6 on May 25, 2017, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $14,584 | Fidelity® Contrafund® K6 |
| $14,083 | S&P 500® Index |
Management's Discussion of Fund Performance
Market Recap: U.S. stocks continued to roll in 2019, with the S&P 500
® index soaring 31.49% and marking history as the longest and strongest bull market ever, despite persistent, nagging concerns about global economic growth and trade. After a rough end to 2018, equities sharply reversed course to begin the new year amid upbeat company earnings and signs the Federal Reserve may pause on rates. The uptrend continued until May, when the index sunk as trade negotiations between the U.S. and China broke down. The bull market roared back to record a series of highs in July, when the Fed cut interest rates for the first time since 2008. Volatility intensified in August, as the Treasury yield curve inverted, which some investors viewed as a sign the U.S. economy could be heading for recession. But the market proved resilient, hitting a new high on October 30, when the Fed lowered rates for the third time in 2019, and moving even higher through year-end. Gains were robust and broad-based, with information technology (+50%) leading the way with its best calendar-year result in a decade, amid strong growth trends. Communication services (+33%) and financials (+32%) also stood out. In contrast, energy (+12%) was by far the weakest group – struggling amid sluggish oil prices – while several strong gainers nonetheless fell short of the broader market: industrials and real estate (+29% each), consumer discretionary and consumer staples (+28% each), utilities (+26%), materials (+25%), and health care (+21%).
Comments from Portfolio Manager William Danoff: For the year, the fund gained 31.00%, roughly in line with the benchmark S&P 500
® index. Versus the benchmark, a considerable overweighting in the market-leading information technology sector notably contributed, as did underexposure to energy. My picks in health care and communication services also helped. The biggest individual contributor by a wide margin was a large investment in Facebook (+57%), as the social-media platform operator reported better-than-expected revenue and earnings. Facebook was the fund's top holding. It also helped to overweight payments processors MasterCard (+59%) and Visa (+43%). Both have benefited as people everywhere spend more money on credit and debit cards and less with cash and checks. Conversely, security selection was the biggest detractor, especially in the information technology and financials sectors. The fund's modest position in cash hampered relative performance in a strong market. The largest individual relative detractor was an underweighting in Apple (+89%), a maker of personal electronics and a sizable benchmark component the past year.The company had favorable financial results, driven by its wearables, home and accessories segment. Underexposure to Apple allowed us to invest in companies with better growth prospects. In financials, it hurt to overweight Berkshire Hathaway, as shares of the insurance-focused conglomerate gained 11% in 2019, lagging the benchmark. Rising interest rates pressured the stock, but we held steady our sizable position.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Top Ten Stocks as of December 31, 2019
| | % of fund's net assets |
| Facebook, Inc. Class A | 7.6 |
| Amazon.com, Inc. | 6.1 |
| Microsoft Corp. | 5.7 |
| Berkshire Hathaway, Inc. Class A | 5.6 |
| Visa, Inc. Class A | 4.0 |
| Salesforce.com, Inc. | 3.8 |
| UnitedHealth Group, Inc. | 3.2 |
| Adobe, Inc. | 2.9 |
| MasterCard, Inc. Class A | 2.6 |
| Alphabet, Inc. Class A | 2.6 |
| | 44.1 |
Top Five Market Sectors as of December 31, 2019
| | % of fund's net assets |
| Information Technology | 32.1 |
| Communication Services | 17.2 |
| Financials | 13.7 |
| Health Care | 13.5 |
| Consumer Discretionary | 11.3 |
Asset Allocation (% of fund's net assets)
| As of December 31, 2019* |
| | Stocks | 98.8% |
| | Convertible Securities | 0.2% |
| | Short-Term Investments and Net Other Assets (Liabilities) | 1.0% |
* Foreign investments - 7.8%
Schedule of Investments December 31, 2019
Showing Percentage of Net Assets
| Common Stocks - 98.8% | | | |
| | | Shares | Value |
| COMMUNICATION SERVICES - 17.2% | | | |
| Entertainment - 3.9% | | | |
| Activision Blizzard, Inc. | | 1,280,209 | $76,070,019 |
| Netflix, Inc. (a) | | 795,812 | 257,500,889 |
| Spotify Technology SA (a)(b) | | 39,974 | 5,978,112 |
| The Walt Disney Co. | | 847,776 | 122,613,843 |
| | | | 462,162,863 |
| Interactive Media & Services - 12.6% | | | |
| Alphabet, Inc.: | | | |
| Class A (a) | | 230,058 | 308,137,385 |
| Class C (a) | | 206,832 | 276,538,521 |
| CarGurus, Inc. Class A (a) | | 90,150 | 3,171,477 |
| Facebook, Inc. Class A (a) | | 4,381,382 | 899,278,650 |
| Pinterest, Inc. Class A | | 160,516 | 2,992,018 |
| | | | 1,490,118,051 |
| Media - 0.4% | | | |
| Charter Communications, Inc. Class A (a) | | 23,009 | 11,161,206 |
| Comcast Corp. Class A | | 65,340 | 2,938,340 |
| Discovery Communications, Inc. Class A (a) | | 112,711 | 3,690,158 |
| Liberty Media Corp. Liberty Formula One Group Series C (a) | | 609,376 | 28,009,968 |
| | | | 45,799,672 |
| Wireless Telecommunication Services - 0.3% | | | |
| T-Mobile U.S., Inc. (a) | | 550,664 | 43,183,071 |
|
| TOTAL COMMUNICATION SERVICES | | | 2,041,263,657 |
|
| CONSUMER DISCRETIONARY - 11.2% | | | |
| Automobiles - 0.1% | | | |
| Tesla, Inc. (a) | | 18,788 | 7,859,584 |
| Toyota Motor Corp. | | 80,700 | 5,686,244 |
| | | | 13,545,828 |
| Hotels, Restaurants & Leisure - 1.3% | | | |
| Chipotle Mexican Grill, Inc. (a) | | 61,703 | 51,652,198 |
| Churchill Downs, Inc. | | 8,125 | 1,114,750 |
| Evolution Gaming Group AB (c) | | 180,863 | 5,445,383 |
| Hilton Worldwide Holdings, Inc. | | 46,822 | 5,193,028 |
| McDonald's Corp. | | 386,636 | 76,403,140 |
| Starbucks Corp. | | 105,251 | 9,253,668 |
| | | | 149,062,167 |
| Household Durables - 0.1% | | | |
| Garmin Ltd. | | 65,824 | 6,421,789 |
| Lennar Corp. Class A | | 18,068 | 1,008,014 |
| Mohawk Industries, Inc. (a) | | 52,423 | 7,149,449 |
| | | | 14,579,252 |
| Internet & Direct Marketing Retail - 6.4% | | | |
| Alibaba Group Holding Ltd. | | 1,112,000 | 29,568,471 |
| Alibaba Group Holding Ltd. sponsored ADR (a) | | 23,809 | 5,049,889 |
| Amazon.com, Inc. (a) | | 391,906 | 724,179,583 |
| Meituan Dianping Class B (a) | | 204,700 | 2,676,864 |
| | | | 761,474,807 |
| Multiline Retail - 0.0% | | | |
| Dollar General Corp. | | 19,631 | 3,062,043 |
| Specialty Retail - 1.6% | | | |
| AutoZone, Inc. (a) | | 4,673 | 5,566,992 |
| Burlington Stores, Inc. (a) | | 11,392 | 2,597,718 |
| John David Group PLC | | 708,654 | 7,860,532 |
| O'Reilly Automotive, Inc. (a) | | 50,349 | 22,065,953 |
| Ross Stores, Inc. | | 112,196 | 13,061,858 |
| Sally Beauty Holdings, Inc. (a) | | 145,084 | 2,647,783 |
| The Home Depot, Inc. | | 277,718 | 60,648,057 |
| TJX Companies, Inc. | | 1,288,340 | 78,666,040 |
| | | | 193,114,933 |
| Textiles, Apparel & Luxury Goods - 1.7% | | | |
| adidas AG | | 199,285 | 64,781,308 |
| Allbirds, Inc. (a)(d)(e) | | 33,995 | 386,523 |
| Burberry Group PLC | | 84,957 | 2,481,376 |
| Deckers Outdoor Corp. (a) | | 32,013 | 5,405,715 |
| Hermes International SCA | | 3,850 | 2,877,015 |
| lululemon athletica, Inc. (a) | | 27,964 | 6,478,420 |
| NIKE, Inc. Class B | | 767,208 | 77,725,842 |
| Ralph Lauren Corp. | | 41,458 | 4,859,707 |
| VF Corp. | | 285,908 | 28,493,591 |
| | | | 193,489,497 |
|
| TOTAL CONSUMER DISCRETIONARY | | | 1,328,328,527 |
|
| CONSUMER STAPLES - 4.0% | | | |
| Beverages - 1.2% | | | |
| Budweiser Brewing Co. APAC Ltd. (a)(c) | | 1,076,300 | 3,632,649 |
| Keurig Dr. Pepper, Inc. | | 941,423 | 27,254,196 |
| PepsiCo, Inc. | | 309,683 | 42,324,376 |
| The Coca-Cola Co. | | 1,192,795 | 66,021,203 |
| | | | 139,232,424 |
| Food & Staples Retailing - 0.9% | | | |
| Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | | 192,883 | 6,121,219 |
| Costco Wholesale Corp. | | 310,414 | 91,236,883 |
| Grocery Outlet Holding Corp. | | 59,676 | 1,936,486 |
| Walmart, Inc. | | 63,575 | 7,555,253 |
| | | | 106,849,841 |
| Food Products - 0.1% | | | |
| Mondelez International, Inc. | | 137,574 | 7,577,576 |
| The Simply Good Foods Co. (a) | | 141,809 | 4,047,229 |
| | | | 11,624,805 |
| Household Products - 0.3% | | | |
| Procter & Gamble Co. | | 235,429 | 29,405,082 |
| Personal Products - 1.5% | | | |
| Estee Lauder Companies, Inc. Class A | | 764,182 | 157,834,150 |
| Kao Corp. | | 42,900 | 3,538,182 |
| L'Oreal SA | | 13,940 | 4,128,035 |
| L'Oreal SA | | 15,356 | 4,547,354 |
| Shiseido Co. Ltd. | | 177,800 | 12,625,577 |
| | | | 182,673,298 |
|
| TOTAL CONSUMER STAPLES | | | 469,785,450 |
|
| ENERGY - 1.1% | | | |
| Oil, Gas & Consumable Fuels - 1.1% | | | |
| Birchcliff Energy Ltd. | | 1,462,816 | 2,917,634 |
| Canadian Natural Resources Ltd. | | 100,826 | 3,261,093 |
| Centennial Resource Development, Inc. Class A (a) | | 1,938,328 | 8,955,075 |
| Continental Resources, Inc. | | 38,259 | 1,312,284 |
| EOG Resources, Inc. | | 157,503 | 13,192,451 |
| Hess Corp. | | 620,796 | 41,475,381 |
| Magnolia Oil & Gas Corp. Class A (a) | | 666,576 | 8,385,526 |
| Reliance Industries Ltd. | | 2,543,782 | 53,975,379 |
| | | | 133,474,823 |
| FINANCIALS - 13.7% | | | |
| Banks - 5.6% | | | |
| Bank of America Corp. | | 6,201,944 | 218,432,468 |
| Citigroup, Inc. | | 1,863,212 | 148,852,007 |
| HDFC Bank Ltd. sponsored ADR | | 678,162 | 42,975,126 |
| JPMorgan Chase & Co. | | 1,489,573 | 207,646,476 |
| Kotak Mahindra Bank Ltd. | | 1,304,072 | 30,782,898 |
| PNC Financial Services Group, Inc. | | 73,785 | 11,778,300 |
| U.S. Bancorp | | 95,904 | 5,686,148 |
| | | | 666,153,423 |
| Capital Markets - 0.7% | | | |
| Brookfield Asset Management, Inc.: | | | |
| (Canada) Class A | | 200,043 | 11,558,451 |
| Class A | | 117,172 | 6,772,542 |
| Charles Schwab Corp. | | 184,528 | 8,776,152 |
| CME Group, Inc. | | 181,560 | 36,442,723 |
| Moody's Corp. | | 34,460 | 8,181,149 |
| MSCI, Inc. | | 4,286 | 1,106,559 |
| S&P Global, Inc. | | 4,189 | 1,143,806 |
| XP, Inc. Class A (a) | | 78,469 | 3,022,626 |
| | | | 77,004,008 |
| Consumer Finance - 1.1% | | | |
| American Express Co. | | 1,080,394 | 134,498,249 |
| Diversified Financial Services - 5.6% | | | |
| AXA Equitable Holdings, Inc. | | 28,938 | 717,084 |
| Berkshire Hathaway, Inc. Class A (a) | | 1,932 | 656,087,880 |
| | | | 656,804,964 |
| Insurance - 0.7% | | | |
| Admiral Group PLC | | 330,996 | 10,123,517 |
| AFLAC, Inc. | | 39,989 | 2,115,418 |
| Allstate Corp. | | 45,770 | 5,146,837 |
| American International Group, Inc. | | 620,773 | 31,864,278 |
| Chubb Ltd. | | 184,295 | 28,687,360 |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | | 13,022 | 6,114,539 |
| Marsh & McLennan Companies, Inc. | | 23,027 | 2,565,438 |
| The Travelers Companies, Inc. | | 2,518 | 344,840 |
| | | | 86,962,227 |
|
| TOTAL FINANCIALS | | | 1,621,422,871 |
|
| HEALTH CARE - 13.5% | | | |
| Biotechnology - 1.9% | | | |
| 23andMe, Inc. (a)(d)(e) | | 6,779 | 97,075 |
| AbbVie, Inc. | | 189,051 | 16,738,576 |
| Acceleron Pharma, Inc. (a) | | 9,491 | 503,213 |
| Allogene Therapeutics, Inc. (a)(b) | | 57,732 | 1,499,877 |
| Amgen, Inc. | | 33,731 | 8,131,532 |
| Argenx SE ADR (a) | | 11,712 | 1,880,010 |
| bluebird bio, Inc. (a) | | 54,374 | 4,771,319 |
| Bridgebio Pharma, Inc. | | 15,359 | 538,333 |
| CSL Ltd. | | 4,801 | 929,064 |
| Galapagos Genomics NV sponsored ADR (a) | | 7,991 | 1,652,779 |
| Gilead Sciences, Inc. | | 13,061 | 848,704 |
| Global Blood Therapeutics, Inc. (a) | | 16,015 | 1,273,032 |
| Idorsia Ltd. (a) | | 135,894 | 4,204,036 |
| Innovent Biolgics, Inc. (a)(c) | | 355,500 | 1,211,263 |
| Morphosys AG (a) | | 19,516 | 2,775,791 |
| Neurocrine Biosciences, Inc. (a) | | 30,033 | 3,228,247 |
| Regeneron Pharmaceuticals, Inc. (a) | | 74,635 | 28,023,950 |
| Turning Point Therapeutics, Inc. | | 52,692 | 3,282,185 |
| Vertex Pharmaceuticals, Inc. (a) | | 645,410 | 141,312,520 |
| | | | 222,901,506 |
| Health Care Equipment & Supplies - 4.1% | | | |
| Abbott Laboratories | | 674,426 | 58,580,642 |
| Baxter International, Inc. | | 692,260 | 57,886,781 |
| Boston Scientific Corp. (a) | | 1,061,805 | 48,014,822 |
| Danaher Corp. | | 537,728 | 82,530,493 |
| DexCom, Inc. (a) | | 204,644 | 44,763,829 |
| Edwards Lifesciences Corp. (a) | | 343,243 | 80,075,159 |
| Haemonetics Corp. (a) | | 9,137 | 1,049,841 |
| Hoya Corp. | | 6,000 | 577,056 |
| Intuitive Surgical, Inc. (a) | | 81,946 | 48,442,378 |
| Masimo Corp. (a) | | 21,793 | 3,444,602 |
| ResMed, Inc. | | 31,086 | 4,817,397 |
| Sonova Holding AG Class B | | 48,971 | 11,207,973 |
| Stryker Corp. | | 189,314 | 39,744,581 |
| Zimmer Biomet Holdings, Inc. | | 39,105 | 5,853,236 |
| | | | 486,988,790 |
| Health Care Providers & Services - 3.2% | | | |
| Anthem, Inc. | | 7,968 | 2,406,575 |
| Cigna Corp. | | 12,817 | 2,620,948 |
| Hapvida Participacoes e Investimentos SA (c) | | 313,800 | 4,984,667 |
| UnitedHealth Group, Inc. | | 1,268,990 | 373,057,680 |
| | | | 383,069,870 |
| Health Care Technology - 0.2% | | | |
| Veeva Systems, Inc. Class A (a) | | 195,450 | 27,491,997 |
| Life Sciences Tools & Services - 1.6% | | | |
| 10X Genomics, Inc. (a) | | 36,329 | 2,770,086 |
| Bio-Rad Laboratories, Inc. Class A (a) | | 19,988 | 7,396,160 |
| Bruker Corp. | | 22,780 | 1,161,097 |
| IQVIA Holdings, Inc. (a) | | 118,614 | 18,327,049 |
| Mettler-Toledo International, Inc. (a) | | 108,497 | 86,068,500 |
| PRA Health Sciences, Inc. (a) | | 8,945 | 994,237 |
| Thermo Fisher Scientific, Inc. | | 221,067 | 71,818,036 |
| Wuxi Biologics (Cayman), Inc. (a)(c) | | 100,000 | 1,265,993 |
| | | | 189,801,158 |
| Pharmaceuticals - 2.5% | | | |
| Astellas Pharma, Inc. | | 69,400 | 1,184,657 |
| AstraZeneca PLC: | | | |
| (United Kingdom) | | 62,995 | 6,305,292 |
| sponsored ADR | | 1,633,561 | 81,449,351 |
| Bristol-Myers Squibb Co. | | 457,942 | 29,395,297 |
| Bristol-Myers Squibb Co. rights (a) | | 98,386 | 296,142 |
| Eli Lilly & Co. | | 196,280 | 25,797,080 |
| Hansoh Pharmaceutical Group Co. Ltd. (c) | | 1,815,000 | 6,032,686 |
| Merck & Co., Inc. | | 583,151 | 53,037,583 |
| Novartis AG sponsored ADR | | 320,532 | 30,351,175 |
| Roche Holding AG (participation certificate) | | 57,994 | 18,848,213 |
| Zoetis, Inc. Class A | | 296,396 | 39,228,011 |
| | | | 291,925,487 |
|
| TOTAL HEALTH CARE | | | 1,602,178,808 |
|
| INDUSTRIALS - 2.9% | | | |
| Aerospace & Defense - 0.6% | | | |
| Harris Corp. | | 135,980 | 26,906,363 |
| Lockheed Martin Corp. | | 22,946 | 8,934,713 |
| Northrop Grumman Corp. | | 53,123 | 18,272,718 |
| TransDigm Group, Inc. | | 38,924 | 21,797,440 |
| | | | 75,911,234 |
| Airlines - 0.0% | | | |
| Southwest Airlines Co. | | 39,502 | 2,132,318 |
| United Continental Holdings, Inc. (a) | | 11,624 | 1,023,958 |
| | | | 3,156,276 |
| Building Products - 0.1% | | | |
| Allegion PLC | | 7,499 | 933,925 |
| Masco Corp. | | 69,636 | 3,341,832 |
| Toto Ltd. | | 222,700 | 9,403,978 |
| | | | 13,679,735 |
| Commercial Services & Supplies - 0.3% | | | |
| Cintas Corp. | | 128,920 | 34,689,794 |
| Clean TeQ Holdings Ltd. (a)(b) | | 3,269,289 | 470,316 |
| Edenred SA | | 20,846 | 1,077,954 |
| TulCo LLC (a)(d)(e)(f) | | 1,552 | 810,904 |
| | | | 37,048,968 |
| Electrical Equipment - 0.2% | | | |
| AMETEK, Inc. | | 115,691 | 11,539,020 |
| Generac Holdings, Inc. (a) | | 20,678 | 2,080,000 |
| Vestas Wind Systems A/S | | 94,278 | 9,522,691 |
| | | | 23,141,711 |
| Industrial Conglomerates - 0.4% | | | |
| General Electric Co. | | 4,014,891 | 44,806,184 |
| Machinery - 0.6% | | | |
| Dover Corp. | | 6,191 | 713,575 |
| Fortive Corp. | | 728,241 | 55,630,330 |
| IDEX Corp. | | 5,942 | 1,022,024 |
| Ingersoll-Rand PLC | | 65,234 | 8,670,903 |
| PACCAR, Inc. | | 14,392 | 1,138,407 |
| | | | 67,175,239 |
| Professional Services - 0.4% | | | |
| Clarivate Analytics PLC (a) | | 767,384 | 12,892,051 |
| CoStar Group, Inc. (a) | | 15,083 | 9,024,159 |
| Experian PLC | | 259,640 | 8,801,661 |
| FTI Consulting, Inc. (a) | | 124,785 | 13,808,708 |
| | | | 44,526,579 |
| Road & Rail - 0.3% | | | |
| Canadian Pacific Railway Ltd. | | 17,964 | 4,579,433 |
| Keisei Electric Railway Co. | | 28,700 | 1,112,107 |
| Lyft, Inc. | | 28,994 | 1,247,322 |
| Union Pacific Corp. | | 184,902 | 33,428,433 |
| | | | 40,367,295 |
|
| TOTAL INDUSTRIALS | | | 349,813,221 |
|
| INFORMATION TECHNOLOGY - 32.1% | | | |
| Communications Equipment - 0.2% | | | |
| Motorola Solutions, Inc. | | 131,229 | 21,146,241 |
| Electronic Equipment & Components - 2.4% | | | |
| Amphenol Corp. Class A | | 1,976,109 | 213,874,277 |
| CDW Corp. | | 132,058 | 18,863,165 |
| Keysight Technologies, Inc. (a) | | 170,334 | 17,481,378 |
| Zebra Technologies Corp. Class A (a) | | 131,137 | 33,497,635 |
| | | | 283,716,455 |
| IT Services - 9.8% | | | |
| Accenture PLC Class A | | 161,824 | 34,075,280 |
| Adyen BV (a)(c) | | 17,666 | 14,485,461 |
| Endava PLC ADR (a) | | 12,467 | 580,962 |
| EPAM Systems, Inc. (a) | | 44,735 | 9,490,978 |
| Fidelity National Information Services, Inc. | | 43,590 | 6,062,933 |
| Fiserv, Inc. (a) | | 64,431 | 7,450,157 |
| Global Payments, Inc. | | 258,294 | 47,154,153 |
| MasterCard, Inc. Class A | | 1,044,807 | 311,968,922 |
| MongoDB, Inc. Class A (a)(b) | | 167,075 | 21,988,741 |
| Okta, Inc. (a) | | 331,911 | 38,292,572 |
| PayPal Holdings, Inc. (a) | | 1,523,307 | 164,776,118 |
| Shopify, Inc. Class A (a) | | 67,382 | 26,790,903 |
| StoneCo Ltd. Class A (a)(b) | | 95,342 | 3,803,192 |
| Visa, Inc. Class A | | 2,521,640 | 473,816,156 |
| | | | 1,160,736,528 |
| Semiconductors & Semiconductor Equipment - 2.8% | | | |
| Advanced Micro Devices, Inc. (a) | | 997,249 | 45,733,839 |
| Analog Devices, Inc. | | 165,189 | 19,631,061 |
| ASML Holding NV | | 27,362 | 8,097,510 |
| Cirrus Logic, Inc. (a) | | 42,979 | 3,541,899 |
| Enphase Energy, Inc. (a)(b) | | 45,921 | 1,199,916 |
| KLA-Tencor Corp. | | 6,358 | 1,132,805 |
| Lam Research Corp. | | 102,545 | 29,984,158 |
| Marvell Technology Group Ltd. | | 174,547 | 4,635,968 |
| Microchip Technology, Inc. (b) | | 41,584 | 4,354,676 |
| NVIDIA Corp. | | 362,709 | 85,345,428 |
| NXP Semiconductors NV | | 184,417 | 23,468,907 |
| Qorvo, Inc. (a) | | 58,870 | 6,842,460 |
| Qualcomm, Inc. | | 711,950 | 62,815,349 |
| SolarEdge Technologies, Inc. (a) | | 51,718 | 4,917,865 |
| Synaptics, Inc. (a)(b) | | 46,263 | 3,042,718 |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 29,530 | 1,715,693 |
| Universal Display Corp. | | 11,628 | 2,396,182 |
| Xilinx, Inc. | | 189,624 | 18,539,538 |
| | | | 327,395,972 |
| Software - 14.6% | | | |
| Adobe, Inc. (a) | | 1,038,992 | 342,669,952 |
| Atlassian Corp. PLC (a) | | 200,493 | 24,127,328 |
| Ceridian HCM Holding, Inc. (a) | | 78,167 | 5,305,976 |
| Cloudflare, Inc. | | 83,500 | 1,353,285 |
| Coupa Software, Inc. (a) | | 116,133 | 16,984,451 |
| DocuSign, Inc. (a) | | 16,179 | 1,199,026 |
| Dropbox, Inc. Class A (a) | | 453,300 | 8,118,603 |
| Fortinet, Inc. (a) | | 10,784 | 1,151,300 |
| Intuit, Inc. | | 216,772 | 56,779,090 |
| Microsoft Corp. | | 4,269,841 | 673,353,926 |
| Netcompany Group A/S (a)(c) | | 38,189 | 1,817,200 |
| Paycom Software, Inc. (a) | | 77,156 | 20,427,823 |
| RingCentral, Inc. (a) | | 227,467 | 38,366,859 |
| Salesforce.com, Inc. (a) | | 2,780,601 | 452,236,947 |
| Slack Technologies, Inc. Class A (a)(b) | | 309,582 | 6,959,403 |
| Workday, Inc. Class A (a) | | 495,524 | 81,488,922 |
| Xero Ltd. (a) | | 21,182 | 1,189,157 |
| | | | 1,733,529,248 |
| Technology Hardware, Storage & Peripherals - 2.3% | | | |
| Apple, Inc. | | 929,459 | 272,935,635 |
| Samsung Electronics Co. Ltd. | | 139,800 | 6,750,234 |
| | | | 279,685,869 |
|
| TOTAL INFORMATION TECHNOLOGY | | | 3,806,210,313 |
|
| MATERIALS - 2.2% | | | |
| Chemicals - 0.7% | | | |
| Air Products & Chemicals, Inc. | | 56,462 | 13,268,005 |
| FMC Corp. | | 35,034 | 3,497,094 |
| Growmax Resources Corp. (a)(c)(e) | | 206,700 | 8,755 |
| PPG Industries, Inc. | | 34,845 | 4,651,459 |
| Sherwin-Williams Co. | | 83,783 | 48,890,732 |
| Westlake Chemical Corp. | | 85,723 | 6,013,468 |
| | | | 76,329,513 |
| Construction Materials - 0.0% | | | |
| Vulcan Materials Co. | | 446 | 64,220 |
| Containers & Packaging - 0.0% | | | |
| Avery Dennison Corp. | | 9,368 | 1,225,522 |
| Metals & Mining - 1.5% | | | |
| Agnico Eagle Mines Ltd. (Canada) | | 86,960 | 5,356,021 |
| B2Gold Corp. | | 3,471,730 | 13,929,162 |
| Barrick Gold Corp. | | 111,733 | 2,077,116 |
| Barrick Gold Corp. (Canada) | | 2,512,658 | 46,671,527 |
| Franco-Nevada Corp. | | 439,422 | 45,375,300 |
| Ivanhoe Mines Ltd. (a) | | 3,339,908 | 10,931,122 |
| Ivanhoe Mines Ltd. (a)(c) | | 883,372 | 2,891,172 |
| Kirkland Lake Gold Ltd. | | 583,462 | 25,718,967 |
| Lundin Gold, Inc. (a) | | 187,807 | 1,204,753 |
| Newcrest Mining Ltd. | | 635,002 | 13,479,783 |
| Novagold Resources, Inc. (a) | | 676,822 | 6,056,503 |
| Royal Gold, Inc. | | 16,681 | 2,039,252 |
| Wheaton Precious Metals Corp. | | 81,265 | 2,418,143 |
| | | | 178,148,821 |
|
| TOTAL MATERIALS | | | 255,768,076 |
|
| REAL ESTATE - 0.7% | | | |
| Equity Real Estate Investment Trusts (REITs) - 0.7% | | | |
| American Tower Corp. | | 289,347 | 66,497,728 |
| Equity Commonwealth | | 34,850 | 1,144,126 |
| Equity Residential (SBI) | | 181,174 | 14,660,600 |
| Prologis, Inc. | | 36,825 | 3,282,581 |
| | | | 85,585,035 |
| UTILITIES - 0.2% | | | |
| Electric Utilities - 0.2% | | | |
| NextEra Energy, Inc. | | 74,743 | 18,099,765 |
| TOTAL COMMON STOCKS | | | |
| (Cost $9,655,967,590) | | | 11,711,930,546 |
|
| Preferred Stocks - 0.2% | | | |
| Convertible Preferred Stocks - 0.2% | | | |
| CONSUMER DISCRETIONARY - 0.1% | | | |
| Diversified Consumer Services - 0.1% | | | |
| ZenPayroll, Inc. Series D (d)(e) | | 184,203 | 2,452,184 |
| Textiles, Apparel & Luxury Goods - 0.0% | | | |
| Allbirds, Inc.: | | | |
| Series A (a)(d)(e) | | 13,415 | 152,529 |
| Series B (a)(d)(e) | | 2,355 | 26,776 |
| Series C (a)(d)(e) | | 22,525 | 256,109 |
| Series Seed (a)(d)(e) | | 7,210 | 81,978 |
| Aurora Innovation, Inc. Series B (d)(e) | | 119,040 | 1,099,965 |
| | | | 1,617,357 |
| TOTAL CONSUMER DISCRETIONARY | | | 4,069,541 |
| CONSUMER STAPLES - 0.0% | | | |
| Food & Staples Retailing - 0.0% | | | |
| Roofoods Ltd. Series F (a)(d)(e) | | 1,222 | 576,271 |
| HEALTH CARE - 0.0% | | | |
| Biotechnology - 0.0% | | | |
| 23andMe, Inc. Series F (a)(d)(e) | | 26,649 | 381,614 |
| Generation Bio Series B (a)(d)(e) | | 48,000 | 436,320 |
| Nuvation Bio, Inc. Series A (d)(e)(g) | | 2,568,600 | 1,981,367 |
| | | | 2,799,301 |
| Pharmaceuticals - 0.0% | | | |
| Allovir, Inc. Series B (d)(e) | | 117,590 | 958,359 |
| TOTAL HEALTH CARE | | | 3,757,660 |
| INFORMATION TECHNOLOGY - 0.0% | | | |
| Software - 0.0% | | | |
| Affirm, Inc. Series F (d)(e) | | 141,842 | 1,801,393 |
| Carbon, Inc.: | | | |
| Series D (a)(d)(e) | | 9,678 | 270,930 |
| Series E (d)(e) | | 8,344 | 233,585 |
| | | | 2,305,908 |
| MATERIALS - 0.1% | | | |
| Metals & Mining - 0.1% | | | |
| High Power Exploration, Inc. Series A (d)(e) | | 1,052,269 | 5,545,458 |
|
| TOTAL CONVERTIBLE PREFERRED STOCKS | | | 16,254,838 |
|
| Nonconvertible Preferred Stocks - 0.0% | | | |
| CONSUMER STAPLES - 0.0% | | | |
| Food & Staples Retailing - 0.0% | | | |
| Roofoods Ltd. Series G (e) | | 3,143 | 1,482,176 |
| ENERGY - 0.0% | | | |
| Oil, Gas & Consumable Fuels - 0.0% | | | |
| Petroleo Brasileiro SA - Petrobras sponsored ADR | | 140,566 | 2,240,622 |
|
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | | | 3,722,798 |
|
| TOTAL PREFERRED STOCKS | | | |
| (Cost $19,715,980) | | | 19,977,636 |
|
| Money Market Funds - 1.7% | | | |
| Fidelity Cash Central Fund 1.58% (h) | | 180,302,678 | 180,338,739 |
| Fidelity Securities Lending Cash Central Fund 1.58% (h)(i) | | 20,594,423 | 20,596,483 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $200,934,229) | | | 200,935,222 |
| TOTAL INVESTMENT IN SECURITIES - 100.7% | | | |
| (Cost $9,876,617,799) | | | 11,932,843,404 |
| NET OTHER ASSETS (LIABILITIES) - (0.7)% | | | (82,965,036) |
| NET ASSETS - 100% | | | $11,849,878,368 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $41,775,229 or 0.4% of net assets.
(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $17,549,340 or 0.1% of net assets.
(e) Level 3 security
(f) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(g) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(h) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(i) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Acquisition Cost |
| 23andMe, Inc. | 12/7/18 | $113,887 |
| 23andMe, Inc. Series F | 8/31/17 | $370,000 |
| Affirm, Inc. Series F | 3/22/19 | $1,869,917 |
| Allbirds, Inc. | 10/9/18 | $372,829 |
| Allbirds, Inc. Series A | 10/9/18 | $147,124 |
| Allbirds, Inc. Series B | 10/9/18 | $25,828 |
| Allbirds, Inc. Series C | 10/9/18 | $247,035 |
| Allbirds, Inc. Series Seed | 10/9/18 | $79,073 |
| Allovir, Inc. Series B | 5/8/19 | $958,359 |
| Aurora Innovation, Inc. Series B | 3/1/19 | $1,099,965 |
| Carbon, Inc. Series D | 12/15/17 | $225,990 |
| Carbon, Inc. Series E | 3/22/19 | $233,585 |
| Generation Bio Series B | 2/21/18 | $438,994 |
| High Power Exploration, Inc. Series A | 11/15/19 | $5,545,458 |
| Nuvation Bio, Inc. Series A | 6/17/19 | $1,981,366 |
| Roofoods Ltd. Series F | 9/12/17 | $432,063 |
| TulCo LLC | 8/24/17 - 9/7/18 | $651,224 |
| ZenPayroll, Inc. Series D | 7/16/19 | $2,452,184 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Cash Central Fund | $3,260,402 |
| Fidelity Securities Lending Cash Central Fund | 455,410 |
| Total | $3,715,812 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of December 31, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| | Valuation Inputs at Reporting Date: |
| Description | Total | Level 1 | Level 2 | Level 3 |
| Investments in Securities: | | | | |
| Equities: | | | | |
| Communication Services | $2,041,263,657 | $2,041,263,657 | $-- | $-- |
| Consumer Discretionary | 1,332,398,068 | 1,322,255,760 | 5,686,244 | 4,456,064 |
| Consumer Staples | 471,843,897 | 453,621,691 | 16,163,759 | 2,058,447 |
| Energy | 135,715,445 | 135,715,445 | -- | -- |
| Financials | 1,621,422,871 | 1,621,422,871 | -- | -- |
| Health Care | 1,605,936,468 | 1,575,743,571 | 26,338,162 | 3,854,735 |
| Industrials | 349,813,221 | 320,161,880 | 28,840,437 | 810,904 |
| Information Technology | 3,808,516,221 | 3,804,857,028 | 1,353,285 | 2,305,908 |
| Materials | 261,313,534 | 255,759,321 | -- | 5,554,213 |
| Real Estate | 85,585,035 | 85,585,035 | -- | -- |
| Utilities | 18,099,765 | 18,099,765 | -- | -- |
| Money Market Funds | 200,935,222 | 200,935,222 | -- | -- |
| Total Investments in Securities: | $11,932,843,404 | $11,835,421,246 | $78,381,887 | $19,040,271 |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | December 31, 2019 |
| Assets | | |
Investment in securities, at value (including securities loaned of $20,351,588) — See accompanying schedule:
Unaffiliated issuers (cost $9,675,683,570) | $11,731,908,182 | |
| Fidelity Central Funds (cost $200,934,229) | 200,935,222 | |
| Total Investment in Securities (cost $9,876,617,799) | | $11,932,843,404 |
| Foreign currency held at value (cost $62,460) | | 62,480 |
| Receivable for fund shares sold | | 4,615,847 |
| Dividends receivable | | 5,562,578 |
| Distributions receivable from Fidelity Central Funds | | 252,544 |
| Other receivables | | 36,242 |
| Total assets | | 11,943,373,095 |
| Liabilities | | |
| Payable for investments purchased | | |
| Regular delivery | $53,608,945 | |
| Delayed delivery | 990,683 | |
| Payable for fund shares redeemed | 12,157,333 | |
| Accrued management fee | 4,129,532 | |
| Other payables and accrued expenses | 2,013,059 | |
| Collateral on securities loaned | 20,595,175 | |
| Total liabilities | | 93,494,727 |
| Net Assets | | $11,849,878,368 |
| Net Assets consist of: | | |
| Paid in capital | | $10,143,178,022 |
| Total accumulated earnings (loss) | | 1,706,700,346 |
| Net Assets | | $11,849,878,368 |
| Net Asset Value, offering price and redemption price per share ($11,849,878,368 ÷ 819,207,839 shares) | | $14.47 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended December 31, 2019 |
| Investment Income | | |
| Dividends | | $68,059,456 |
| Interest | | 4,037 |
| Income from Fidelity Central Funds (including $455,410 from security lending) | | 3,715,812 |
| Total income | | 71,779,305 |
| Expenses | | |
| Management fee | $38,383,147 | |
| Independent trustees' fees and expenses | 43,749 | |
| Interest | 964 | |
| Commitment fees | 18,972 | |
| Total expenses before reductions | 38,446,832 | |
| Expense reductions | (170,698) | |
| Total expenses after reductions | | 38,276,134 |
| Net investment income (loss) | | 33,503,171 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | (83,356,010) | |
| Fidelity Central Funds | 7,697 | |
| Foreign currency transactions | (57,669) | |
| Total net realized gain (loss) | | (83,405,982) |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $1,891,797) | 2,179,282,603 | |
| Fidelity Central Funds | (7,076) | |
| Assets and liabilities in foreign currencies | 5,992 | |
| Total change in net unrealized appreciation (depreciation) | | 2,179,281,519 |
| Net gain (loss) | | 2,095,875,537 |
| Net increase (decrease) in net assets resulting from operations | | $2,129,378,708 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended December 31, 2019 | Year ended December 31, 2018 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $33,503,171 | $15,932,488 |
| Net realized gain (loss) | (83,405,982) | (166,051,981) |
| Change in net unrealized appreciation (depreciation) | 2,179,281,519 | (231,639,929) |
| Net increase (decrease) in net assets resulting from operations | 2,129,378,708 | (381,759,422) |
| Distributions to shareholders | (33,955,303) | (16,756,255) |
| Share transactions | | |
| Proceeds from sales of shares | 6,458,763,019 | 4,821,074,389 |
| Reinvestment of distributions | 33,955,303 | 16,756,255 |
| Cost of shares redeemed | (2,016,350,128) | (896,982,428) |
| Net increase (decrease) in net assets resulting from share transactions | 4,476,368,194 | 3,940,848,216 |
| Total increase (decrease) in net assets | 6,571,791,599 | 3,542,332,539 |
| Net Assets | | |
| Beginning of period | 5,278,086,769 | 1,735,754,230 |
| End of period | $11,849,878,368 | $5,278,086,769 |
| Other Information | | |
| Shares | | |
| Sold | 492,901,979 | 395,688,596 |
| Issued in reinvestment of distributions | 2,403,065 | 1,459,604 |
| Redeemed | (152,457,426) | (73,613,786) |
| Net increase (decrease) | 342,847,618 | 323,534,414 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Contrafund K6
| | | | |
| Years ended December 31, | 2019 | 2018 | 2017 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.08 | $11.36 | $10.00 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .05 | .05 | .02 |
| Net realized and unrealized gain (loss) | 3.38 | (.29) | 1.36 |
| Total from investment operations | 3.43 | (.24) | 1.38 |
| Distributions from net investment income | (.04) | (.04) | (.02) |
| Total distributions | (.04) | (.04) | (.02) |
| Net asset value, end of period | $14.47 | $11.08 | $11.36 |
| Total ReturnC,D | 31.00% | (2.15)% | 13.77% |
| Ratios to Average Net AssetsE,F | | | |
| Expenses before reductions | .45% | .45% | .45%G |
| Expenses net of fee waivers, if any | .45% | .45% | .45%G |
| Expenses net of all reductions | .45% | .45% | .45%G |
| Net investment income (loss) | .39% | .39% | .38%G |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $11,849,878 | $5,278,087 | $1,735,754 |
| Portfolio turnover rateH | 39%I | 54%I | 48%G,I |
A For the period May 25, 2017 (commencement of operations) to December 31, 2017.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended December 31, 2019
1. Organization.
Fidelity Contrafund K6 (the Fund) is a fund of Fidelity Contrafund (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2019 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2019, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, redemptions in kind, partnerships, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $2,071,767,848 |
| Gross unrealized depreciation | (75,428,921) |
| Net unrealized appreciation (depreciation) | $1,996,338,927 |
| Tax Cost | $9,936,504,477 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $2,098,110 |
| Capital loss carryforward | $(289,728,340) |
| Net unrealized appreciation (depreciation) on securities and other investments | $1,996,343,639 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
| No expiration | |
| Short-term | $(267,209,635) |
| Long-term | (22,518,705) |
| Total capital loss carryforward | $(289,728,340) |
The tax character of distributions paid was as follows:
| | December 31, 2019 | December 31, 2018 |
| Ordinary Income | $33,955,303 | $ 16,756,255 |
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, the Fund held an investment of $810,904 in this Subsidiary, representing .01% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $5,046,198,721 and $3,158,403,703, respectively.
Unaffiliated Redemptions In-Kind. During the period, 21,758,678 shares of the Fund were redeemed in-kind for investments and cash with a value of $289,664,260. The net realized gain of $87,998,269 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. The Fund recognized no gain or loss for federal income tax purposes.
Unaffiliated Exchanges In-Kind. During the period, the Fund received investments and cash valued at $3,118,494,832 in exchange for 234,737,161 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets
Prior Fiscal Year Unaffiliated Exchanges In-Kind. During the prior period, the Fund received investments, including accrued interest, and cash valued at $3,041,775,876 in exchange for 249,933,175 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .45% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount |
| Fidelity Contrafund K6 | $77,776 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense |
| Fidelity Contrafund K6 | Borrower | $12,950,000 | 2.68% | $964 |
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $18,972 and is reflected in Commitment fees on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with NFS, as affiliated borrower. Total fees paid by the Fund to NFS, as lending agent, amounted to $11,264. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds, and includes $6,790 from securities loaned to NFS, as affiliated borrower.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $166,684 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $4,014.
9. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Effective January 1, 2020, following any required regulatory notices and approvals:
Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Contrafund and Shareholders of Fidelity Contrafund K6:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Contrafund K6 (one of the funds constituting Fidelity Contrafund, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the two years in the period ended December 31, 2019 and for the period May 25, 2017 (commencement of operations) through December 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the two years in the period ended December 31, 2019 and for the period May 25, 2017 (commencement of operations) through December 31, 2017 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
February 11, 2020
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Michael E. Wiley, each of the Trustees oversees 302 funds. Mr. Wiley oversees 199 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the Investment Company Act of 1940 (1940 Act)) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5092.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. James C. Curvey is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
James C. Curvey (1935)
Year of Election or Appointment: 2007
Trustee
Chairman of the Board of Trustees
Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey is an Overseer Emeritus for the Boston Symphony Orchestra, a Director of Artis-Naples, and a Trustee of Brewster Academy in Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-2018), Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), as a member of the Independent Directors Council (IDC) Governing Council (2010-2015), and as a member of the Board of Directors for The Brookville Center for Children’s Services, Inc. (2009-2017). Mr. Dirks is a member of the Finance Committee (2016-present) and Board of Directors (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as a Trustee of other Fidelity® funds. Mr. Donahue is President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as a Member of the Advisory Board of certain Fidelity® funds (2015-2018) and Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006), and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue serves as a Member (2007-present) and Co-Chairman (2016-present) of the Board of Directors of United Way of New York, Member of the Board of Directors of NYC Leadership Academy (2012-present) and Member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). He also served as Chairman (2010-2012) and Member of the Board of Directors (2012-2013) of Omgeo, LLC (financial services), Treasurer of United Way of New York (2012-2016), and Member of the Board of Directors of XBRL US (financial services non-profit, 2009-2012) and the International Securities Services Association (2009-2012).
Alan J. Lacy (1953)
Year of Election or Appointment: 2008
Trustee
Mr. Lacy also serves as Trustee of other Fidelity® funds. Mr. Lacy serves as a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2014-2017) and a member (2010-2017) of the Board of Directors of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes), as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association, and as a member of the Board of Directors for The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), Earth Fare, Inc. (retail grocery, 2010-2014), and The Western Union Company (global money transfer, 2006-2011).
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2000
Trustee
Chairman of the Independent Trustees
Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Chair (2018-present) and Member (2013-present) of the Board of Governors, State University System of Florida and is a member of the Council on Foreign Relations (1994-present). He is also a member and has most recently served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner and Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach also had a 30-year career with IBM (technology company) during which time he served as Senior Vice President and a member of the Corporate Executive Committee (1968-1998).
Joseph Mauriello (1944)
Year of Election or Appointment: 2008
Trustee
Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-2018).
Cornelia M. Small (1944)
Year of Election or Appointment: 2005
Trustee
Ms. Small also serves as Trustee of other Fidelity® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to Mr. Smith's retirement, he served as Chairman and Chief Executive Officer of Inbrand Corp. (manufacturer of personal absorbent products, 1990-1997). He also served as President (1986-1990) of Inbrand Corp. Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank. In addition, Mr. Smith served as a Member of the Advisory Board of certain Fidelity® funds (2012-2013) and as a board member of the Jackson Hole Land Trust (2009-2012).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present) and as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), a Director of Fortune Brands, Inc. (consumer products, 2000-2011), and a member of the Board of Trustees of the University of Florida (2013-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Wiley also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Wiley serves as a Director of High Point Resources (exploration and production, 2005-present). Previously, Mr. Wiley served as a Director of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a Director of Andeavor Logistics LP (natural resources logistics, 2015-2018), a Director of Post Oak Bank (privately-held bank, 2004-2018), a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-2013), a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), an Advisory Director of Riverstone Holdings (private investment), a Director of Spinnaker Exploration Company (exploration and production, 2001-2005) and Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Vicki L. Fuller (1957)
Year of Election or Appointment: 2018
Member of the Advisory Board
Ms. Fuller also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Fuller serves as a member of the Board of Directors, Audit Committee, and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present). Previously, Ms. Fuller served as the Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Member of the Advisory Board
Ms. Kampling also serves as Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Compensation Committee and Executive Committee and as Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Member of the Advisory Board
Ms. Tomasky also serves as Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board of Kenyon College (2016-present). Previously, Ms. Tomasky served as a member of the Board (2011-2019) and as Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Kenneth B. Robins (1969)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2019 to December 31, 2019).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| | Annualized Expense Ratio-A | Beginning
Account Value
July 1, 2019 | Ending
Account Value
December 31, 2019 | Expenses Paid
During Period-B
July 1, 2019
to December 31, 2019 |
| Actual | .45% | $1,000.00 | $1,081.60 | $2.36 |
| Hypothetical-C | | $1,000.00 | $1,022.94 | $2.29 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
C 5% return per year before expenses
Distributions (Unaudited)
The fund designates 100% of the dividend distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.
The fund designates 100% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.
Board Approval of Investment Advisory Contracts
Fidelity Contrafund K6
At its November 2019 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve an amended and restated management contract and amended and restated sub-advisory agreements (together, the Amended and Restated Contracts) for the fund, effective January 1, 2020, for a one month period through January 31, 2020, in connection with an upcoming consolidation of certain of Fidelity's advisory businesses.
The Board considered that, on or about January 1, 2020, each of FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and SelectCo, LLC (SelectCo) will merge with and into Fidelity Management & Research Company (FMR) and that, after the merger, FMR will redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that the Amended and Restated Contracts would be updated to reflect the renamed adviser, Fidelity Management & Research Company LLC and its new form of organization and domicile. The Board also noted that the Amended and Restated Contracts will not change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees or expenses paid by the fund.
The Board concluded that the fund's Amended and Restated Contracts are fair and reasonable, and that the fund's Advisory Contracts should be approved through January 31, 2020.
In connection with its consideration of future renewals of the fund's Amended and Restated Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Amended and Restated Contracts should be approved.
CONK6-ANN-0220
1.9883979.102
Fidelity Flex℠ Funds
Fidelity Flex℠ Opportunistic Insights Fund
Annual Report
December 31, 2019
See the inside front cover for important information about access to your fund’s shareholder reports.
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
| Account Type | Website | Phone Number |
| Brokerage, Mutual Fund, or Annuity Contracts: | fidelity.com/mailpreferences | 1-800-343-3548 |
| Employer Provided Retirement Accounts: | netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) | 1-800-343-0860 |
| Advisor Sold Accounts Serviced Through Your Financial Intermediary: | Contact Your Financial Intermediary | Your Financial Intermediary's phone number |
| Advisor Sold Accounts Serviced by Fidelity: | institutional.fidelity.com | 1-877-208-0098 |
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants) to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2020 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended December 31, 2019 | Past 1 year | Life of fundA |
| Fidelity Flex℠ Opportunistic Insights Fund | 30.56% | 17.32% |
A From March 8, 2017
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Flex℠ Opportunistic Insights Fund on March 8, 2017, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the Russell 3000® Index performed over the same period.
| Period Ending Values |
| $15,681 | Fidelity Flex℠ Opportunistic Insights Fund |
| $14,258 | Russell 3000® Index |
Management's Discussion of Fund Performance
Market Recap: U.S. stocks continued to roll in 2019, with the S&P 500
® index soaring 31.49% and marking history as the longest and strongest bull market ever, despite persistent, nagging concerns about global economic growth and trade. After a rough end to 2018, equities sharply reversed course to begin the new year amid upbeat company earnings and signs the Federal Reserve may pause on rates. The uptrend continued until May, when the index sunk as trade negotiations between the U.S. and China broke down. The bull market roared back to record a series of highs in July, when the Fed cut interest rates for the first time since 2008. Volatility intensified in August, as the Treasury yield curve inverted, which some investors viewed as a sign the U.S. economy could be heading for recession. But the market proved resilient, hitting a new high on October 30, when the Fed lowered rates for the third time in 2019, and moving even higher through year-end. Gains were robust and broad-based, with information technology (+50%) leading the way with its best calendar-year result in a decade, amid strong growth trends. Communication services (+33%) and financials (+32%) also stood out. In contrast, energy (+12%) was by far the weakest group – struggling amid sluggish oil prices – while several strong gainers nonetheless fell short of the broader market: industrials and real estate (+29% each), consumer discretionary and consumer staples (+28% each), utilities (+26%), materials (+25%), and health care (+21%).
Comments from Portfolio Manager William Danoff: For the year, the fund gained 30.56%, roughly in line with the 31.02% advance of the benchmark Russell 3000
® Index. Versus the benchmark, security selection was the biggest detractor, especially in the information technology sector. The fund's position in cash hampered relative performance in a strong market. Our picks in financials, consumer discretionary and industrials hurt to a lesser extent. The largest individual relative detractor by a wide margin was largely avoiding Apple, a maker of personal electronics and a sizable benchmark component the past year. The company had favorable financial results, driven by its wearables, home and accessories segment. Underexposure to Apple, which rose 89%, allowed us to invest in companies with better growth prospects. Apple was not held at year-end. In financials, it hurt to overweight Berkshire Hathaway, as shares of the insurance-focused conglomerate gained 11% in 2019, lagging the benchmark. Rising interest rates pressured the stock, but we held steady our sizable position. Conversely, a considerable overweighting in the market-leading information technology sector notably contributed, as did underexposure to energy. My picks in health care and communication services also helped. The biggest individual contributor by far was a large investment in Facebook (+55%), as the social-media platform operator reported better-than-expected revenue, earnings and average revenue per user. Facebook was the fund's top holding.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Top Ten Stocks as of December 31, 2019
| | % of fund's net assets |
| Facebook, Inc. Class A | 8.3 |
| Amazon.com, Inc. | 6.2 |
| Microsoft Corp. | 6.1 |
| Salesforce.com, Inc. | 5.6 |
| Berkshire Hathaway, Inc. Class A | 4.8 |
| Adobe, Inc. | 3.7 |
| MasterCard, Inc. Class A | 3.4 |
| Bank of America Corp. | 3.0 |
| Visa, Inc. Class A | 2.5 |
| Netflix, Inc. | 2.1 |
| | 45.7 |
Top Five Market Sectors as of December 31, 2019
| | % of fund's net assets |
| Information Technology | 33.6 |
| Communication Services | 16.6 |
| Financials | 14.3 |
| Health Care | 11.8 |
| Consumer Discretionary | 11.1 |
Asset Allocation (% of fund's net assets)
| As of December 31, 2019 * |
| | Stocks | 99.1% |
| | Short-Term Investments and Net Other Assets (Liabilities) | 0.9% |
* Foreign investments - 8.3%
Schedule of Investments December 31, 2019
Showing Percentage of Net Assets
| Common Stocks - 99.1% | | | |
| | | Shares | Value |
| COMMUNICATION SERVICES - 16.6% | | | |
| Entertainment - 3.2% | | | |
| Activision Blizzard, Inc. | | 473 | $28,106 |
| Netflix, Inc. (a) | | 1,846 | 597,310 |
| Sea Ltd. ADR (a) | | 100 | 4,022 |
| Spotify Technology SA (a) | | 92 | 13,759 |
| The Walt Disney Co. | | 1,884 | 272,483 |
| | | | 915,680 |
| Interactive Media & Services - 12.3% | | | |
| Alphabet, Inc.: | | | |
| Class A (a) | | 404 | 541,114 |
| Class C (a) | | 427 | 570,908 |
| CarGurus, Inc. Class A (a) | | 424 | 14,916 |
| Facebook, Inc. Class A (a) | | 11,461 | 2,352,363 |
| | | | 3,479,301 |
| Media - 0.6% | | | |
| Charter Communications, Inc. Class A (a) | | 79 | 38,321 |
| Comcast Corp. Class A | | 21 | 944 |
| Discovery Communications, Inc. Class A (a) | | 300 | 9,822 |
| Liberty Media Corp. Liberty Formula One Group Series C (a) | | 2,443 | 112,293 |
| | | | 161,380 |
| Wireless Telecommunication Services - 0.5% | | | |
| T-Mobile U.S., Inc. (a) | | 1,617 | 126,805 |
|
| TOTAL COMMUNICATION SERVICES | | | 4,683,166 |
|
| CONSUMER DISCRETIONARY - 11.1% | | | |
| Automobiles - 0.1% | | | |
| Toyota Motor Corp. | | 200 | 14,092 |
| Hotels, Restaurants & Leisure - 1.5% | | | |
| Chipotle Mexican Grill, Inc. (a) | | 170 | 142,309 |
| Evolution Gaming Group AB (b) | | 400 | 12,043 |
| Hilton Worldwide Holdings, Inc. | | 155 | 17,191 |
| McDonald's Corp. | | 1,140 | 225,275 |
| Starbucks Corp. | | 309 | 27,167 |
| | | | 423,985 |
| Household Durables - 0.1% | | | |
| Mohawk Industries, Inc. (a) | | 172 | 23,457 |
| Internet & Direct Marketing Retail - 6.5% | | | |
| Alibaba Group Holding Ltd. | | 2,800 | 74,453 |
| Alibaba Group Holding Ltd. sponsored ADR (a) | | 52 | 11,029 |
| Amazon.com, Inc. (a) | | 942 | 1,740,665 |
| Meituan Dianping Class B (a) | | 500 | 6,539 |
| | | | 1,832,686 |
| Multiline Retail - 0.0% | | | |
| Dollar General Corp. | | 58 | 9,047 |
| Specialty Retail - 1.4% | | | |
| AutoZone, Inc. (a) | | 10 | 11,913 |
| Burlington Stores, Inc. (a) | | 34 | 7,753 |
| John David Group PLC | | 1,700 | 18,857 |
| O'Reilly Automotive, Inc. (a) | | 125 | 54,783 |
| Ross Stores, Inc. | | 328 | 38,186 |
| Sally Beauty Holdings, Inc. (a) | | 400 | 7,300 |
| The Home Depot, Inc. | | 747 | 163,130 |
| TJX Companies, Inc. | | 1,535 | 93,727 |
| | | | 395,649 |
| Textiles, Apparel & Luxury Goods - 1.5% | | | |
| adidas AG | | 592 | 192,441 |
| Burberry Group PLC | | 300 | 8,762 |
| Deckers Outdoor Corp. (a) | | 98 | 16,548 |
| Hermes International SCA | | 9 | 6,725 |
| lululemon athletica, Inc. (a) | | 100 | 23,167 |
| NIKE, Inc. Class B | | 1,168 | 118,330 |
| Ralph Lauren Corp. | | 96 | 11,253 |
| VF Corp. | | 511 | 50,926 |
| | | | 428,152 |
|
| TOTAL CONSUMER DISCRETIONARY | | | 3,127,068 |
|
| CONSUMER STAPLES - 4.1% | | | |
| Beverages - 1.1% | | | |
| Budweiser Brewing Co. APAC Ltd. (a)(b) | | 2,900 | 9,788 |
| Keurig Dr. Pepper, Inc. | | 2,498 | 72,317 |
| PepsiCo, Inc. | | 823 | 112,479 |
| The Coca-Cola Co. | | 2,391 | 132,342 |
| | | | 326,926 |
| Food & Staples Retailing - 1.1% | | | |
| Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | | 622 | 19,739 |
| Costco Wholesale Corp. | | 939 | 275,991 |
| Grocery Outlet Holding Corp. | | 128 | 4,154 |
| Walmart, Inc. | | 13 | 1,545 |
| | | | 301,429 |
| Food Products - 0.1% | | | |
| Mondelez International, Inc. | | 222 | 12,228 |
| The Simply Good Foods Co. (a) | | 394 | 11,245 |
| | | | 23,473 |
| Household Products - 0.0% | | | |
| Procter & Gamble Co. | | 54 | 6,745 |
| Personal Products - 1.8% | | | |
| Estee Lauder Companies, Inc. Class A | | 2,175 | 449,225 |
| Kao Corp. | | 100 | 8,248 |
| L'Oreal SA | | 14 | 4,146 |
| Shiseido Co. Ltd. | | 522 | 37,067 |
| | | | 498,686 |
|
| TOTAL CONSUMER STAPLES | | | 1,157,259 |
|
| ENERGY - 1.1% | | | |
| Oil, Gas & Consumable Fuels - 1.1% | | | |
| Birchcliff Energy Ltd. | | 5,087 | 10,146 |
| Canadian Natural Resources Ltd. | | 255 | 8,248 |
| Centennial Resource Development, Inc. Class A (a) | | 5,614 | 25,937 |
| Continental Resources, Inc. | | 214 | 7,340 |
| Hess Corp. | | 1,460 | 97,543 |
| Magnolia Oil & Gas Corp. Class A (a) | | 1,966 | 24,732 |
| Reliance Industries Ltd. | | 6,213 | 131,831 |
| Tamarack Valley Energy Ltd. (a) | | 3,734 | 5,751 |
| | | | 311,528 |
| FINANCIALS - 14.3% | | | |
| Banks - 6.9% | | | |
| Bank of America Corp. | | 23,836 | 839,504 |
| Citigroup, Inc. | | 3,266 | 260,921 |
| HDFC Bank Ltd. sponsored ADR | | 2,370 | 150,187 |
| JPMorgan Chase & Co. | | 4,160 | 579,904 |
| Kotak Mahindra Bank Ltd. | | 3,830 | 90,408 |
| PNC Financial Services Group, Inc. | | 89 | 14,207 |
| U.S. Bancorp | | 200 | 11,858 |
| | | | 1,946,989 |
| Capital Markets - 0.8% | | | |
| Brookfield Asset Management, Inc.: | | | |
| (Canada) Class A | | 636 | 36,748 |
| Class A | | 505 | 29,189 |
| Charles Schwab Corp. | | 600 | 28,536 |
| CME Group, Inc. | | 468 | 93,937 |
| Moody's Corp. | | 62 | 14,719 |
| XP, Inc. Class A (a) | | 200 | 7,704 |
| | | | 210,833 |
| Consumer Finance - 1.1% | | | |
| American Express Co. | | 2,575 | 320,562 |
| Diversified Financial Services - 4.8% | | | |
| AXA Equitable Holdings, Inc. | | 100 | 2,478 |
| Berkshire Hathaway, Inc. Class A (a) | | 4 | 1,358,360 |
| | | | 1,360,838 |
| Insurance - 0.7% | | | |
| Admiral Group PLC | | 854 | 26,120 |
| AFLAC, Inc. | | 75 | 3,968 |
| Allstate Corp. | | 134 | 15,068 |
| American International Group, Inc. | | 1,678 | 86,132 |
| Chubb Ltd. | | 280 | 43,585 |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | | 48 | 22,539 |
| Marsh & McLennan Companies, Inc. | | 99 | 11,030 |
| | | | 208,442 |
|
| TOTAL FINANCIALS | | | 4,047,664 |
|
| HEALTH CARE - 11.8% | | | |
| Biotechnology - 2.0% | | | |
| 23andMe, Inc. (a)(c)(d) | | 35 | 501 |
| AbbVie, Inc. | | 300 | 26,562 |
| Acceleron Pharma, Inc. (a) | | 100 | 5,302 |
| Amgen, Inc. | | 71 | 17,116 |
| Argenx SE ADR (a) | | 100 | 16,052 |
| bluebird bio, Inc. (a) | | 137 | 12,022 |
| Idorsia Ltd. (a) | | 630 | 19,490 |
| Innovent Biolgics, Inc. (a)(b) | | 1,000 | 3,407 |
| Neurocrine Biosciences, Inc. (a) | | 180 | 19,348 |
| Regeneron Pharmaceuticals, Inc. (a) | | 206 | 77,349 |
| Turning Point Therapeutics, Inc. | | 100 | 6,229 |
| Vertex Pharmaceuticals, Inc. (a) | | 1,635 | 357,983 |
| | | | 561,361 |
| Health Care Equipment & Supplies - 4.1% | | | |
| Abbott Laboratories | | 1,735 | 150,702 |
| Baxter International, Inc. | | 1,837 | 153,610 |
| Danaher Corp. | | 1,701 | 261,069 |
| DexCom, Inc. (a) | | 551 | 120,526 |
| Edwards Lifesciences Corp. (a) | | 940 | 219,293 |
| Hoya Corp. | | 17 | 1,635 |
| Intuitive Surgical, Inc. (a) | | 172 | 101,678 |
| Masimo Corp. (a) | | 44 | 6,955 |
| ResMed, Inc. | | 149 | 23,091 |
| Sonova Holding AG Class B | | 87 | 19,912 |
| Stryker Corp. | | 517 | 108,539 |
| | | | 1,167,010 |
| Health Care Providers & Services - 1.6% | | | |
| Cigna Corp. | | 39 | 7,975 |
| Hapvida Participacoes e Investimentos SA (b) | | 700 | 11,119 |
| UnitedHealth Group, Inc. | | 1,495 | 439,500 |
| | | | 458,594 |
| Health Care Technology - 0.4% | | | |
| Veeva Systems, Inc. Class A (a) | | 687 | 96,633 |
| Life Sciences Tools & Services - 1.5% | | | |
| 10X Genomics, Inc. (a) | | 106 | 8,083 |
| Bio-Rad Laboratories, Inc. Class A (a) | | 57 | 21,092 |
| Bruker Corp. | | 100 | 5,097 |
| IQVIA Holdings, Inc. (a) | | 328 | 50,679 |
| Mettler-Toledo International, Inc. (a) | | 214 | 169,762 |
| Thermo Fisher Scientific, Inc. | | 533 | 173,156 |
| Wuxi Biologics (Cayman), Inc. (a)(b) | | 500 | 6,330 |
| | | | 434,199 |
| Pharmaceuticals - 2.2% | | | |
| Astellas Pharma, Inc. | | 200 | 3,414 |
| AstraZeneca PLC: | | | |
| (United Kingdom) | | 174 | 17,416 |
| sponsored ADR | | 3,459 | 172,466 |
| Bristol-Myers Squibb Co. | | 839 | 53,855 |
| Bristol-Myers Squibb Co. rights (a) | | 200 | 602 |
| Eli Lilly & Co. | | 299 | 39,298 |
| Hansoh Pharmaceutical Group Co. Ltd. (b) | | 4,000 | 13,295 |
| Merck & Co., Inc. | | 1,322 | 120,236 |
| Novartis AG sponsored ADR | | 815 | 77,172 |
| Roche Holding AG (participation certificate) | | 92 | 29,900 |
| Zoetis, Inc. Class A | | 760 | 100,586 |
| | | | 628,240 |
|
| TOTAL HEALTH CARE | | | 3,346,037 |
|
| INDUSTRIALS - 3.0% | | | |
| Aerospace & Defense - 0.7% | | | |
| Harris Corp. | | 328 | 64,901 |
| Lockheed Martin Corp. | | 72 | 28,035 |
| Northrop Grumman Corp. | | 141 | 48,500 |
| TransDigm Group, Inc. | | 117 | 65,520 |
| | | | 206,956 |
| Airlines - 0.0% | | | |
| Southwest Airlines Co. | | 101 | 5,452 |
| Building Products - 0.2% | | | |
| Masco Corp. | | 177 | 8,494 |
| Toto Ltd. | | 772 | 32,599 |
| | | | 41,093 |
| Commercial Services & Supplies - 0.4% | | | |
| Cintas Corp. | | 371 | 99,829 |
| Clean TeQ Holdings Ltd. (a) | | 8,100 | 1,165 |
| Edenred SA | | 100 | 5,171 |
| | | | 106,165 |
| Electrical Equipment - 0.1% | | | |
| AMETEK, Inc. | | 267 | 26,631 |
| Generac Holdings, Inc. (a) | | 22 | 2,213 |
| | | | 28,844 |
| Industrial Conglomerates - 0.3% | | | |
| General Electric Co. | | 8,699 | 97,081 |
| Machinery - 0.6% | | | |
| Fortive Corp. | | 2,005 | 153,162 |
| IDEX Corp. | | 55 | 9,460 |
| | | | 162,622 |
| Professional Services - 0.5% | | | |
| Clarivate Analytics PLC (a) | | 2,575 | 43,260 |
| CoStar Group, Inc. (a) | | 41 | 24,530 |
| Experian PLC | | 632 | 21,424 |
| FTI Consulting, Inc. (a) | | 416 | 46,035 |
| | | | 135,249 |
| Road & Rail - 0.2% | | | |
| Canadian Pacific Railway Ltd. | | 100 | 25,492 |
| Lyft, Inc. | | 8 | 344 |
| Union Pacific Corp. | | 237 | 42,847 |
| | | | 68,683 |
|
| TOTAL INDUSTRIALS | | | 852,145 |
|
| INFORMATION TECHNOLOGY - 33.6% | | | |
| Communications Equipment - 0.2% | | | |
| Motorola Solutions, Inc. | | 365 | 58,816 |
| Electronic Equipment & Components - 2.4% | | | |
| Amphenol Corp. Class A | | 5,254 | 568,640 |
| CDW Corp. | | 335 | 47,851 |
| Keysight Technologies, Inc. (a) | | 458 | 47,005 |
| Zebra Technologies Corp. Class A (a) | | 61 | 15,582 |
| | | | 679,078 |
| IT Services - 9.7% | | | |
| Accenture PLC Class A | | 403 | 84,860 |
| Adyen BV (a)(b) | | 52 | 42,638 |
| Endava PLC ADR (a) | | 100 | 4,660 |
| EPAM Systems, Inc. (a) | | 181 | 38,401 |
| Fidelity National Information Services, Inc. | | 101 | 14,048 |
| Fiserv, Inc. (a) | | 117 | 13,529 |
| Global Payments, Inc. | | 792 | 144,588 |
| MasterCard, Inc. Class A | | 3,234 | 965,640 |
| MongoDB, Inc. Class A (a) | | 605 | 79,624 |
| Okta, Inc. (a) | | 816 | 94,142 |
| PayPal Holdings, Inc. (a) | | 4,342 | 469,674 |
| Shopify, Inc. Class A (a) | | 208 | 82,700 |
| StoneCo Ltd. Class A (a) | | 261 | 10,411 |
| Visa, Inc. Class A | | 3,745 | 703,686 |
| | | | 2,748,601 |
| Semiconductors & Semiconductor Equipment - 2.5% | | | |
| Advanced Micro Devices, Inc. (a) | | 2,830 | 129,784 |
| Analog Devices, Inc. | | 313 | 37,197 |
| Applied Materials, Inc. | | 101 | 6,165 |
| ASML Holding NV | | 54 | 15,981 |
| Enphase Energy, Inc. (a) | | 100 | 2,613 |
| Lam Research Corp. | | 42 | 12,281 |
| Marvell Technology Group Ltd. | | 500 | 13,280 |
| Microchip Technology, Inc. | | 185 | 19,373 |
| NVIDIA Corp. | | 1,072 | 252,242 |
| NXP Semiconductors NV | | 276 | 35,124 |
| Qualcomm, Inc. | | 1,672 | 147,521 |
| SolarEdge Technologies, Inc. (a) | | 73 | 6,942 |
| Synaptics, Inc. (a) | | 100 | 6,577 |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 100 | 5,810 |
| Xilinx, Inc. | | 294 | 28,744 |
| | | | 719,634 |
| Software - 18.7% | | | |
| Adobe, Inc. (a) | | 3,192 | 1,052,754 |
| Atlassian Corp. PLC (a) | | 759 | 91,338 |
| Ceridian HCM Holding, Inc. (a) | | 200 | 13,576 |
| Coupa Software, Inc. (a) | | 353 | 51,626 |
| Dropbox, Inc. Class A (a) | | 1,164 | 20,847 |
| Intuit, Inc. | | 860 | 225,260 |
| Microsoft Corp. | | 10,977 | 1,731,073 |
| Netcompany Group A/S (a)(b) | | 200 | 9,517 |
| Paycom Software, Inc. (a) | | 279 | 73,868 |
| RingCentral, Inc. (a) | | 725 | 122,286 |
| Salesforce.com, Inc. (a) | | 9,718 | 1,580,536 |
| Slack Technologies, Inc. Class A (a) | | 600 | 13,488 |
| SurveyMonkey (a) | | 1,422 | 25,411 |
| Tanium, Inc. Class B (a)(c)(d) | | 100 | 974 |
| Workday, Inc. Class A (a) | | 1,568 | 257,858 |
| Xero Ltd. (a) | | 100 | 5,614 |
| | | | 5,276,026 |
| Technology Hardware, Storage & Peripherals - 0.1% | | | |
| Samsung Electronics Co. Ltd. | | 440 | 21,245 |
|
| TOTAL INFORMATION TECHNOLOGY | | | 9,503,400 |
|
| MATERIALS - 2.5% | | | |
| Chemicals - 0.8% | | | |
| Air Products & Chemicals, Inc. | | 83 | 19,504 |
| Sherwin-Williams Co. | | 322 | 187,900 |
| Westlake Chemical Corp. | | 312 | 21,887 |
| | | | 229,291 |
| Metals & Mining - 1.7% | | | |
| Agnico Eagle Mines Ltd. (Canada) | | 100 | 6,159 |
| B2Gold Corp. | | 4,102 | 16,458 |
| Barrick Gold Corp. | | 300 | 5,577 |
| Barrick Gold Corp. (Canada) | | 6,831 | 126,883 |
| Franco-Nevada Corp. | | 1,356 | 140,022 |
| Ivanhoe Mines Ltd. (a) | | 13,229 | 43,297 |
| Kirkland Lake Gold Ltd. | | 1,253 | 55,232 |
| Lundin Gold, Inc. (a) | | 411 | 2,637 |
| Newcrest Mining Ltd. | | 1,623 | 34,453 |
| Novagold Resources, Inc. (a) | | 2,336 | 20,904 |
| Royal Gold, Inc. | | 52 | 6,357 |
| Wheaton Precious Metals Corp. | | 200 | 5,951 |
| | | | 463,930 |
|
| TOTAL MATERIALS | | | 693,221 |
|
| REAL ESTATE - 0.8% | | | |
| Equity Real Estate Investment Trusts (REITs) - 0.8% | | | |
| American Tower Corp. | | 750 | 172,365 |
| Equity Commonwealth | | 100 | 3,283 |
| Equity Residential (SBI) | | 511 | 41,350 |
| Prologis, Inc. | | 100 | 8,914 |
| | | | 225,912 |
| UTILITIES - 0.2% | | | |
| Electric Utilities - 0.2% | | | |
| NextEra Energy, Inc. | | 242 | 58,603 |
| TOTAL COMMON STOCKS | | | |
| (Cost $21,529,049) | | | 28,006,003 |
|
| Preferred Stocks - 0.0% | | | |
| Convertible Preferred Stocks - 0.0% | | | |
| CONSUMER STAPLES - 0.0% | | | |
| Food & Staples Retailing - 0.0% | | | |
| Roofoods Ltd. Series F (a)(c)(d) | | 8 | 3,773 |
| HEALTH CARE - 0.0% | | | |
| Biotechnology - 0.0% | | | |
| 23andMe, Inc. Series F (a)(c)(d) | | 144 | 2,062 |
|
| TOTAL CONVERTIBLE PREFERRED STOCKS | | | 5,835 |
|
| Nonconvertible Preferred Stocks - 0.0% | | | |
| ENERGY - 0.0% | | | |
| Oil, Gas & Consumable Fuels - 0.0% | | | |
| Petroleo Brasileiro SA - Petrobras sponsored ADR | | 400 | 6,376 |
| TOTAL PREFERRED STOCKS | | | |
| (Cost $11,391) | | | 12,211 |
|
| Money Market Funds - 0.8% | | | |
| Fidelity Cash Central Fund 1.58% (e) | | | |
| (Cost $216,301) | | 216,258 | 216,301 |
| TOTAL INVESTMENT IN SECURITIES - 99.9% | | | |
| (Cost $21,756,741) | | | 28,234,515 |
| NET OTHER ASSETS (LIABILITIES) - 0.1% | | | 21,020 |
| NET ASSETS - 100% | | | $28,255,535 |
Legend
(a) Non-income producing
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $108,137 or 0.4% of net assets.
(c) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $7,310 or 0.0% of net assets.
(d) Level 3 security
(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Acquisition Cost |
| 23andMe, Inc. | 12/7/18 | $588 |
| 23andMe, Inc. Series F | 8/31/17 | $1,999 |
| Roofoods Ltd. Series F | 9/12/17 | $2,829 |
| Tanium, Inc. Class B | 4/21/17 | $496 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Cash Central Fund | $12,767 |
| Fidelity Securities Lending Cash Central Fund | 833 |
| Total | $13,600 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of December 31, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| | Valuation Inputs at Reporting Date: |
| Description | Total | Level 1 | Level 2 | Level 3 |
| Investments in Securities: | | | | |
| Equities: | | | | |
| Communication Services | $4,683,166 | $4,683,166 | $-- | $-- |
| Consumer Discretionary | 3,127,068 | 3,112,976 | 14,092 | -- |
| Consumer Staples | 1,161,032 | 1,111,944 | 45,315 | 3,773 |
| Energy | 317,904 | 317,904 | -- | -- |
| Financials | 4,047,664 | 4,047,664 | -- | -- |
| Health Care | 3,348,099 | 3,294,806 | 50,730 | 2,563 |
| Industrials | 852,145 | 798,122 | 54,023 | -- |
| Information Technology | 9,503,400 | 9,502,426 | -- | 974 |
| Materials | 693,221 | 693,221 | -- | -- |
| Real Estate | 225,912 | 225,912 | -- | -- |
| Utilities | 58,603 | 58,603 | -- | -- |
| Money Market Funds | 216,301 | 216,301 | -- | -- |
| Total Investments in Securities: | $28,234,515 | $28,063,045 | $164,160 | $7,310 |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | December 31, 2019 |
| Assets | | |
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $21,540,440) | $28,018,214 | |
| Fidelity Central Funds (cost $216,301) | 216,301 | |
| Total Investment in Securities (cost $21,756,741) | | $28,234,515 |
| Cash | | 42,205 |
| Foreign currency held at value (cost $9,627) | | 10,273 |
| Receivable for fund shares sold | | 11,072 |
| Dividends receivable | | 14,212 |
| Distributions receivable from Fidelity Central Funds | | 401 |
| Other receivables | | 417 |
| Total assets | | 28,313,095 |
| Liabilities | | |
| Payable for fund shares redeemed | $50,579 | |
| Other payables and accrued expenses | 6,981 | |
| Total liabilities | | 57,560 |
| Net Assets | | $28,255,535 |
| Net Assets consist of: | | |
| Paid in capital | | $22,118,306 |
| Total accumulated earnings (loss) | | 6,137,229 |
| Net Assets | | $28,255,535 |
| Net Asset Value, offering price and redemption price per share ($28,255,535 ÷ 1,851,016 shares) | | $15.26 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended December 31, 2019 |
| Investment Income | | |
| Dividends | | $168,774 |
| Income from Fidelity Central Funds (including $833 from security lending) | | 13,600 |
| Total income | | 182,374 |
| Expenses | | |
| Independent trustees' fees and expenses | $115 | |
| Commitment fees | 53 | |
| Total expenses | | 168 |
| Net investment income (loss) | | 182,206 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of foreign taxes of $1,279) | (43,495) | |
| Fidelity Central Funds | 13 | |
| Foreign currency transactions | (988) | |
| Total net realized gain (loss) | | (44,470) |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $4,268) | 5,246,885 | |
| Fidelity Central Funds | (13) | |
| Assets and liabilities in foreign currencies | 646 | |
| Total change in net unrealized appreciation (depreciation) | | 5,247,518 |
| Net gain (loss) | | 5,203,048 |
| Net increase (decrease) in net assets resulting from operations | | $5,385,254 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended December 31, 2019 | Year ended December 31, 2018 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $182,206 | $217,342 |
| Net realized gain (loss) | (44,470) | (142,429) |
| Change in net unrealized appreciation (depreciation) | 5,247,518 | (67,632) |
| Net increase (decrease) in net assets resulting from operations | 5,385,254 | 7,281 |
| Distributions to shareholders | (314,958) | (218,856) |
| Share transactions | | |
| Proceeds from sales of shares | 19,745,275 | 26,074,979 |
| Reinvestment of distributions | 314,958 | 218,856 |
| Cost of shares redeemed | (13,598,178) | (23,860,154) |
| Net increase (decrease) in net assets resulting from share transactions | 6,462,055 | 2,433,681 |
| Total increase (decrease) in net assets | 11,532,351 | 2,222,106 |
| Net Assets | | |
| Beginning of period | 16,723,184 | 14,501,078 |
| End of period | $28,255,535 | $16,723,184 |
| Other Information | | |
| Shares | | |
| Sold | 1,382,903 | 1,992,788 |
| Issued in reinvestment of distributions | 20,667 | 18,043 |
| Redeemed | (967,508) | (1,785,728) |
| Net increase (decrease) | 436,062 | 225,103 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Flex Opportunistic Insights Fund
| | | | |
| Years ended December 31, | 2019 | 2018 | 2017 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.82 | $12.19 | $10.00 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .12 | .11 | .07 |
| Net realized and unrealized gain (loss) | 3.49 | (.33) | 2.17 |
| Total from investment operations | 3.61 | (.22) | 2.24 |
| Distributions from net investment income | (.10) | (.15) | (.04) |
| Distributions from net realized gain | (.07) | – | (.01) |
| Total distributions | (.17) | (.15) | (.05) |
| Net asset value, end of period | $15.26 | $11.82 | $12.19 |
| Total ReturnC,D | 30.56% | (1.85)% | 22.37% |
| Ratios to Average Net AssetsE | | | |
| Expenses before reductions | - %F | - %F | - %F,G |
| Expenses net of fee waivers, if any | - %F | - %F | - %F,G |
| Expenses net of all reductions | - %F | - %F | - %F,G |
| Net investment income (loss) | .82% | .81% | .78%G |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $28,256 | $16,723 | $14,501 |
| Portfolio turnover rateH | 67% | 93% | 28%G |
A For the period March 8, 2017 (commencement of operations) to December 31, 2017.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Amount represents less than .005%.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended December 31, 2019
1. Organization.
Fidelity Flex Opportunistic Insights Fund (the Fund) is a fund of Fidelity Contrafund (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund is available only to certain fee-based accounts offered by Fidelity.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2019 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2019, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $6,569,006 |
| Gross unrealized depreciation | (194,120) |
| Net unrealized appreciation (depreciation) | $6,374,886 |
| Tax Cost | $21,859,629 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $6,458 |
| Net unrealized appreciation (depreciation) on securities and other investments | $6,375,519 |
The Fund intends to elect to defer to its next fiscal year $237,764 of capital losses recognized during the period November 1, 2019 to December 31, 2019.
The tax character of distributions paid was as follows:
| | December 31, 2019 | December 31, 2018 |
| Ordinary Income | $179,453 | $ 218,856 |
| Long-term Capital Gains | 135,505 | – |
| Total | $314,958 | $ 218,856 |
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $21,158,374 and $14,392,953, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount |
| Fidelity Flex Opportunistic Insights Fund | $292 |
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $53 and is reflected in Commitment fees on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. At period end, there were no security loans outstanding. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. During the period, there were no securities loaned to NFS.
8. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, the investment adviser or its affiliates were the owners of record of 28% of the total outstanding shares of the Fund.
Effective January 1, 2020, following any required regulatory notices and approvals:
Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Contrafund and Shareholders of Fidelity Flex Opportunistic Insights Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Flex Opportunistic Insights Fund (one of the funds constituting Fidelity Contrafund, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the two years in the period ended December 31, 2019 and for the period March 8, 2017 (commencement of operations) through December 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the two years in the period ended December 31, 2019 and for the period March 8, 2017 (commencement of operations) through December 31, 2017 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian and issuers of privately offered securities. We believe that our audits provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
February 14, 2020
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Michael E. Wiley, each of the Trustees oversees 302 funds. Mr. Wiley oversees 199 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the Investment Company Act of 1940 (1940 Act)) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants).
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. James C. Curvey is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
James C. Curvey (1935)
Year of Election or Appointment: 2007
Trustee
Chairman of the Board of Trustees
Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey is an Overseer Emeritus for the Boston Symphony Orchestra, a Director of Artis-Naples, and a Trustee of Brewster Academy in Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-2018), Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), as a member of the Independent Directors Council (IDC) Governing Council (2010-2015), and as a member of the Board of Directors for The Brookville Center for Children’s Services, Inc. (2009-2017). Mr. Dirks is a member of the Finance Committee (2016-present) and Board of Directors (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as a Trustee of other Fidelity® funds. Mr. Donahue is President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as a Member of the Advisory Board of certain Fidelity® funds (2015-2018) and Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006), and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue serves as a Member (2007-present) and Co-Chairman (2016-present) of the Board of Directors of United Way of New York, Member of the Board of Directors of NYC Leadership Academy (2012-present) and Member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). He also served as Chairman (2010-2012) and Member of the Board of Directors (2012-2013) of Omgeo, LLC (financial services), Treasurer of United Way of New York (2012-2016), and Member of the Board of Directors of XBRL US (financial services non-profit, 2009-2012) and the International Securities Services Association (2009-2012).
Alan J. Lacy (1953)
Year of Election or Appointment: 2008
Trustee
Mr. Lacy also serves as Trustee of other Fidelity® funds. Mr. Lacy serves as a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2014-2017) and a member (2010-2017) of the Board of Directors of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes), as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association, and as a member of the Board of Directors for The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), Earth Fare, Inc. (retail grocery, 2010-2014), and The Western Union Company (global money transfer, 2006-2011).
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2000
Trustee
Chairman of the Independent Trustees
Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Chair (2018-present) and Member (2013-present) of the Board of Governors, State University System of Florida and is a member of the Council on Foreign Relations (1994-present). He is also a member and has most recently served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner and Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach also had a 30-year career with IBM (technology company) during which time he served as Senior Vice President and a member of the Corporate Executive Committee (1968-1998).
Joseph Mauriello (1944)
Year of Election or Appointment: 2008
Trustee
Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-2018).
Cornelia M. Small (1944)
Year of Election or Appointment: 2005
Trustee
Ms. Small also serves as Trustee of other Fidelity® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to Mr. Smith's retirement, he served as Chairman and Chief Executive Officer of Inbrand Corp. (manufacturer of personal absorbent products, 1990-1997). He also served as President (1986-1990) of Inbrand Corp. Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank. In addition, Mr. Smith served as a Member of the Advisory Board of certain Fidelity® funds (2012-2013) and as a board member of the Jackson Hole Land Trust (2009-2012).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present) and as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), a Director of Fortune Brands, Inc. (consumer products, 2000-2011), and a member of the Board of Trustees of the University of Florida (2013-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Wiley also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Wiley serves as a Director of High Point Resources (exploration and production, 2005-present). Previously, Mr. Wiley served as a Director of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a Director of Andeavor Logistics LP (natural resources logistics, 2015-2018), a Director of Post Oak Bank (privately-held bank, 2004-2018), a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-2013), a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), an Advisory Director of Riverstone Holdings (private investment), a Director of Spinnaker Exploration Company (exploration and production, 2001-2005) and Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Vicki L. Fuller (1957)
Year of Election or Appointment: 2018
Member of the Advisory Board
Ms. Fuller also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Fuller serves as a member of the Board of Directors, Audit Committee, and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present). Previously, Ms. Fuller served as the Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Member of the Advisory Board
Ms. Kampling also serves as Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Compensation Committee and Executive Committee and as Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Member of the Advisory Board
Ms. Tomasky also serves as Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board of Kenyon College (2016-present). Previously, Ms. Tomasky served as a member of the Board (2011-2019) and as Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Kenneth B. Robins (1969)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2019 to December 31, 2019).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| | Annualized Expense Ratio-A | Beginning
Account Value
July 1, 2019 | Ending
Account Value
December 31, 2019 | Expenses Paid
During Period-B
July 1, 2019
to December 31, 2019 |
| Actual | - %-C | $1,000.00 | $1,070.20 | $--D |
| Hypothetical-E | | $1,000.00 | $1,025.21 | $--D |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
C Amount represents less than .005%.
D Amount represents less than $.005.
E 5% return per year before expenses
Distributions (Unaudited)
The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2019, $133,178, or, if subsequently determined to be different, the net capital gain of such year.
The fund designates 81% of the dividend distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.
The fund designates 90% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.
Board Approval of Investment Advisory Contracts
Fidelity Flex Opportunistic Insights Fund
At its November 2019 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve an amended and restated management contract and amended and restated sub-advisory agreements (together, the Amended and Restated Contracts) for the fund, effective January 1, 2020, for a one month period through January 31, 2020, in connection with an upcoming consolidation of certain of Fidelity's advisory businesses.
The Board considered that, on or about January 1, 2020, each of FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and SelectCo, LLC (SelectCo) will merge with and into Fidelity Management & Research Company (FMR) and that, after the merger, FMR will redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that the Amended and Restated Contracts would be updated to reflect the renamed adviser, Fidelity Management & Research Company LLC and its new form of organization and domicile. The Board also noted that the Amended and Restated Contracts will not change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees or expenses paid by the fund.
The Board concluded that the fund's Amended and Restated Contracts are fair and reasonable, and that the fund's Advisory Contracts should be approved through January 31, 2020.
In connection with its consideration of future renewals of the fund's Amended and Restated Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Amended and Restated Contracts should be approved.
ZPI-ANN-0220
1.9881595.102
Item 2.
Code of Ethics
As of the end of the period, December 31, 2019, Fidelity Contrafund (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Joseph Mauriello is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Mauriello is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity Advisor New Insights Fund, Fidelity Contrafund, Fidelity Contrafund K6, Fidelity Flex Opportunistic Insights Fund and Fidelity Series Opportunistic Insights Fund (the “Funds”):
Services Billed by PwC
December 31, 2019 FeesA
| | | | |
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Advisor New Insights Fund | $77,000 | $6,300 | $104,100 | $2,700 |
Fidelity Contrafund | $203,000 | $7,400 | $15,500 | $3,200 |
Fidelity Contrafund K6 | $134,000 | $5,900 | $5,200 | $2,500 |
Fidelity Flex Opportunistic Insights Fund | $58,000 | $4,800 | $4,400 | $2,100 |
Fidelity Series Opportunistic Insights Fund | $78,000 | $5,900 | $6,500 | $2,500 |
|
|
|
|
|
| | | | |
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Advisor New Insights Fund | $81,000 | $6,900 | $66,800 | $3,400 |
Fidelity Contrafund | $179,000 | $11,900 | $17,700 | $6,000 |
Fidelity Contrafund K6 | $66,000 | $5,600 | $5,700 | $2,800 |
Fidelity Flex Opportunistic Insights Fund | $52,000 | $4,500 | $5,000 | $2,200 |
Fidelity Series Opportunistic Insights Fund | $76,000 | $4,300 | $4,400 | $2,200 |
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AAmounts may reflect rounding.
The following table(s) present(s) fees billed by PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):
Services Billed by PwC
| | |
| December 31, 2019A | December 31, 2018A |
Audit-Related Fees | $7,705,000 | $7,930,000 |
Tax Fees | $10,000 | $20,000 |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:
| | |
Billed By | December 31, 2019A | December 31, 2018A |
PwC | $12,535,000 | $11,275,000 |
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its(their) audit of the Fund(s), taking into account representations from PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable.
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
| | |
(a) | (1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) |
| Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Contrafund
| |
By: | /s/Stacie M. Smith |
| Stacie M. Smith |
| President and Treasurer |
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Date: | February 25, 2020 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| |
By: | /s/Stacie M. Smith |
| Stacie M. Smith |
| President and Treasurer |
|
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Date: | February 25, 2020 |
| |
By: | /s/John J. Burke III |
| John J. Burke III |
| Chief Financial Officer |
|
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Date: | February 25, 2020 |
