# EDGAR Filing Document

**Accession Number:** 0000024238
**File Stem:** 0000024238-23-000010
**Filing Date:** 2023-2
**Character Count:** 569860
**Document Hash:** 2fc6d98eb6b6c3938fac075b2726185f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000024238-23-000010.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0000024238-23-000010

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230221

**DATE AS OF CHANGE**: 20230221

**EFFECTIVENESS DATE**: 20230221

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY CONTRAFUND
- **CENTRAL INDEX KEY:** 0000024238
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01400
- **FILM NUMBER:** 23646305

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY CONTRAFUND INC
- **DATE OF NAME CHANGE:** 19850618

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CONTRAFUND INC
- **DATE OF NAME CHANGE:** 19810203

## Series and Classes Contracts Data

### Fidelity Advisor New Insights Fund (Series ID: S000006036)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000016596 | Class A      | FNIAX           |
| C000016598 | Class C      | FNICX           |
| C000016599 | Class M      | FNITX           |
| C000016600 | Class I      | FINSX           |
| C000130145 | Class Z      | FZANX           |

### Fidelity Contrafund (Series ID: S000006037)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000016601 | Fidelity Contrafund | FCNTX           |
| C000064233 | Class K             | FCNKX           |

### Fidelity Series Opportunistic Insights Fund (Series ID: S000039220)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000120656 | Fidelity Series Opportunistic Insights Fund | FVWSX           |

### Fidelity Contrafund K6 (Series ID: S000057289)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000182865 | Fidelity Contrafund K6 | FLCNX           |

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UNITED STATES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECURITIES AND EXCHANGE COMMISSION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington, D.C. 20549

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FORM N-CSR** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MANAGEMENT INVESTMENT COMPANIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Company Act file number <u>811-01400</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Fidelity Contrafund</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Exact name of registrant as specified in charter)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>245 Summer St., Boston, Massachusetts 02210</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Address of principal executive offices) (Zip code)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cynthia Lo Bessette, Secretary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245 Summer St.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Boston, Massachusetts 02210</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Name and address of agent for service)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registrant's telephone number, including area code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>617-563-7000</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date of fiscal year end:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date of reporting period:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Reports to Stockholders</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

**Fidelity Advisor® New Insights Fund**

**Annual Report**

**December 31, 2022**

![](img88198_1.jpg)

![](img88198_2.jpg)

**Contents**

---

| |
|:---|
| **[Performance](#Sec_Performance)** |
| **[Management's Discussion of Fund Performance](#Sec_Mgt Discussion of FundPerformance)** |
| **[Investment Summary](#Sec_InvestmentSummary1277)** |
| **[Schedule of Investments](#Sec_ScheduleOfInvestments1277)** |
| **[Financial Statements](#Sec_FinancialStatements1277)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |

---

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2023 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.

&nbsp;&nbsp; **Average Annual Total Returns** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Class A (incl.5.75% sales charge)  | &nbsp;&nbsp; -31.65%  | &nbsp;&nbsp; 5.33%  | &nbsp;&nbsp; 10.07%  |
| Class M (incl.3.50% sales charge)  | &nbsp;&nbsp; -30.18%  | &nbsp;&nbsp; 5.57%  | &nbsp;&nbsp; 10.06%  |
| Class C <br> (incl. contingent deferred sales charge) <br>| &nbsp;&nbsp; -28.62%  | &nbsp;&nbsp; 5.79%  | &nbsp;&nbsp; 10.07%  |
| Class I  | &nbsp;&nbsp; -27.28%  | &nbsp;&nbsp; 6.87%  | &nbsp;&nbsp; 11.01%  |
| Class Z  | &nbsp;&nbsp; -27.21%  | &nbsp;&nbsp; 6.99%  | &nbsp;&nbsp; 11.14%  |

---

*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, 2012, and the current 5.75% sales charge was paid. <br>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.  |
| ![](img88198_5.jpg)  |

---

**Management's Discussion of Fund Performance**

**Market Recap:** 

U.S. equities returned -18.11% in 2022, according to the S&P 500 <sup>®</sup> index, as a multitude of risk factors challenged the global economy. It was the index's lowest calendar-year return since 2008 and first retreat since 2018. High inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in a decade, stoking recession fears and sending stocks into bear market territory. Since March, the Fed hiked its benchmark rate seven times, by 4.25 percentage points - the fastest-ever pace of monetary tightening - while also shrinking its massive portfolio. Against this backdrop, the S&P 500 <sup>®</sup> posted its worst year-to-date result (-23.87%) in 20 years through September, a seasonally weak month that stayed true to form, with volatility spiking due to growing certainty the Fed would persist in its effort to cool inflation, even at the expense of economic growth. Three of the index's worst monthly returns ever were recorded in 2022, as it shed 8% to 9% in April, June and September. Gains of similar proportion were made in July and October, amid optimism on inflation and policy easing. November (+6%) began with a rate hike of 0.75% and ended on a high note when the Fed signaled its intent to slow its pace of rate rises. For the year, value stocks handily outpaced growth. This headwind was pronounced in the growthier communication services (-40%), consumer discretionary (-37%) and information technology (-28%) sectors. In sharp contrast, energy (+66%) shined.

**Comments from Co-Managers William Danoff and Nidhi Gupta:**

For the year, the fund's share classes (excluding sales charges, if applicable) returned roughly -28% to -27%, underperforming the -18.11% result of the benchmark S&P 500 <sup>®</sup> index. The primary detractor from performance versus the benchmark was our stock picks in information technology. Also detracting from performance was an underweighting and stock selection in consumer staples. Stock picking and an overweighting in the communication services sector, especially within the media & entertainment industry, also hurt. The biggest individual relative detractor was an overweight position in Meta Platforms (-64%). Meta Platforms was among our biggest holdings. Also holding back performance was our outsized stake in Nvidia (-51%). Nvidia was one of our largest holdings. Another notable relative detractor was an overweighting in Amazon.com (-50%), which was among the fund's biggest holdings. In contrast, the biggest contributor to performance versus the benchmark was our stock picks in financials. Also lifting the fund's relative result was an underweighting in real estate and information technology. The fund's position in cash contributed in a down market. The biggest individual relative contributor was an underweight position in Tesla (-65%). This period we decreased our investment. Also adding value was our outsized stake in Berkshire Hathaway (+ 4%). Berkshire Hathaway was among our largest holdings. Notable changes in positioning include a higher allocation to the industrials and health care sectors.

*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 December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Berkshire Hathaway, Inc. Class A  | 5.9  |
| Microsoft Corp.  | 5.8  |
| Alphabet, Inc. Class A  | 5.2  |
| UnitedHealth Group, Inc.  | 4.6  |
| Meta Platforms, Inc. Class A  | 4.5  |
| Amazon.com, Inc.  | 3.8  |
| Apple, Inc.  | 3.4  |
| Eli Lilly & Co.  | 2.8  |
| Exxon Mobil Corp.  | 1.9  |
| NVIDIA Corp.  | 1.8  |
|  | 39.7  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Information Technology  | 19.8  |
| Health Care  | 17.8  |
| Financials  | 13.9  |
| Communication Services  | 12.9  |
| Consumer Discretionary  | 10.7  |
| Industrials  | 8.4  |
| Energy  | 8.0  |
| Materials  | 4.4  |
| Consumer Staples  | 2.6  |
| Utilities  | 1.0  |
| Real Estate  | 0.1  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88198_6.jpg)  |
| *Foreign investments - 10.9%*  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Geographic Diversification (% of Fund's net assets)**  |
| ![](img88198_7.jpg) <br>|
| *\* Includes Short-Term investments and Net Other Assets (Liabilities).* <br> *Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable.*  |

---

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 97.5%**  | &nbsp;&nbsp; **Common Stocks - 97.5%**  | &nbsp;&nbsp; **Common Stocks - 97.5%**  |
|  | Shares  | Value ($) <br> (000s) <br>|
| COMMUNICATION SERVICES - 12.7%  |  |  |
| Entertainment - 2.1%  |  |  |
|  Activision Blizzard, Inc.  | 449800  | 34432  |
|  Liberty Media Corp. Liberty Formula One Series C (a)  | 382933  | 22892  |
|  Netflix, Inc. (a)  | 788390  | 232480  |
|  Universal Music Group NV  | 806090  | 19493  |
|  |  | 309297  |
| Interactive Media & Services - 9.9%  |  |  |
|  Alphabet, Inc. Class A (a)  | 8688920  | 766623  |
|  Bumble, Inc. (a)  | 329184  | 6929  |
|  Epic Games, Inc. (a)(b)(c)  | 23900  | 19491  |
|  Meta Platforms, Inc. Class A (a)  | 5536516  | 666264  |
|  Pinterest, Inc. Class A (a)  | 211000  | 5123  |
|  |  | 1464430  |
| Media - 0.1%  |  |  |
|  Charter Communications, Inc. Class A (a)  | 19400  | 6579  |
|  Comcast Corp. Class A  | 352400  | 12323  |
|  |  | 18902  |
| Wireless Telecommunication Services - 0.6%  |  |  |
|  T-Mobile U.S., Inc. (a)  | 651900  | 91266  |
|  TOTAL COMMUNICATION SERVICES  |  | 1883895  |
| CONSUMER DISCRETIONARY - 10.4%  |  |  |
| Automobiles - 0.3%  |  |  |
|  General Motors Co.  | 322040  | 10833  |
|  Harley-Davidson, Inc.  | 113800  | 4734  |
|  Hyundai Motor Co.  | 77337  | 9275  |
|  Rad Power Bikes, Inc. (a)(b)(c)  | 474452  | 1755  |
|  Rivian Automotive, Inc. (a)  | 26456  | 488  |
|  Tesla, Inc. (a)  | 4252  | 524  |
|  Toyota Motor Corp.  | 1347202  | 18379  |
|  |  | 45988  |
| Diversified Consumer Services - 0.0%  |  |  |
|  Duolingo, Inc. (a)  | 2800  | 199  |
| Hotels, Restaurants & Leisure - 0.8%  |  |  |
|  Airbnb, Inc. Class A (a)  | 255596  | 21853  |
|  Caesars Entertainment, Inc. (a)  | 270000  | 11232  |
|  Chipotle Mexican Grill, Inc. (a)  | 3627  | 5032  |
|  Evolution AB (d)  | 12200  | 1188  |
|  Hilton Worldwide Holdings, Inc.  | 495668  | 62633  |
|  Hyatt Hotels Corp. Class A (a)  | 12900  | 1167  |
|  McDonald's Corp.  | 37900  | 9988  |
|  Sweetgreen, Inc. Class A (a)  | 247700  | 2123  |
|  |  | 115216  |
| Household Durables - 0.2%  |  |  |
|  Blu Investments LLC (a)(b)(c)  | 98215581  | 30  |
|  D.R. Horton, Inc.  | 110675  | 9866  |
|  Lennar Corp. Class A  | 200618  | 18156  |
|  |  | 28052  |
| Internet & Direct Marketing Retail - 4.1%  |  |  |
|  Amazon.com, Inc. (a)  | 6739600  | 566126  |
|  Coupang, Inc. Class A (a)  | 954265  | 14037  |
|  Deliveroo PLC Class A (a)(d)  | 3535620  | 3663  |
|  FSN E-Commerce Ventures Private Ltd.  | 10674  | 20  |
|  Global-e Online Ltd. (a)  | 143500  | 2962  |
|  MercadoLibre, Inc. (a)  | 3700  | 3131  |
|  Uber Technologies, Inc. (a)  | 353600  | 8745  |
|  Wayfair LLC Class A (a)  | 96078  | 3160  |
|  Zomato Ltd. (a)  | 2766561  | 1983  |
|  |  | 603827  |
| Multiline Retail - 0.3%  |  |  |
|  Dollar Tree, Inc. (a)  | 293107  | 41457  |
|  Dollarama, Inc.  | 48472  | 2835  |
|  |  | 44292  |
| Specialty Retail - 3.5%  |  |  |
|  Academy Sports & Outdoors, Inc.  | 599806  | 31514  |
|  Auto1 Group SE (a)(d)  | 51600  | 431  |
|  AutoZone, Inc. (a)  | 10850  | 26758  |
|  Dick's Sporting Goods, Inc.  | 315345  | 37933  |
|  Fanatics, Inc. Class A (a)(b)(c)  | 372921  | 28405  |
|  Floor & Decor Holdings, Inc. Class A (a)(e)  | 217500  | 15145  |
|  Lowe's Companies, Inc.  | 494100  | 98444  |
|  National Vision Holdings, Inc. (a)  | 206889  | 8019  |
|  O'Reilly Automotive, Inc. (a)  | 47171  | 39814  |
|  The Home Depot, Inc.  | 401213  | 126727  |
|  TJX Companies, Inc.  | 694303  | 55267  |
|  Ulta Beauty, Inc. (a)  | 55300  | 25940  |
|  Williams-Sonoma, Inc.  | 231332  | 26585  |
|  |  | 520982  |
| Textiles, Apparel & Luxury Goods - 1.2%  |  |  |
|  Brunello Cucinelli SpA  | 885100  | 65469  |
|  Capri Holdings Ltd. (a)  | 343300  | 19678  |
|  China Hongxing Sports Ltd. (a)(c)  | 5977800  | 0  |
|  Deckers Outdoor Corp. (a)  | 21282  | 8495  |
|  Dr. Martens Ltd.  | 2125350  | 4897  |
|  lululemon athletica, Inc. (a)  | 14144  | 4531  |
|  LVMH Moet Hennessy Louis Vuitton SE  | 42500  | 30927  |
|  NIKE, Inc. Class B  | 80603  | 9431  |
|  On Holding AG (a)  | 597100  | 10246  |
|  Ralph Lauren Corp. (e)  | 53300  | 5632  |
|  Tapestry, Inc.  | 597129  | 22739  |
|  |  | 182045  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 1540601  |
| CONSUMER STAPLES - 2.6%  |  |  |
| Beverages - 1.4%  |  |  |
|  Anheuser-Busch InBev SA NV  | 121324  | 7307  |
|  Constellation Brands, Inc. Class A (sub. vtg.)  | 46400  | 10753  |
|  Diageo PLC  | 218958  | 9584  |
|  Keurig Dr. Pepper, Inc.  | 42471  | 1515  |
|  PepsiCo, Inc.  | 242060  | 43731  |
|  The Coca-Cola Co.  | 2137218  | 135948  |
|  |  | 208838  |
| Food & Staples Retailing - 0.7%  |  |  |
|  Alimentation Couche-Tard, Inc. Class A (multi-vtg.)  | 129100  | 5673  |
|  Casey's General Stores, Inc.  | 20800  | 4666  |
|  Costco Wholesale Corp.  | 205900  | 93993  |
|  Performance Food Group Co. (a)  | 25900  | 1512  |
|  |  | 105844  |
| Food Products - 0.1%  |  |  |
|  Archer Daniels Midland Co.  | 26800  | 2488  |
|  General Mills, Inc.  | 24700  | 2071  |
|  Mondelez International, Inc.  | 120000  | 7998  |
|  Nestle SA (Reg. S)  | 19982  | 2308  |
|  |  | 14865  |
| Household Products - 0.3%  |  |  |
|  Procter & Gamble Co.  | 240273  | 36416  |
| Personal Products - 0.1%  |  |  |
|  L'Oreal SA (a)  | 29812  | 10676  |
|  Olaplex Holdings, Inc. (a)  | 749146  | 3903  |
|  |  | 14579  |
|  TOTAL CONSUMER STAPLES  |  | 380542  |
| ENERGY - 7.9%  |  |  |
| Energy Equipment & Services - 0.0%  |  |  |
|  Halliburton Co.  | 133000  | 5234  |
|  Noble Corp. PLC (a)  | 4432  | 167  |
|  |  | 5401  |
| Oil, Gas & Consumable Fuels - 7.9%  |  |  |
|  Antero Resources Corp. (a)  | 542400  | 16809  |
|  Birchcliff Energy Ltd.  | 169400  | 1180  |
|  Canadian Natural Resources Ltd. (e)  | 1253388  | 69603  |
|  Cenovus Energy, Inc. (e)  | 1267000  | 24592  |
|  Cenovus Energy, Inc. (Canada)  | 259591  | 5037  |
|  Cheniere Energy, Inc.  | 823817  | 123540  |
|  Chevron Corp.  | 433005  | 77720  |
|  ConocoPhillips Co.  | 869011  | 102543  |
|  Devon Energy Corp.  | 439958  | 27062  |
|  Diamondback Energy, Inc.  | 152343  | 20837  |
|  EOG Resources, Inc.  | 335316  | 43430  |
|  Equinor ASA  | 78400  | 2818  |
|  Excelerate Energy, Inc. (e)  | 14126  | 354  |
|  Exxon Mobil Corp.  | 2491307  | 274791  |
|  GoviEx Uranium, Inc. (a)  | 642355  | 85  |
|  GoviEx Uranium, Inc. (a)(d)  | 23200  | 3  |
|  GoviEx Uranium, Inc. Class A (a)(d)  | 2625135  | 349  |
|  Hess Corp.  | 1313290  | 186251  |
|  Marathon Petroleum Corp.  | 49200  | 5726  |
|  Occidental Petroleum Corp.  | 654761  | 41243  |
|  Ovintiv, Inc.  | 140700  | 7135  |
|  Phillips 66 Co.  | 120140  | 12504  |
|  Pioneer Natural Resources Co.  | 148065  | 33817  |
|  Reliance Industries Ltd.  | 374131  | 11484  |
|  Suncor Energy, Inc. (e)  | 1470678  | 46651  |
|  Tourmaline Oil Corp.  | 54500  | 2750  |
|  Valero Energy Corp.  | 256200  | 32502  |
|  |  | 1170816  |
|  TOTAL ENERGY  |  | 1176217  |
| FINANCIALS - 13.9%  |  |  |
| Banks - 3.6%  |  |  |
|  AIB Group PLC  | 344600  | 1334  |
|  Banco Santander SA (Spain)  | 839400  | 2510  |
|  Bank of America Corp.  | 4700465  | 155679  |
|  Bank of Ireland Group PLC  | 497200  | 4737  |
|  Citigroup, Inc.  | 58400  | 2641  |
|  HDFC Bank Ltd. sponsored ADR  | 669971  | 45833  |
|  JPMorgan Chase & Co.  | 460959  | 61815  |
|  Nu Holdings Ltd.  | 1060866  | 4318  |
|  Royal Bank of Canada  | 514460  | 48368  |
|  Starling Bank Ltd. Series D (a)(b)(c)  | 3787848  | 14333  |
|  The Toronto-Dominion Bank  | 182367  | 11808  |
|  Wells Fargo & Co.  | 4283616  | 176871  |
|  |  | 530247  |
| Capital Markets - 1.1%  |  |  |
|  BlackRock, Inc. Class A  | 790  | 560  |
|  Brookfield Asset Management Ltd. Class A (a)  | 5622  | 161  |
|  Brookfield Corp. (Canada) Class A  | 8200  | 258  |
|  Charles Schwab Corp.  | 125381  | 10439  |
|  Goldman Sachs Group, Inc.  | 64973  | 22310  |
|  Morgan Stanley  | 1152347  | 97973  |
|  MSCI, Inc.  | 35419  | 16476  |
|  TulCo LLC (a)(b)(c)(f)  | 17377  | 13123  |
|  |  | 161300  |
| Consumer Finance - 0.4%  |  |  |
|  American Express Co.  | 184808  | 27305  |
|  Capital One Financial Corp.  | 376300  | 34981  |
|  |  | 62286  |
| Diversified Financial Services - 5.9%  |  |  |
|  Berkshire Hathaway, Inc. Class A (a)  | 1888  | 884929  |
| Insurance - 2.9%  |  |  |
|  American International Group, Inc.  | 794826  | 50265  |
|  Aon PLC  | 8770  | 2632  |
|  Arthur J. Gallagher & Co.  | 226400  | 42685  |
|  Brookfield Asset Management Reinsurance Partners Ltd.  | 889  | 28  |
|  Chubb Ltd.  | 572807  | 126361  |
|  Fairfax Financial Holdings Ltd. (sub. vtg.)  | 44267  | 26222  |
|  Hartford Financial Services Group, Inc.  | 183953  | 13949  |
|  Hiscox Ltd.  | 2665843  | 35113  |
|  Intact Financial Corp.  | 110374  | 15888  |
|  Marsh & McLennan Companies, Inc.  | 64737  | 10713  |
|  Progressive Corp.  | 445710  | 57813  |
|  The Travelers Companies, Inc.  | 246838  | 46280  |
|  W.R. Berkley Corp.  | 30500  | 2213  |
|  |  | 430162  |
|  TOTAL FINANCIALS  |  | 2068924  |
| HEALTH CARE - 17.7%  |  |  |
| Biotechnology - 3.3%  |  |  |
|  AbbVie, Inc.  | 73589  | 11893  |
|  Alnylam Pharmaceuticals, Inc. (a)  | 59722  | 14193  |
|  Argenx SE ADR (a)  | 93085  | 35263  |
|  Ascendis Pharma A/S sponsored ADR (a)  | 29200  | 3566  |
|  Biohaven Ltd. (a)  | 4450  | 62  |
|  Erasca, Inc. (a)  | 18459  | 80  |
|  Galapagos NV sponsored ADR (a)  | 161969  | 7188  |
|  Genmab A/S (a)  | 7100  | 3002  |
|  Gilead Sciences, Inc.  | 340700  | 29249  |
|  Instil Bio, Inc. (a)  | 338600  | 213  |
|  Intarcia Therapeutics, Inc. warrants 12/31/24 (a)(c)  | 26062  | 0  |
|  Intellia Therapeutics, Inc. (a)  | 39714  | 1386  |
|  Legend Biotech Corp. ADR (a)  | 123300  | 6155  |
|  Light Sciences Oncology, Inc. (a)(c)  | 2708254  | 0  |
|  Moderna, Inc. (a)  | 15300  | 2748  |
|  Neurocrine Biosciences, Inc. (a)  | 21318  | 2546  |
|  Nuvalent, Inc. Class A (a)  | 46000  | 1370  |
|  Regeneron Pharmaceuticals, Inc. (a)  | 360499  | 260096  |
|  Relay Therapeutics, Inc. (a)  | 167800  | 2507  |
|  United Therapeutics Corp. (a)  | 67694  | 18825  |
|  Vertex Pharmaceuticals, Inc. (a)  | 329746  | 95224  |
|  Zai Lab Ltd. (a)  | 838520  | 2595  |
|  |  | 498161  |
| Health Care Equipment & Supplies - 0.8%  |  |  |
|  Boston Scientific Corp. (a)  | 1251008  | 57884  |
|  DexCom, Inc. (a)  | 16700  | 1891  |
|  Edwards Lifesciences Corp. (a)  | 40550  | 3025  |
|  Figs, Inc. Class A (a)(e)  | 439494  | 2958  |
|  Hologic, Inc. (a)  | 115300  | 8626  |
|  I-Pulse, Inc. (a)(b)(c)  | 58562  | 184  |
|  Intuitive Surgical, Inc. (a)  | 148651  | 39445  |
|  Straumann Holding AG  | 25745  | 2952  |
|  |  | 116965  |
| Health Care Providers & Services - 6.7%  |  |  |
|  23andMe Holding Co. Class A (a)(e)  | 1123833  | 2427  |
|  agilon health, Inc. (a)  | 831900  | 13427  |
|  AmerisourceBergen Corp.  | 72820  | 12067  |
|  Cardinal Health, Inc.  | 103000  | 7918  |
|  Centene Corp. (a)  | 574000  | 47074  |
|  Cigna Corp.  | 499000  | 165339  |
|  Elevance Health, Inc.  | 84115  | 43148  |
|  HCA Holdings, Inc.  | 46057  | 11052  |
|  Molina Healthcare, Inc. (a)  | 29801  | 9841  |
|  Option Care Health, Inc. (a)  | 160938  | 4843  |
|  P3 Health Partners, Inc. (a)(b)  | 395420  | 728  |
|  UnitedHealth Group, Inc.  | 1281108  | 679218  |
|  |  | 997082  |
| Health Care Technology - 0.0%  |  |  |
|  Doximity, Inc. (a)  | 61500  | 2064  |
| Life Sciences Tools & Services - 1.7%  |  |  |
|  Danaher Corp.  | 626689  | 166336  |
|  Mettler-Toledo International, Inc. (a)  | 8254  | 11931  |
|  Olink Holding AB ADR (a)  | 162700  | 4129  |
|  Sartorius Stedim Biotech  | 31600  | 10232  |
|  Seer, Inc. (a)  | 59354  | 344  |
|  Thermo Fisher Scientific, Inc.  | 60408  | 33266  |
|  Veterinary Emergency Group LLC Class A (a)(b)(c)(f)  | 176934  | 10052  |
|  Waters Corp. (a)  | 28074  | 9618  |
|  |  | 245908  |
| Pharmaceuticals - 5.2%  |  |  |
|  AstraZeneca PLC:  |  |  |
|  (United Kingdom)  | 270800  | 36644  |
|  sponsored ADR  | 34700  | 2353  |
|  Bristol-Myers Squibb Co.  | 433482  | 31189  |
|  DICE Therapeutics, Inc. (a)  | 71800  | 2240  |
|  Eli Lilly & Co.  | 1145383  | 419027  |
|  Euroapi SASU (a)  | 23468  | 348  |
|  Intra-Cellular Therapies, Inc. (a)  | 46617  | 2467  |
|  Johnson & Johnson  | 240128  | 42419  |
|  Merck & Co., Inc.  | 670392  | 74380  |
|  Nuvation Bio, Inc. (a)  | 212427  | 408  |
|  Roche Holding AG (participation certificate)  | 222120  | 69798  |
|  Royalty Pharma PLC  | 897050  | 35451  |
|  Sanofi SA  | 539800  | 52051  |
|  UCB SA  | 15667  | 1234  |
|  Zoetis, Inc. Class A  | 37300  | 5466  |
|  |  | 775475  |
|  TOTAL HEALTH CARE  |  | 2635655  |
| INDUSTRIALS - 7.0%  |  |  |
| Aerospace & Defense - 3.7%  |  |  |
|  Lockheed Martin Corp.  | 121214  | 58969  |
|  Northrop Grumman Corp.  | 360986  | 196958  |
|  Space Exploration Technologies Corp.:  |  |  |
|  Class A (a)(b)(c)  | 2573450  | 198156  |
|  Class C (a)(b)(c)  | 45460  | 3500  |
|  The Boeing Co. (a)  | 237800  | 45299  |
|  TransDigm Group, Inc.  | 70800  | 44579  |
|  Woodward, Inc.  | 80700  | 7796  |
|  |  | 555257  |
| Air Freight & Logistics - 0.6%  |  |  |
|  Delhivery Private Ltd.  | 444255  | 1779  |
|  GXO Logistics, Inc. (a)  | 428170  | 18279  |
|  United Parcel Service, Inc. Class B  | 390382  | 67864  |
|  Zipline International, Inc. (a)(b)(c)  | 74930  | 1660  |
|  |  | 89582  |
| Airlines - 0.0%  |  |  |
|  Ryanair Holdings PLC sponsored ADR (a)  | 12700  | 949  |
| Building Products - 0.1%  |  |  |
|  Carrier Global Corp.  | 22100  | 912  |
|  Toto Ltd.  | 511876  | 17363  |
|  Trane Technologies PLC  | 6000  | 1009  |
|  |  | 19284  |
| Commercial Services & Supplies - 0.1%  |  |  |
|  Cintas Corp.  | 31012  | 14006  |
|  Clean Harbors, Inc. (a)  | 57700  | 6585  |
|  Clean TeQ Water Pty Ltd. (a)  | 3189  | 1  |
|  |  | 20592  |
| Construction & Engineering - 0.0%  |  |  |
|  Willscot Mobile Mini Holdings (a)  | 20700  | 935  |
| Electrical Equipment - 0.2%  |  |  |
|  Acuity Brands, Inc.  | 42000  | 6956  |
|  Eaton Corp. PLC  | 36100  | 5666  |
|  Emerson Electric Co.  | 9800  | 941  |
|  Hubbell, Inc. Class B  | 34700  | 8143  |
|  |  | 21706  |
| Industrial Conglomerates - 0.4%  |  |  |
|  General Electric Co.  | 667903  | 55964  |
| Machinery - 0.6%  |  |  |
|  Caterpillar, Inc.  | 68800  | 16482  |
|  Deere & Co.  | 84598  | 36272  |
|  Fortive Corp.  | 48300  | 3103  |
|  Indutrade AB  | 42800  | 866  |
|  PACCAR, Inc.  | 188528  | 18659  |
|  Parker Hannifin Corp.  | 47400  | 13793  |
|  |  | 89175  |
| Professional Services - 0.3%  |  |  |
|  CACI International, Inc. Class A (a)  | 81000  | 24348  |
|  Science Applications International Corp.  | 140400  | 15575  |
|  |  | 39923  |
| Road & Rail - 0.9%  |  |  |
|  Canadian Pacific Railway Ltd.  | 945764  | 70513  |
|  J.B. Hunt Transport Services, Inc.  | 104376  | 18199  |
|  Localiza Rent a Car SA  | 57100  | 575  |
|  Localiza Rent a Car SA rights (a)  | 249  | 1  |
|  Old Dominion Freight Lines, Inc.  | 55600  | 15778  |
|  RXO, Inc. (a)  | 428170  | 7365  |
|  Vamos Locacao de Caminhoes Maquinas e Equipamentos SA  | 23600  | 56  |
|  XPO, Inc. (a)  | 428170  | 14254  |
|  |  | 126741  |
| Trading Companies & Distributors - 0.1%  |  |  |
|  W.W. Grainger, Inc.  | 23700  | 13183  |
|  TOTAL INDUSTRIALS  |  | 1033291  |
| INFORMATION TECHNOLOGY - 19.8%  |  |  |
| Communications Equipment - 0.1%  |  |  |
|  Arista Networks, Inc. (a)  | 140185  | 17011  |
|  Motorola Solutions, Inc.  | 4000  | 1031  |
|  |  | 18042  |
| Electronic Equipment & Components - 1.1%  |  |  |
|  Amphenol Corp. Class A  | 1975438  | 150410  |
|  CDW Corp.  | 44279  | 7907  |
|  Jabil, Inc.  | 43400  | 2960  |
|  |  | 161277  |
| IT Services - 2.0%  |  |  |
|  Accenture PLC Class A  | 343711  | 91716  |
|  Adyen BV (a)(d)  | 1944  | 2699  |
|  ASAC II LP (a)(b)(c)  | 9408021  | 1581  |
|  Cloudflare, Inc. (a)  | 7300  | 330  |
|  Dlocal Ltd. (a)  | 633300  | 9860  |
|  Gartner, Inc. (a)  | 55000  | 18488  |
|  MasterCard, Inc. Class A  | 465700  | 161938  |
|  MongoDB, Inc. Class A (a)  | 4500  | 886  |
|  PayPal Holdings, Inc. (a)  | 64000  | 4558  |
|  Shopify, Inc. Class A (a)  | 19208  | 667  |
|  Visa, Inc. Class A  | 4600  | 956  |
|  X Holdings I, Inc. (b)(c)  | 9710  | 3852  |
|  |  | 297531  |
| Semiconductors & Semiconductor Equipment - 4.6%  |  |  |
|  Advanced Micro Devices, Inc. (a)  | 1077434  | 69785  |
|  AEHR Test Systems (a)  | 87709  | 1763  |
|  Analog Devices, Inc.  | 151692  | 24882  |
|  Applied Materials, Inc.  | 320200  | 31181  |
|  ASML Holding NV (Netherlands)  | 32900  | 17939  |
|  Broadcom, Inc.  | 8200  | 4585  |
|  Enphase Energy, Inc. (a)  | 43200  | 11446  |
|  First Solar, Inc. (a)  | 39000  | 5842  |
|  Lam Research Corp.  | 65500  | 27530  |
|  Lattice Semiconductor Corp. (a)  | 156605  | 10161  |
|  Marvell Technology, Inc.  | 849687  | 31472  |
|  Monolithic Power Systems, Inc.  | 8232  | 2911  |
|  NVIDIA Corp.  | 1792386  | 261939  |
|  NXP Semiconductors NV  | 194513  | 30739  |
|  onsemi (a)  | 555700  | 34659  |
|  Qualcomm, Inc.  | 570704  | 62743  |
|  SolarEdge Technologies, Inc. (a)  | 23300  | 6600  |
|  Synaptics, Inc. (a)  | 146949  | 13984  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR  | 420900  | 31353  |
|  |  | 681514  |
| Software - 8.3%  |  |  |
|  Adobe, Inc. (a)  | 387656  | 130458  |
|  Aspen Technology, Inc. (a)  | 7000  | 1438  |
|  Atlassian Corp. PLC (a)(e)  | 50421  | 6488  |
|  Autodesk, Inc. (a)  | 106931  | 19982  |
|  Cadence Design Systems, Inc. (a)  | 199457  | 32041  |
|  Check Point Software Technologies Ltd. (a)  | 46023  | 5806  |
|  Clear Secure, Inc. (e)  | 189900  | 5209  |
|  Fair Isaac Corp. (a)  | 2626  | 1572  |
|  Fortinet, Inc. (a)  | 151365  | 7400  |
|  HashiCorp, Inc.  | 7000  | 191  |
|  Intuit, Inc.  | 96362  | 37506  |
|  Magic Leap, Inc.:  |  |  |
|  Class A (a)(c)  | 30863  | 309  |
|  warrants (a)(c)  | 46794  | 469  |
|  Microsoft Corp.  | 3615215  | 867001  |
|  Oracle Corp.  | 25300  | 2068  |
|  Roper Technologies, Inc.  | 23000  | 9938  |
|  Salesforce.com, Inc. (a)  | 495893  | 65750  |
|  Samsara, Inc. (e)  | 85200  | 1059  |
|  ServiceNow, Inc. (a)  | 13299  | 5164  |
|  Stripe, Inc. Class B (a)(b)(c)  | 83200  | 1865  |
|  Tanium, Inc. Class B (a)(b)(c)  | 1259978  | 9173  |
|  Tenable Holdings, Inc. (a)  | 353700  | 13494  |
|  Volue A/S (a)  | 365396  | 1050  |
|  Zoom Video Communications, Inc. Class A (a)  | 13000  | 881  |
|  |  | 1226312  |
| Technology Hardware, Storage & Peripherals - 3.7%  |  |  |
|  Apple, Inc.  | 3864310  | 502090  |
|  Dell Technologies, Inc.  | 22471  | 904  |
|  Pure Storage, Inc. Class A (a)  | 40900  | 1094  |
|  Samsung Electronics Co. Ltd.  | 1233890  | 54193  |
|  |  | 558281  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 2942957  |
| MATERIALS - 4.4%  |  |  |
| Chemicals - 1.1%  |  |  |
|  Air Products & Chemicals, Inc.  | 27400  | 8446  |
|  Albemarle Corp.  | 56300  | 12209  |
|  CF Industries Holdings, Inc.  | 397782  | 33891  |
|  Corteva, Inc.  | 659000  | 38736  |
|  Linde PLC  | 9000  | 2936  |
|  Nutrien Ltd.  | 84900  | 6198  |
|  Sherwin-Williams Co.  | 178769  | 42427  |
|  The Mosaic Co.  | 350500  | 15376  |
|  Westlake Corp.  | 70287  | 7207  |
|  |  | 167426  |
| Metals & Mining - 3.3%  |  |  |
|  B2Gold Corp.  | 13035880  | 46309  |
|  Barrick Gold Corp. (Canada)  | 463269  | 7941  |
|  Cleveland-Cliffs, Inc. (a)  | 403970  | 6508  |
|  Franco-Nevada Corp.  | 1059736  | 144458  |
|  Freeport-McMoRan, Inc.  | 2285600  | 86853  |
|  Glencore PLC  | 700400  | 4671  |
|  Ivanhoe Electric, Inc. (a)  | 76997  | 936  |
|  Ivanhoe Mines Ltd. (a)  | 8031618  | 63470  |
|  Novagold Resources, Inc. (a)  | 3196709  | 19100  |
|  Nucor Corp.  | 380625  | 50170  |
|  POSCO sponsored ADR (e)  | 17700  | 964  |
|  Steel Dynamics, Inc.  | 301696  | 29476  |
|  Wheaton Precious Metals Corp.  | 613600  | 23973  |
|  |  | 484829  |
|  TOTAL MATERIALS  |  | 652255  |
| REAL ESTATE - 0.1%  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 0.1%  |  |  |
|  Equity Commonwealth  | 255024  | 6368  |
|  Gaming & Leisure Properties  | 4888  | 255  |
|  Prologis (REIT), Inc.  | 25702  | 2897  |
|  |  | 9520  |
| UTILITIES - 1.0%  |  |  |
| Electric Utilities - 0.9%  |  |  |
|  Constellation Energy Corp.  | 521200  | 44933  |
|  NextEra Energy, Inc.  | 219462  | 18347  |
|  PG&E Corp. (a)  | 2762100  | 44912  |
|  Southern Co.  | 439400  | 31378  |
|  |  | 139570  |
| Multi-Utilities - 0.1%  |  |  |
|  Public Service Enterprise Group, Inc.  | 161000  | 9864  |
|  TOTAL UTILITIES  |  | 149434  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $7,793,836)  |  | <br> **14473291**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Preferred Stocks - 2.1%**  | &nbsp;&nbsp; **Preferred Stocks - 2.1%**  | &nbsp;&nbsp; **Preferred Stocks - 2.1%**  |
|  | Shares  | Value ($) <br> (000s) <br>|
| Convertible Preferred Stocks - 1.9%  |  |  |
| COMMUNICATION SERVICES - 0.2%  |  |  |
| Interactive Media & Services - 0.2%  |  |  |
|  ByteDance Ltd. Series E1 (a)(b)(c)  | 130945  | 23562  |
|  Reddit, Inc.:  |  |  |
|  Series E(a)(b)(c)  | 30200  | 1131  |
|  Series F(a)(b)(c)  | 127549  | 4778  |
|  |  | 29471  |
| CONSUMER DISCRETIONARY - 0.2%  |  |  |
| Automobiles - 0.0%  |  |  |
|  Rad Power Bikes, Inc.:  |  |  |
|  Series A(a)(b)(c)  | 61855  | 229  |
|  Series C(a)(b)(c)  | 243394  | 901  |
|  Series D(a)(b)(c)  | 411659  | 1523  |
|  |  | 2653  |
| Hotels, Restaurants & Leisure - 0.0%  |  |  |
|  Discord, Inc. Series I (a)(b)(c)  | 2800  | 994  |
| Internet & Direct Marketing Retail - 0.0%  |  |  |
|  Circle Internet Financial Ltd. Series F (b)(c)  | 68639  | 1802  |
| Textiles, Apparel & Luxury Goods - 0.2%  |  |  |
|  Bolt Threads, Inc.:  |  |  |
|  Series D(a)(b)(c)  | 1324673  | 11909  |
|  Series E(a)(b)(c)  | 627820  | 5644  |
|  |  | 17553  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 23002  |
| CONSUMER STAPLES - 0.0%  |  |  |
| Food & Staples Retailing - 0.0%  |  |  |
|  GoBrands, Inc.:  |  |  |
|  Series G(a)(b)(c)  | 8102  | 1173  |
|  Series H(a)(b)(c)  | 10223  | 1480  |
|  |  | 2653  |
| Food Products - 0.0%  |  |  |
|  Bowery Farming, Inc. Series C1 (a)(b)(c)  | 82543  | 1676  |
|  TOTAL CONSUMER STAPLES  |  | 4329  |
| HEALTH CARE - 0.1%  |  |  |
| Biotechnology - 0.0%  |  |  |
|  ElevateBio LLC Series C (a)(b)(c)  | 594600  | 2176  |
|  Intarcia Therapeutics, Inc. Series CC (a)(b)(c)  | 516522  | 0  |
|  |  | 2176  |
| Health Care Providers & Services - 0.1%  |  |  |
|  Lyra Health, Inc.:  |  |  |
|  Series E(a)(b)(c)  | 270000  | 3839  |
|  Series F(a)(b)(c)  | 10070  | 143  |
|  Somatus, Inc. Series E (b)(c)  | 2206  | 1895  |
|  |  | 5877  |
|  TOTAL HEALTH CARE  |  | 8053  |
| INDUSTRIALS - 1.4%  |  |  |
| Aerospace & Defense - 1.4%  |  |  |
|  Relativity Space, Inc. Series E (a)(b)(c)  | 308359  | 5726  |
|  Space Exploration Technologies Corp.:  |  |  |
|  Series G(a)(b)(c)  | 145254  | 111846  |
|  Series H(a)(b)(c)  | 42094  | 32412  |
|  Series N(a)(b)(c)  | 66208  | 50980  |
|  |  | 200964  |
| Air Freight & Logistics - 0.0%  |  |  |
|  Zipline International, Inc. Series E (a)(b)(c)  | 208789  | 4627  |
| Construction & Engineering - 0.0%  |  |  |
|  Beta Technologies, Inc. Series B, 6.00% (b)(c)  | 52096  | 3405  |
|  TOTAL INDUSTRIALS  |  | 208996  |
| INFORMATION TECHNOLOGY - 0.0%  |  |  |
| Software - 0.0%  |  |  |
|  Nuro, Inc.:  |  |  |
|  Series C(a)(b)(c)  | 491080  | 3747  |
|  Series D(a)(b)(c)  | 94265  | 719  |
|  Stripe, Inc. Series H (a)(b)(c)  | 34900  | 782  |
|  Tenstorrent, Inc. Series C1 (a)(b)(c)  | 36600  | 1907  |
|  |  | 7155  |
| TOTAL CONVERTIBLE PREFERRED STOCKS  |  | 281006  |
| Nonconvertible Preferred Stocks - 0.2%  |  |  |
| CONSUMER DISCRETIONARY - 0.1%  |  |  |
| Internet & Direct Marketing Retail - 0.1%  |  |  |
|  Circle Internet Financial Ltd. Series E (b)(c)  | 615508  | 16157  |
| ENERGY - 0.1%  |  |  |
| Oil, Gas & Consumable Fuels - 0.1%  |  |  |
|  Petroleo Brasileiro SA - Petrobras sponsored ADR  | 1111147  | 11834  |
| INFORMATION TECHNOLOGY - 0.0%  |  |  |
| Software - 0.0%  |  |  |
|  Magic Leap, Inc. Series AA (a)(c)  | 325855  | 5054  |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS  |  | 33045  |
| <br> **TOTAL PREFERRED STOCKS** <br> (Cost $185,767)  |  | <br> **314051**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Preferred Securities - 0.0%**  | &nbsp;&nbsp; **Preferred Securities - 0.0%**  | &nbsp;&nbsp; **Preferred Securities - 0.0%**  |
|  | Principal <br> Amount (g) <br> (000s) <br>| Value ($) <br> (000s) <br>|
| HEALTH CARE - 0.0%  |  |  |
| Biotechnology - 0.0%  |  |  |
|  Intarcia Therapeutics, Inc. 6% 7/18/23 (b)(c)(h)  | 2280  | 0  |
| INFORMATION TECHNOLOGY - 0.0%  |  |  |
| Software - 0.0%  |  |  |
|  Tenstorrent, Inc. 0% (b)(c)(i)  | 2040  | 1787  |
| <br> **TOTAL PREFERRED SECURITIES** <br> (Cost $4,320)  |  | <br> **1787**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 0.8%**  | &nbsp;&nbsp; **Money Market Funds - 0.8%**  | &nbsp;&nbsp; **Money Market Funds - 0.8%**  |
|  | Shares  | Value ($) <br> (000s) <br>|
|  Fidelity Cash Central Fund 4.37% (j)  | 68569059  | 68583  |
|  Fidelity Securities Lending Cash Central Fund 4.37% (j)(k)  | 52373587  | 52379  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $120,962)  |  | **120962**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.4%** <br> (Cost $8,104,885) <br>| <br>**14910091**  |
| **NET OTHER ASSETS (LIABILITIES) - (0.4)%**  | **(65414)**  |
| **NET ASSETS - 100.0%**  | **14844677**  |

---

*Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.*

**Legend**

(a) Non-income producing

(b) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $606,838,000 or 4.1% of net assets.

(c) Level 3 security

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $8,333,000 or 0.1% of net assets.

(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) Amount is stated in United States dollars unless otherwise noted.

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

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

(j) 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.

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows:  | Additional information on each restricted holding is as follows:  | Additional information on each restricted holding is as follows:  |
| Security  | Acquisition Date  | Acquisition Cost ($) <br> (000s)  |
| ASAC II LP  | 10/10/13  | 725  |
| Beta Technologies, Inc. Series B, 6.00%  | 4/04/22  | 5375  |
| Blu Investments LLC  | 5/21/20  | 170  |
| Bolt Threads, Inc. Series D  | 12/13/17  | 21247  |
| Bolt Threads, Inc. Series E  | 2/07/20  | 9657  |
| Bowery Farming, Inc. Series C1  | 5/18/21  | 4973  |
| ByteDance Ltd. Series E1  | 11/18/20  | 14348  |
| Circle Internet Financial Ltd. Series E  | 5/11/21  | 9990  |
| Circle Internet Financial Ltd. Series F  | 5/09/22  | 2892  |
| Discord, Inc. Series I  | 9/15/21  | 1542  |
| ElevateBio LLC Series C  | 3/09/21  | 2494  |
| Epic Games, Inc.  | 7/13/20 - 7/30/20  | 13743  |
| Fanatics, Inc. Class A  | 8/13/20 - 12/15/21  | 12264  |
| GoBrands, Inc. Series G  | 3/02/21  | 2023  |
| GoBrands, Inc. Series H  | 7/22/21  | 3972  |
| I-Pulse, Inc.  | 3/18/10  | 81  |
| Intarcia Therapeutics, Inc. Series CC  | 11/14/12  | 7040  |
| Intarcia Therapeutics, Inc. 6% 7/18/23  | 1/03/20  | 2280  |
| Lyra Health, Inc. Series E  | 1/14/21  | 2472  |
| Lyra Health, Inc. Series F  | 6/04/21  | 158  |
| Nuro, Inc. Series C  | 10/30/20  | 6411  |
| Nuro, Inc. Series D  | 10/29/21  | 1965  |
| P3 Health Partners, Inc.  | 5/25/21  | 3954  |
| Rad Power Bikes, Inc.  | 1/21/21  | 2289  |
| Rad Power Bikes, Inc. Series A  | 1/21/21  | 298  |
| Rad Power Bikes, Inc. Series C  | 1/21/21  | 1174  |
| Rad Power Bikes, Inc. Series D  | 9/17/21  | 3945  |
| Reddit, Inc. Series E  | 5/18/21  | 1283  |
| Reddit, Inc. Series F  | 8/11/21  | 7882  |
| Relativity Space, Inc. Series E  | 5/27/21  | 7041  |
| Somatus, Inc. Series E  | 1/31/22  | 1925  |
| Space Exploration Technologies Corp. Class A  | 10/16/15 - 2/16/21  | 29628  |
| Space Exploration Technologies Corp. Class C  | 9/11/17  | 614  |
| Space Exploration Technologies Corp. Series G  | 1/20/15  | 11251  |
| Space Exploration Technologies Corp. Series H  | 8/04/17  | 5683  |
| Space Exploration Technologies Corp. Series N  | 8/04/20  | 17876  |
| Starling Bank Ltd. Series D  | 6/18/21 - 4/05/22  | 7252  |
| Stripe, Inc. Class B  | 5/18/21  | 3339  |
| Stripe, Inc. Series H  | 3/15/21  | 1400  |
| Tanium, Inc. Class B  | 4/21/17 - 9/18/20  | 9907  |
| Tenstorrent, Inc. Series C1  | 4/23/21  | 2176  |
| Tenstorrent, Inc. 0%  | 4/23/21  | 2040  |
| TulCo LLC  | 8/24/17  | 5885  |
| Veterinary Emergency Group LLC Class A  | 9/16/21 - 12/16/22  | 6613  |
| X Holdings I, Inc.  | 10/25/22  | 9710  |
| Zipline International, Inc.  | 10/12/21  | 2697  |
| Zipline International, Inc. Series E  | 12/21/20  | 6813  |

---

**Affiliated Central Funds**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate (Amounts in thousands)  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.37%  | 218233  | 5851716  | 6001366  | 8284  | -  | -  | 68583  | 0.2%  |
|  Fidelity Securities Lending Cash Central Fund 4.37%  | 23793  | 836294  | 807708  | 1952  | -  | -  | 52379  | 0.2%  |
| Total  | 242026  | 6688010  | 6809074  | 10236  | -  | -  | 120962  |  |

---

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2022, 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:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description** <br> **(Amounts in thousands)**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 1913366  | 1844911  | 19493  | 48962  |
| Consumer Discretionary  | 1579760  | 1457914  | 52497  | 69349  |
| Consumer Staples  | 384871  | 350667  | 29875  | 4329  |
| Energy  | 1188051  | 1173749  | 14302  | -  |
| Financials  | 2068924  | 2038958  | 2510  | 27456  |
| Health Care  | 2643708  | 2458377  | 167042  | 18289  |
| Industrials  | 1242287  | 810832  | 19143  | 412312  |
| Information Technology  | 2955166  | 2905070  | 20638  | 29458  |
| Materials  | 652255  | 647584  | 4671  | -  |
| Real Estate  | 9520  | 9520  | -  | -  |
| Utilities  | 149434  | 149434  | -  | -  |
|  Preferred Securities  | 1787  | -  | -  | 1787  |
|  Money Market Funds  | 120962  | 120962  | -  | -  |
| **Total Investments in Securities:**  | 14910091  | 13967978  | 330171  | 611942  |
|  Net Unrealized Depreciation on Unfunded Commitments  | (1477)  | -  | -  | (1477)  |
| **Total**  | (1477)  | -  | -  | (1477)  |

---

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:**  |  |
|  <u>Equities - Industrials</u>  |  |
|  Beginning Balance  | $332694  |
|  Net Realized Gain (Loss) on Investment Securities  | -  |
|  Net Unrealized Gain (Loss) on Investment Securities  | 79304  |
|  Cost of Purchases  | 5375  |
|  Proceeds of Sales  | -  |
|  Amortization/Accretion  | -  |
|  Transfers into Level 3  | -  |
|  Transfers out of Level 3  | (5061)  |
|  Ending Balance  | $412312  |
|  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2022  | $79304  |
|  <u>Other Investments in Securities</u>  |  |
|  Beginning Balance  | $217060  |
|  Net Realized Gain (Loss) on Investment Securities  | (27940)  |
|  Net Unrealized Gain (Loss) on Investment Securities  | (1281)  |
|  Cost of Purchases  | 18138  |
|  Proceeds of Sales  | (22490)  |
|  Amortization/Accretion  | -  |
|  Transfers into Level 3  | 16157  |
|  Transfers out of Level 3  | (14)  |
|  Ending Balance  | $199630  |
|  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2022  | $(38554)  |
| <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. <br>|  |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  **Amounts in thousands (except per-share amounts)**  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $50,689) - See accompanying schedule:  |  |  |
|  Unaffiliated issuers (cost $7,983,923)  | $14789129  |  |
|  Fidelity Central Funds (cost $120,962)  | 120962  |  |
|  Total Investment in Securities (cost $8,104,885)  |  | $14910091  |
|  Cash  |  | 1  |
|  Restricted cash  |  | 3049  |
|  Foreign currency held at value (cost $91)  |  | 90  |
| Receivable for investments sold  |  |  |
|  Regular delivery  |  | $32489  |
|  Delayed delivery  |  | 14519  |
|  Receivable for fund shares sold  |  | 6230  |
|  Dividends receivable  |  | 8417  |
|  Distributions receivable from Fidelity Central Funds  |  | 747  |
|  Prepaid expenses  |  | 21  |
| Other receivables  |  | 892  |
| **Total assets**  |  | 14976546  |
| **Liabilities**  |  |  |
|  Unrealized depreciation on unfunded commitments  | $1477  |  |
|  Payable for fund shares redeemed  | 67431  |  |
|  Accrued management fee  | 2990  |  |
|  Distribution and service plan fees payable  | 2221  |  |
|  Other affiliated payables  | 2235  |  |
|  Other payables and accrued expenses  | 3166  |  |
|  Collateral on securities loaned  | 52349  |  |
| **Total Liabilities**  |  | 131869  |
| **Net Assets**  |  | $14844677  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $7939337  |
|  Total accumulated earnings (loss)  |  | 6905340  |
|  **Net Assets**  |  | $14844677  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Class A :**  |  |  |
|  **Net Asset Value** and redemption price per share ($5,101,386 ÷ 200,049 shares) <sup>(a)</sup>  |  | $25.50  |
|  Maximum offering price per share (100/94.25 of $25.50)  |  | $27.06  |
| **Class M :**  |  |  |
|  **Net Asset Value** and redemption price per share ($1,254,016 ÷ 52,586 shares) <sup>(a)</sup>  |  | $23.85  |
|  Maximum offering price per share (100/96.50 of $23.85)  |  | $24.72  |
| **Class C :**  |  |  |
|  **Net Asset Value** and offering price per share ($672,129 ÷ 34,635 shares) <sup>(a)</sup>  |  | $19.41  |
| **Class I :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($6,584,612 ÷ 247,585 shares)  |  | $26.60  |
| **Class Z :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($1,232,534 ÷ 46,163 shares)  |  | $26.70  |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.*  | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.*  | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.*  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
| **Amounts in thousands**  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $183952  |
| Income from Fidelity Central Funds (including $1,952 from security lending)  |  | 10236  |
| **Total Income**  |  | 194188  |
|  **Expenses**  |  |  |
| Management fee  |  |  |
| Basic fee  | $101137  |  |
| Performance adjustment  | (48829)  |  |
| Transfer agent fees  | 29256  |  |
| Distribution and service plan fees  | 32178  |  |
| Accounting fees  | 1592  |  |
| Custodian fees and expenses  | 292  |  |
| Independent trustees' fees and expenses  | 69  |  |
| Registration fees  | 216  |  |
| Audit  | 164  |  |
| Legal  | 22  |  |
| Miscellaneous  | 98  |  |
| Total expenses before reductions  | 116195  |  |
| Expense reductions  | (694)  |  |
| Total expenses after reductions  |  | 115501  |
| **Net Investment income (loss)**  |  | 78687  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers(net of foreign taxes of $910)  | 2614761  |  |
| Foreign currency transactions  | (560)  |  |
| Total net realized gain (loss)  |  | 2614201  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,842)  | (9618317)  |  |
| Unfunded commitments  | (1350)  |  |
| Assets and liabilities in foreign currencies  | (39)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (9619706)  |
| **Net gain (loss)**  |  | (7005505)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(6926818)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
| **Amount in thousands**  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $78687  | $(81474)  |
| &nbsp;&nbsp; Net realized gain (loss)  | 2614201 <br>| 3366658 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (9619706)  | 2337916 <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (6926818) <br>| 5623100 <br>|
| Distributions to shareholders  | (2142096) <br>| (3135641) <br>|
| Share transactions - net increase (decrease)  | (2521800) <br>| (953584) <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (11590714) <br>| 1533875 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 26435391  | 24901516 <br>|
| &nbsp;&nbsp; End of period  | $14844677  | $26435391  |

---

**Financial Highlights** 

 **Fidelity Advisor® New Insights Fund Class A** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $40.22  | $36.57  | $32.08  | $26.50  | $31.38  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .10  | (.16)  | (.10)  | .06  | .03  |
| Net realized and unrealized gain (loss)  | (10.99)  | 8.90  | 7.57  | 7.60  | (1.26)  |
| Total from investment operations  | (10.89)  | 8.74  | 7.47  | 7.66  | (1.23)  |
| Distributions from net investment income  | (.12)  | -  | - <sup>C</sup>  | (.04)  | -  |
| Distributions from net realized gain  | (3.71)  | (5.09)  | (2.97)  | (2.04)  | (3.65)  |
| Total distributions  | (3.83)  | (5.09)  | (2.98) <sup>D</sup>  | (2.08)  | (3.65)  |
| Net asset value, end of period  | $25.50  | $40.22  | $36.57  | $32.08  | $26.50  |
| **Total Return** <sup>E,F</sup>  | (27.48)%  | 24.30%  | 23.64%  | 29.15%  | (4.42)%  |
| **Ratios to Average Net Assets** <sup>B,G,H</sup>  |  |  |  |  |  |
| Expenses before reductions  | .70%  | .93%  | 1.10%  | 1.08%  | 1.04%  |
| Expenses net of fee waivers, if any  | .70%  | .93%  | 1.10%  | 1.08%  | 1.04%  |
| Expenses net of all reductions  | .70%  | .93%  | 1.10%  | 1.07%  | 1.04%  |
| Net investment income (loss)  | .32%  | (.40)%  | (.30)%  | .20%  | .08%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $5101  | $8124  | $6753  | $6156  | $4747  |
| Portfolio turnover rate <sup>I</sup>  | 32% <sup>J</sup>  | 29%  | 53%  | 27% <sup>J</sup>  | 36%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Amount represents less than $.005 per share.*

<sup>D</sup> *Total distributions per share do not sum due to rounding.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Total returns do not include the effect of the sales charges.*

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

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

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

<sup>J</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

 **Fidelity Advisor® New Insights Fund Class M** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $37.93  | $34.81  | $30.73  | $25.49  | $30.39  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .02  | (.25)  | (.17)  | (.01)  | (.05)  |
| Net realized and unrealized gain (loss)  | (10.34)  | 8.46  | 7.22  | 7.29  | (1.20)  |
| Total from investment operations  | (10.32)  | 8.21  | 7.05  | 7.28  | (1.25)  |
| Distributions from net investment income  | (.05)  | -  | -  | -  | -  |
| Distributions from net realized gain  | (3.71)  | (5.09)  | (2.97)  | (2.04)  | (3.65)  |
| Total distributions  | (3.76)  | (5.09)  | (2.97)  | (2.04)  | (3.65)  |
| Net asset value, end of period  | $23.85  | $37.93  | $34.81  | $30.73  | $25.49  |
| **Total Return** <sup>C,D</sup>  | (27.64)%  | 24.00%  | 23.33%  | 28.79%  | (4.64)%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |
| Expenses before reductions  | .95%  | 1.18%  | 1.35%  | 1.32%  | 1.29%  |
| Expenses net of fee waivers, if any  | .94%  | 1.18%  | 1.35%  | 1.32%  | 1.29%  |
| Expenses net of all reductions  | .94%  | 1.18%  | 1.35%  | 1.32%  | 1.29%  |
| Net investment income (loss)  | .07%  | (.65)%  | (.54)%  | (.05)%  | (.17)%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $1254  | $2027  | $1856  | $1844  | $1638  |
| Portfolio turnover rate <sup>G</sup>  | 32% <sup>H</sup>  | 29%  | 53%  | 27% <sup>H</sup>  | 36%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>D</sup> *Total returns do not include the effect of the sales charges.*

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

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

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

<sup>H</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

 **Fidelity Advisor® New Insights Fund Class C** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $31.89  | $30.09  | $27.03  | $22.73  | $27.63  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | (.11)  | (.38)  | (.29)  | (.15)  | (.19)  |
| Net realized and unrealized gain (loss)  | (8.66)  | 7.27  | 6.32  | 6.49  | (1.06)  |
| Total from investment operations  | (8.77)  | 6.89  | 6.03  | 6.34  | (1.25)  |
| Distributions from net realized gain  | (3.71)  | (5.09)  | (2.97)  | (2.04)  | (3.65)  |
| Total distributions  | (3.71)  | (5.09)  | (2.97)  | (2.04)  | (3.65)  |
| Net asset value, end of period  | $19.41  | $31.89  | $30.09  | $27.03  | $22.73  |
| **Total Return** <sup>C,D</sup>  | (28.02)%  | 23.36%  | 22.74%  | 28.15%  | (5.11)%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |
| Expenses before reductions  | 1.46%  | 1.70%  | 1.86%  | 1.83%  | 1.79%  |
| Expenses net of fee waivers, if any  | 1.46%  | 1.69%  | 1.86%  | 1.83%  | 1.79%  |
| Expenses net of all reductions  | 1.46%  | 1.69%  | 1.86%  | 1.83%  | 1.79%  |
| Net investment income (loss)  | (.45)%  | (1.17)%  | (1.05)%  | (.55)%  | (.67)%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $672  | $1376  | $1973  | $2228  | $2932  |
| Portfolio turnover rate <sup>G</sup>  | 32% <sup>H</sup>  | 29%  | 53%  | 27% <sup>H</sup>  | 36%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>D</sup> *Total returns do not include the effect of the contingent deferred sales charge.*

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

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

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

<sup>H</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

 **Fidelity Advisor® New Insights Fund Class I** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $41.73  | $37.69  | $32.90  | $27.14  | $32.03  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .19  | (.06)  | (.01)  | .15  | .11  |
| Net realized and unrealized gain (loss)  | (11.41)  | 9.19  | 7.78  | 7.77  | (1.27)  |
| Total from investment operations  | (11.22)  | 9.13  | 7.77  | 7.92  | (1.16)  |
| Distributions from net investment income  | (.20)  | -  | - <sup>C</sup>  | (.12)  | (.07)  |
| Distributions from net realized gain  | (3.71)  | (5.09)  | (2.97)  | (2.04)  | (3.65)  |
| Total distributions  | (3.91)  | (5.09)  | (2.98) <sup>D</sup>  | (2.16)  | (3.73) <sup>D</sup>  |
| Net asset value, end of period  | $26.60  | $41.73  | $37.69  | $32.90  | $27.14  |
| **Total Return** <sup>E</sup>  | (27.28)%  | 24.62%  | 23.96%  | 29.42%  | (4.14)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .45%  | .68%  | .85%  | .82%  | .79%  |
| Expenses net of fee waivers, if any  | .44%  | .68%  | .85%  | .82%  | .79%  |
| Expenses net of all reductions  | .44%  | .68%  | .84%  | .82%  | .78%  |
| Net investment income (loss)  | .57%  | (.15)%  | (.04)%  | .46%  | .33%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $6585  | $12335  | $12219  | $13870  | $12581  |
| Portfolio turnover rate <sup>H</sup>  | 32% <sup>I</sup>  | 29%  | 53%  | 27% <sup>I</sup>  | 36%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Amount represents less than $.005 per share.*

<sup>D</sup> *Total distributions per share do not sum due to rounding.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

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

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

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

<sup>I</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

 **Fidelity Advisor® New Insights Fund Class Z** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $41.89  | $37.77  | $32.93  | $27.16  | $32.06  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .23  | (.01)  | .03  | .18  | .15  |
| Net realized and unrealized gain (loss)  | (11.47)  | 9.22  | 7.79  | 7.79  | (1.28)  |
| Total from investment operations  | (11.24)  | 9.21  | 7.82  | 7.97  | (1.13)  |
| Distributions from net investment income  | (.24)  | -  | - <sup>C</sup>  | (.17)  | (.12)  |
| Distributions from net realized gain  | (3.71)  | (5.09)  | (2.97)  | (2.04)  | (3.65)  |
| Total distributions  | (3.95)  | (5.09)  | (2.98) <sup>D</sup>  | (2.20) <sup>D</sup>  | (3.77)  |
| Net asset value, end of period  | $26.70  | $41.89  | $37.77  | $32.93  | $27.16  |
| **Total Return** <sup>E</sup>  | (27.21)%  | 24.79%  | 24.09%  | 29.60%  | (4.03)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .33%  | .56%  | .73%  | .70%  | .66%  |
| Expenses net of fee waivers, if any  | .32%  | .56%  | .73%  | .70%  | .66%  |
| Expenses net of all reductions  | .32%  | .56%  | .72%  | .70%  | .66%  |
| Net investment income (loss)  | .69%  | (.03)%  | .08%  | .58%  | .46%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $1233  | $2572  | $2101  | $2306  | $1741  |
| Portfolio turnover rate <sup>H</sup>  | 32% <sup>I</sup>  | 29%  | 53%  | 27% <sup>I</sup>  | 36%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Amount represents less than $.005 per share.*

<sup>D</sup> *Total distributions per share do not sum due to rounding.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

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

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

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

<sup>I</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements**

For the period ended December 31, 2022

*(Amounts in thousands except percentages)*

**1. Organization.**

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

**2. Investments in Fidelity Central Funds.**

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

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

---

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

---

<sup>A</sup> *Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

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

**3. Significant Accounting Policies.**

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

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Preferred securities are valued by pricing services 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 services. 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 <sup>A</sup>  |
| Equities  | $610155  | Market comparable  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 5.5 - 21.2 / 11.8  | Increase  |
|  |  |  | Enterprise value/Revenue multiple (EV/R)  | 0.8 - 22.6 / 7.8  | Increase  |
|  |  |  | Enterprise value/Net income multiple (EV/NI)  | 15.5  | Increase  |
|  |  | Recovery value  | Recovery value  | $0.00 - $0.17 / $0.16  | Increase  |
|  |  | Market approach  | Transaction price  | 59.45  | Increase  |
|  |  |  | Discount rate  | 15.0%  | Decrease  |
|  |  | Discounted cash flow  | Weighted average cost of capital (WACC)  | 30.0%  | Decrease  |
|  |  |  | Exit multiple  | 2.0  | Increase  |
|  |  | Black scholes  | Discount rate  | 3.8% - 4.2% / 3.9%  | Increase  |
|  |  |  | Probability rate  | 50.0%  | Increase  |
|  |  |  | Volatility  | 65.0% - 80.0% / 74.3%  | Increase  |
|  |  |  | Term  | 2.0 - 5.0 / 3.7  | Increase  |
| Preferred Securities  | $1787  | Recovery value  | Recovery value  | $0.00  | Increase  |
|  |  | Market approach  | Transaction price  | $100  | Increase  |
|  |  |  | Discount rate  | 15.0%  | Decrease  |
|  |  | Black scholes  | Discount rate  | 4.2%  | Increase  |
|  |  |  | Volatility  | 70.0%  | Increase  |
|  |  |  | Term  | 2.0  | Increase  |

---

<sup>A</sup> *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, 2022, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

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

---

| | |
|:---|:---|
| **Fidelity Advisor New Insights Fund**  | $778  |

---

**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, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

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

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

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, partnerships, deferred Trustees compensation 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**  | $7138742  |
| **Gross unrealized depreciation**  | <u>(459135)</u>  |
| **Net unrealized appreciation (depreciation)**  | <u>$6679607</u>  |
| **Tax Cost**  | <u>$8229007</u>  |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$766</u>  |
| **Undistributed long-term capital gain**  | <u>$225671</u>  |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$6679582</u>  |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022**  | **December 31, 2021**  |
| **Ordinary Income**  | $81763  | $-  |
| **Long-term Capital Gains**  | <u>2060333</u>  | <u>3135641</u>  |
| **Total**  | <u>$2142096</u>  | <u>$3135641</u>  |

---

**Delayed Delivery Transactions and When-Issued Securities.** During the period, certain Funds 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. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. 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).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**Commitments.** A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable based on contractual conditions of each commitment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment to be Acquired**  | **Commitment Amount**  | **Unrealized Appreciation (Depreciation)**  |
| **Fidelity Advisor New Insights Fund**  | Stripe, Inc.  | $1477  | $(1477)  |

---

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

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

At the current and/or prior period end, the Fund had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable.

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

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

---

| | | |
|:---|:---|:---|
|  | **$ Amount**  | **% of Net Assets**  |
| **Fidelity Advisor New Insights Fund**  | 26224  | .18  |

---

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

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

**New Accounting Pronouncement.** In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-03 *Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions* . The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. They also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. They also require additional disclosures for equity securities subject to contractual sale restrictions. ASU 2022-03 will be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023. Management is currently evaluating the potential impact of ASU 2022-03 to the financial statements.

**4. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  |
| **Fidelity Advisor New Insights Fund**  | 5979800  | 10175350  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares**  | **Total net realized gain or loss** <br> **($)**  | **Total Proceeds** <br> **($)**  | **Participating classes**  |
| **Fidelity Advisor New Insights Fund**  | 7454  | 226546  | 257752  | Class I  |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Class I 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 .27% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee**  | **Service Fee**  | **Total Fees**  | **Retained by FDC**  |
| **Class A**  | - %  | .25%  | $15328  | $83  |
| **Class M**  | .25%  | .25%  | 7588  | 23  |
| **Class C**  | .75%  | .25%  | <u>9262</u>  | <u>494</u>  |
|  |  |  | <u>$32178</u>  | <u>$600</u>  |

---

**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**  | $599  |
| **Class M**  | 56  |
| **Class C** <sup>A</sup>  | <u>7</u>  |
|  | <u>$662</u>  |

---

<sup>A</sup> *When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Amount**  | **% of Class-Level Average Net Assets**  |
| **Class A**  | $9983  | .16  |
| **Class M**  | 2442  | .16  |
| **Class C**  | 1606  | .17  |
| **Class I**  | 14544  | .16  |
| **Class Z**  | <u>681</u>  | .04  |
|  | <u>$29256</u>  |  |

---

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

---

| | |
|:---|:---|
|  | **% of Average Net Assets**  |
| **Fidelity Advisor New Insights Fund**  | .01  |

---

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

---

| | |
|:---|:---|
|  | **Amount**  |
| **Fidelity Advisor New Insights Fund**  | $132  |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  | **Realized Gain (Loss) ($)**  |
| **Fidelity Advisor New Insights Fund**  | 300711  | 752484  | 131349  |

---

**6. Committed Line of Credit.**

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

---

| | |
|:---|:---|
|  | **Amount**  |
| **Fidelity Advisor New Insights Fund**  | $37  |

---

**7. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS**  | **Security Lending Income From Securities Loaned to NFS**  | **Value of Securities Loaned to NFS at Period End**  |
| **Fidelity Advisor New Insights Fund**  | $207  | $45  | $270  |

---

**8. Expense Reductions.** 

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $694.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31, 2022**  | **Year ended** **December 31, 2021**  |
| **Fidelity Advisor New Insights Fund**  |  |  |
| **Distributions to shareholders**  |  |  |
| Class A  | $711262  | $938651  |
| Class M  | 180873  | 250672  |
| Class C  | 122166  | 220661  |
| Class I  | 949674  | 1435702  |
| Class Z  | <u>178121</u>  | <u>289955</u>  |
| Total  | <u>$2142096</u>  | <u>$3135641</u>  |

---

**10. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares**  | **Shares**  | **Dollars**  | **Dollars**  |
|  | **Year ended December 31, 2022**  | **Year ended December 31, 2021**  | **Year ended December 31, 2022**  | **Year ended December 31, 2021**  |
| **Fidelity Advisor New Insights Fund**  |  |  |  |  |
| **Class A**  |  |  |  |  |
| Shares sold  | 14534  | 27998  | $453687  | $1105291  |
| Reinvestment of distributions  | 24711  | 22076  | 668926  | 879805  |
| Shares redeemed  | <u>(41188)</u>  | <u>(32747)</u>  | <u>(1253113)</u>  | <u>(1304741)</u>  |
| Net increase (decrease)  | <u>(1943)</u>  | <u>17327</u>  | <u>$(130500)</u>  | <u>$680355</u>  |
| **Class M**  |  |  |  |  |
| Shares sold  | 2238  | 2632  | $66425  | $100144  |
| Reinvestment of distributions  | 6959  | 6501  | 176641  | 244606  |
| Shares redeemed  | <u>(10054)</u>  | <u>(8999)</u>  | <u>(289096)</u>  | <u>(340462)</u>  |
| Net increase (decrease)  | <u>(857)</u>  | <u>134</u>  | <u>$(46030)</u>  | <u>$4288</u>  |
| **Class C**  |  |  |  |  |
| Shares sold  | 2448  | 2799  | $60323  | $91154  |
| Reinvestment of distributions  | 5756  | 6852  | 120314  | 217347  |
| Shares redeemed  | <u>(16733)</u>  | <u>(32074)</u>  | <u>(408395)</u>  | <u>(1026544)</u>  |
| Net increase (decrease)  | <u>(8529)</u>  | <u>(22423)</u>  | <u>$(227758)</u>  | <u>$(718043)</u>  |
| **Class I**  |  |  |  |  |
| Shares sold  | 33193  | 25638  | $1080944  | $1053539  |
| Reinvestment of distributions  | 30686  | 31697  | 869015  | 1307410  |
| Shares redeemed  | <u>(111868)</u>  | <u>(85931)</u>  | <u>(3533622)</u>  | <u>(3549097)</u>  |
| Net increase (decrease)  | <u>(47989)</u>  | <u>(28596)</u>  | <u>$(1583663)</u>  | <u>$(1188148)</u>  |
| **Class Z**  |  |  |  |  |
| Shares sold  | 7855  | 20438  | $262400  | $859645  |
| Reinvestment of distributions  | 5259  | 6053  | 149168  | 251120  |
| Shares redeemed  | <u>(28356)</u>  | <u>(20701)</u>  | <u>(945417)</u>  | <u>(842801)</u>  |
| Net increase (decrease)  | <u>(15242)</u>  | <u>5790</u>  | <u>$(533849)</u>  | <u>$267964</u>  |

---

**11. Other.**

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

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.

**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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 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, 2022 by correspondence with the custodian, brokers, and issuers of privately offered securities. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 10, 2023

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

**Trustees and Officers**

**<u>TRUSTEES AND OFFICERS</u>**

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 318 funds.

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

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

<u>Experience, Skills, Attributes, and Qualifications of the Trustees.</u> 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.

<u>Board Structure and Oversight Function.</u> Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair 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 Chair, 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 Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity <sup>®</sup> 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 <sup>®</sup> 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 <sup>®</sup> 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 <sup>®</sup> funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

<u>Interested Trustees\*:</u>

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

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

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

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

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

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

<u>Independent Trustees:</u>

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

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

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

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

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

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

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

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

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

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

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

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

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

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity <sup>®</sup> 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, Executive Committee, 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) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

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

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

<u>Advisory Board Members and Officers:</u>

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.

<u>Name, Year of Birth; Principal Occupation</u>

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

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

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

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

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

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

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

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

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

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

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

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

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

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

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

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

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

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

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

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

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

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

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

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

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

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

**Shareholder Expense Example**

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022). <br>

***Actual Expenses***

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

***Hypothetical Example for Comparison Purposes***

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value July 1, 2022**  | **Ending Account Value December 31, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **July 1, 2022 to December 31, 2022**  |
| **Fidelity Advisor® New Insights Fund**  |  |  |  |  |
| **Class A**  | .67%  |  |  |  |
| **Actual**  |  | $1000  | $1004.10  | $3.38  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1021.83  | $3.41  |
| **Class M**  | .92%  |  |  |  |
| **Actual**  |  | $1000  | $1003.20  | $4.65  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1020.57  | $4.69  |
| **Class C**  | 1.43%  |  |  |  |
| **Actual**  |  | $1000  | $1000.30  | $7.21  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1018.00  | $7.27  |
| **Class I**  | .42%  |  |  |  |
| **Actual**  |  | $1000  | $1005.50  | $2.12  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.09  | $2.14  |
| **Class Z**  | .30%  |  |  |  |
| **Actual**  |  | $1000  | $1006.00  | $1.52  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.69  | $1.53  |

---

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

*B 5% return per year before expenses*

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

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com* .

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2022, $2,415,969,534, or, if subsequently determined to be different, the net capital gain of such year.

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

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

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

![](img88198_2.jpg) <br>

1.796407.119 ANIF-ANN-0323

**Fidelity® Series Opportunistic Insights Fund**

**Annual Report**

**December 31, 2022**

![](img88175_1.jpg)

![](img88175_2.jpg)

**Contents**

---

| |
|:---|
| **[Performance](#Sec_Performance)** |
| **[Management's Discussion of Fund Performance](#Sec_Mgt Discussion of FundPerformance)** |
| **[Investment Summary](#Sec_InvestmentSummary2459)** |
| **[Schedule of Investments](#Sec_ScheduleOfInvestments2459)** |
| **[Financial Statements](#Sec_FinancialStatements2459)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |

---

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2023 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.

&nbsp;&nbsp; **Average Annual Total Returns** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Fidelity® Series Opportunistic Insights Fund  | &nbsp;&nbsp; -25.73%  | &nbsp;&nbsp; 9.27%  | &nbsp;&nbsp; 13.36%  |

---

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in Fidelity® Series Opportunistic Insights Fund on December 31, 2012. <br>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.  |
| ![](img88175_5.jpg)  |

---

**Management's Discussion of Fund Performance**

**Market Recap:** 

U.S. equities returned -18.11% in 2022, according to the S&P 500 <sup>®</sup> index, as a multitude of risk factors challenged the global economy. It was the index's lowest calendar-year return since 2008 and first retreat since 2018. High inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in a decade, stoking recession fears and sending stocks into bear market territory. Since March, the Fed hiked its benchmark rate seven times, by 4.25 percentage points - the fastest-ever pace of monetary tightening - while also shrinking its massive portfolio. Against this backdrop, the S&P 500 <sup>®</sup> posted its worst year-to-date result (-23.87%) in 20 years through September, a seasonally weak month that stayed true to form, with volatility spiking due to growing certainty the Fed would persist in its effort to cool inflation, even at the expense of economic growth. Three of the index's worst monthly returns ever were recorded in 2022, as it shed 8% to 9% in April, June and September. Gains of similar proportion were made in July and October, amid optimism on inflation and policy easing. November (+6%) began with a rate hike of 0.75% and ended on a high note when the Fed signaled its intent to slow its pace of rate rises. For the year, value stocks handily outpaced growth. This headwind was pronounced in the growthier communication services (-40%), consumer discretionary (-37%) and information technology (-28%) sectors. In sharp contrast, energy (+66%) shined.

**Comments from Portfolio Manager William Danoff:**

For the year, the fund returned -25.73%, underperforming the -19.21% result of the benchmark Russell 3000 <sup>®</sup> Index. The primary detractor from performance versus the benchmark was our stock selection in information technology. Also hurting our result was an underweighting and security selection in consumer staples. Stock picking and an overweighting in the communication services sector, especially within the media & entertainment industry, also hampered the fund's relative result. The biggest individual relative detractor was an overweight position in Meta Platforms (-64%). Meta Platforms was among the fund's biggest holdings. Another notable relative detractor was an outsized stake in Nvidia (-50%), which was among our largest holdings this period. Another notable relative detractor was an overweighting in Amazon.com (-50%), which was among our biggest holdings. Conversely, the biggest contributors to performance versus the benchmark were stock selection and an overweighting in financials. Security selection in health care and an underweighting in real estate also boosted the fund's relative performance. The fund's position in cash contributed in a down market. The biggest individual relative contributor was an overweight position in Berkshire Hathaway (+4%), the fund's largest holding. Also bolstering performance was our lighter-than-benchmark stake in Tesla (-65%). Another notable relative contributor was an outsized stake in UnitedHealth Group (+7%), which was one of our largest holdings. Notable changes in positioning include increased exposure to the health care sector and a lower allocation to information technology.

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

**Investment Summary December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Berkshire Hathaway, Inc. Class A  | 6.0  |
| Meta Platforms, Inc. Class A  | 4.0  |
| Exxon Mobil Corp.  | 3.7  |
| UnitedHealth Group, Inc.  | 3.7  |
| Apple, Inc.  | 3.1  |
| Amazon.com, Inc.  | 2.9  |
| Microsoft Corp.  | 2.9  |
| Regeneron Pharmaceuticals, Inc.  | 2.4  |
| Chevron Corp.  | 2.2  |
| Eli Lilly & Co.  | 2.2  |
|  | 33.1  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Health Care  | 17.6  |
| Information Technology  | 15.7  |
| Financials  | 14.3  |
| Energy  | 13.8  |
| Communication Services  | 9.5  |
| Consumer Discretionary  | 7.8  |
| Industrials  | 6.1  |
| Consumer Staples  | 3.6  |
| Materials  | 3.3  |
| Utilities  | 0.5  |
| Real Estate  | 0.1  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88175_6.jpg)  |
| *Foreign investments - 6.6%*  |

---

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 91.2%**  | &nbsp;&nbsp; **Common Stocks - 91.2%**  | &nbsp;&nbsp; **Common Stocks - 91.2%**  |
|  | Shares  | Value ($) <br>|
| COMMUNICATION SERVICES - 9.4%  |  |  |
| Entertainment - 1.8%  |  |  |
|  Activision Blizzard, Inc.  | 115600  | 8849180  |
|  Liberty Media Corp. Liberty Formula One Series C (a)  | 197352  | 11797703  |
|  Netflix, Inc. (a)  | 370509  | 109255694  |
|  Universal Music Group NV  | 713089  | 17244410  |
|  |  | 147146987  |
| Interactive Media & Services - 7.3%  |  |  |
|  Alphabet, Inc.:  |  |  |
|  Class A (a)  | 1208512  | 106627014  |
|  Class C (a)  | 1620200  | 143760346  |
|  Bumble, Inc. (a)  | 163700  | 3445885  |
|  Epic Games, Inc. (a)(b)(c)  | 7100  | 5790192  |
|  Meta Platforms, Inc. Class A (a)  | 2680554  | 322577868  |
|  Pinterest, Inc. Class A (a)  | 159000  | 3860520  |
|  |  | 586061825  |
| Wireless Telecommunication Services - 0.3%  |  |  |
|  T-Mobile U.S., Inc. (a)  | 192400  | 26936000  |
|  TOTAL COMMUNICATION SERVICES  |  | 760144812  |
| CONSUMER DISCRETIONARY - 7.8%  |  |  |
| Automobiles - 0.7%  |  |  |
|  General Motors Co.  | 198972  | 6693418  |
|  Harley-Davidson, Inc.  | 402300  | 16735680  |
|  Hyundai Motor Co.  | 86200  | 10337743  |
|  Rad Power Bikes, Inc. (a)(b)(c)  | 145919  | 539900  |
|  Rivian Automotive, Inc. (a)  | 11042  | 203504  |
|  Tesla, Inc. (a)  | 9500  | 1170210  |
|  Toyota Motor Corp.  | 1591300  | 21709383  |
|  |  | 57389838  |
| Hotels, Restaurants & Leisure - 1.0%  |  |  |
|  Airbnb, Inc. Class A (a)  | 301800  | 25803900  |
|  Chipotle Mexican Grill, Inc. (a)  | 4654  | 6457378  |
|  Evolution AB (d)  | 9100  | 886380  |
|  Hilton Worldwide Holdings, Inc.  | 118013  | 14912123  |
|  Hyatt Hotels Corp. Class A (a)  | 7708  | 697189  |
|  McDonald's Corp.  | 133100  | 35075843  |
|  |  | 83832813  |
| Household Durables - 0.3%  |  |  |
|  Blu Investments LLC (a)(b)(c)  | 21093998  | 6539  |
|  Lennar Corp. Class A  | 223248  | 20203944  |
|  |  | 20210483  |
| Internet & Direct Marketing Retail - 3.0%  |  |  |
|  Amazon.com, Inc. (a)  | 2769840  | 232666560  |
|  Coupang, Inc. Class A (a)  | 428526  | 6303617  |
|  Deliveroo PLC Class A (a)(d)  | 1530738  | 1585952  |
|  MercadoLibre, Inc. (a)  | 2800  | 2369472  |
|  Uber Technologies, Inc. (a)  | 25000  | 618250  |
|  Wayfair LLC Class A (a)  | 6160  | 202602  |
|  |  | 243746453  |
| Multiline Retail - 0.3%  |  |  |
|  Dollar Tree, Inc. (a)  | 147551  | 20869613  |
|  Dollarama, Inc.  | 24200  | 1415360  |
|  |  | 22284973  |
| Specialty Retail - 2.3%  |  |  |
|  Academy Sports & Outdoors, Inc.  | 220768  | 11599151  |
|  AutoZone, Inc. (a)  | 4841  | 11938777  |
|  Dick's Sporting Goods, Inc.  | 206485  | 24838081  |
|  Fanatics, Inc. Class A (a)(b)(c)  | 139938  | 10659077  |
|  National Vision Holdings, Inc. (a)(e)  | 100296  | 3887473  |
|  O'Reilly Automotive, Inc. (a)  | 44646  | 37682563  |
|  The Home Depot, Inc.  | 92066  | 29079967  |
|  TJX Companies, Inc.  | 45000  | 3582000  |
|  Ulta Beauty, Inc. (a)  | 82500  | 38698275  |
|  Williams-Sonoma, Inc.  | 127814  | 14688385  |
|  |  | 186653749  |
| Textiles, Apparel & Luxury Goods - 0.2%  |  |  |
|  China Hongxing Sports Ltd. (a)(c)  | 22200  | 0  |
|  Deckers Outdoor Corp. (a)  | 13284  | 5302441  |
|  Dr. Martens Ltd.  | 953888  | 2198005  |
|  lululemon athletica, Inc. (a)  | 10834  | 3470997  |
|  On Holding AG (a)  | 301800  | 5178888  |
|  |  | 16150331  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 630268640  |
| CONSUMER STAPLES - 3.6%  |  |  |
| Beverages - 2.1%  |  |  |
|  Anheuser-Busch InBev SA NV  | 199500  | 12016078  |
|  Constellation Brands, Inc. Class A (sub. vtg.)  | 79000  | 18308250  |
|  Diageo PLC  | 99506  | 4355564  |
|  Keurig Dr. Pepper, Inc.  | 16000  | 570560  |
|  PepsiCo, Inc.  | 385900  | 69716694  |
|  The Coca-Cola Co.  | 1022150  | 65018962  |
|  |  | 169986108  |
| Food & Staples Retailing - 0.9%  |  |  |
|  Alimentation Couche-Tard, Inc. Class A (multi-vtg.)  | 74800  | 3287001  |
|  Casey's General Stores, Inc.  | 15400  | 3454990  |
|  Costco Wholesale Corp.  | 146337  | 66802841  |
|  Performance Food Group Co. (a)  | 17800  | 1039342  |
|  |  | 74584174  |
| Food Products - 0.2%  |  |  |
|  Archer Daniels Midland Co.  | 101800  | 9452130  |
|  General Mills, Inc.  | 18400  | 1542840  |
|  Mondelez International, Inc.  | 82600  | 5505290  |
|  Nestle SA (Reg. S)  | 11180  | 1291395  |
|  |  | 17791655  |
| Household Products - 0.2%  |  |  |
|  Procter & Gamble Co.  | 101100  | 15322716  |
| Personal Products - 0.2%  |  |  |
|  L'Oreal SA (a)  | 13125  | 4700033  |
|  L'Oreal SA (a)  | 12803  | 4584726  |
|  Olaplex Holdings, Inc. (a)  | 351020  | 1828814  |
|  |  | 11113573  |
|  TOTAL CONSUMER STAPLES  |  | 288798226  |
| ENERGY - 13.7%  |  |  |
| Energy Equipment & Services - 0.1%  |  |  |
|  Halliburton Co.  | 288000  | 11332800  |
| Oil, Gas & Consumable Fuels - 13.6%  |  |  |
|  Antero Resources Corp. (a)  | 16900  | 523731  |
|  Birchcliff Energy Ltd.  | 75900  | 528609  |
|  Canadian Natural Resources Ltd.  | 345500  | 19186222  |
|  Cenovus Energy, Inc. (Canada)  | 158800  | 3081001  |
|  Cheniere Energy, Inc.  | 194736  | 29202611  |
|  Chevron Corp.  | 1000500  | 179579745  |
|  ConocoPhillips Co.  | 1339277  | 158034686  |
|  Devon Energy Corp.  | 579600  | 35651196  |
|  Diamondback Energy, Inc.  | 197646  | 27034020  |
|  EOG Resources, Inc.  | 346700  | 44904584  |
|  Equinor ASA  | 60400  | 2170793  |
|  Excelerate Energy, Inc. (e)  | 7924  | 198496  |
|  Exxon Mobil Corp.  | 2709300  | 298835790  |
|  Hess Corp.  | 443822  | 62942836  |
|  Marathon Petroleum Corp.  | 104200  | 12127838  |
|  Occidental Petroleum Corp.  | 1405000  | 88500950  |
|  Ovintiv, Inc.  | 13700  | 694727  |
|  Phillips 66 Co.  | 289600  | 30141568  |
|  Pioneer Natural Resources Co.  | 175600  | 40105284  |
|  Suncor Energy, Inc.  | 259200  | 8222038  |
|  Tourmaline Oil Corp.  | 32700  | 1649973  |
|  Valero Energy Corp.  | 421100  | 53420746  |
|  |  | 1096737444  |
|  TOTAL ENERGY  |  | 1108070244  |
| FINANCIALS - 14.3%  |  |  |
| Banks - 2.9%  |  |  |
|  AIB Group PLC  | 263600  | 1020329  |
|  Banco Santander SA (Spain)  | 540200  | 1615260  |
|  Bank of America Corp.  | 3221862  | 106708069  |
|  Bank of Ireland Group PLC  | 343600  | 3273479  |
|  Citigroup, Inc.  | 39500  | 1786585  |
|  HDFC Bank Ltd. sponsored ADR  | 22400  | 1532384  |
|  JPMorgan Chase & Co.  | 442824  | 59382698  |
|  Nu Holdings Ltd. (e)  | 645700  | 2627999  |
|  Royal Bank of Canada  | 266300  | 25036920  |
|  Starling Bank Ltd. Series D (a)(b)(c)  | 1611012  | 6096091  |
|  The Toronto-Dominion Bank  | 171500  | 11104435  |
|  Wells Fargo & Co.  | 400300  | 16528387  |
|  |  | 236712636  |
| Capital Markets - 1.8%  |  |  |
|  BlackRock, Inc. Class A  | 600  | 425178  |
|  Brookfield Asset Management Ltd. Class A (a)  | 4520  | 129424  |
|  Brookfield Corp. (Canada) Class A  | 6700  | 210699  |
|  Charles Schwab Corp.  | 300  | 24978  |
|  Goldman Sachs Group, Inc.  | 140373  | 48201281  |
|  Morgan Stanley  | 1075800  | 91464516  |
|  MSCI, Inc.  | 1011  | 470287  |
|  TulCo LLC (a)(b)(c)(f)  | 7549  | 5701156  |
|  |  | 146627519  |
| Diversified Financial Services - 6.0%  |  |  |
|  Berkshire Hathaway, Inc. Class A (a)  | 1022  | 479022607  |
| Insurance - 3.6%  |  |  |
|  American International Group, Inc.  | 450000  | 28458000  |
|  Aon PLC  | 4400  | 1320616  |
|  Arthur J. Gallagher & Co.  | 51611  | 9730738  |
|  Brookfield Asset Management Reinsurance Partners Ltd.  | 480  | 15006  |
|  Chubb Ltd.  | 210168  | 46363061  |
|  Fairfax Financial Holdings Ltd. (sub. vtg.)  | 28300  | 16764092  |
|  Hartford Financial Services Group, Inc.  | 99400  | 7537502  |
|  Intact Financial Corp.  | 55360  | 7969142  |
|  Marsh & McLennan Companies, Inc.  | 36100  | 5973828  |
|  Progressive Corp.  | 619900  | 80407229  |
|  The Travelers Companies, Inc.  | 454608  | 85234454  |
|  W.R. Berkley Corp.  | 19600  | 1422372  |
|  |  | 291196040  |
|  TOTAL FINANCIALS  |  | 1153558802  |
| HEALTH CARE - 17.6%  |  |  |
| Biotechnology - 5.3%  |  |  |
|  Alnylam Pharmaceuticals, Inc. (a)  | 91100  | 21649915  |
|  Argenx SE ADR (a)  | 14527  | 5503263  |
|  Biohaven Ltd. (a)  | 1466  | 20348  |
|  Galapagos NV sponsored ADR (a)  | 71500  | 3173170  |
|  Genmab A/S (a)  | 4100  | 1733459  |
|  Gilead Sciences, Inc.  | 85400  | 7331590  |
|  Intellia Therapeutics, Inc. (a)  | 16683  | 582070  |
|  Legend Biotech Corp. ADR (a)  | 78184  | 3902945  |
|  Moderna, Inc. (a)  | 12400  | 2227288  |
|  Neurocrine Biosciences, Inc. (a)  | 57700  | 6891688  |
|  Nuvalent, Inc. Class A (a)  | 21700  | 646226  |
|  Regeneron Pharmaceuticals, Inc. (a)  | 263123  | 189840613  |
|  United Therapeutics Corp. (a)  | 48874  | 13591371  |
|  Vertex Pharmaceuticals, Inc. (a)  | 570500  | 164748990  |
|  Zai Lab Ltd. (a)  | 481160  | 1489313  |
|  |  | 423332249  |
| Health Care Equipment & Supplies - 0.5%  |  |  |
|  Boston Scientific Corp. (a)  | 86400  | 3997728  |
|  DexCom, Inc. (a)  | 13200  | 1494768  |
|  Edwards Lifesciences Corp. (a)  | 39347  | 2935680  |
|  Figs, Inc. Class A (a)  | 35100  | 236223  |
|  Intuitive Surgical, Inc. (a)  | 127850  | 33924998  |
|  Straumann Holding AG  | 13083  | 1500243  |
|  |  | 44089640  |
| Health Care Providers & Services - 5.5%  |  |  |
|  23andMe Holding Co. Class A (a)  | 290780  | 628085  |
|  AmerisourceBergen Corp.  | 35700  | 5915847  |
|  Cardinal Health, Inc.  | 150800  | 11591996  |
|  Cigna Corp.  | 146300  | 48475042  |
|  Elevance Health, Inc.  | 85000  | 43602450  |
|  HCA Holdings, Inc.  | 42500  | 10198300  |
|  Molina Healthcare, Inc. (a)  | 67600  | 22322872  |
|  Option Care Health, Inc. (a)  | 57094  | 1717958  |
|  P3 Health Partners, Inc. (a)(b)  | 160486  | 295294  |
|  UnitedHealth Group, Inc.  | 559678  | 296730082  |
|  |  | 441477926  |
| Health Care Technology - 0.0%  |  |  |
|  Doximity, Inc. (a)  | 49200  | 1651152  |
| Life Sciences Tools & Services - 1.0%  |  |  |
|  Danaher Corp.  | 162635  | 43166582  |
|  Mettler-Toledo International, Inc. (a)  | 12456  | 18004525  |
|  Thermo Fisher Scientific, Inc.  | 660  | 363455  |
|  Veterinary Emergency Group LLC Class A (a)(b)(c)(f)  | 59096  | 3357244  |
|  Waters Corp. (a)  | 37508  | 12849491  |
|  |  | 77741297  |
| Pharmaceuticals - 5.3%  |  |  |
|  AstraZeneca PLC sponsored ADR  | 279400  | 18943320  |
|  Bristol-Myers Squibb Co.  | 722200  | 51962290  |
|  DICE Therapeutics, Inc. (a)  | 54300  | 1694160  |
|  Eli Lilly & Co.  | 488252  | 178622112  |
|  Intra-Cellular Therapies, Inc. (a)  | 14978  | 792636  |
|  Johnson & Johnson  | 335500  | 59266075  |
|  Merck & Co., Inc.  | 713200  | 79129540  |
|  Nuvation Bio, Inc. (a)  | 82324  | 158062  |
|  Pfizer, Inc.  | 19400  | 994056  |
|  Roche Holding AG (participation certificate)  | 47040  | 14781735  |
|  Royalty Pharma PLC  | 554200  | 21901984  |
|  |  | 428245970  |
|  TOTAL HEALTH CARE  |  | 1416538234  |
| INDUSTRIALS - 5.4%  |  |  |
| Aerospace & Defense - 2.3%  |  |  |
|  Lockheed Martin Corp.  | 216200  | 105179138  |
|  Northrop Grumman Corp.  | 115600  | 63072516  |
|  Space Exploration Technologies Corp.:  |  |  |
|  Class A (a)(b)(c)  | 212910  | 16394070  |
|  Class C (a)(b)(c)  | 7830  | 602910  |
|  TransDigm Group, Inc.  | 1300  | 818545  |
|  |  | 186067179  |
| Air Freight & Logistics - 1.0%  |  |  |
|  United Parcel Service, Inc. Class B  | 477915  | 83080744  |
|  Zipline International, Inc. (a)(b)(c)  | 28830  | 638873  |
|  |  | 83719617  |
| Airlines - 0.1%  |  |  |
|  Ryanair Holdings PLC sponsored ADR (a)  | 114300  | 8545068  |
| Building Products - 0.1%  |  |  |
|  Carrier Global Corp.  | 19100  | 787875  |
|  Toto Ltd.  | 141220  | 4790108  |
|  Trane Technologies PLC  | 4700  | 790023  |
|  |  | 6368006  |
| Commercial Services & Supplies - 0.2%  |  |  |
|  Cintas Corp.  | 14931  | 6743138  |
|  Clean Harbors, Inc. (a)  | 86900  | 9917028  |
|  Clean TeQ Water Pty Ltd. (a)  | 2653  | 700  |
|  |  | 16660866  |
| Construction & Engineering - 0.0%  |  |  |
|  Willscot Mobile Mini Holdings (a)  | 11970  | 540685  |
| Electrical Equipment - 0.2%  |  |  |
|  Eaton Corp. PLC  | 77700  | 12195015  |
|  Emerson Electric Co.  | 7900  | 758874  |
|  Hubbell, Inc. Class B  | 25300  | 5937404  |
|  |  | 18891293  |
| Industrial Conglomerates - 0.4%  |  |  |
|  General Electric Co.  | 378537  | 31717615  |
| Machinery - 0.5%  |  |  |
|  Caterpillar, Inc.  | 6600  | 1581096  |
|  Deere & Co.  | 51100  | 21909636  |
|  Fortive Corp.  | 35900  | 2306575  |
|  Indutrade AB  | 34800  | 704014  |
|  PACCAR, Inc.  | 124127  | 12284849  |
|  |  | 38786170  |
| Road & Rail - 0.5%  |  |  |
|  Canadian Pacific Railway Ltd.  | 259400  | 19340052  |
|  J.B. Hunt Transport Services, Inc.  | 53600  | 9345696  |
|  Localiza Rent a Car SA  | 25700  | 258959  |
|  Localiza Rent a Car SA rights (a)  | 112  | 228  |
|  Old Dominion Freight Lines, Inc.  | 24400  | 6924232  |
|  Vamos Locacao de Caminhoes Maquinas e Equipamentos SA  | 10600  | 25377  |
|  |  | 35894544  |
| Trading Companies & Distributors - 0.1%  |  |  |
|  W.W. Grainger, Inc.  | 17519  | 9744944  |
|  TOTAL INDUSTRIALS  |  | 436935987  |
| INFORMATION TECHNOLOGY - 15.5%  |  |  |
| Communications Equipment - 0.2%  |  |  |
|  Arista Networks, Inc. (a)  | 126028  | 15293498  |
|  Motorola Solutions, Inc.  | 3100  | 798901  |
|  |  | 16092399  |
| Electronic Equipment & Components - 1.7%  |  |  |
|  Amphenol Corp. Class A  | 1725787  | 131401422  |
|  CDW Corp.  | 34933  | 6238335  |
|  Jabil, Inc.  | 34900  | 2380180  |
|  |  | 140019937  |
| IT Services - 1.2%  |  |  |
|  Accenture PLC Class A  | 323429  | 86303794  |
|  Adyen BV (a)(d)  | 2295  | 3186033  |
|  ASAC II LP (a)(b)(c)  | 2013117  | 338204  |
|  Cloudflare, Inc. (a)  | 7480  | 338171  |
|  Gartner, Inc. (a)  | 8113  | 2727104  |
|  MasterCard, Inc. Class A  | 4900  | 1703877  |
|  MongoDB, Inc. Class A (a)  | 3900  | 767676  |
|  Shopify, Inc. Class A (a)  | 8168  | 283588  |
|  Visa, Inc. Class A  | 3700  | 768712  |
|  X Holdings I, Inc. (b)(c)  | 3251  | 1289769  |
|  |  | 97706928  |
| Semiconductors & Semiconductor Equipment - 4.2%  |  |  |
|  Advanced Micro Devices, Inc. (a)  | 625553  | 40517068  |
|  Analog Devices, Inc.  | 166300  | 27278189  |
|  Broadcom, Inc.  | 7000  | 3913910  |
|  Enphase Energy, Inc. (a)  | 90500  | 23978880  |
|  First Solar, Inc. (a)  | 31000  | 4643490  |
|  Lattice Semiconductor Corp. (a)  | 87465  | 5674729  |
|  Marvell Technology, Inc.  | 22475  | 832474  |
|  Monolithic Power Systems, Inc.  | 3700  | 1308357  |
|  NVIDIA Corp.  | 929060  | 135772828  |
|  onsemi (a)  | 485200  | 30261924  |
|  Qualcomm, Inc.  | 463337  | 50939270  |
|  Synaptics, Inc. (a)  | 109831  | 10451518  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR  | 49900  | 3717051  |
|  |  | 339289688  |
| Software - 5.1%  |  |  |
|  Adobe, Inc. (a)  | 83266  | 28021507  |
|  Aspen Technology, Inc. (a)  | 1600  | 328640  |
|  Atlassian Corp. PLC (a)(e)  | 27781  | 3574859  |
|  Cadence Design Systems, Inc. (a)  | 448662  | 72073064  |
|  Check Point Software Technologies Ltd. (a)  | 25700  | 3242312  |
|  Clear Secure, Inc. (e)  | 92332  | 2532667  |
|  Fair Isaac Corp. (a)  | 1800  | 1077444  |
|  Fortinet, Inc. (a)  | 195227  | 9544648  |
|  Intuit, Inc.  | 2083  | 810745  |
|  Magic Leap, Inc.:  |  |  |
|  Class A (a)(c)  | 72297  | 724416  |
|  warrants (a)(c)  | 39573  | 396521  |
|  Microsoft Corp.  | 963649  | 231102303  |
|  Oracle Corp.  | 19900  | 1626626  |
|  Salesforce.com, Inc. (a)  | 359394  | 47652050  |
|  Samsara, Inc. (e)  | 64900  | 806707  |
|  Stripe, Inc. Class B (a)(b)(c)  | 26700  | 598614  |
|  Tanium, Inc. Class B (a)(b)(c)  | 408212  | 2971783  |
|  Zoom Video Communications, Inc. Class A (a)  | 10913  | 739247  |
|  |  | 407824153  |
| Technology Hardware, Storage & Peripherals - 3.1%  |  |  |
|  Apple, Inc.  | 1934000  | 251284620  |
|  Dell Technologies, Inc.  | 19519  | 785054  |
|  Pure Storage, Inc. Class A (a)  | 17100  | 457596  |
|  |  | 252527270  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 1253460375  |
| MATERIALS - 3.3%  |  |  |
| Chemicals - 1.0%  |  |  |
|  Air Products & Chemicals, Inc.  | 21600  | 6658416  |
|  Albemarle Corp.  | 101000  | 21902860  |
|  CF Industries Holdings, Inc.  | 249900  | 21291480  |
|  Corteva, Inc.  | 242000  | 14224760  |
|  Linde PLC  | 7000  | 2283260  |
|  Sherwin-Williams Co.  | 1734  | 411530  |
|  Westlake Corp.  | 88852  | 9110884  |
|  |  | 75883190  |
| Metals & Mining - 2.3%  |  |  |
|  B2Gold Corp.  | 1646929  | 5850612  |
|  Barrick Gold Corp. (Canada)  | 37266  | 638806  |
|  Cleveland-Cliffs, Inc. (a)  | 182700  | 2943297  |
|  Franco-Nevada Corp.  | 299817  | 40869441  |
|  Freeport-McMoRan, Inc.  | 668000  | 25384000  |
|  Glencore PLC  | 452400  | 3016896  |
|  Ivanhoe Electric, Inc. (a)  | 46500  | 564975  |
|  Ivanhoe Mines Ltd. (a)  | 3314587  | 26193560  |
|  Novagold Resources, Inc. (a)  | 493634  | 2949408  |
|  Nucor Corp.  | 359473  | 47382136  |
|  POSCO sponsored ADR  | 7872  | 428788  |
|  Steel Dynamics, Inc.  | 305746  | 29871384  |
|  Wheaton Precious Metals Corp.  | 61200  | 2391049  |
|  |  | 188484352  |
|  TOTAL MATERIALS  |  | 264367542  |
| REAL ESTATE - 0.1%  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 0.1%  |  |  |
|  Equity Commonwealth  | 136691  | 3413174  |
| UTILITIES - 0.5%  |  |  |
| Electric Utilities - 0.5%  |  |  |
|  Constellation Energy Corp.  | 134069  | 11558088  |
|  NextEra Energy, Inc.  | 28400  | 2374240  |
|  PG&E Corp. (a)  | 346500  | 5634090  |
|  Southern Co.  | 275054  | 19641606  |
|  |  | 39208024  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $5,215,840,395)  |  | <br> **7354764060**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Preferred Stocks - 1.1%**  | &nbsp;&nbsp; **Preferred Stocks - 1.1%**  | &nbsp;&nbsp; **Preferred Stocks - 1.1%**  |
|  | Shares  | Value ($) <br>|
| Convertible Preferred Stocks - 0.9%  |  |  |
| COMMUNICATION SERVICES - 0.1%  |  |  |
| Interactive Media & Services - 0.1%  |  |  |
|  ByteDance Ltd. Series E1 (a)(b)(c)  | 37932  | 6825484  |
|  Reddit, Inc.:  |  |  |
|  Series E(a)(b)(c)  | 9600  | 359616  |
|  Series F(a)(b)(c)  | 49896  | 1869104  |
|  |  | 9054204  |
| CONSUMER DISCRETIONARY - 0.0%  |  |  |
| Automobiles - 0.0%  |  |  |
|  Rad Power Bikes, Inc.:  |  |  |
|  Series A(a)(b)(c)  | 19024  | 70389  |
|  Series C(a)(b)(c)  | 74857  | 276971  |
|  Series D(a)(b)(c)  | 127700  | 472490  |
|  |  | 819850  |
| Hotels, Restaurants & Leisure - 0.0%  |  |  |
|  Discord, Inc. Series I (a)(b)(c)  | 800  | 283976  |
| Internet & Direct Marketing Retail - 0.0%  |  |  |
|  Circle Internet Financial Ltd. Series F (b)(c)  | 38025  | 998156  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 2101982  |
| CONSUMER STAPLES - 0.0%  |  |  |
| Food & Staples Retailing - 0.0%  |  |  |
|  GoBrands, Inc.:  |  |  |
|  Series G(a)(b)(c)  | 3340  | 483432  |
|  Series H(a)(b)(c)  | 3970  | 574618  |
|  |  | 1058050  |
| Food Products - 0.0%  |  |  |
|  Bowery Farming, Inc. Series C1 (a)(b)(c)  | 13266  | 269432  |
|  TOTAL CONSUMER STAPLES  |  | 1327482  |
| HEALTH CARE - 0.0%  |  |  |
| Biotechnology - 0.0%  |  |  |
|  ElevateBio LLC Series C (a)(b)(c)  | 194500  | 711870  |
| Health Care Providers & Services - 0.0%  |  |  |
|  Lyra Health, Inc.:  |  |  |
|  Series E(a)(b)(c)  | 79800  | 1134756  |
|  Series F(a)(b)(c)  | 4099  | 58288  |
|  Somatus, Inc. Series E (b)(c)  | 842  | 723211  |
|  |  | 1916255  |
|  TOTAL HEALTH CARE  |  | 2628125  |
| INDUSTRIALS - 0.7%  |  |  |
| Aerospace & Defense - 0.7%  |  |  |
|  Relativity Space, Inc. Series E (a)(b)(c)  | 125290  | 2326635  |
|  Space Exploration Technologies Corp.:  |  |  |
|  Series G(a)(b)(c)  | 36460  | 28074200  |
|  Series H(a)(b)(c)  | 7256  | 5587120  |
|  Series N(a)(b)(c)  | 24552  | 18905040  |
|  |  | 54892995  |
| Air Freight & Logistics - 0.0%  |  |  |
|  Zipline International, Inc. Series E (a)(b)(c)  | 66084  | 1464421  |
| Construction & Engineering - 0.0%  |  |  |
|  Beta Technologies, Inc. Series B, 6.00% (b)(c)  | 15787  | 1031838  |
|  TOTAL INDUSTRIALS  |  | 57389254  |
| INFORMATION TECHNOLOGY - 0.1%  |  |  |
| Software - 0.1%  |  |  |
|  Delphix Corp. Series D (a)(b)(c)  | 232855  | 1196875  |
|  Nuro, Inc.:  |  |  |
|  Series C(a)(b)(c)  | 190290  | 1451913  |
|  Series D(a)(b)(c)  | 36736  | 280296  |
|  Stripe, Inc. Series H (a)(b)(c)  | 11500  | 257830  |
|  Tenstorrent, Inc. Series C1 (a)(b)(c)  | 12300  | 640953  |
|  |  | 3827867  |
| TOTAL CONVERTIBLE PREFERRED STOCKS  |  | 76328914  |
| Nonconvertible Preferred Stocks - 0.2%  |  |  |
| CONSUMER DISCRETIONARY - 0.0%  |  |  |
| Internet & Direct Marketing Retail - 0.0%  |  |  |
|  Circle Internet Financial Ltd. Series E (b)(c)  | 61811  | 1622539  |
| ENERGY - 0.1%  |  |  |
| Oil, Gas & Consumable Fuels - 0.1%  |  |  |
|  Petroleo Brasileiro SA - Petrobras sponsored ADR  | 607300  | 6467745  |
| INFORMATION TECHNOLOGY - 0.1%  |  |  |
| Software - 0.1%  |  |  |
|  Magic Leap, Inc. Series AA (a)(c)  | 275569  | 4274075  |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS  |  | 12364359  |
| <br> **TOTAL PREFERRED STOCKS** <br> (Cost $54,561,320)  |  | <br> **88693273**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Preferred Securities - 0.0%**  | &nbsp;&nbsp; **Preferred Securities - 0.0%**  | &nbsp;&nbsp; **Preferred Securities - 0.0%**  |
|  | Principal <br> Amount (g) <br>| Value ($) <br>|
| INFORMATION TECHNOLOGY - 0.0%  |  |  |
| Software - 0.0%  |  |  |
|  Tenstorrent, Inc. 0% (b)(c)(h) <br>(Cost $680,000) <br>| 680000  | **595680**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 5.5%**  | &nbsp;&nbsp; **Money Market Funds - 5.5%**  | &nbsp;&nbsp; **Money Market Funds - 5.5%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 4.37% (i)  | 440602199  | 440690320  |
|  Fidelity Securities Lending Cash Central Fund 4.37% (i)(j)  | 6127490  | 6128103  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $446,818,423)  |  | **446818423**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 97.8%** <br> (Cost $5,717,900,138) <br>| <br>**7890871436**  |
| **NET OTHER ASSETS (LIABILITIES) - 2.2%**  | **177361804**  |
| **NET ASSETS - 100.0%**  | **8068233240**  |

---

**Legend**

(a) Non-income producing

(b) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $133,826,849 or 1.7% of net assets.

(c) Level 3 security

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $5,658,365 or 0.1% of net assets.

(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) Amount is stated in United States dollars unless otherwise noted.

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

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

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows:  | Additional information on each restricted holding is as follows:  | Additional information on each restricted holding is as follows:  |
| Security  | Acquisition Date  | Acquisition Cost ($) <br>|
| ASAC II LP  | 10/10/13  | 155030  |
| Beta Technologies, Inc. Series B, 6.00%  | 4/04/22  | 1628745  |
| Blu Investments LLC  | 5/21/20  | 36484  |
| Bowery Farming, Inc. Series C1  | 5/18/21  | 799267  |
| ByteDance Ltd. Series E1  | 11/18/20  | 4156368  |
| Circle Internet Financial Ltd. Series E  | 5/11/21  | 1003200  |
| Circle Internet Financial Ltd. Series F  | 5/09/22  | 1602374  |
| Delphix Corp. Series D  | 7/10/15  | 2095695  |
| Discord, Inc. Series I  | 9/15/21  | 440500  |
| ElevateBio LLC Series C  | 3/09/21  | 815928  |
| Epic Games, Inc.  | 7/13/20 - 7/30/20  | 4082500  |
| Fanatics, Inc. Class A  | 8/13/20 - 12/15/21  | 4645244  |
| GoBrands, Inc. Series G  | 3/02/21  | 834056  |
| GoBrands, Inc. Series H  | 7/22/21  | 1542308  |
| Lyra Health, Inc. Series E  | 1/14/21  | 730697  |
| Lyra Health, Inc. Series F  | 6/04/21  | 64372  |
| Nuro, Inc. Series C  | 10/30/20  | 2484160  |
| Nuro, Inc. Series D  | 10/29/21  | 765788  |
| P3 Health Partners, Inc.  | 5/25/21  | 1604860  |
| Rad Power Bikes, Inc.  | 1/21/21  | 703890  |
| Rad Power Bikes, Inc. Series A  | 1/21/21  | 91769  |
| Rad Power Bikes, Inc. Series C  | 1/21/21  | 361098  |
| Rad Power Bikes, Inc. Series D  | 9/17/21  | 1223851  |
| Reddit, Inc. Series E  | 5/18/21  | 407752  |
| Reddit, Inc. Series F  | 8/11/21  | 3083293  |
| Relativity Space, Inc. Series E  | 5/27/21  | 2861010  |
| Somatus, Inc. Series E  | 1/31/22  | 734759  |
| Space Exploration Technologies Corp. Class A  | 10/16/15 - 2/16/21  | 3185238  |
| Space Exploration Technologies Corp. Class C  | 9/11/17  | 105705  |
| Space Exploration Technologies Corp. Series G  | 1/20/15  | 2824191  |
| Space Exploration Technologies Corp. Series H  | 8/04/17  | 979560  |
| Space Exploration Technologies Corp. Series N  | 8/04/20  | 6629040  |
| Starling Bank Ltd. Series D  | 6/18/21 - 4/05/22  | 3151959  |
| Stripe, Inc. Class B  | 5/18/21  | 1071428  |
| Stripe, Inc. Series H  | 3/15/21  | 461438  |
| Tanium, Inc. Class B  | 4/21/17 - 9/18/20  | 3439433  |
| Tenstorrent, Inc. Series C1  | 4/23/21  | 731288  |
| Tenstorrent, Inc. 0%  | 4/23/21  | 680000  |
| TulCo LLC  | 8/24/17 - 12/14/17  | 2643700  |
| Veterinary Emergency Group LLC Class A  | 9/16/21 - 12/16/22  | 2307320  |
| X Holdings I, Inc.  | 10/25/22  | 3251000  |
| Zipline International, Inc.  | 10/12/21  | 1037880  |
| Zipline International, Inc. Series E  | 12/21/20  | 2156281  |

---

**Affiliated Central Funds**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.37%  | 298594723  | 3754119240  | 3612023643  | 6217589  | -  | -  | 440690320  | 1.0%  |
|  Fidelity Securities Lending Cash Central Fund 4.37%  | 11576828  | 384314303  | 389763028  | 73881  | -  | -  | 6128103  | 0.0%  |
| Total  | 310171551  | 4138433543  | 4001786671  | 6291470  | -  | -  | 446818423  |  |

---

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2022, 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:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 769199016  | 737110210  | 17244410  | 14844396  |
| Consumer Discretionary  | 633993161  | 596467361  | 22595763  | 14930037  |
| Consumer Staples  | 290125708  | 261850430  | 26947796  | 1327482  |
| Energy  | 1114537989  | 1112367196  | 2170793  | -  |
| Financials  | 1153558802  | 1140146295  | 1615260  | 11797247  |
| Health Care  | 1419166359  | 1393676240  | 19504750  | 5985369  |
| Industrials  | 494325241  | 414509326  | 4790808  | 75025107  |
| Information Technology  | 1261562317  | 1243955035  | 3186033  | 14421249  |
| Materials  | 264367542  | 261350646  | 3016896  | -  |
| Real Estate  | 3413174  | 3413174  | -  | -  |
| Utilities  | 39208024  | 39208024  | -  | -  |
|  Preferred Securities  | 595680  | -  | -  | 595680  |
|  Money Market Funds  | 446818423  | 446818423  | -  | -  |
| **Total Investments in Securities:**  | 7890871436  | 7650872360  | 101072509  | 138926567  |
|  Net Unrealized Depreciation on Unfunded Commitments  | (309148)  | -  | -  | (309148)  |
| **Total**  | (309148)  | -  | -  | (309148)  |

---

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

---

| | |
|:---|:---|
| **Investments in Securities:**  |  |
|  Beginning Balance  | $128061917  |
|  Net Realized Gain (Loss) on Investment Securities  | 3460165  |
|  Net Unrealized Gain (Loss) on Investment Securities  | 1851936  |
|  Cost of Purchases  | 10122485  |
|  Proceeds of Sales  | (4631019)  |
|  Amortization/Accretion  | -  |
|  Transfers into Level 3  | 1622539  |
|  Transfers out of Level 3  | (1561456)  |
|  Ending Balance  | $138926567  |
|  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2022  | $1851936  |
| <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. <br>|  |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $5,944,792) - See accompanying schedule:  |  |  |
|  Unaffiliated issuers (cost $5,271,081,715)  | $7444053013  |  |
|  Fidelity Central Funds (cost $446,818,423)  | 446818423  |  |
|  Total Investment in Securities (cost $5,717,900,138)  |  | $7890871436  |
|  Restricted cash  |  | 16158  |
|  Foreign currency held at value (cost $1,382)  |  | 1362  |
| Receivable for investments sold  |  | 859443  |
|  Receivable for fund shares sold  |  | 177598684  |
|  Dividends receivable  |  | 4929002  |
|  Distributions receivable from Fidelity Central Funds  |  | 1357554  |
| Other receivables  |  | 54408  |
| **Total assets**  |  | 8075688047  |
| **Liabilities**  |  |  |
|  Payable to custodian bank  | $25  |  |
|  Unrealized depreciation on unfunded commitments  | 309148  |  |
|  Payable for fund shares redeemed  | 66581  |  |
|  Other payables and accrued expenses  | 953928  |  |
|  Collateral on securities loaned  | 6125125  |  |
| **Total Liabilities**  |  | 7454807  |
| **Net Assets**  |  | $8068233240  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $5944482274  |
|  Total accumulated earnings (loss)  |  | 2123750966  |
|  **Net Assets**  |  | $8068233240  |
|  **Net Asset Value** , offering price and redemption price per share ($8,068,233,240 ÷ 563,727,027 shares)  |  | $14.31  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $85741503  |
| Income from Fidelity Central Funds (including $73,881 from security lending)  |  | 6291470  |
| **Total Income**  |  | 92032973  |
|  **Expenses**  |  |  |
| Custodian fees and expenses  | 152473  |  |
| Independent trustees' fees and expenses  | 25652  |  |
| Total expenses before reductions  | 178125  |  |
| Expense reductions  | (844)  |  |
| Total expenses after reductions  |  | 177281  |
| **Net Investment income (loss)**  |  | 91855692  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers(net of foreign taxes of $172,002)  | 321769949  |  |
| Foreign currency transactions  | (30205)  |  |
| Total net realized gain (loss)  |  | 321739744  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $466,611)  | (2586809257)  |  |
| Unfunded commitments  | (260407)  |  |
| Assets and liabilities in foreign currencies  | (23870)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (2587093534)  |
| **Net gain (loss)**  |  | (2265353790)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(2173498098)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $91855692  | $49643475  |
| &nbsp;&nbsp; Net realized gain (loss)  | 321739744 <br>| 1384487067 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (2587093534)  | 399250076 <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (2173498098) <br>| 1833380618 <br>|
| Distributions to shareholders  | (568513318) <br>| (1459118632) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 3429424120  | 1161106204  |
| Reinvestment of distributions  | 568513318 <br>| 1459118631 <br>|
| &nbsp;&nbsp; Cost of shares redeemed  | (1208298984)  | (2647170260)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | 2789638454 <br>| (26945425) <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | 47627038 <br>| 347316561 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 8020606202  | 7673289641 <br>|
| &nbsp;&nbsp; End of period  | $8068233240  | $8020606202  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 215811257  | 53744068  |
| Issued in reinvestment of distributions  | 36485463 <br>| 70309438 <br>|
| &nbsp;&nbsp; Redeemed  | (75287602)  | (116279469)  |
| &nbsp;&nbsp; Net increase (decrease)  | 177009118  | 7774037  |

---

**Financial Highlights** 

 **Fidelity® Series Opportunistic Insights Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $20.74  | $20.25  | $18.10  | $15.18  | $17.32  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .20  | .14  | .12  | .15  | .15  |
| Net realized and unrealized gain (loss)  | (5.44)  | 4.79  | 5.36  | 4.43  | (.42)  |
| Total from investment operations  | (5.24)  | 4.93  | 5.48  | 4.58  | (.27)  |
| Distributions from net investment income  | (.18)  | (.20)  | (.16)  | (.15)  | (.13)  |
| Distributions from net realized gain  | (1.00)  | (4.24)  | (3.18)  | (1.51)  | (1.75)  |
| Total distributions  | (1.19) <sup>C</sup>  | (4.44)  | (3.33) <sup>C</sup>  | (1.66)  | (1.87) <sup>C</sup>  |
| Net asset value, end of period  | $14.31  | $20.74  | $20.25  | $18.10  | $15.18  |
| **Total Return** <sup>D</sup>  | (25.73)%  | 24.81%  | 31.18%  | 30.53%  | (1.87)%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |
| Expenses before reductions <sup>G</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any <sup>G</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions <sup>G</sup>  | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 1.23%  | .61%  | .61%  | .81%  | .80%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $8068233  | $8020606  | $7673290  | $6899733  | $6419232  |
| Portfolio turnover rate <sup>H</sup>  | 36%  | 43%  | 33%  | 27% <sup>I</sup>  | 32% <sup>J</sup>  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total distributions per share do not sum due to rounding.*

<sup>D</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

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

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

<sup>G</sup> *Amount represents less than .005%.*

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

<sup>I</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

<sup>J</sup> *The portfolio turnover rate does not include the assets acquired in the merger.*

**Notes to Financial Statements**

For the period ended December 31, 2022

**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, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

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

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

---

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

---

<sup>A</sup> *Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

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

**3. Significant Accounting Policies.**

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

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Asset Type  | Fair Value  | Valuation Technique(s)  | Unobservable Input  | Amount or Range/Weighted Average  | Impact to Valuation from an Increase in Input <sup>A</sup>  |
| Equities  | $138330887  | Market comparable  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 5.5 - 21.2 / 11.5  | Increase  |
|  |  |  | Enterprise value/Revenue multiple (EV/R)  | 1.6 - 19.0 / 6.9  | Increase  |
|  |  |  | Enterprise value/Net income multiple (EV/NI)  | 15.5  | Increase  |
|  |  | Recovery value  | Recovery value  | $0.00 - $0.17 / $0.16  | Increase  |
|  |  | Market approach  | Transaction price  | $59.45  | Increase  |
|  |  |  | Discount rate  | 15.0%  | Decrease  |
|  |  | Discounted cash flow  | Weighted average cost of capital (WACC)  | 30.0%  | Decrease  |
|  |  |  | Exit multiple  | 2.0  | Increase  |
|  |  | Black scholes  | Discount rate  | 3.8% - 4.2% / 3.9%  | Increase  |
|  |  |  | Probability rate  | 50.0%  | Increase  |
|  |  |  | Volatility  | 65.0% - 80.0% / 72.8%  | Increase  |
|  |  |  | Term  | 2.0 - 5.0 / 3.5  | Increase  |
| Preferred Securities  | $595680  | Market approach  | Transaction price  | $100.00  | Increase  |
|  |  |  | Discount rate  | 15.0%  | Decrease  |
|  |  | Black scholes  | Discount rate  | 4.2%  | Increase  |
|  |  |  | Volatility  | 70.0%  | Increase  |
|  |  |  | Term  | 2.0  | Increase  |

---

<sup>A</sup> *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, 2022, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

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

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

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $2408339492  |
| **Gross unrealized depreciation**  | <u>(270147470)</u>  |
| **Net unrealized appreciation (depreciation)**  | <u>$2138192022</u>  |
| **Tax Cost**  | <u>$5752370266</u>  |

---

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

---

| | |
|:---|:---|
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$2138175393</u>  |

---

The Fund intends to elect to defer to its next fiscal year $14,451,235 of capital losses recognized during the period November 1, 2022 to December 31, 2022.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022**  | **December 31, 2021**  |
| **Ordinary Income**  | $95989152  | $158912657  |
| **Long-term Capital Gains**  | <u>472524166</u>  | <u>1300205975</u>  |
| **Total**  | <u>$568513318</u>  | <u>$1459118632</u>  |

---

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

**Commitments.** A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable based on contractual conditions of each commitment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment to be Acquired**  | **Commitment Amount**  | **Unrealized Appreciation (Depreciation)**  |
| **Fidelity Series Opportunistic Insights Fund**  | Stripe, Inc.  | $309148  | $(309148)  |

---

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

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

At the current and/or prior period end, the Fund had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable.

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

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

---

| | | |
|:---|:---|:---|
|  | **$ Amount**  | **% of Net Assets**  |
| **Fidelity Series Opportunistic Insights Fund**  | 9074558  | .11  |

---

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

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

**New Accounting Pronouncement.** In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-03 *Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions* . The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. They also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. They also require additional disclosures for equity securities subject to contractual sale restrictions. ASU 2022-03 will be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023. Management is currently evaluating the potential impact of ASU 2022-03 to the financial statements.

**4. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  |
| **Fidelity Series Opportunistic Insights Fund**  | 4605310345  | 2604388908  |

---

**5. Fees and Other Transactions with Affiliates.**

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

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

---

| | |
|:---|:---|
|  | **Amount**  |
| **Fidelity Series Opportunistic Insights Fund**  | $57112  |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  | **Realized Gain (Loss) ($)**  |
| **Fidelity Series Opportunistic Insights Fund**  | 247283072  | 173623144  | 34120434  |

---

**6. Committed Line of Credit.**

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

**7. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS**  | **Security Lending Income From Securities Loaned to NFS**  | **Value of Securities Loaned to NFS at Period End**  |
| **Fidelity Series Opportunistic Insights Fund**  | $7642  | $1979  | $-  |

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**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 $844.

**9. Other.**

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

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

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.

**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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 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, 2022 by correspondence with the custodian, brokers and issuers of privately offered securities. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 10, 2023

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

**Trustees and Officers**

**<u>TRUSTEES AND OFFICERS</u>**

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 318 funds.

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

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

<u>Experience, Skills, Attributes, and Qualifications of the Trustees.</u> 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.

<u>Board Structure and Oversight Function.</u> Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair 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 Chair, 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 Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity <sup>®</sup> 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 <sup>®</sup> 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 <sup>®</sup> 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 <sup>®</sup> funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

<u>Interested Trustees\*:</u>

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

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

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

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

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

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

<u>Independent Trustees:</u>

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

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

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

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

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

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

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

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

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

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

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

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

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

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity <sup>®</sup> 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, Executive Committee, 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) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

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

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

<u>Advisory Board Members and Officers:</u>

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.

<u>Name, Year of Birth; Principal Occupation</u>

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

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

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

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

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

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

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

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

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

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

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

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

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

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

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

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

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

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

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

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

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

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

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

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

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

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

**Shareholder Expense Example**

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022). <br>

***Actual Expenses***

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

***Hypothetical Example for Comparison Purposes***

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value July 1, 2022**  | **Ending Account Value December 31, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **July 1, 2022 to December 31, 2022**  |
| **Fidelity® Series Opportunistic Insights Fund**  | -%- <sup>D</sup>  |  |  |  |
| **Actual**  |  | $1000  | $1026.40  | $- <sup>E</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1025.21  | $- <sup>E</sup> <br>|

---

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

*B 5% return per year before expenses*

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

*D Amount represents less than .005%.*

*E Amount represents less than $.005.*

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com* .

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2022 $325,036,131 , or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 79% of the dividend distributed during December of the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 91.73% of the dividend distributed during December of 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 2023 of amounts for use in preparing 2022 income tax returns.

![](img88175_2.jpg) <br>

1.951052.110 O1T-ANN-0323

**Fidelity® Contrafund®**

**Annual Report**

**December 31, 2022**

![](img88195_1.jpg)

![](img88195_2.jpg)

**Contents**

---

| |
|:---|
| **[Performance](#Sec_Performance)** |
| **[Management's Discussion of Fund Performance](#Sec_Mgt Discussion of FundPerformance)** |
| **[Investment Summary](#Sec_InvestmentSummary22)** |
| **[Schedule of Investments](#Sec_ScheduleOfInvestments22)** |
| **[Financial Statements](#Sec_FinancialStatements22)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |

---

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2023 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.

&nbsp;&nbsp; **Average Annual Total Returns** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Fidelity® Contrafund®  | &nbsp;&nbsp; -28.26%  | &nbsp;&nbsp; 8.52%  | &nbsp;&nbsp; 12.40%  |
| Class K  | &nbsp;&nbsp; -28.22%  | &nbsp;&nbsp; 8.60%  | &nbsp;&nbsp; 12.50%  |

---

---

| |
|:---|
| **$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, 2012. <br>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.  |
| ![](img88195_5.jpg)  |

---

**Management's Discussion of Fund Performance**

**Market Recap:** 

U.S. equities returned -18.11% in 2022, according to the S&P 500 <sup>®</sup> index, as a multitude of risk factors challenged the global economy. It was the index's lowest calendar-year return since 2008 and first retreat since 2018. High inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in a decade, stoking recession fears and sending stocks into bear market territory. Since March, the Fed hiked its benchmark rate seven times, by 4.25 percentage points - the fastest-ever pace of monetary tightening - while also shrinking its massive portfolio. Against this backdrop, the S&P 500 <sup>®</sup> posted its worst year-to-date result (-23.87%) in 20 years through September, a seasonally weak month that stayed true to form, with volatility spiking due to growing certainty the Fed would persist in its effort to cool inflation, even at the expense of economic growth. Three of the index's worst monthly returns ever were recorded in 2022, as it shed 8% to 9% in April, June and September. Gains of similar proportion were made in July and October, amid optimism on inflation and policy easing. November (+6%) began with a rate hike of 0.75% and ended on a high note when the Fed signaled its intent to slow its pace of rate rises. For the year, value stocks handily outpaced growth. This headwind was pronounced in the growthier communication services (-40%), consumer discretionary (-37%) and information technology (-28%) sectors. In sharp contrast, energy (+66%) shined.

**Comments from Portfolio Manager William Danoff:**

For the year, the fund's share classes returned roughly -28%, trailing the -18.11% result of the benchmark S&P 500 <sup>®</sup> index. The largest detractors from performance versus the benchmark were stock picks and an overweight in the communication services sector, primarily within the media & entertainment industry. An underweight and security selection in energy and stock selection in information technology also hurt. The fund's biggest individual relative detractor was an overweight in Meta Platforms (-64%). The company was a sizable holding. Other noteworthy detractors included larger-than-benchmark stakes in Amazon.com (-50%) and Alphabet (-39%). Both were among the fund's biggest holdings. In contrast, the largest contributors to performance versus the benchmark were stock selection and an overweight in the financials sector, driven by the diversified financials industry. Also boosting the fund's relative result were underweights in real estate and information technology. The fund's position in cash contributed in a down market. The fund's biggest individual relative contributor was an overweight in Berkshire Hathaway (+4%), the fund's top holding. Also helping our relative result was an underweight in Tesla (-65%). We decreased our investment this period. Notable changes in positioning include a higher allocation to the energy and health care sectors, as well as reduced exposure to communication services and information technology.

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

**Investment Summary December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Berkshire Hathaway, Inc. Class A  | 9.8  |
| UnitedHealth Group, Inc.  | 6.1  |
| Microsoft Corp.  | 6.0  |
| Meta Platforms, Inc. Class A  | 5.5  |
| Amazon.com, Inc.  | 5.0  |
| Apple, Inc.  | 4.0  |
| Eli Lilly & Co.  | 2.6  |
| Alphabet, Inc. Class A  | 2.5  |
| Alphabet, Inc. Class C  | 2.2  |
| Regeneron Pharmaceuticals, Inc.  | 2.1  |
|  | 45.8  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Information Technology  | 21.0  |
| Health Care  | 17.6  |
| Financials  | 16.6  |
| Communication Services  | 12.9  |
| Consumer Discretionary  | 9.7  |
| Energy  | 6.7  |
| Industrials  | 5.7  |
| Materials  | 3.5  |
| Consumer Staples  | 3.4  |
| Utilities  | 0.4  |
| Real Estate  | 0.1  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88195_6.jpg)  |
| *Foreign investments - 7.1%*  |

---

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 95.9%**  | &nbsp;&nbsp; **Common Stocks - 95.9%**  | &nbsp;&nbsp; **Common Stocks - 95.9%**  |
|  | Shares  | Value ($) <br> (000s) <br>|
| COMMUNICATION SERVICES - 12.7%  |  |  |
| Entertainment - 1.9%  |  |  |
|  Activision Blizzard, Inc.  | 2103035  | 160987  |
|  Liberty Media Corp. Liberty Formula One Series C (a)  | 3239150  | 193636  |
|  Netflix, Inc. (a)  | 4135672  | 1219527  |
|  The Walt Disney Co. (a)  | 355276  | 30866  |
|  Universal Music Group NV  | 7154395  | 173013  |
|  |  | 1778029  |
| Interactive Media & Services - 10.5%  |  |  |
|  Alphabet, Inc.:  |  |  |
|  Class A (a)  | 25680674  | 2265806  |
|  Class C (a)  | 22581693  | 2003674  |
|  Bumble, Inc. (a)  | 2763774  | 58177  |
|  Epic Games, Inc. (a)(b)(c)  | 123700  | 100880  |
|  Meta Platforms, Inc. Class A (a)  | 41789891  | 5028995  |
|  Pinterest, Inc. Class A (a)  | 2002554  | 48622  |
|  |  | 9506154  |
| Wireless Telecommunication Services - 0.3%  |  |  |
|  T-Mobile U.S., Inc. (a)  | 1806649  | 252931  |
|  TOTAL COMMUNICATION SERVICES  |  | 11537114  |
| CONSUMER DISCRETIONARY - 9.7%  |  |  |
| Automobiles - 0.4%  |  |  |
|  General Motors Co.  | 2967756  | 99835  |
|  Harley-Davidson, Inc.  | 1017105  | 42312  |
|  Hyundai Motor Co.  | 651600  | 78145  |
|  Rad Power Bikes, Inc. (a)(b)(c)  | 2588458  | 9577  |
|  Rivian Automotive, Inc. (a)  | 355112  | 6545  |
|  Tesla, Inc. (a)  | 27561  | 3395  |
|  Toyota Motor Corp.  | 11242775  | 153380  |
|  |  | 393189  |
| Hotels, Restaurants & Leisure - 0.6%  |  |  |
|  Airbnb, Inc. Class A (a)  | 3306917  | 282741  |
|  Chipotle Mexican Grill, Inc. (a)  | 17518  | 24306  |
|  Evolution AB (d)  | 115689  | 11269  |
|  Hilton Worldwide Holdings, Inc.  | 894602  | 113042  |
|  Hyatt Hotels Corp. Class A (a)  | 102248  | 9248  |
|  McDonald's Corp.  | 357581  | 94233  |
|  |  | 534839  |
| Household Durables - 0.1%  |  |  |
|  Lennar Corp. Class A  | 1336805  | 120981  |
| Internet & Direct Marketing Retail - 5.2%  |  |  |
|  Amazon.com, Inc. (a)  | 53652806  | 4506836  |
|  Coupang, Inc. Class A (a)  | 10194115  | 149955  |
|  Deliveroo PLC Class A (a)(d)  | 33343486  | 34546  |
|  Doordash, Inc. (a)  | 1000  | 49  |
|  MercadoLibre, Inc. (a)  | 34937  | 29565  |
|  Uber Technologies, Inc. (a)  | 304177  | 7522  |
|  Wayfair LLC Class A (a)  | 67934  | 2234  |
|  |  | 4730707  |
| Multiline Retail - 0.2%  |  |  |
|  Dollar Tree, Inc. (a)  | 820019  | 115983  |
|  Dollarama, Inc.  | 396873  | 23212  |
|  |  | 139195  |
| Specialty Retail - 2.7%  |  |  |
|  Academy Sports & Outdoors, Inc.  | 3510344  | 184433  |
|  AutoZone, Inc. (a)  | 103937  | 256327  |
|  Dick's Sporting Goods, Inc. (e)  | 2361405  | 284053  |
|  Fanatics, Inc. Class A (a)(b)(c)  | 2461391  | 187484  |
|  National Vision Holdings, Inc. (a)(e)  | 1548584  | 60023  |
|  O'Reilly Automotive, Inc. (a)  | 390289  | 329416  |
|  The Home Depot, Inc.  | 2018448  | 637547  |
|  TJX Companies, Inc.  | 718207  | 57169  |
|  Ulta Beauty, Inc. (a)  | 512940  | 240605  |
|  Williams-Sonoma, Inc. (e)  | 1927650  | 221526  |
|  |  | 2458583  |
| Textiles, Apparel & Luxury Goods - 0.5%  |  |  |
|  Deckers Outdoor Corp. (a)  | 116215  | 46388  |
|  Dr. Martens Ltd.  | 15126877  | 34856  |
|  lululemon athletica, Inc. (a)  | 91071  | 29177  |
|  NIKE, Inc. Class B  | 1540149  | 180213  |
|  On Holding AG (a)  | 8273857  | 141979  |
|  |  | 432613  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 8810107  |
| CONSUMER STAPLES - 3.4%  |  |  |
| Beverages - 1.5%  |  |  |
|  Anheuser-Busch InBev SA NV  | 1059478  | 63813  |
|  Constellation Brands, Inc. Class A (sub. vtg.)  | 439931  | 101954  |
|  Diageo PLC  | 1806881  | 79091  |
|  Keurig Dr. Pepper, Inc.  | 365711  | 13041  |
|  PepsiCo, Inc.  | 2583062  | 466656  |
|  The Coca-Cola Co.  | 9456124  | 601504  |
|  |  | 1326059  |
| Food & Staples Retailing - 1.3%  |  |  |
|  Alimentation Couche-Tard, Inc. Class A (multi-vtg.)  | 1138970  | 50051  |
|  Casey's General Stores, Inc.  | 187461  | 42057  |
|  Costco Wholesale Corp.  | 2438086  | 1112986  |
|  Performance Food Group Co. (a)  | 216412  | 12636  |
|  Walmart, Inc.  | 994  | 141  |
|  |  | 1217871  |
| Food Products - 0.2%  |  |  |
|  Archer Daniels Midland Co.  | 228646  | 21230  |
|  General Mills, Inc.  | 233075  | 19543  |
|  Mondelez International, Inc.  | 1125673  | 75026  |
|  Nestle SA (Reg. S)  | 183594  | 21207  |
|  |  | 137006  |
| Household Products - 0.0%  |  |  |
|  Procter & Gamble Co.  | 52330  | 7931  |
| Personal Products - 0.4%  |  |  |
|  Estee Lauder Companies, Inc. Class A  | 989961  | 245619  |
|  L'Oreal SA (a)  | 187900  | 67287  |
|  L'Oreal SA (a)  | 187200  | 67036  |
|  Olaplex Holdings, Inc. (a)  | 4741861  | 24705  |
|  |  | 404647  |
|  TOTAL CONSUMER STAPLES  |  | 3093514  |
| ENERGY - 6.6%  |  |  |
| Energy Equipment & Services - 0.0%  |  |  |
|  Halliburton Co.  | 878583  | 34572  |
| Oil, Gas & Consumable Fuels - 6.6%  |  |  |
|  Birchcliff Energy Ltd.  | 945069  | 6582  |
|  Canadian Natural Resources Ltd.  | 5077141  | 281943  |
|  Cenovus Energy, Inc. (Canada)  | 2425639  | 47062  |
|  Cheniere Energy, Inc.  | 1921816  | 288196  |
|  Chevron Corp.  | 4013885  | 720452  |
|  ConocoPhillips Co.  | 7996712  | 943612  |
|  Devon Energy Corp.  | 3938084  | 242232  |
|  Diamondback Energy, Inc.  | 1338441  | 183072  |
|  EOG Resources, Inc.  | 3050557  | 395108  |
|  Equinor ASA  | 746378  | 26825  |
|  Excelerate Energy, Inc. (e)  | 83577  | 2094  |
|  Exxon Mobil Corp.  | 10840084  | 1195661  |
|  Hess Corp.  | 2920265  | 414152  |
|  Marathon Petroleum Corp.  | 469765  | 54676  |
|  Occidental Petroleum Corp.  | 5942100  | 374293  |
|  Ovintiv, Inc.  | 171135  | 8678  |
|  Phillips 66 Co.  | 1124034  | 116989  |
|  Pioneer Natural Resources Co.  | 1339634  | 305959  |
|  Reliance Industries Ltd.  | 1531739  | 47017  |
|  Suncor Energy, Inc. (e)  | 283614  | 8996  |
|  Tourmaline Oil Corp.  | 436374  | 22019  |
|  Valero Energy Corp.  | 2389923  | 303186  |
|  |  | 5988804  |
|  TOTAL ENERGY  |  | 6023376  |
| FINANCIALS - 16.6%  |  |  |
| Banks - 3.2%  |  |  |
|  AIB Group PLC  | 3290215  | 12736  |
|  Banco Santander SA (Spain)  | 7822922  | 23391  |
|  Bank of America Corp.  | 29887440  | 989872  |
|  Bank of Ireland Group PLC  | 4197783  | 39992  |
|  Citigroup, Inc.  | 546878  | 24735  |
|  HDFC Bank Ltd. sponsored ADR  | 265293  | 18149  |
|  JPMorgan Chase & Co.  | 5261260  | 705535  |
|  Nu Holdings Ltd. (e)  | 8819102  | 35894  |
|  Royal Bank of Canada (e)  | 4551792  | 427949  |
|  Starling Bank Ltd. Series D (a)(b)(c)  | 26724113  | 101124  |
|  The Toronto-Dominion Bank  | 3978909  | 257630  |
|  Wells Fargo & Co.  | 6130621  | 253133  |
|  |  | 2890140  |
| Capital Markets - 1.0%  |  |  |
|  BlackRock, Inc. Class A  | 7416  | 5255  |
|  Brookfield Asset Management Ltd. Class A (a)  | 55254  | 1582  |
|  Brookfield Corp. (Canada) Class A  | 81168  | 2553  |
|  Charles Schwab Corp.  | 1276752  | 106302  |
|  Coinbase Global, Inc. (a)  | 998  | 35  |
|  Goldman Sachs Group, Inc.  | 107908  | 37053  |
|  Morgan Stanley  | 6826947  | 580427  |
|  MSCI, Inc.  | 27674  | 12873  |
|  TulCo LLC (a)(b)(c)(f)  | 140771  | 106313  |
|  |  | 852393  |
| Consumer Finance - 0.0%  |  |  |
|  American Express Co.  | 135272  | 19986  |
| Diversified Financial Services - 9.8%  |  |  |
|  Berkshire Hathaway, Inc. Class A (a)(e)  | 18917  | 8866609  |
|  Rapyd Financial Network 2016 Ltd. (a)(b)(c)  | 340545  | 22939  |
|  |  | 8889548  |
| Insurance - 2.6%  |  |  |
|  American International Group, Inc.  | 7335252  | 463881  |
|  Aon PLC  | 78633  | 23601  |
|  Arthur J. Gallagher & Co.  | 804267  | 151637  |
|  Brookfield Asset Management Reinsurance Partners Ltd.  | 7601  | 238  |
|  Chubb Ltd.  | 2210173  | 487564  |
|  Fairfax Financial Holdings Ltd. (sub. vtg.)  | 143735  | 85144  |
|  Hartford Financial Services Group, Inc.  | 1494462  | 113325  |
|  Intact Financial Corp.  | 818021  | 117755  |
|  Marsh & McLennan Companies, Inc.  | 585196  | 96838  |
|  Progressive Corp.  | 3573918  | 463573  |
|  The Travelers Companies, Inc.  | 1994365  | 373923  |
|  W.R. Berkley Corp.  | 272572  | 19781  |
|  |  | 2397260  |
|  TOTAL FINANCIALS  |  | 15049327  |
| HEALTH CARE - 17.5%  |  |  |
| Biotechnology - 4.0%  |  |  |
|  AbbVie, Inc.  | 1173476  | 189645  |
|  Alnylam Pharmaceuticals, Inc. (a)  | 398933  | 94806  |
|  Argenx SE ADR (a)  | 216124  | 81874  |
|  Biohaven Ltd. (a)  | 24580  | 341  |
|  Galapagos NV sponsored ADR (a)  | 1184327  | 52560  |
|  Genmab A/S (a)  | 50320  | 21275  |
|  Gilead Sciences, Inc.  | 1032182  | 88613  |
|  Intarcia Therapeutics, Inc. warrants 12/31/24 (a)(c)  | 105983  | 0  |
|  Intellia Therapeutics, Inc. (a)  | 318218  | 11103  |
|  Legend Biotech Corp. ADR (a)  | 1018252  | 50831  |
|  Moderna, Inc. (a)  | 149540  | 26860  |
|  Neurocrine Biosciences, Inc. (a)  | 160877  | 19215  |
|  Nuvalent, Inc. Class A (a)  | 259749  | 7735  |
|  Regeneron Pharmaceuticals, Inc. (a)  | 2604999  | 1879481  |
|  United Therapeutics Corp. (a)  | 528448  | 146956  |
|  Vertex Pharmaceuticals, Inc. (a)  | 3175033  | 916886  |
|  Zai Lab Ltd. (a)(g)  | 6652524  | 20591  |
|  |  | 3608772  |
| Health Care Equipment & Supplies - 0.4%  |  |  |
|  Boston Scientific Corp. (a)  | 1018305  | 47117  |
|  DexCom, Inc. (a)  | 160589  | 18185  |
|  Edwards Lifesciences Corp. (a)  | 164014  | 12237  |
|  Figs, Inc. Class A (a)  | 420223  | 2828  |
|  Intuitive Surgical, Inc. (a)  | 1043511  | 276896  |
|  Straumann Holding AG  | 181396  | 20801  |
|  |  | 378064  |
| Health Care Providers & Services - 7.3%  |  |  |
|  23andMe Holding Co. Class A (a)(e)  | 6535539  | 14117  |
|  AmerisourceBergen Corp.  | 580389  | 96176  |
|  Cardinal Health, Inc.  | 973112  | 74803  |
|  Cigna Corp.  | 1050289  | 348003  |
|  Elevance Health, Inc.  | 761602  | 390679  |
|  HCA Holdings, Inc.  | 331379  | 79518  |
|  Molina Healthcare, Inc. (a)  | 271360  | 89608  |
|  Option Care Health, Inc. (a)  | 1138017  | 34243  |
|  P3 Health Partners, Inc. (a)(b)(g)  | 2735364  | 5033  |
|  UnitedHealth Group, Inc.  | 10367395  | 5496585  |
|  |  | 6628765  |
| Health Care Technology - 0.0%  |  |  |
|  Doximity, Inc. (a)  | 597059  | 20037  |
| Life Sciences Tools & Services - 1.1%  |  |  |
|  Danaher Corp.  | 1837121  | 487609  |
|  Mettler-Toledo International, Inc. (a)  | 159174  | 230078  |
|  Thermo Fisher Scientific, Inc.  | 256166  | 141068  |
|  Veterinary Emergency Group LLC Class A (a)(b)(c)(f)  | 1038192  | 58980  |
|  Waters Corp. (a)  | 189946  | 65072  |
|  |  | 982807  |
| Pharmaceuticals - 4.7%  |  |  |
|  AstraZeneca PLC sponsored ADR  | 299285  | 20292  |
|  Bristol-Myers Squibb Co.  | 5655183  | 406890  |
|  DICE Therapeutics, Inc. (a)  | 678744  | 21177  |
|  Eli Lilly & Co.  | 6423872  | 2350109  |
|  Intra-Cellular Therapies, Inc. (a)  | 317204  | 16786  |
|  Johnson & Johnson  | 2198392  | 388346  |
|  Merck & Co., Inc.  | 6264776  | 695077  |
|  Nuvation Bio, Inc. (a)  | 8779833  | 16857  |
|  Pfizer, Inc.  | 337252  | 17281  |
|  Roche Holding AG (participation certificate)  | 267931  | 84194  |
|  Royalty Pharma PLC  | 6301961  | 249053  |
|  |  | 4266062  |
|  TOTAL HEALTH CARE  |  | 15884507  |
| INDUSTRIALS - 4.7%  |  |  |
| Aerospace & Defense - 1.7%  |  |  |
|  Lockheed Martin Corp.  | 1117138  | 543476  |
|  Northrop Grumman Corp.  | 1217872  | 664483  |
|  Space Exploration Technologies Corp.:  |  |  |
|  Class A (a)(b)(c)  | 3585070  | 276050  |
|  Class C (a)(b)(c)  | 129910  | 10003  |
|  TransDigm Group, Inc.  | 14894  | 9378  |
|  |  | 1503390  |
| Air Freight & Logistics - 0.9%  |  |  |
|  United Parcel Service, Inc. Class B  | 4749707  | 825689  |
|  Zipline International, Inc. (a)(b)(c)  | 515816  | 11430  |
|  |  | 837119  |
| Airlines - 0.0%  |  |  |
|  Ryanair Holdings PLC sponsored ADR (a)  | 121351  | 9072  |
| Building Products - 0.1%  |  |  |
|  Carrier Global Corp.  | 222710  | 9187  |
|  Toto Ltd.  | 1725804  | 58538  |
|  Trane Technologies PLC  | 57245  | 9622  |
|  |  | 77347  |
| Commercial Services & Supplies - 0.1%  |  |  |
|  Aurora Innovation, Inc. (a)(e)  | 1405568  | 1701  |
|  Cintas Corp.  | 126444  | 57105  |
|  Clean Harbors, Inc. (a)  | 517250  | 59029  |
|  Clean TeQ Water Pty Ltd. (a)(e)  | 2102868  | 555  |
|  |  | 118390  |
| Construction & Engineering - 0.0%  |  |  |
|  Willscot Mobile Mini Holdings (a)  | 136479  | 6165  |
| Electrical Equipment - 0.2%  |  |  |
|  Eaton Corp. PLC  | 349459  | 54848  |
|  Emerson Electric Co.  | 88965  | 8546  |
|  Hubbell, Inc. Class B  | 308685  | 72442  |
|  |  | 135836  |
| Industrial Conglomerates - 0.5%  |  |  |
|  General Electric Co.  | 5055369  | 423589  |
| Machinery - 0.6%  |  |  |
|  Caterpillar, Inc.  | 80968  | 19397  |
|  Deere & Co.  | 819510  | 351373  |
|  Fortive Corp.  | 457525  | 29396  |
|  Indutrade AB  | 404058  | 8174  |
|  PACCAR, Inc.  | 1725161  | 170739  |
|  |  | 579079  |
| Road & Rail - 0.5%  |  |  |
|  Canadian Pacific Railway Ltd.  | 2606806  | 194355  |
|  J.B. Hunt Transport Services, Inc.  | 845614  | 147441  |
|  Localiza Rent a Car SA  | 321700  | 3242  |
|  Localiza Rent a Car SA rights (a)  | 1406  | 3  |
|  Old Dominion Freight Lines, Inc.  | 391393  | 111070  |
|  Vamos Locacao de Caminhoes Maquinas e Equipamentos SA  | 132800  | 318  |
|  |  | 456429  |
| Trading Companies & Distributors - 0.1%  |  |  |
|  W.W. Grainger, Inc.  | 220186  | 122478  |
|  TOTAL INDUSTRIALS  |  | 4268894  |
| INFORMATION TECHNOLOGY - 20.8%  |  |  |
| Communications Equipment - 0.2%  |  |  |
|  Arista Networks, Inc. (a)  | 1262840  | 153246  |
|  Motorola Solutions, Inc.  | 36984  | 9531  |
|  |  | 162777  |
| Electronic Equipment & Components - 1.9%  |  |  |
|  Amphenol Corp. Class A  | 21438073  | 1632295  |
|  CDW Corp.  | 431528  | 77062  |
|  Jabil, Inc.  | 422442  | 28811  |
|  |  | 1738168  |
| IT Services - 2.7%  |  |  |
|  Accenture PLC Class A  | 3306214  | 882230  |
|  Adyen BV (a)(d)  | 25683  | 35654  |
|  ASAC II LP (a)(b)(c)  | 39494500  | 6635  |
|  Cloudflare, Inc. (a)  | 529682  | 23947  |
|  Gartner, Inc. (a)  | 90637  | 30467  |
|  MasterCard, Inc. Class A  | 348301  | 121115  |
|  MongoDB, Inc. Class A (a)  | 46682  | 9189  |
|  Shopify, Inc. Class A (a)  | 117399  | 4076  |
|  Visa, Inc. Class A (e)  | 6338226  | 1316830  |
|  X Holdings I, Inc. (b)(c)  | 53469  | 21213  |
|  |  | 2451356  |
| Semiconductors & Semiconductor Equipment - 4.1%  |  |  |
|  Advanced Micro Devices, Inc. (a)  | 5843393  | 378477  |
|  Analog Devices, Inc.  | 1202677  | 197275  |
|  Broadcom, Inc.  | 81468  | 45551  |
|  Enphase Energy, Inc. (a)  | 404302  | 107124  |
|  First Solar, Inc. (a)  | 373407  | 55933  |
|  Lattice Semiconductor Corp. (a)  | 1146743  | 74401  |
|  Marvell Technology, Inc.  | 1058792  | 39218  |
|  Monolithic Power Systems, Inc.  | 71274  | 25203  |
|  NVIDIA Corp.  | 10383330  | 1517420  |
|  onsemi (a)  | 4902967  | 305798  |
|  Qualcomm, Inc.  | 7768727  | 854094  |
|  Synaptics, Inc. (a)  | 1232961  | 117329  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR  | 578866  | 43120  |
|  |  | 3760943  |
| Software - 7.9%  |  |  |
|  Adobe, Inc. (a)  | 1562177  | 525719  |
|  Aspen Technology, Inc. (a)  | 22911  | 4706  |
|  Atlassian Corp. PLC (a)(e)  | 348124  | 44797  |
|  Cadence Design Systems, Inc. (a)  | 1617602  | 259852  |
|  Check Point Software Technologies Ltd. (a)  | 421756  | 53209  |
|  Clear Secure, Inc. (e)  | 1346921  | 36946  |
|  Fair Isaac Corp. (a)  | 14495  | 8676  |
|  Fortinet, Inc. (a)  | 1217060  | 59502  |
|  Intuit, Inc.  | 14110  | 5492  |
|  Microsoft Corp.  | 22681578  | 5439496  |
|  Oracle Corp.  | 241435  | 19735  |
|  Salesforce.com, Inc. (a)  | 5123816  | 679367  |
|  Samsara, Inc. (e)  | 809018  | 10056  |
|  Stripe, Inc. Class B (a)(b)(c)  | 455600  | 10215  |
|  Tanium, Inc. Class B (a)(b)(c)  | 6742751  | 49087  |
|  ZenPayroll, Inc. (a)(b)(c)  | 289200  | 8497  |
|  Zoom Video Communications, Inc. Class A (a)  | 126366  | 8560  |
|  |  | 7223912  |
| Technology Hardware, Storage & Peripherals - 4.0%  |  |  |
|  Apple, Inc.  | 27681292  | 3596630  |
|  Dell Technologies, Inc.  | 183136  | 7366  |
|  Pure Storage, Inc. Class A (a)  | 243555  | 6518  |
|  |  | 3610514  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 18947670  |
| MATERIALS - 3.4%  |  |  |
| Chemicals - 0.7%  |  |  |
|  Air Products & Chemicals, Inc.  | 263768  | 81309  |
|  Albemarle Corp.  | 533338  | 115660  |
|  CF Industries Holdings, Inc.  | 2314821  | 197223  |
|  Corteva, Inc.  | 1806148  | 106165  |
|  Linde PLC  | 86166  | 28106  |
|  Sherwin-Williams Co.  | 43643  | 10358  |
|  Westlake Corp.  | 581529  | 59630  |
|  |  | 598451  |
| Metals & Mining - 2.7%  |  |  |
|  B2Gold Corp.  | 43046150  | 152919  |
|  Barrick Gold Corp. (Canada)  | 3633225  | 62280  |
|  Cleveland-Cliffs, Inc. (a)  | 3315211  | 53408  |
|  Franco-Nevada Corp.  | 3993100  | 544318  |
|  Freeport-McMoRan, Inc.  | 10826729  | 411416  |
|  Glencore PLC  | 6618381  | 44136  |
|  Ivanhoe Electric, Inc. (a)(g)  | 5380798  | 65377  |
|  Ivanhoe Mines Ltd. (a)  | 40488678  | 319962  |
|  Ivanhoe Mines Ltd. (a)(d)  | 11924516  | 94234  |
|  Novagold Resources, Inc. (a)  | 7049393  | 42119  |
|  Nucor Corp.  | 3309159  | 436180  |
|  POSCO sponsored ADR (e)  | 98671  | 5375  |
|  Steel Dynamics, Inc.  | 2425397  | 236961  |
|  Sunrise Energy Metals Ltd. (a)  | 2697436  | 3512  |
|  Wheaton Precious Metals Corp.  | 713512  | 27877  |
|  |  | 2500074  |
|  TOTAL MATERIALS  |  | 3098525  |
| REAL ESTATE - 0.1%  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 0.1%  |  |  |
|  Equity Commonwealth  | 2110084  | 52689  |
|  Prologis (REIT), Inc.  | 175449  | 19778  |
|  |  | 72467  |
| UTILITIES - 0.4%  |  |  |
| Electric Utilities - 0.4%  |  |  |
|  Constellation Energy Corp.  | 1896337  | 163483  |
|  NextEra Energy, Inc.  | 505136  | 42229  |
|  PG&E Corp. (a)  | 6079760  | 98857  |
|  Southern Co.  | 653002  | 46631  |
|  |  | 351200  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $41,657,032)  |  | <br> **87136701**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Preferred Stocks - 1.7%**  | &nbsp;&nbsp; **Preferred Stocks - 1.7%**  | &nbsp;&nbsp; **Preferred Stocks - 1.7%**  |
|  | Shares  | Value ($) <br> (000s) <br>|
| Convertible Preferred Stocks - 1.6%  |  |  |
| COMMUNICATION SERVICES - 0.2%  |  |  |
| Interactive Media & Services - 0.2%  |  |  |
|  ByteDance Ltd. Series E1 (a)(b)(c)  | 653587  | 117606  |
|  Reddit, Inc.:  |  |  |
|  Series E(a)(b)(c)  | 165300  | 6192  |
|  Series F(a)(b)(c)  | 878650  | 32914  |
|  |  | 156712  |
| CONSUMER DISCRETIONARY - 0.0%  |  |  |
| Automobiles - 0.0%  |  |  |
|  Rad Power Bikes, Inc.:  |  |  |
|  Series A(a)(b)(c)  | 337463  | 1249  |
|  Series C(a)(b)(c)  | 1327879  | 4913  |
|  Series D(a)(b)(c)  | 2329100  | 8618  |
|  |  | 14780  |
| Hotels, Restaurants & Leisure - 0.0%  |  |  |
|  Discord, Inc. Series I (a)(b)(c)  | 15500  | 5502  |
| Internet & Direct Marketing Retail - 0.0%  |  |  |
|  Circle Internet Financial Ltd. Series F (b)(c)  | 637828  | 16743  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 37025  |
| CONSUMER STAPLES - 0.0%  |  |  |
| Food & Staples Retailing - 0.0%  |  |  |
|  GoBrands, Inc.:  |  |  |
|  Series G(a)(b)(c)  | 55517  | 8036  |
|  Series H(a)(b)(c)  | 69898  | 10117  |
|  |  | 18153  |
| Food Products - 0.0%  |  |  |
|  Bowery Farming, Inc. Series C1 (a)(b)(c)  | 226491  | 4600  |
|  TOTAL CONSUMER STAPLES  |  | 22753  |
| FINANCIALS - 0.0%  |  |  |
| Thrifts & Mortgage Finance - 0.0%  |  |  |
|  Acrisure Holdings, Inc. Series B (a)(b)(c)  | 379681  | 9101  |
| HEALTH CARE - 0.1%  |  |  |
| Biotechnology - 0.0%  |  |  |
|  ElevateBio LLC Series C (a)(b)(c)  | 3224900  | 11803  |
|  Intarcia Therapeutics, Inc. Series CC (a)(b)(c)  | 2100446  | 0  |
|  |  | 11803  |
| Health Care Providers & Services - 0.1%  |  |  |
|  Get Heal, Inc. Series B (a)(b)(c)  | 35877127  | 969  |
|  Lyra Health, Inc.:  |  |  |
|  Series E(a)(b)(c)  | 1478100  | 21019  |
|  Series F(a)(b)(c)  | 69520  | 989  |
|  Somatus, Inc. Series E (b)(c)  | 15253  | 13101  |
|  |  | 36078  |
|  TOTAL HEALTH CARE  |  | 47881  |
| INDUSTRIALS - 1.0%  |  |  |
| Aerospace & Defense - 1.0%  |  |  |
|  Relativity Space, Inc.:  |  |  |
|  Series D(a)(b)(c)  | 1673085  | 26903  |
|  Series E(a)(b)(c)  | 436722  | 8110  |
|  Space Exploration Technologies Corp.:  |  |  |
|  Series G(a)(b)(c)  | 558215  | 429826  |
|  Series H(a)(b)(c)  | 120282  | 92617  |
|  Series N(a)(b)(c)  | 428458  | 329913  |
|  |  | 887369  |
| Air Freight & Logistics - 0.0%  |  |  |
|  Zipline International, Inc. Series E (a)(b)(c)  | 1317166  | 29188  |
| Construction & Engineering - 0.0%  |  |  |
|  Beta Technologies, Inc. Series B, 6.00% (b)(c)  | 259581  | 16966  |
|  TOTAL INDUSTRIALS  |  | 933523  |
| INFORMATION TECHNOLOGY - 0.2%  |  |  |
| Software - 0.2%  |  |  |
|  ASAPP, Inc. Series C (a)(b)(c)  | 1300504  | 5462  |
|  Carbon, Inc.:  |  |  |
|  Series D(a)(b)(c)  | 915425  | 8834  |
|  Series E(a)(b)(c)  | 81735  | 941  |
|  Delphix Corp. Series D (a)(b)(c)  | 3712687  | 19083  |
|  Nuro, Inc.:  |  |  |
|  Series C(a)(b)(c)  | 3293118  | 25126  |
|  Series D(a)(b)(c)  | 643113  | 4907  |
|  Stripe, Inc. Series H (a)(b)(c)  | 190300  | 4267  |
|  Tenstorrent, Inc. Series C1 (a)(b)(c)  | 200200  | 10432  |
|  ZenPayroll, Inc.:  |  |  |
|  Series D(a)(b)(c)  | 2436137  | 71574  |
|  Series E(a)(b)(c)  | 167099  | 4909  |
|  |  | 155535  |
| MATERIALS - 0.1%  |  |  |
| Metals & Mining - 0.1%  |  |  |
|  High Power Exploration, Inc. Series A (a)(b)(c)  | 14154085  | 60155  |
| TOTAL CONVERTIBLE PREFERRED STOCKS  |  | 1422685  |
| Nonconvertible Preferred Stocks - 0.1%  |  |  |
| CONSUMER DISCRETIONARY - 0.0%  |  |  |
| Internet & Direct Marketing Retail - 0.0%  |  |  |
|  Circle Internet Financial Ltd. Series E (b)(c)  | 1059433  | 27810  |
| ENERGY - 0.1%  |  |  |
| Oil, Gas & Consumable Fuels - 0.1%  |  |  |
|  Petroleo Brasileiro SA - Petrobras sponsored ADR  | 10065844  | 107201  |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS  |  | 135011  |
| <br> **TOTAL PREFERRED STOCKS** <br> (Cost $1,029,521)  |  | <br> **1557696**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Preferred Securities - 0.0%**  | &nbsp;&nbsp; **Preferred Securities - 0.0%**  | &nbsp;&nbsp; **Preferred Securities - 0.0%**  |
|  | Principal <br> Amount (h) <br> (000s) <br>| Value ($) <br> (000s) <br>|
| HEALTH CARE - 0.0%  |  |  |
| Biotechnology - 0.0%  |  |  |
|  Intarcia Therapeutics, Inc. 6% 7/18/23 (b)(c)(i)  | 9273  | 0  |
| INFORMATION TECHNOLOGY - 0.0%  |  |  |
| Software - 0.0%  |  |  |
|  Tenstorrent, Inc. 0% (b)(c)(j)  | 11130  | 9750  |
| <br> **TOTAL PREFERRED SECURITIES** <br> (Cost $20,403)  |  | <br> **9750**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 3.3%**  | &nbsp;&nbsp; **Money Market Funds - 3.3%**  | &nbsp;&nbsp; **Money Market Funds - 3.3%**  |
|  | Shares  | Value ($) <br> (000s) <br>|
|  Fidelity Cash Central Fund 4.37% (k)  | 2285123072  | 2285580  |
|  Fidelity Securities Lending Cash Central Fund 4.37% (k)(l)  | 710631936  | 710703  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $2,996,282)  |  | **2996283**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.9%** <br> (Cost $45,703,238) <br>| <br>**91700430**  |
| **NET OTHER ASSETS (LIABILITIES) - (0.9)%**  | **(799556)**  |
| **NET ASSETS - 100.0%**  | **90900874**  |

---

*Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.*

**Legend**

(a) Non-income producing

(b) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,445,705,000 or 2.7% of net assets.

(c) Level 3 security

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $175,703,000 or 0.2% of net assets.

(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 company

(h) Amount is stated in United States dollars unless otherwise noted.

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

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

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

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows:  | Additional information on each restricted holding is as follows:  | Additional information on each restricted holding is as follows:  |
| Security  | Acquisition Date  | Acquisition Cost ($) <br> (000s)  |
| Acrisure Holdings, Inc. Series B  | 3/22/21  | 6918  |
| ASAC II LP  | 10/10/13  | 3041  |
| ASAPP, Inc. Series C  | 4/30/21  | 8580  |
| Beta Technologies, Inc. Series B, 6.00%  | 4/04/22  | 26781  |
| Bowery Farming, Inc. Series C1  | 5/18/21  | 13646  |
| ByteDance Ltd. Series E1  | 11/18/20  | 71616  |
| Carbon, Inc. Series D  | 12/15/17  | 21376  |
| Carbon, Inc. Series E  | 3/22/19  | 2288  |
| Circle Internet Financial Ltd. Series E  | 5/11/21  | 17195  |
| Circle Internet Financial Ltd. Series F  | 5/09/22  | 26878  |
| Delphix Corp. Series D  | 7/10/15  | 33414  |
| Discord, Inc. Series I  | 9/15/21  | 8535  |
| ElevateBio LLC Series C  | 3/09/21  | 13528  |
| Epic Games, Inc.  | 7/13/20 - 7/30/20  | 71128  |
| Fanatics, Inc. Class A  | 8/13/20 - 12/15/21  | 82369  |
| Get Heal, Inc. Series B  | 11/07/16  | 10944  |
| GoBrands, Inc. Series G  | 3/02/21  | 13864  |
| GoBrands, Inc. Series H  | 7/22/21  | 27155  |
| High Power Exploration, Inc. Series A  | 11/15/19 - 3/04/21  | 74592  |
| Intarcia Therapeutics, Inc. Series CC  | 11/14/12  | 28629  |
| Intarcia Therapeutics, Inc. 6% 7/18/23  | 1/03/20  | 9273  |
| Lyra Health, Inc. Series E  | 1/14/21  | 13534  |
| Lyra Health, Inc. Series F  | 6/04/21  | 1092  |
| Nuro, Inc. Series C  | 10/30/20  | 42990  |
| Nuro, Inc. Series D  | 10/29/21  | 13406  |
| P3 Health Partners, Inc.  | 5/25/21  | 27354  |
| Rad Power Bikes, Inc.  | 1/21/21  | 12486  |
| Rad Power Bikes, Inc. Series A  | 1/21/21  | 1628  |
| Rad Power Bikes, Inc. Series C  | 1/21/21  | 6405  |
| Rad Power Bikes, Inc. Series D  | 9/17/21  | 22322  |
| Rapyd Financial Network 2016 Ltd.  | 3/30/21  | 25000  |
| Reddit, Inc. Series E  | 5/18/21  | 7021  |
| Reddit, Inc. Series F  | 8/11/21  | 54296  |
| Relativity Space, Inc. Series D  | 11/20/20  | 24974  |
| Relativity Space, Inc. Series E  | 5/27/21  | 9973  |
| Somatus, Inc. Series E  | 1/31/22  | 13310  |
| Space Exploration Technologies Corp. Class A  | 10/16/15 - 5/24/22  | 60159  |
| Space Exploration Technologies Corp. Class C  | 9/11/17  | 1754  |
| Space Exploration Technologies Corp. Series G  | 1/20/15  | 43239  |
| Space Exploration Technologies Corp. Series H  | 8/04/17  | 16238  |
| Space Exploration Technologies Corp. Series N  | 8/04/20  | 115684  |
| Starling Bank Ltd. Series D  | 6/18/21 - 4/05/22  | 52246  |
| Stripe, Inc. Class B  | 5/18/21  | 18282  |
| Stripe, Inc. Series H  | 3/15/21  | 7636  |
| Tanium, Inc. Class B  | 4/21/17 - 9/18/20  | 57901  |
| Tenstorrent, Inc. Series C1  | 4/23/21  | 11903  |
| Tenstorrent, Inc. 0%  | 4/23/21  | 11130  |
| TulCo LLC  | 8/24/17 - 9/07/18  | 51985  |
| Veterinary Emergency Group LLC Class A  | 9/16/21 - 12/16/22  | 39966  |
| X Holdings I, Inc.  | 10/25/22  | 53469  |
| ZenPayroll, Inc.  | 10/01/21  | 8326  |
| ZenPayroll, Inc. Series D  | 7/16/19  | 32431  |
| ZenPayroll, Inc. Series E  | 7/13/21  | 5079  |
| Zipline International, Inc.  | 10/12/21  | 18569  |
| Zipline International, Inc. Series E  | 12/21/20  | 42978  |

---

**Affiliated Central Funds**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate (Amounts in thousands)  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.37%  | 1364187  | 14910838  | 13989445  | 40070  | -  | -  | 2285580  | 5.3%  |
|  Fidelity Securities Lending Cash Central Fund 4.37%  | 435183  | 5256682  | 4981162  | 1673  | -  | -  | 710703  | 2.3%  |
| Total  | 1799370  | 20167520  | 18970607  | 41743  | -  | -  | 2996283  |  |

---

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**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 presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate (Amounts in thousands)  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  |
|  Ivanhoe Electric, Inc.  | -  | -  | -  | -  | -  | -  | -  |
|  Ivanhoe Electric, Inc.  | -  | 7859  | 64  | -  | 14  | 45821  | 65377  |
|  P3 Health Partners, Inc.  | 18294  | -  | -  | -  | -  | (13261)  | 5033  |
|  Synaptics, Inc.  | 696243  | 2058  | 141745  | -  | 12055  | (451282)  | -  |
|  Zai Lab Ltd.  | 30521  | 10537  | 7076  | -  | (2726)  | (10665)  | 20591  |
| Total  | 745058  | 20454  | 148885  | -  | 9343  | (429387)  | 91001  |

---

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2022, 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:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description** <br> **(Amounts in thousands)**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 11693826  | 11263221  | 173013  | 257592  |
| Consumer Discretionary  | 8874942  | 8448397  | 164649  | 261896  |
| Consumer Staples  | 3116267  | 2795080  | 298434  | 22753  |
| Energy  | 6130577  | 6056735  | 73842  | -  |
| Financials  | 15058428  | 14795560  | 23391  | 239477  |
| Health Care  | 15932388  | 15678666  | 146861  | 106861  |
| Industrials  | 5202417  | 3912318  | 59093  | 1231006  |
| Information Technology  | 19103205  | 18816369  | 35654  | 251182  |
| Materials  | 3158680  | 3050877  | 47648  | 60155  |
| Real Estate  | 72467  | 72467  | -  | -  |
| Utilities  | 351200  | 351200  | -  | -  |
|  Preferred Securities  | 9750  | -  | -  | 9750  |
|  Money Market Funds  | 2996283  | 2996283  | -  | -  |
| **Total Investments in Securities:**  | 91700430  | 88237173  | 1022585  | 2440672  |
|  Net Unrealized Depreciation on Unfunded Commitments  | (5103)  | -  | -  | (5103)  |
| **Total**  | (5103)  | -  | -  | (5103)  |

---

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:**  |  |
|  <u>Industrials</u>  |  |
|  Beginning Balance  | $1226738  |
|  Net Realized Gain (Loss) on Investment Securities  | -  |
|  Net Unrealized Gain (Loss) on Investment Securities  | (3333)  |
|  Cost of Purchases  | 34382  |
|  Proceeds of Sales  | -  |
|  Amortization/Accretion  | -  |
|  Transfers into Level 3  | -  |
|  Transfers out of Level 3  | (26781)  |
|  Ending Balance  | $1231006  |
|  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2022  | $(3333)  |
|  <u>Other Investments in Securities</u>  |  |
|  Beginning Balance  | $1072249  |
|  Net Realized Gain (Loss) on Investment Securities  | 64565  |
|  Net Unrealized Gain (Loss) on Investment Securities  | 10199  |
|  Cost of Purchases  | 121771  |
|  Proceeds of Sales  | (64565)  |
|  Amortization/Accretion  | -  |
|  Transfers into Level 3  | 17195  |
|  Transfers out of Level 3  | (11748)  |
|  Ending Balance  | $1209666  |
|  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2022  | $10199  |
| <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. <br>|  |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  **Amounts in thousands (except per-share amounts)**  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $693,295) - See accompanying schedule:  |  |  |
|  Unaffiliated issuers (cost $42,624,250)  | $88613146  |  |
|  Fidelity Central Funds (cost $2,996,282)  | 2996283  |  |
|  Other affiliated issuers (cost $82,706)  | 91001  |  |
|  Total Investment in Securities (cost $45,703,238)  |  | $91700430  |
|  Cash  |  | 514  |
|  Restricted cash  |  | 294  |
|  Foreign currency held at value (cost $35)  |  | 34  |
| Receivable for investments sold  |  | 44227  |
|  Receivable for fund shares sold  |  | 20155  |
|  Dividends receivable  |  | 50240  |
|  Distributions receivable from Fidelity Central Funds  |  | 7906  |
|  Prepaid expenses  |  | 116  |
| Other receivables  |  | 4957  |
| **Total assets**  |  | 91828873  |
| **Liabilities**  |  |  |
|  Unrealized depreciation on unfunded commitments  | $5103  |  |
|  Payable for fund shares redeemed  | 152704  |  |
|  Accrued management fee  | 26862  |  |
|  Other affiliated payables  | 9086  |  |
|  Other payables and accrued expenses  | 23724  |  |
|  Collateral on securities loaned  | 710520  |  |
| **Total Liabilities**  |  | 927999  |
| **Net Assets**  |  | $90900874  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $44101160  |
|  Total accumulated earnings (loss)  |  | 46799714  |
|  **Net Assets**  |  | $90900874  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Contrafund :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($82,278,716 ÷ 6,808,040 shares)  |  | $12.09  |
| **Class K :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($8,622,158 ÷ 710,969 shares)  |  | $12.13  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
| **Amounts in thousands**  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $980584  |
| Income from Fidelity Central Funds (including $1,673 from security lending)  |  | 41743  |
| **Total Income**  |  | 1022327  |
|  **Expenses**  |  |  |
| Management fee  |  |  |
| Basic fee  | $567539  |  |
| Performance adjustment  | (110029)  |  |
| Transfer agent fees  | 117309  |  |
| Accounting fees  | 3403  |  |
| Custodian fees and expenses  | 832  |  |
| Independent trustees' fees and expenses  | 386  |  |
| Registration fees  | 261  |  |
| Audit  | 202  |  |
| Legal  | 90  |  |
| Miscellaneous  | 535  |  |
| Total expenses before reductions  | 580528  |  |
| Expense reductions  | (3849)  |  |
| Total expenses after reductions  |  | 576679  |
| **Net Investment income (loss)**  |  | 445648  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers(net of foreign taxes of $3,372)  | 11417235  |  |
| Affiliated issuers  | 9343  |  |
| Foreign currency transactions  | (1352)  |  |
| Total net realized gain (loss)  |  | 11425226  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $8,656)  | (51003261)  |  |
| Affiliated issuers  | (429387)  |  |
| Unfunded commitments  | (4231)  |  |
| Assets and liabilities in foreign currencies  | (409)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (51437288)  |
| **Net gain (loss)**  |  | (40012062)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(39566414)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
| **Amount in thousands**  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $445648  | $(346574)  |
| &nbsp;&nbsp; Net realized gain (loss)  | 11425226 <br>| 20719123 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (51437288)  | 10179892 <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (39566414) <br>| 30552441 <br>|
| Distributions to shareholders  | (10115716) <br>| (14927529) <br>|
| Share transactions - net increase (decrease)  | (4582140) <br>| (6755026) <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (54264270) <br>| 8869886 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 145165144  | 136295258 <br>|
| &nbsp;&nbsp; End of period  | $90900874  | $145165144  |

---

**Financial Highlights** 

 **Fidelity® Contrafund®** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $18.76  | $16.77  | $13.71  | $11.01  | $12.24  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .06  | (.05)  | (.04)  | - <sup>D</sup>  | - <sup>D</sup>  |
| Net realized and unrealized gain (loss)  | (5.29)  | 4.07  | 4.44  | 3.27  | (.22)  |
| Total from investment operations  | (5.23)  | 4.02  | 4.40  | 3.27  | (.22)  |
| Distributions from net investment income  | (.08)  | -  | -  | -  | -  |
| Distributions from net realized gain  | (1.36)  | (2.03)  | (1.34)  | (.57)  | (1.01)  |
| Total distributions  | (1.44)  | (2.03)  | (1.34)  | (.57)  | (1.01)  |
| Net asset value, end of period  | $12.09  | $18.76  | $16.77  | $13.71  | $11.01  |
| **Total Return** <sup>E</sup>  | (28.26)%  | 24.36%  | 32.58%  | 29.98%  | (2.13)%  |
| **Ratios to Average Net Assets** <sup>C,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .55%  | .81%  | .86%  | .85%  | .82%  |
| Expenses net of fee waivers, if any  | .54%  | .81%  | .86%  | .85%  | .81%  |
| Expenses net of all reductions  | .54%  | .81%  | .85%  | .85%  | .81%  |
| Net investment income (loss)  | .41%  | (.26)%  | (.23)%  | (.02)%  | .01%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $82279  | $128577  | $113100  | $97098  | $82628  |
| Portfolio turnover rate <sup>H</sup>  | 25% <sup>I</sup>  | 27% <sup>I</sup>  | 32% <sup>I</sup>  | 26% <sup>I</sup>  | 32% <sup>I</sup>  |

---

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

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>D</sup> *Amount represents less than $.005 per share.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

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

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

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

<sup>I</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

 **Fidelity® Contrafund® Class K** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $18.82  | $16.81  | $13.73  | $11.01  | $12.24  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .07  | (.03)  | (.02)  | .01  | .01  |
| Net realized and unrealized gain (loss)  | (5.31)  | 4.07  | 4.44  | 3.28  | (.23)  |
| Total from investment operations  | (5.24)  | 4.04  | 4.42  | 3.29  | (.22)  |
| Distributions from net investment income  | (.09)  | -  | -  | -  | -  |
| Distributions from net realized gain  | (1.36)  | (2.03)  | (1.34)  | (.57)  | (1.01)  |
| Total distributions  | (1.45)  | (2.03)  | (1.34)  | (.57)  | (1.01)  |
| Net asset value, end of period  | $12.13  | $18.82  | $16.81  | $13.73  | $11.01  |
| **Total Return** <sup>D</sup>  | (28.22)%  | 24.42%  | 32.68%  | 30.17%  | (2.07)%  |
| **Ratios to Average Net Assets** <sup>C,E,F</sup>  |  |  |  |  |  |
| Expenses before reductions  | .47%  | .74%  | .78%  | .77%  | .73%  |
| Expenses net of fee waivers, if any  | .47%  | .74%  | .78%  | .76%  | .73%  |
| Expenses net of all reductions  | .47%  | .74%  | .78%  | .76%  | .72%  |
| Net investment income (loss)  | .48%  | (.18)%  | (.16)%  | .06%  | .10%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $8622  | $16588  | $23196  | $22626  | $25502  |
| Portfolio turnover rate <sup>G</sup>  | 25% <sup>H</sup>  | 27% <sup>H</sup>  | 32% <sup>H</sup>  | 26% <sup>H</sup>  | 32% <sup>H</sup>  |

---

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

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>D</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

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

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

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

<sup>H</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements**

For the period ended December 31, 2022

*(Amounts in thousands except percentages)*

**1. Organization.**

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

**2. Investments in Fidelity Central Funds.**

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

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

---

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

---

<sup>A</sup> *Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

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

**3. Significant Accounting Policies.**

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

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Preferred securities are valued by pricing services 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 services. 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 <sup>A</sup>  |
| Equities  | $2430922  | Market comparable  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 5.5 - 21.2 / 11.9  | Increase  |
|  |  |  | Enterprise value/Revenue multiple (EV/R)  | 1.6 - 19.0 / 7.6  | Increase  |
|  |  |  | Enterprise value/Net income multiple (EV/NI)  | 15.5  | Increase  |
|  |  | Recovery value  | Recovery value  | $0.00 - $0.17 / $0.17  | Increase  |
|  |  | Market approach  | Transaction price  | $0.03 - $59.45 / $54.41  | Increase  |
|  |  |  | Discount rate  | 6.1% - 15.0% / 14.2%  | Decrease  |
|  |  | Book value  | Book value multiple  | 1.0  | Increase  |
|  |  |  | Discount rate  | 10.0%  | Decrease  |
|  |  | Discounted cash flow  | Weighted average cost of capital (WACC)  | 30.0%  | Decrease  |
|  |  |  | Exit multiple  | 2.0  | Increase  |
|  |  | Black scholes  | Discount rate  | 3.8% - 4.7% / 3.9%  | Increase  |
|  |  |  | Probability rate  | 50.0%  | Increase  |
|  |  |  | Volatility  | 65.0% - 85.0% / 77.9%  | Increase  |
|  |  |  | Term  | 0.6 - 5.0 / 4.0  | Increase  |
| Preferred Securities  | $9750  | Recovery value  | Recovery value  | $0.00  | Increase  |
|  |  | Market approach  | Transaction price  | $100.00  | Increase  |
|  |  |  | Discount rate  | 15.0%  | Decrease  |
|  |  | Black scholes  | Discount rate  | 4.2%  | Increase  |
|  |  |  | Volatility  | 70.0%  | Increase  |
|  |  |  | Term  | 2.0  | Increase  |

---

<sup>A</sup> *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, 2022, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

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

---

| | |
|:---|:---|
| **Fidelity Contrafund**  | $3866  |

---

**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, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

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

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

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, partnerships 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**  | $47196306  |
| **Gross unrealized depreciation**  | <u>(1758975)</u>  |
| **Net unrealized appreciation (depreciation)**  | <u>$45437331)</u>  |
| **Tax Cost**  | <u>$46257996</u>  |

---

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

---

| | |
|:---|:---|
| **Undistributed long-term capital gain**  | <u>$1364654</u>  |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$(45437151)</u>  |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022**  | **December 31, 2021**  |
| **Ordinary Income**  | $541463  | $-  |
| **Long-term Capital Gains**  | <u>9574253</u>  | <u>14927529</u>  |
| **Total**  | <u>$10115716</u>  | <u>$14927529</u>  |

---

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

**Commitments.** A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable based on contractual conditions of each commitment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment to be Acquired**  | **Commitment Amount**  | **Unrealized Appreciation (Depreciation)**  |
| **Fidelity Contrafund**  | Stripe, Inc.  | $5103  | $(5103)  |

---

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

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

At the current and/or prior period end, the Fund had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable.

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

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

---

| | | |
|:---|:---|:---|
|  | **$ Amount**  | **% of Net Assets**  |
| **Fidelity Contrafund**  | 165587  | .18  |

---

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

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

**New Accounting Pronouncement.** In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-03 *Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions* . The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. They also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. They also require additional disclosures for equity securities subject to contractual sale restrictions. ASU 2022-03 will be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023. Management is currently evaluating the potential impact of ASU 2022-03 to the financial statements.

**4. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  |
| **Fidelity Contrafund**  | 26303113  | 39996822  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares**  | **Total net realized gain or loss** <br> **($)**  | **Total Proceeds** <br> **($)**  | **Participating classes**  |
| **Fidelity Contrafund**  | 103972  | 964453  | 1619588  | Contrafund, Class K  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares**  | **Total net realized gain or loss** <br> **($)**  | **Total Proceeds** <br> **($)**  | **Participating classes**  |
| **Fidelity Contrafund**  | 407509  | 5049090  | 7291329  | Contrafund, Class K  |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Contrafund as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .43% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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

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

---

| | | |
|:---|:---|:---|
|  | **Amount**  | **% of Class-Level Average Net Assets**  |
| **Contrafund**  | $112798  | .12  |
| **Class K**  | <u>4511</u>  | .04  |
|  | <u>$117309</u>  |  |

---

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

---

| | |
|:---|:---|
|  | **% of Average Net Assets**  |
| **Fidelity Contrafund**  | - <sup>A</sup>  |

---

<sup>A</sup> *Amount represents less than .005%.*

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

---

| | |
|:---|:---|
|  | **Amount**  |
| **Fidelity Contrafund**  | $529  |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  | **Realized Gain (Loss) ($)**  |
| **Fidelity Contrafund**  | 1487513  | 3302428  | 1039159  |

---

**6. Committed Line of Credit.**

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

---

| | |
|:---|:---|
|  | **Amount**  |
| **Fidelity Contrafund**  | $204  |

---

**7. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS**  | **Security Lending Income From Securities Loaned to NFS**  | **Value of Securities Loaned to NFS at Period End**  |
| **Fidelity Contrafund**  | $175  | $10  | $-  |

---

**8. Expense Reductions.** 

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $3,849.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Fidelity Contrafund**  |  |  |
| **Distributions to shareholders**  |  |  |
| Contrafund  | $9128177  | $13046053  |
| Class K  | <u>987539</u>  | <u>1881476</u>  |
| Total  | <u>$10115716</u>  | <u>$14927529</u>  |

---

**10. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares**  | **Shares**  | **Dollars**  | **Dollars**  |
|  | **Year ended December 31, 2022**  | **Year ended December 31, 2021**  | **Year ended December 31, 2022**  | **Year ended December 31, 2021**  |
| **Fidelity Contrafund**  |  |  |  |  |
| **Contrafund**  |  |  |  |  |
| Shares sold  | 348710  | 460572  | $5094513  | $8438992  |
| Reinvestment of distributions  | 657388  | 659076  | 8457516  | 12171042  |
| Shares redeemed  | <u>(1050982)</u>  | <u>(1009147)</u>  | <u>(15394010)</u>  | <u>(18328322)</u>  |
| Net increase (decrease)  | <u>(44884)</u>  | <u>110501</u>  | <u>$(1841981)</u>  | <u>$2281712</u>  |
| **Class K**  |  |  |  |  |
| Shares sold  | 63881  | 121469  | $958814  | $2200613  |
| Reinvestment of distributions  | 76064  | 102076  | 987511  | 1881455  |
| Shares redeemed  | <u>(310293)</u>  | <u>(722074)</u>  | <u>(4686484)</u>  | <u>(13118806)</u>  |
| Net increase (decrease)  | <u>(170348)</u>  | <u>(498529)</u>  | <u>$(2740159)</u>  | <u>$(9036738)</u>  |

---

**11. Other.**

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

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.

**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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 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, 2022 by correspondence with the custodian and issuers of privately offered securities. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 14, 2023

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

**Trustees and Officers**

**<u>TRUSTEES AND OFFICERS</u>**

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 318 funds.

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

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

<u>Experience, Skills, Attributes, and Qualifications of the Trustees.</u> 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.

<u>Board Structure and Oversight Function.</u> Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair 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 Chair, 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 Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity <sup>®</sup> 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 <sup>®</sup> 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 <sup>®</sup> 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 <sup>®</sup> funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

<u>Interested Trustees\*:</u>

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

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

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

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

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

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

<u>Independent Trustees:</u>

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

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

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

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

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

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

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

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

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

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

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

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

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

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity <sup>®</sup> 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, Executive Committee, 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) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

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

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

<u>Advisory Board Members and Officers:</u>

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.

<u>Name, Year of Birth; Principal Occupation</u>

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

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

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

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

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

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

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

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

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

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

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

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

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

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

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

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

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

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

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

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

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

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

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

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

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

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

**Shareholder Expense Example**

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022). <br>

***Actual Expenses***

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

***Hypothetical Example for Comparison Purposes***

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value July 1, 2022**  | **Ending Account Value December 31, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **July 1, 2022 to December 31, 2022**  |
| **Fidelity® Contrafund®**  |  |  |  |  |
| **Fidelity® Contrafund®**  | .49%  |  |  |  |
| **Actual**  |  | $1000  | $999.00  | $2.47  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.74  | $2.50  |
| **Class K**  | .41%  |  |  |  |
| **Actual**  |  | $1000  | $999.10  | $2.07  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.14  | $2.09  |

---

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

*B 5% return per year before expenses*

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

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com* .

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31 <sup>st</sup> , 2022, $10,366,464,853, or, if subsequently determined to be different, the net capital gain of such year.

Retail Class and Class K designate 100% of the dividend distributed during December of the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Retail Class and Class K designate 100% of the dividend distributed during December of 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 2023 of amounts for use in preparing 2022 income tax returns.

![](img88195_2.jpg) <br>

1.540009.125 CON-ANN-0323

**Fidelity® Contrafund® K6**

**Annual Report**

**December 31, 2022**

![](img88194_1.jpg)

![](img88194_2.jpg)

**Contents**

---

| |
|:---|
| **[Performance](#Sec_Performance)** |
| **[Management's Discussion of Fund Performance](#Sec_Mgt Discussion of FundPerformance)** |
| **[Investment Summary](#Sec_InvestmentSummary2946)** |
| **[Schedule of Investments](#Sec_ScheduleOfInvestments2946)** |
| **[Financial Statements](#Sec_FinancialStatements2946)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |

---

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2023 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.

&nbsp;&nbsp; **Average Annual Total Returns** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Life of** <br> **Fund** <sup>A</sup>  |
| Fidelity® Contrafund® K6  | &nbsp;&nbsp; -27.12%  | &nbsp;&nbsp; 8.70%  | &nbsp;&nbsp; 10.23%  |

---

<sup>A</sup> 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. <br>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.  |
| ![](img88194_5.jpg)  |

---

**Management's Discussion of Fund Performance**

**Market Recap:** 

U.S. equities returned -18.11% in 2022, according to the S&P 500 <sup>®</sup> index, as a multitude of risk factors challenged the global economy. It was the index's lowest calendar-year return since 2008 and first retreat since 2018. High inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in a decade, stoking recession fears and sending stocks into bear market territory. Since March, the Fed hiked its benchmark rate seven times, by 4.25 percentage points - the fastest-ever pace of monetary tightening - while also shrinking its massive portfolio. Against this backdrop, the S&P 500 <sup>®</sup> posted its worst year-to-date result (-23.87%) in 20 years through September, a seasonally weak month that stayed true to form, with volatility spiking due to growing certainty the Fed would persist in its effort to cool inflation, even at the expense of economic growth. Three of the index's worst monthly returns ever were recorded in 2022, as it shed 8% to 9% in April, June and September. Gains of similar proportion were made in July and October, amid optimism on inflation and policy easing. November (+6%) began with a rate hike of 0.75% and ended on a high note when the Fed signaled its intent to slow its pace of rate rises. For the year, value stocks handily outpaced growth. This headwind was pronounced in the growthier communication services (-40%), consumer discretionary (-37%) and information technology (-28%) sectors. In sharp contrast, energy (+66%) shined.

**Comments from Portfolio Manager William Danoff:**

For the year, the fund returned -27.12%, trailing the -18.11% result of the benchmark S&P 500 <sup>®</sup> index. The largest detractor from performance versus the benchmark were stock picks in information technology. Also detracting from performance was an underweighting and stock picks in energy. Stock picking and an overweighting in the communication services sector, primarily within the media & entertainment industry, also hurt. The fund's largest individual relative detractor was an outsized stake in Meta Platforms (-64%). The company was among our biggest holdings. Also holding back performance was our overweighting in Amazon.com (-50%). Amazon.com was one of our largest holdings. Also hindering performance was our outsized stake in Nvidia (-50%). Nvidia was one of the fund's biggest holdings this period. In contrast, the largest contributor to performance versus the benchmark was security selection in financials. An underweighting in real estate also boosted the fund's relative performance. Also boosting the fund's relative performance was an overweighting and security selection in the health care sector, primarily driven by the health care equipment & services industry. The fund's position in cash contributed in a down market. The fund's biggest individual relative contributor was our lighter-than-benchmark stake in Tesla (-65%). We decreased our stake this period. Also bolstering performance was our overweighting in Berkshire Hathaway (+4%). The company was the fund's largest holding. Notable changes in positioning include increased exposure to the health care sector and a lower allocation to information technology.

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

**Investment Summary December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Berkshire Hathaway, Inc. Class A  | 7.8  |
| UnitedHealth Group, Inc.  | 5.9  |
| Meta Platforms, Inc. Class A  | 5.0  |
| Microsoft Corp.  | 4.5  |
| Amazon.com, Inc.  | 4.2  |
| Apple, Inc.  | 4.0  |
| Eli Lilly & Co.  | 2.9  |
| Regeneron Pharmaceuticals, Inc.  | 2.3  |
| Alphabet, Inc. Class A  | 2.0  |
| Amphenol Corp. Class A  | 2.0  |
|  | 40.6  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Information Technology  | 20.7  |
| Health Care  | 18.5  |
| Financials  | 15.0  |
| Communication Services  | 11.5  |
| Consumer Discretionary  | 9.3  |
| Energy  | 7.4  |
| Industrials  | 5.2  |
| Consumer Staples  | 3.7  |
| Materials  | 3.3  |
| Utilities  | 0.4  |
| Real Estate  | 0.1  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88194_6.jpg)  |
| *Foreign investments - 6.9%*  |

---

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 94.4%**  | &nbsp;&nbsp; **Common Stocks - 94.4%**  | &nbsp;&nbsp; **Common Stocks - 94.4%**  |
|  | Shares  | Value ($) <br>|
| COMMUNICATION SERVICES - 11.4%  |  |  |
| Entertainment - 2.2%  |  |  |
|  Activision Blizzard, Inc.  | 475810  | 36423256  |
|  Liberty Media Corp. Liberty Formula One Series C (a)  | 763063  | 45615906  |
|  Netflix, Inc. (a)  | 944524  | 278521237  |
|  The Walt Disney Co. (a)  | 81671  | 7095576  |
|  Universal Music Group NV  | 1687226  | 40801663  |
|  |  | 408457638  |
| Interactive Media & Services - 8.9%  |  |  |
|  Alphabet, Inc.:  |  |  |
|  Class A (a)  | 4270145  | 376754893  |
|  Class C (a)  | 3717840  | 329883943  |
|  Bumble, Inc. (a)  | 618604  | 13021614  |
|  Epic Games, Inc. (a)(b)(c)  | 14010  | 11425435  |
|  Meta Platforms, Inc. Class A (a)  | 7956091  | 957435991  |
|  Pinterest, Inc. Class A (a)  | 489048  | 11874085  |
|  |  | 1700395961  |
| Wireless Telecommunication Services - 0.3%  |  |  |
|  T-Mobile U.S., Inc. (a)  | 416399  | 58295860  |
|  TOTAL COMMUNICATION SERVICES  |  | 2167149459  |
| CONSUMER DISCRETIONARY - 9.3%  |  |  |
| Automobiles - 0.5%  |  |  |
|  General Motors Co.  | 706206  | 23756770  |
|  Harley-Davidson, Inc.  | 254598  | 10591277  |
|  Hyundai Motor Co.  | 154980  | 18586350  |
|  Rad Power Bikes, Inc. (a)(b)(c)  | 331574  | 1226824  |
|  Rivian Automotive, Inc. (a)  | 101531  | 1871216  |
|  Tesla, Inc. (a)  | 17709  | 2181395  |
|  Toyota Motor Corp.  | 2628609  | 35860918  |
|  |  | 94074750  |
| Hotels, Restaurants & Leisure - 0.7%  |  |  |
|  Airbnb, Inc. Class A (a)  | 766997  | 65578244  |
|  Chipotle Mexican Grill, Inc. (a)  | 4264  | 5916257  |
|  Evolution AB (d)  | 23396  | 2278874  |
|  Hilton Worldwide Holdings, Inc.  | 209476  | 26469387  |
|  Hyatt Hotels Corp. Class A (a)  | 20430  | 1847894  |
|  McDonald's Corp.  | 85921  | 22642761  |
|  |  | 124733417  |
| Household Durables - 0.1%  |  |  |
|  Lennar Corp. Class A  | 305012  | 27603586  |
| Internet & Direct Marketing Retail - 4.4%  |  |  |
|  Amazon.com, Inc. (a)  | 9479947  | 796315548  |
|  Coupang, Inc. Class A (a)  | 2330988  | 34288833  |
|  Deliveroo PLC Class A (a)(d)  | 8591983  | 8901897  |
|  MercadoLibre, Inc. (a)  | 9116  | 7714324  |
|  Uber Technologies, Inc. (a)  | 62899  | 1555492  |
|  Wayfair LLC Class A (a)  | 10813  | 355640  |
|  |  | 849131734  |
| Multiline Retail - 0.2%  |  |  |
|  Dollar Tree, Inc. (a)  | 191236  | 27048420  |
|  Dollarama, Inc.  | 105905  | 6193956  |
|  |  | 33242376  |
| Specialty Retail - 2.9%  |  |  |
|  Academy Sports & Outdoors, Inc.  | 769181  | 40412770  |
|  AutoZone, Inc. (a)  | 24936  | 61496664  |
|  Dick's Sporting Goods, Inc. (e)  | 549403  | 66087687  |
|  Fanatics, Inc. Class A (a)(b)(c)  | 332480  | 25325002  |
|  National Vision Holdings, Inc. (a)(e)  | 394754  | 15300665  |
|  O'Reilly Automotive, Inc. (a)  | 89488  | 75530557  |
|  The Home Depot, Inc.  | 461844  | 145878046  |
|  TJX Companies, Inc.  | 165778  | 13195929  |
|  Ulta Beauty, Inc. (a)  | 118252  | 55468466  |
|  Williams-Sonoma, Inc. (e)  | 445884  | 51240989  |
|  |  | 549936775  |
| Textiles, Apparel & Luxury Goods - 0.5%  |  |  |
|  Deckers Outdoor Corp. (a)  | 22542  | 8997865  |
|  Dr. Martens Ltd.  | 3946584  | 9093950  |
|  lululemon athletica, Inc. (a)  | 16203  | 5191117  |
|  NIKE, Inc. Class B  | 367358  | 42984560  |
|  On Holding AG (a)  | 1342634  | 23039599  |
|  |  | 89307091  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 1768029729  |
| CONSUMER STAPLES - 3.7%  |  |  |
| Beverages - 1.6%  |  |  |
|  Anheuser-Busch InBev SA NV  | 258377  | 15562297  |
|  Constellation Brands, Inc. Class A (sub. vtg.)  | 103189  | 23914051  |
|  Diageo PLC  | 451905  | 19780729  |
|  Keurig Dr. Pepper, Inc.  | 111177  | 3964572  |
|  PepsiCo, Inc.  | 592755  | 107087118  |
|  The Coca-Cola Co.  | 2174832  | 138341064  |
|  |  | 308649831  |
| Food & Staples Retailing - 1.5%  |  |  |
|  Alimentation Couche-Tard, Inc. Class A (multi-vtg.)  | 257402  | 11311240  |
|  Casey's General Stores, Inc.  | 47959  | 10759602  |
|  Costco Wholesale Corp.  | 556490  | 254037685  |
|  Performance Food Group Co. (a)  | 44742  | 2612485  |
|  |  | 278721012  |
| Food Products - 0.2%  |  |  |
|  Archer Daniels Midland Co.  | 47681  | 4427181  |
|  General Mills, Inc.  | 71520  | 5996952  |
|  Mondelez International, Inc.  | 249585  | 16634840  |
|  Nestle SA (Reg. S)  | 49944  | 5769003  |
|  |  | 32827976  |
| Household Products - 0.0%  |  |  |
|  Procter & Gamble Co.  | 31843  | 4826125  |
| Personal Products - 0.4%  |  |  |
|  Estee Lauder Companies, Inc. Class A  | 244219  | 60593176  |
|  L'Oreal SA (a)  | 23678  | 8479039  |
|  L'Oreal SA (a)  | 32604  | 11675419  |
|  Olaplex Holdings, Inc. (a)  | 1056348  | 5503573  |
|  |  | 86251207  |
|  TOTAL CONSUMER STAPLES  |  | 711276151  |
| ENERGY - 7.3%  |  |  |
| Energy Equipment & Services - 0.1%  |  |  |
|  Halliburton Co.  | 257941  | 10149978  |
| Oil, Gas & Consumable Fuels - 7.2%  |  |  |
|  Birchcliff Energy Ltd.  | 191708  | 1335160  |
|  Canadian Natural Resources Ltd.  | 1161584  | 64504801  |
|  Cenovus Energy, Inc. (Canada)  | 559730  | 10859754  |
|  Cheniere Energy, Inc.  | 435335  | 65282837  |
|  Chevron Corp.  | 916804  | 164557150  |
|  ConocoPhillips Co.  | 1797312  | 212082816  |
|  Devon Energy Corp.  | 917498  | 56435302  |
|  Diamondback Energy, Inc.  | 305448  | 41779177  |
|  EOG Resources, Inc.  | 706415  | 91494871  |
|  Equinor ASA  | 204100  | 7335410  |
|  Excelerate Energy, Inc. (e)  | 17574  | 440229  |
|  Exxon Mobil Corp.  | 2383030  | 262848209  |
|  Hess Corp.  | 667011  | 94595500  |
|  Marathon Petroleum Corp.  | 115902  | 13489834  |
|  Occidental Petroleum Corp.  | 1370093  | 86302158  |
|  Ovintiv, Inc.  | 34748  | 1762071  |
|  Phillips 66 Co.  | 333591  | 34720151  |
|  Pioneer Natural Resources Co.  | 304223  | 69481491  |
|  Reliance Industries Ltd.  | 371282  | 11396588  |
|  Suncor Energy, Inc.  | 304203  | 9649571  |
|  Tourmaline Oil Corp.  | 122695  | 6190932  |
|  Valero Energy Corp.  | 545316  | 69178788  |
|  |  | 1375722800  |
|  TOTAL ENERGY  |  | 1385872778  |
| FINANCIALS - 15.0%  |  |  |
| Banks - 3.5%  |  |  |
|  AIB Group PLC  | 674725  | 2611690  |
|  Banco Santander SA (Spain)  | 2427327  | 7257987  |
|  Bank of America Corp.  | 6825882  | 226073212  |
|  Bank of Ireland Group PLC  | 1073055  | 10223000  |
|  Citigroup, Inc.  | 146874  | 6643111  |
|  HDFC Bank Ltd. sponsored ADR  | 55575  | 3801886  |
|  JPMorgan Chase & Co.  | 1201659  | 161142472  |
|  Nu Holdings Ltd. (e)  | 2140859  | 8713296  |
|  Royal Bank of Canada  | 1039615  | 97742237  |
|  Starling Bank Ltd. Series D (a)(b)(c)  | 4139223  | 15662876  |
|  The Toronto-Dominion Bank  | 933269  | 60428134  |
|  Wells Fargo & Co.  | 1396122  | 57645877  |
|  |  | 657945778  |
| Capital Markets - 0.9%  |  |  |
|  BlackRock, Inc. Class A  | 1490  | 1055859  |
|  Brookfield Asset Management Ltd. Class A (a)  | 11426  | 327168  |
|  Brookfield Corp. (Canada) Class A  | 16864  | 530332  |
|  Charles Schwab Corp.  | 327916  | 27302286  |
|  Goldman Sachs Group, Inc.  | 26923  | 9244820  |
|  Morgan Stanley  | 1564347  | 133000782  |
|  MSCI, Inc.  | 11834  | 5504822  |
|  TulCo LLC (a)(b)(c)(f)  | 1552  | 1172101  |
|  |  | 178138170  |
| Consumer Finance - 0.0%  |  |  |
|  American Express Co.  | 45242  | 6684506  |
| Diversified Financial Services - 7.8%  |  |  |
|  Berkshire Hathaway, Inc. Class A (a)  | 3181  | 1490969552  |
| Insurance - 2.8%  |  |  |
|  American International Group, Inc.  | 1671179  | 105685360  |
|  Aon PLC  | 20572  | 6174480  |
|  Arthur J. Gallagher & Co.  | 181124  | 34149119  |
|  Brookfield Asset Management Reinsurance Partners Ltd.  | 1372  | 42893  |
|  Chubb Ltd.  | 442519  | 97619691  |
|  Fairfax Financial Holdings Ltd. (sub. vtg.)  | 35856  | 21240046  |
|  Hartford Financial Services Group, Inc.  | 356649  | 27044694  |
|  Intact Financial Corp.  | 193262  | 27820308  |
|  Marsh & McLennan Companies, Inc.  | 132966  | 22003214  |
|  Progressive Corp.  | 818226  | 106132094  |
|  The Travelers Companies, Inc.  | 450796  | 84519742  |
|  W.R. Berkley Corp.  | 82667  | 5999144  |
|  |  | 538430785  |
|  TOTAL FINANCIALS  |  | 2872168791  |
| HEALTH CARE - 18.4%  |  |  |
| Biotechnology - 4.3%  |  |  |
|  AbbVie, Inc.  | 285746  | 46179411  |
|  Alnylam Pharmaceuticals, Inc. (a)  | 90159  | 21426286  |
|  Argenx SE ADR (a)  | 46322  | 17548163  |
|  Biohaven Ltd. (a)  | 4495  | 62391  |
|  Galapagos NV sponsored ADR (a)  | 285410  | 12666496  |
|  Genmab A/S (a)  | 10308  | 4358169  |
|  Gilead Sciences, Inc.  | 236808  | 20329967  |
|  Intellia Therapeutics, Inc. (a)  | 96325  | 3360779  |
|  Legend Biotech Corp. ADR (a)  | 245070  | 12233894  |
|  Moderna, Inc. (a)  | 31016  | 5571094  |
|  Neurocrine Biosciences, Inc. (a)  | 32905  | 3930173  |
|  Nuvalent, Inc. Class A (a)  | 53544  | 1594540  |
|  Regeneron Pharmaceuticals, Inc. (a)  | 594942  | 429244704  |
|  United Therapeutics Corp. (a)  | 118986  | 33088817  |
|  Vertex Pharmaceuticals, Inc. (a)  | 728004  | 210232995  |
|  Zai Lab Ltd. (a)  | 1351518  | 4183294  |
|  |  | 826011173  |
| Health Care Equipment & Supplies - 0.5%  |  |  |
|  Boston Scientific Corp. (a)  | 258823  | 11975740  |
|  DexCom, Inc. (a)  | 33041  | 3741563  |
|  Edwards Lifesciences Corp. (a)  | 67306  | 5021701  |
|  Figs, Inc. Class A (a)  | 86536  | 582387  |
|  Intuitive Surgical, Inc. (a)  | 239759  | 63620051  |
|  Straumann Holding AG  | 52665  | 6039158  |
|  |  | 90980600  |
| Health Care Providers & Services - 7.2%  |  |  |
|  23andMe Holding Co. Class A (a)  | 2644  | 5711  |
|  AmerisourceBergen Corp.  | 135902  | 22520320  |
|  Cardinal Health, Inc.  | 223559  | 17184980  |
|  Cigna Corp.  | 239896  | 79487141  |
|  Elevance Health, Inc.  | 174667  | 89598931  |
|  HCA Holdings, Inc.  | 90826  | 21794607  |
|  Molina Healthcare, Inc. (a)  | 60896  | 20109077  |
|  Option Care Health, Inc. (a)  | 306604  | 9225714  |
|  P3 Health Partners, Inc. (a)(b)  | 450620  | 829141  |
|  UnitedHealth Group, Inc.  | 2107908  | 1117570663  |
|  |  | 1378326285  |
| Health Care Technology - 0.0%  |  |  |
|  Doximity, Inc. (a)  | 123760  | 4153386  |
| Life Sciences Tools & Services - 1.2%  |  |  |
|  Danaher Corp.  | 423018  | 112277438  |
|  Lonza Group AG  | 22  | 10799  |
|  Mettler-Toledo International, Inc. (a)  | 36583  | 52878897  |
|  Thermo Fisher Scientific, Inc.  | 60582  | 33361902  |
|  Veterinary Emergency Group LLC Class A (a)(b)(c)(f)  | 185166  | 10519280  |
|  Waters Corp. (a)  | 47801  | 16375667  |
|  |  | 225423983  |
| Pharmaceuticals - 5.2%  |  |  |
|  AstraZeneca PLC sponsored ADR  | 74723  | 5066219  |
|  Bristol-Myers Squibb Co.  | 1300061  | 93539389  |
|  DICE Therapeutics, Inc. (a)  | 190614  | 5947157  |
|  Eli Lilly & Co.  | 1479588  | 541292474  |
|  Intra-Cellular Therapies, Inc. (a)  | 89297  | 4725597  |
|  Johnson & Johnson  | 505840  | 89356636  |
|  Merck & Co., Inc.  | 1429355  | 158586937  |
|  Nuvation Bio, Inc. (a)(e)  | 1984636  | 3810501  |
|  Pfizer, Inc.  | 295879  | 15160840  |
|  Roche Holding AG (participation certificate)  | 63944  | 20093606  |
|  Royalty Pharma PLC  | 1460438  | 57716510  |
|  |  | 995295866  |
|  TOTAL HEALTH CARE  |  | 3520191293  |
| INDUSTRIALS - 4.9%  |  |  |
| Aerospace & Defense - 1.5%  |  |  |
|  Lockheed Martin Corp.  | 254891  | 124001923  |
|  Northrop Grumman Corp.  | 278011  | 151685582  |
|  Space Exploration Technologies Corp. Class A (a)(b)(c)  | 73000  | 5621000  |
|  TransDigm Group, Inc.  | 3106  | 1955693  |
|  |  | 283264198  |
| Air Freight & Logistics - 1.0%  |  |  |
|  United Parcel Service, Inc. Class B  | 1085513  | 188705580  |
|  Zipline International, Inc. (a)(b)(c)  | 87466  | 1938247  |
|  |  | 190643827  |
| Airlines - 0.0%  |  |  |
|  Ryanair Holdings PLC sponsored ADR (a)  | 25180  | 1882457  |
| Building Products - 0.1%  |  |  |
|  Carrier Global Corp.  | 46743  | 1928149  |
|  Toto Ltd.  | 408100  | 13842537  |
|  Trane Technologies PLC  | 11843  | 1990690  |
|  |  | 17761376  |
| Commercial Services & Supplies - 0.2%  |  |  |
|  Aurora Innovation, Inc. (a)(e)  | 293534  | 355176  |
|  Cintas Corp.  | 32364  | 14616230  |
|  Clean Harbors, Inc. (a)  | 121771  | 13896507  |
|  Clean TeQ Water Pty Ltd. (a)(e)  | 307553  | 81175  |
|  |  | 28949088  |
| Construction & Engineering - 0.0%  |  |  |
|  Willscot Mobile Mini Holdings (a)  | 29186  | 1318332  |
| Electrical Equipment - 0.2%  |  |  |
|  Eaton Corp. PLC  | 85089  | 13354719  |
|  Emerson Electric Co.  | 20212  | 1941565  |
|  Hubbell, Inc. Class B  | 71773  | 16843688  |
|  |  | 32139972  |
| Industrial Conglomerates - 0.5%  |  |  |
|  General Electric Co.  | 1182491  | 99080921  |
| Machinery - 0.7%  |  |  |
|  Caterpillar, Inc.  | 16819  | 4029160  |
|  Deere & Co.  | 188013  | 80612454  |
|  Fortive Corp.  | 123226  | 7917271  |
|  Indutrade AB  | 85092  | 1721436  |
|  PACCAR, Inc.  | 402261  | 39811771  |
|  |  | 134092092  |
| Road & Rail - 0.6%  |  |  |
|  Canadian Pacific Railway Ltd.  | 611932  | 45623734  |
|  J.B. Hunt Transport Services, Inc.  | 200422  | 34945580  |
|  Localiza Rent a Car SA  | 66000  | 665031  |
|  Localiza Rent a Car SA rights (a)  | 288  | 587  |
|  Old Dominion Freight Lines, Inc.  | 116106  | 32948561  |
|  Vamos Locacao de Caminhoes Maquinas e Equipamentos SA  | 27300  | 65358  |
|  |  | 114248851  |
| Trading Companies & Distributors - 0.1%  |  |  |
|  W.W. Grainger, Inc.  | 51524  | 28660225  |
|  TOTAL INDUSTRIALS  |  | 932041339  |
| INFORMATION TECHNOLOGY - 20.6%  |  |  |
| Communications Equipment - 0.2%  |  |  |
|  Arista Networks, Inc. (a)  | 287934  | 34940791  |
|  Motorola Solutions, Inc.  | 7583  | 1954215  |
|  |  | 36895006  |
| Electronic Equipment & Components - 2.1%  |  |  |
|  Amphenol Corp. Class A  | 4896216  | 372797886  |
|  CDW Corp.  | 104564  | 18673039  |
|  Jabil, Inc.  | 114835  | 7831747  |
|  |  | 399302672  |
| IT Services - 2.9%  |  |  |
|  Accenture PLC Class A  | 751100  | 200423524  |
|  Adyen BV (a)(d)  | 6843  | 9499794  |
|  Cloudflare, Inc. (a)  | 174750  | 7900448  |
|  Gartner, Inc. (a)  | 19076  | 6412207  |
|  MasterCard, Inc. Class A  | 84477  | 29375187  |
|  MongoDB, Inc. Class A (a)  | 9607  | 1891042  |
|  Shopify, Inc. Class A (a)  | 21524  | 747299  |
|  Visa, Inc. Class A  | 1448088  | 300854763  |
|  X Holdings I, Inc. (b)(c)  | 10234  | 4060135  |
|  |  | 561164399  |
| Semiconductors & Semiconductor Equipment - 4.6%  |  |  |
|  Advanced Micro Devices, Inc. (a)  | 1337661  | 86640303  |
|  Analog Devices, Inc.  | 279004  | 45765026  |
|  Broadcom, Inc.  | 20612  | 11524788  |
|  Enphase Energy, Inc. (a)  | 95005  | 25172525  |
|  First Solar, Inc. (a)  | 89131  | 13350932  |
|  Lattice Semiconductor Corp. (a)  | 263109  | 17070512  |
|  Marvell Technology, Inc.  | 276088  | 10226300  |
|  Monolithic Power Systems, Inc.  | 21083  | 7455160  |
|  NVIDIA Corp.  | 2374703  | 347039096  |
|  onsemi (a)  | 1138898  | 71033068  |
|  Qualcomm, Inc.  | 1824256  | 200558705  |
|  Synaptics, Inc. (a)  | 298455  | 28400978  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR  | 148297  | 11046644  |
|  |  | 875284037  |
| Software - 6.8%  |  |  |
|  Adobe, Inc. (a)  | 362343  | 121939290  |
|  Aspen Technology, Inc. (a)  | 4612  | 947305  |
|  Atlassian Corp. PLC (a)(e)  | 89953  | 11575152  |
|  Cadence Design Systems, Inc. (a)  | 568945  | 91395325  |
|  Check Point Software Technologies Ltd. (a)  | 93075  | 11742342  |
|  Clear Secure, Inc. (e)  | 344769  | 9457014  |
|  Fair Isaac Corp. (a)  | 3638  | 2177634  |
|  Fortinet, Inc. (a)  | 274716  | 13430865  |
|  Intuit, Inc.  | 5218  | 2030950  |
|  Microsoft Corp.  | 3570391  | 856251170  |
|  Oracle Corp.  | 49960  | 4083730  |
|  Salesforce.com, Inc. (a)  | 1170239  | 155161989  |
|  Samsara, Inc. (e)  | 163968  | 2038122  |
|  ServiceNow, Inc. (a)  | 4117  | 1598508  |
|  Stripe, Inc. Class B (a)(b)(c)  | 75100  | 1683742  |
|  Tanium, Inc. Class B (a)(b)(c)  | 449538  | 3272637  |
|  ZenPayroll, Inc. (a)(b)(c)  | 50300  | 1477814  |
|  Zoom Video Communications, Inc. Class A (a)  | 26618  | 1803103  |
|  |  | 1292066692  |
| Technology Hardware, Storage & Peripherals - 4.0%  |  |  |
|  Apple, Inc.  | 5916556  | 768738121  |
|  Dell Technologies, Inc.  | 47676  | 1917529  |
|  Pure Storage, Inc. Class A (a)  | 46207  | 1236499  |
|  |  | 771892149  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 3936604955  |
| MATERIALS - 3.3%  |  |  |
| Chemicals - 0.8%  |  |  |
|  Air Products & Chemicals, Inc.  | 60453  | 18635242  |
|  Albemarle Corp.  | 121195  | 26282348  |
|  CF Industries Holdings, Inc.  | 540505  | 46051026  |
|  Corteva, Inc.  | 408256  | 23997288  |
|  Linde PLC  | 23847  | 7778414  |
|  Sherwin-Williams Co.  | 8760  | 2079011  |
|  Westlake Corp.  | 145400  | 14909316  |
|  |  | 139732645  |
| Metals & Mining - 2.5%  |  |  |
|  B2Gold Corp.  | 5845068  | 20764237  |
|  Barrick Gold Corp. (Canada)  | 963439  | 16515081  |
|  Cleveland-Cliffs, Inc. (a)  | 745342  | 12007460  |
|  Franco-Nevada Corp.  | 679198  | 92584620  |
|  Freeport-McMoRan, Inc.  | 2506819  | 95259122  |
|  Glencore PLC  | 1595415  | 10639260  |
|  Ivanhoe Electric, Inc. (a)  | 558649  | 6787585  |
|  Ivanhoe Mines Ltd. (a)  | 5740943  | 45367866  |
|  Ivanhoe Mines Ltd. (a)(d)  | 1400665  | 11068771  |
|  Novagold Resources, Inc. (a)  | 1557941  | 9308525  |
|  Nucor Corp. (e)  | 755056  | 99523931  |
|  POSCO sponsored ADR (e)  | 20651  | 1124860  |
|  Steel Dynamics, Inc.  | 560411  | 54752155  |
|  Sunrise Energy Metals Ltd. (a)  | 389859  | 507583  |
|  Wheaton Precious Metals Corp.  | 149474  | 5839863  |
|  |  | 482050919  |
|  TOTAL MATERIALS  |  | 621783564  |
| REAL ESTATE - 0.1%  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 0.1%  |  |  |
|  Equity Commonwealth  | 493443  | 12321272  |
|  Prologis (REIT), Inc.  | 69831  | 7872049  |
|  |  | 20193321  |
| UTILITIES - 0.4%  |  |  |
| Electric Utilities - 0.4%  |  |  |
|  Constellation Energy Corp.  | 444023  | 38279223  |
|  NextEra Energy, Inc.  | 118694  | 9922818  |
|  PG&E Corp. (a)  | 1413235  | 22979201  |
|  Southern Co.  | 164396  | 11739518  |
|  |  | 82920760  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $15,238,619,644)  |  | <br> **18018232140**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Preferred Stocks - 0.7%**  | &nbsp;&nbsp; **Preferred Stocks - 0.7%**  | &nbsp;&nbsp; **Preferred Stocks - 0.7%**  |
|  | Shares  | Value ($) <br>|
| Convertible Preferred Stocks - 0.6%  |  |  |
| COMMUNICATION SERVICES - 0.1%  |  |  |
| Interactive Media & Services - 0.1%  |  |  |
|  ByteDance Ltd. Series E1 (a)(b)(c)  | 80736  | 14527636  |
|  Reddit, Inc.:  |  |  |
|  Series E(a)(b)(c)  | 27300  | 1022658  |
|  Series F(a)(b)(c)  | 149136  | 5586635  |
|  |  | 21136929  |
| CONSUMER DISCRETIONARY - 0.0%  |  |  |
| Automobiles - 0.0%  |  |  |
|  Rad Power Bikes, Inc.:  |  |  |
|  Series A(a)(b)(c)  | 43228  | 159944  |
|  Series C(a)(b)(c)  | 170098  | 629363  |
|  Series D(a)(b)(c)  | 404900  | 1498130  |
|  |  | 2287437  |
| Hotels, Restaurants & Leisure - 0.0%  |  |  |
|  Discord, Inc. Series I (a)(b)(c)  | 2700  | 958419  |
| Internet & Direct Marketing Retail - 0.0%  |  |  |
|  Circle Internet Financial Ltd. Series F (b)(c)  | 118667  | 3115009  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 6360865  |
| CONSUMER STAPLES - 0.0%  |  |  |
| Food & Staples Retailing - 0.0%  |  |  |
|  GoBrands, Inc.:  |  |  |
|  Series G(a)(b)(c)  | 8352  | 1208868  |
|  Series H(a)(b)(c)  | 11788  | 1706195  |
|  |  | 2915063  |
| Food Products - 0.0%  |  |  |
|  Bowery Farming, Inc. Series C1 (a)(b)(c)  | 37316  | 757888  |
|  TOTAL CONSUMER STAPLES  |  | 3672951  |
| FINANCIALS - 0.0%  |  |  |
| Thrifts & Mortgage Finance - 0.0%  |  |  |
|  Acrisure Holdings, Inc. Series B (a)(b)(c)  | 57282  | 1373050  |
| HEALTH CARE - 0.1%  |  |  |
| Biotechnology - 0.0%  |  |  |
|  ElevateBio LLC Series C (a)(b)(c)  | 486500  | 1780590  |
| Health Care Providers & Services - 0.1%  |  |  |
|  Lyra Health, Inc.:  |  |  |
|  Series E(a)(b)(c)  | 190800  | 2713176  |
|  Series F(a)(b)(c)  | 11519  | 163800  |
|  Somatus, Inc. Series E (b)(c)  | 2766  | 2375773  |
|  |  | 5252749  |
|  TOTAL HEALTH CARE  |  | 7033339  |
| INDUSTRIALS - 0.3%  |  |  |
| Aerospace & Defense - 0.3%  |  |  |
|  Relativity Space, Inc.:  |  |  |
|  Series D(a)(b)(c)  | 207384  | 3334735  |
|  Series E(a)(b)(c)  | 143887  | 2671982  |
|  Space Exploration Technologies Corp. Series N (a)(b)(c)  | 49490  | 38107300  |
|  |  | 44114017  |
| Air Freight & Logistics - 0.0%  |  |  |
|  Zipline International, Inc. Series E (a)(b)(c)  | 178019  | 3944901  |
| Construction & Engineering - 0.0%  |  |  |
|  Beta Technologies, Inc. Series B, 6.00% (b)(c)  | 47990  | 3136626  |
|  TOTAL INDUSTRIALS  |  | 51195544  |
| INFORMATION TECHNOLOGY - 0.1%  |  |  |
| Software - 0.1%  |  |  |
|  ASAPP, Inc. Series C (a)(b)(c)  | 204122  | 857312  |
|  Carbon, Inc.:  |  |  |
|  Series D(a)(b)(c)  | 9678  | 93393  |
|  Series E(a)(b)(c)  | 7351  | 84610  |
|  Nuro, Inc.:  |  |  |
|  Series C(a)(b)(c)  | 405967  | 3097528  |
|  Series D(a)(b)(c)  | 114603  | 874421  |
|  Stripe, Inc. Series H (a)(b)(c)  | 29000  | 650180  |
|  Tenstorrent, Inc. Series C1 (a)(b)(c)  | 33000  | 1719630  |
|  ZenPayroll, Inc.:  |  |  |
|  Series D(a)(b)(c)  | 184203  | 5411884  |
|  Series E(a)(b)(c)  | 28063  | 824491  |
|  |  | 13613449  |
| MATERIALS - 0.0%  |  |  |
| Metals & Mining - 0.0%  |  |  |
|  High Power Exploration, Inc. Series A (a)(b)(c)  | 1289012  | 5478301  |
| TOTAL CONVERTIBLE PREFERRED STOCKS  |  | 109864428  |
| Nonconvertible Preferred Stocks - 0.1%  |  |  |
| CONSUMER DISCRETIONARY - 0.0%  |  |  |
| Internet & Direct Marketing Retail - 0.0%  |  |  |
|  Circle Internet Financial Ltd. Series E (b)(c)  | 175323  | 4602229  |
| ENERGY - 0.1%  |  |  |
| Oil, Gas & Consumable Fuels - 0.1%  |  |  |
|  Petroleo Brasileiro SA - Petrobras sponsored ADR  | 2320768  | 24716179  |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS  |  | 29318408  |
| <br> **TOTAL PREFERRED STOCKS** <br> (Cost $134,981,784)  |  | <br> **139182836**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Preferred Securities - 0.0%**  | &nbsp;&nbsp; **Preferred Securities - 0.0%**  | &nbsp;&nbsp; **Preferred Securities - 0.0%**  |
|  | Principal <br> Amount (g) <br>| Value ($) <br>|
| INFORMATION TECHNOLOGY - 0.0%  |  |  |
| Software - 0.0%  |  |  |
|  Tenstorrent, Inc. 0% (b)(c)(h) <br>(Cost $1,840,000) <br>| 1840000  | **1611840**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 5.7%**  | &nbsp;&nbsp; **Money Market Funds - 5.7%**  | &nbsp;&nbsp; **Money Market Funds - 5.7%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 4.37% (i)  | 961815747  | 962008110  |
|  Fidelity Securities Lending Cash Central Fund 4.37% (i)(j)  | 120535541  | 120547595  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $1,082,554,712)  |  | **1082555705**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.8%** <br> (Cost $16,457,996,140) <br>| <br>**19241582521**  |
| **NET OTHER ASSETS (LIABILITIES) - (0.8)%**  | **(157352425)**  |
| **NET ASSETS - 100.0%**  | **19084230096**  |

---

**Legend**

(a) Non-income producing

(b) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $200,292,731 or 1.0% of net assets.

(c) Level 3 security

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $31,749,336 or 0.2% of net assets.

(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) Amount is stated in United States dollars unless otherwise noted.

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

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

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows:  | Additional information on each restricted holding is as follows:  | Additional information on each restricted holding is as follows:  |
| Security  | Acquisition Date  | Acquisition Cost ($) <br>|
| Acrisure Holdings, Inc. Series B  | 3/22/21  | 1043678  |
| ASAPP, Inc. Series C  | 4/30/21  | 1346613  |
| Beta Technologies, Inc. Series B, 6.00%  | 4/04/22  | 4951128  |
| Bowery Farming, Inc. Series C1  | 5/18/21  | 2248263  |
| ByteDance Ltd. Series E1  | 11/18/20  | 8846581  |
| Carbon, Inc. Series D  | 12/15/17  | 225990  |
| Carbon, Inc. Series E  | 3/22/19  | 205787  |
| Circle Internet Financial Ltd. Series E  | 5/11/21  | 2845500  |
| Circle Internet Financial Ltd. Series F  | 5/09/22  | 5000627  |
| Discord, Inc. Series I  | 9/15/21  | 1486686  |
| ElevateBio LLC Series C  | 3/09/21  | 2040868  |
| Epic Games, Inc.  | 7/13/20 - 7/30/20  | 8055750  |
| Fanatics, Inc. Class A  | 8/13/20 - 12/15/21  | 12844485  |
| GoBrands, Inc. Series G  | 3/02/21  | 2085639  |
| GoBrands, Inc. Series H  | 7/22/21  | 4579527  |
| High Power Exploration, Inc. Series A  | 11/15/19 - 3/04/21  | 6793094  |
| Lyra Health, Inc. Series E  | 1/14/21  | 1747079  |
| Lyra Health, Inc. Series F  | 6/04/21  | 180899  |
| Nuro, Inc. Series C  | 10/30/20  | 5299737  |
| Nuro, Inc. Series D  | 10/29/21  | 2388982  |
| P3 Health Partners, Inc.  | 5/25/21  | 4506200  |
| Rad Power Bikes, Inc.  | 1/21/21  | 1599460  |
| Rad Power Bikes, Inc. Series A  | 1/21/21  | 208525  |
| Rad Power Bikes, Inc. Series C  | 1/21/21  | 820526  |
| Rad Power Bikes, Inc. Series D  | 9/17/21  | 3880481  |
| Reddit, Inc. Series E  | 5/18/21  | 1159546  |
| Reddit, Inc. Series F  | 8/11/21  | 9215770  |
| Relativity Space, Inc. Series D  | 11/20/20  | 3095642  |
| Relativity Space, Inc. Series E  | 5/27/21  | 3285674  |
| Somatus, Inc. Series E  | 1/31/22  | 2413708  |
| Space Exploration Technologies Corp. Class A  | 2/16/21  | 3065927  |
| Space Exploration Technologies Corp. Series N  | 8/04/20  | 13362300  |
| Starling Bank Ltd. Series D  | 6/18/21 - 4/05/22  | 8226276  |
| Stripe, Inc. Class B  | 5/18/21  | 3013641  |
| Stripe, Inc. Series H  | 3/15/21  | 1163625  |
| Tanium, Inc. Class B  | 9/18/20  | 5122575  |
| Tenstorrent, Inc. Series C1  | 4/23/21  | 1961992  |
| Tenstorrent, Inc. 0%  | 4/23/21  | 1840000  |
| TulCo LLC  | 8/24/17 - 9/07/18  | 651224  |
| Veterinary Emergency Group LLC Class A  | 9/16/21 - 12/16/22  | 7182374  |
| X Holdings I, Inc.  | 10/25/22  | 10234000  |
| ZenPayroll, Inc.  | 10/01/21  | 1448054  |
| ZenPayroll, Inc. Series D  | 7/16/19  | 2452184  |
| ZenPayroll, Inc. Series E  | 7/13/21  | 852984  |
| Zipline International, Inc.  | 10/12/21  | 3148776  |
| Zipline International, Inc. Series E  | 12/21/20  | 5808653  |

---

**Affiliated Central Funds**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.37%  | 557157321  | 4976927093  | 4572076304  | 16854359  | -  | -  | 962008110  | 2.2%  |
|  Fidelity Securities Lending Cash Central Fund 4.37%  | 69004697  | 1505358553  | 1453815655  | 321241  | -  | -  | 120547595  | 0.4%  |
| Total  | 626162018  | 6482285646  | 6025891959  | 17175600  | -  | -  | 1082555705  |  |

---

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2022, 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:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 2188286388  | 2114922361  | 40801663  | 32562364  |
| Consumer Discretionary  | 1778992823  | 1703338111  | 38139792  | 37514920  |
| Consumer Staples  | 714949102  | 650009664  | 61266487  | 3672951  |
| Energy  | 1410588957  | 1391856959  | 18731998  | -  |
| Financials  | 2873541841  | 2848075827  | 7257987  | 18208027  |
| Health Care  | 3527224632  | 3474986987  | 34685026  | 17552619  |
| Industrials  | 983236883  | 910558380  | 13923712  | 58754791  |
| Information Technology  | 3950218404  | 3916610833  | 9499794  | 24107777  |
| Materials  | 627261865  | 610636721  | 11146843  | 5478301  |
| Real Estate  | 20193321  | 20193321  | -  | -  |
| Utilities  | 82920760  | 82920760  | -  | -  |
|  Preferred Securities  | 1611840  | -  | -  | 1611840  |
|  Money Market Funds  | 1082555705  | 1082555705  | -  | -  |
| **Total Investments in Securities:**  | 19241582521  | 18806665629  | 235453302  | 199463590  |
|  Net Unrealized Depreciation on Unfunded Commitments  | (777124)  | -  | -  | (777124)  |
| **Total**  | (777124)  | -  | -  | (777124)  |

---

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

---

| | |
|:---|:---|
| **Investments in Securities:**  |  |
|  Beginning Balance  | $190795454  |
|  Net Realized Gain (Loss) on Investment Securities  | 711583  |
|  Net Unrealized Gain (Loss) on Investment Securities  | (18203330)  |
|  Cost of Purchases  | 27737666  |
|  Proceeds of Sales  | (686166)  |
|  Amortization/Accretion  | -  |
|  Transfers into Level 3  | 4602229  |
|  Transfers out of Level 3  | (5493846)  |
|  Ending Balance  | $199463590  |
|  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2022  | $(18203330)  |
| <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. <br>|  |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $116,782,137) - See accompanying schedule:  | $— |  |
|  Unaffiliated issuers (cost $15,375,441,428)  | 18159026816  |  |
|  Fidelity Central Funds (cost $1,082,554,712)  | 1082555705  |  |
|  Total Investment in Securities (cost $16,457,996,140)  |  | $19241582521  |
|  Restricted cash  |  | 5263  |
|  Foreign currency held at value (cost $302,808)  |  | 314430  |
| Receivable for investments sold  |  | 1275801  |
|  Receivable for fund shares sold  |  | 44435988  |
|  Dividends receivable  |  | 10592797  |
|  Distributions receivable from Fidelity Central Funds  |  | 3801814  |
| Other receivables  |  | 78200  |
| **Total assets**  |  | 19302086814  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $34893843  |  |
|  Unrealized depreciation on unfunded commitments  | 777124  |  |
|  Payable for fund shares redeemed  | 54215601  |  |
|  Accrued management fee  | 7313772  |  |
|  Other payables and accrued expenses  | 108434  |  |
|  Collateral on securities loaned  | 120547944  |  |
| **Total Liabilities**  |  | 217856718  |
| **Net Assets**  |  | $19084230096  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $16901644759  |
|  Total accumulated earnings (loss)  |  | 2182585337  |
|  **Net Assets**  |  | $19084230096  |
|  **Net Asset Value** , offering price and redemption price per share ($19,084,230,096 ÷ 1,134,174,623 shares)  |  | $16.83  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $212012061  |
| Income from Fidelity Central Funds (including $321,241 from security lending)  |  | 17175600  |
| **Total Income**  |  | 229187661  |
|  **Expenses**  |  |  |
| Management fee  | $95071094  |  |
| Independent trustees' fees and expenses  | 74363  |  |
| Total expenses before reductions  | 95145457  |  |
| Expense reductions  | (2086)  |  |
| Total expenses after reductions  |  | 95143371  |
| **Net Investment income (loss)**  |  | 134044290  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers (net of foreign taxes of $78,981)  | (161555390)  |  |
| Foreign currency transactions  | (188758)  |  |
| Total net realized gain (loss)  |  | (161744148)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $779,074)  | (7152938273)  |  |
| Unfunded commitments  | (629232)  |  |
| Assets and liabilities in foreign currencies  | (10518)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (7153578023)  |
| **Net gain (loss)**  |  | (7315322171)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(7181277881)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $134044290  | $27964558  |
| &nbsp;&nbsp; Net realized gain (loss)  | (161744148) <br>| 975461106 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (7153578023)  | 3986952261 <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (7181277881) <br>| 4990377925 <br>|
| Distributions to shareholders  | (224884344) <br>| (121152368) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 5373501397  | 9804987986  |
| Reinvestment of distributions  | 224688774 <br>| 121048719 <br>|
| &nbsp;&nbsp; Cost of shares redeemed  | (5254427380)  | (6050741750)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | 343762791 <br>| 3875294955 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (7062399434) <br>| 8744520512 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 26146629530  | 17402109018 <br>|
| &nbsp;&nbsp; End of period  | $19084230096  | $26146629530  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 285619497  | 477951690  |
| Issued in reinvestment of distributions  | 12078442 <br>| 5258129 <br>|
| &nbsp;&nbsp; Redeemed  | (283595105)  | (284504628)  |
| &nbsp;&nbsp; Net increase (decrease)  | 14102834  | 198705191  |

---

**Financial Highlights** 

 **Fidelity® Contrafund® K6** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $23.34  | $18.89  | $14.47  | $11.08  | $11.36  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .12  | .03  | .03  | .05  | .05  |
| Net realized and unrealized gain (loss)  | (6.43)  | 4.53  | 4.43  | 3.38  | (.29)  |
| Total from investment operations  | (6.31)  | 4.56  | 4.46  | 3.43  | (.24)  |
| Distributions from net investment income  | (.11)  | (.05)  | (.04)  | (.04)  | (.04)  |
| Distributions from net realized gain  | (.09)  | (.06)  | -  | -  | -  |
| Total distributions  | (.20)  | (.11)  | (.04)  | (.04)  | (.04)  |
| Net asset value, end of period  | $16.83  | $23.34  | $18.89  | $14.47  | $11.08  |
| **Total Return** <sup>C</sup>  | (27.12)%  | 24.14%  | 30.83%  | 31.00%  | (2.15)%  |
| **Ratios to Average Net Assets** <sup>B,D,E</sup>  |  |  |  |  |  |
| Expenses before reductions  | .45%  | .45%  | .45%  | .45%  | .45%  |
| Expenses net of fee waivers, if any  | .45%  | .45%  | .45%  | .45%  | .45%  |
| Expenses net of all reductions  | .45%  | .45%  | .45%  | .45%  | .45%  |
| Net investment income (loss)  | .64%  | .12%  | .18%  | .39%  | .39%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $19084230  | $26146630  | $17402109  | $11849878  | $5278087  |
| Portfolio turnover rate <sup>F</sup>  | 38% <sup>G</sup>  | 40% <sup>G</sup>  | 45% <sup>G</sup>  | 39% <sup>G</sup>  | 54% <sup>G</sup>  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

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

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

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

<sup>G</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements**

For the period ended December 31, 2022

**1. Organization.**

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

**2. Investments in Fidelity Central Funds.**

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

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

---

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

---

<sup>A</sup> *Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

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

**3. Significant Accounting Policies.**

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

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Preferred securities are valued by pricing services 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 services. 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 <sup>A</sup>  |
| Equities  | $197851750  | Market comparable  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 5.5 - 21.2 / 8.7  | Increase  |
|  |  |  | Enterprise value/Revenue multiple (EV/R)  | 1.6 - 19.0 / 6.9  | Increase  |
|  |  |  | Enterprise value/Net income multiple (EV/NI)  | 15.5  | Increase  |
|  |  | Market approach  | Transaction price  | $59.45  | Increase  |
|  |  |  | Discount rate  | 15.0%  | Decrease  |
|  |  | Book value  | Book value multiple  | 1.0  | Increase  |
|  |  |  | Discount rate  | 10.0%  | Decrease  |
|  |  | Discounted cash flow  | Weighted average cost of capital (WACC)  | 30.0%  | Decrease  |
|  |  |  | Exit multiple  | 2.0  | Increase  |
|  |  | Black scholes  | Discount rate  | 3.8% - 4.7% / 4.0%  | Increase  |
|  |  |  | Probability rate  | 50.0%  | Increase  |
|  |  |  | Volatility  | 65.0% - 85.0% / 78.3%  | Increase  |
|  |  |  | Term  | 0.6 - 5.0 / 3.9  | Increase  |
| Preferred Securities  | $1611840  | Market approach  | Transaction price  | $100.00  | Increase  |
|  |  |  | Discount rate  | 15.0%  | Decrease  |
|  |  | Black scholes  | Discount rate  | 4.2%  | Increase  |
|  |  |  | Volatility  | 70.0%  | Increase  |
|  |  |  | Term  | 2.0  | Increase  |

---

<sup>A</sup> *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, 2022, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

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

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

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in kind, 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**  | $3924408518  |
| **Gross unrealized depreciation**  | <u>(1257574862)</u>  |
| **Net unrealized appreciation (depreciation)**  | <u>$2666833656</u>  |
| **Tax Cost**  | <u>$16573971741</u>  |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$15585707</u>  |
| **Capital loss carryforward**  | <u>$(499921123)</u>  |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$2666841749</u>  |

---

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.

---

| | |
|:---|:---|
| Short-term  | <u>$(499921123)</u>  |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022**  | **December 31, 2021**  |
| **Ordinary Income**  | $119109830  | $51884688  |
| **Long-term Capital Gains**  | <u>105774514</u>  | <u>69267680</u>  |
| **Total**  | <u>$224884344</u>  | <u>$121152368</u>  |

---

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

**Commitments.** A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable based on contractual conditions of each commitment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment to be Acquired**  | **Commitment Amount**  | **Unrealized Appreciation (Depreciation)**  |
| **Fidelity Contrafund K6**  | Stripe, Inc.  | $777124  | $(777124)  |

---

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

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

At the current and/or prior period end, the Fund had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable.

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

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

---

| | | |
|:---|:---|:---|
|  | **$ Amount**  | **% of Net Assets**  |
| **Fidelity Contrafund K6**  | 11696644  | .06  |

---

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

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

**New Accounting Pronouncement.** In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-03 *Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions* . The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. They also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. They also require additional disclosures for equity securities subject to contractual sale restrictions. ASU 2022-03 will be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023. Management is currently evaluating the potential impact of ASU 2022-03 to the financial statements.

**4. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  |
| **Fidelity Contrafund K6**  | 7663700425  | 7955286188  |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares**  | **Total net realized gain or loss** <br> **($)**  | **Total Proceeds** <br> **($)**  |
| **Fidelity Contrafund K6**  | 55666002  | 367380483  | 992024707  |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Total Proceeds** <br> **($)**  |
| **Fidelity Contrafund K6**  | 44817858  | 914186580  |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares**  | **Total net realized gain or loss** <br> **($)**  | **Total Proceeds** <br> **($)**  |
| **Fidelity Contrafund K6**  | 44919036  | 495055406  | 944525951  |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Total Proceeds** <br> **($)**  |
| **Fidelity Contrafund K6**  | 224086125  | 4505428497  |

---

**5. Fees and Other Transactions with Affiliates.**

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

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

---

| | |
|:---|:---|
|  | **Amount**  |
| **Fidelity Contrafund K6**  | $133107  |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  | **Realized Gain (Loss) ($)**  |
| **Fidelity Contrafund K6**  | 500235585  | 653974630  | (30456589)  |

---

**6. Committed Line of Credit.**

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

**7. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS**  | **Security Lending Income From Securities Loaned to NFS**  | **Value of Securities Loaned to NFS at Period End**  |
| **Fidelity Contrafund K6**  | $34031  | $5639  | $-  |

---

**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 $2,086.

**9. Other.**

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

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.

**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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 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, 2022 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 14, 2023

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

**Trustees and Officers**

**<u>TRUSTEES AND OFFICERS</u>**

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 318 funds.

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

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

<u>Experience, Skills, Attributes, and Qualifications of the Trustees.</u> 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.

<u>Board Structure and Oversight Function.</u> Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair 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 Chair, 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 Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity <sup>®</sup> 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 <sup>®</sup> 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 <sup>®</sup> 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 <sup>®</sup> funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

<u>Interested Trustees\*:</u>

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

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

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

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

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

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

<u>Independent Trustees:</u>

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

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

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

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

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

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

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

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

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

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

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

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

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

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity <sup>®</sup> 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, Executive Committee, 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) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

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

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

<u>Advisory Board Members and Officers:</u>

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.

<u>Name, Year of Birth; Principal Occupation</u>

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

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

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

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

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

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

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

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

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

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

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

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

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

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

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

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

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

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

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

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

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

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

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

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

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

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

**Shareholder Expense Example**

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022). <br>

***Actual Expenses***

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

***Hypothetical Example for Comparison Purposes***

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value July 1, 2022**  | **Ending Account Value December 31, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **July 1, 2022 to December 31, 2022**  |
| **Fidelity® Contrafund® K6**  | .45%  |  |  |  |
| **Actual**  |  | $1000  | $1010.80  | $2.28  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.94  | $2.29  |

---

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

*B 5% return per year before expenses*

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

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com* .

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

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

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

![](img88194_2.jpg) <br>

1.9883979.105 CONK6-ANN-0323

Item 2.

<u>Code of Ethics</u>

As of the end of the period, December 31, 2022, 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.

<u>Audit Committee Financial Expert</u>

The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.

Item 4.

<u>Principal Accountant Fees and Services</u>

<u>Fees and Services</u>

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 and Fidelity Series Opportunistic Insights Fund (the "Funds"):

**<u>Services Billed by PwC</u>**

**<u>December 31, 2022 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Audit Fees** | **Audit-Related Fees** | **Tax Fees** | **All Other Fees** |
| Fidelity Advisor New Insights Fund | $69100  | $6100  | $71400  | $2100  |
| Fidelity Contrafund | $125200  | $7200  | $50600  | $2500  |
| Fidelity Contrafund K6 | $103200  | $5700  | $42000  | $2000  |
| Fidelity Series Opportunistic Insights Fund | $64900  | $5700  | $12400  | $2000  |

---

**<u>December 31, 2021 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Audit Fees** | **Audit-Related Fees** | **Tax Fees** | **All Other Fees** |
| Fidelity Advisor New Insights Fund | $67100  | $6600  | $13400  | $2100  |
| Fidelity Contrafund | $111600  | $7700  | $42500  | $2500  |
| Fidelity Contrafund K6 | $75100  | $6200  | $12100  | $2000  |
| Fidelity Series Opportunistic Insights Fund | $63100  | $6200  | $11500  | $2000  |

---

<sup>A</sup> Amounts may reflect rounding.

The following table(s) present(s) fees billed by PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) ("Fund Service Providers"):

**<u>Services Billed by PwC</u>**

---

| | | |
|:---|:---|:---|
|  | **<u>December 31, 2022</u><sup>A</sup>** | **<u>December 31, 2021</u><sup>A</sup>** |
| Audit-Related Fees | $7914600  | $8522600  |
| Tax Fees | $1000  | $354200  |
| All Other Fees | $-  | $-  |

---

<sup>A</sup> 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:

---

| | | |
|:---|:---|:---|
| **<u>Billed By</u>** | **<u>December 31, 2022</u><sup>A</sup>** | **<u>December 31, 2021</u><sup>A</sup>** |
| PwC | $13112500  | $14252200  |

---

<sup>A</sup> 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.

<u>Audit Committee Pre-Approval Policies and Procedures</u>

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.

<u>Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")</u>

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.

<u>Audit Committee of Listed Registrants</u>

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable.

Item 7.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 8.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 9.

<u>Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 10.

<u>Submission of Matters to a Vote of Security Holders</u>

There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.

Item 11.

<u>Controls and Procedures</u>

(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.

<u>Disclosure of Securities Lending Activities for Closed-End Management</u>

<u>Investment Companies</u>

Not applicable.

Item 13.

<u>Exhibits</u>

(a) (1) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](code.htm)

(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.](ex99cert.htm)

(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.](ex99906cert.htm)

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: | <u>/s/Stacie M. Smith</u> |
|  | Stacie M. Smith |
|  | President and Treasurer |
| Date: | February 21, 2023 |

---

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: | <u>/s/Stacie M. Smith</u> |
|  | Stacie M. Smith |
|  | President and Treasurer |
| Date: | February 21, 2023 |

---

---

| | |
|:---|:---|
| By: | <u>/s/John J. Burke III</u> |
|  | John J. Burke III |
|  | Chief Financial Officer |
| Date: | February 21, 2023 |

---

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Exhibit EX-99.CERT</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I, Stacie M. Smith, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Fidelity Contrafund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the registrant 's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant 's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; February 21, 2023

---

| |
|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/Stacie M. Smith</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stacie M. Smith  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Treasurer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I, John J. Burke III, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Fidelity Contrafund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the registrant 's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant 's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; February 21, 2023

---

| |
|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/John J. Burke III</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John J. Burke III  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

## Exhibit 99.906

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibit EX-99.906CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In connection with the attached Report of Fidelity Contrafund (the "Trust ") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report "), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer 's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dated: February 21, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| |
|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/Stacie M. Smith</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stacie M. Smith  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Treasurer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dated: February 21, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| |
|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/John J. Burke III</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John J. Burke III  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

## Ex-99.Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **EXHIBIT EX-99.CODE ETH** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FIDELITY FUNDS' CODE OF ETHICS FOR** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **I. Purposes of the Code/Covered Officers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to the provisions of Rule 30b2-1(a) under the Investment Company Act of 1940), which Rule implements Sections 406 of the Sarbanes-Oxley Act of 2002 with respect to registered investment companies. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, a part of Corporate Compliance Group within Core Compliance, administers the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; accountability for adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **II.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Covered Officers Should Handle Ethically** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Actual and Apparent Conflicts of Interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company), and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* \* \*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **III. Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **IV. Reporting and Accountability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that he or she has received, read, and understands the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; notify the Fidelity Ethics Office promptly if he or she knows of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u> .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Chief Ethics Officer retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **V. Oversight** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Material violations of this Code will be reported promptly by FMR to the Board's Compliance Committee. In addition, at least once each year, FMR will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **VI. Other Policies and Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others), and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **VII. Amendments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **VIII. Records and Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>