# EDGAR Filing Document

**Accession Number:** 0000024238
**File Stem:** 0000024238-26-000023
**Filing Date:** 2026-2
**Character Count:** 588809
**Document Hash:** 807199d87b1f4b391c4e50b88b105f00
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000024238-26-000023.hdr.sgml**: 20260220

**ACCESSION NUMBER**: 0000024238-26-000023

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 59

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260220

**DATE AS OF CHANGE**: 20260220

**EFFECTIVENESS DATE**: 20260220

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY CONTRAFUND
- **CENTRAL INDEX KEY:** 0000024238

**ORGANIZATION NAME:**
- **EIN:** 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:** 26657377

**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           |

?xml version='1.0' encoding='ASCII'? Prospectus - Investment Objective

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

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

<u>Fidelity Contrafund</u>

(Exact name of registrant as specified in charter)

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

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

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

<u>617-563-7000</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date of fiscal year end: | &nbsp;&nbsp;December 31 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;December 31, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| Fidelity® Series Opportunistic Insights Fund<br> **Fidelity® Series Opportunistic Insights Fund : FVWSX** <br>|

---

This annual shareholder report contains information about Fidelity® Series Opportunistic Insights Fund for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Series Opportunistic Insights Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the benchmark, the Russell 3000 Index, for the year, led by industrials, primarily within the capital goods industry. Stock picking in information technology also boosted the fund's relative result, as did an overweight in communication services, primarily within the media & entertainment industry.

• A non-benchmark stake in Space Exploration Technologies gained about 116% and was the top individual relative contributor. The company was one of the fund's biggest holdings at period end. A second notable relative contributor was an overweight in Amphenol (+95%), a large holding the past year. An overweight in Alphabet (+66%), a sizable holding, also helped.

• In contrast, the biggest detractor from performance versus the benchmark was stock selection in communication services, primarily within the media & entertainment industry. An underweight in information technology also hampered the fund's result, as did our picks in consumer discretionary, primarily within the consumer services industry. Lastly, the fund's position in cash detracted.

• The largest individual relative detractor was an underweight in Palantir Technologies (+135%). This was an investment we established this period. The second-largest relative detractor was an underweight in Broadcom (+51%). Another notable relative detractor was a stake in Regeneron Pharmaceuticals (-2%). This period we decreased our investment in Regeneron Pharmaceuticals.

• Notable changes in positioning include decreased exposure to the financials sector and a higher allocation to industrials.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Series Opportunistic Insights Fund<br>| $10000 | $10133<br>| $13474<br>| $13222<br>| $17258<br>| $22639<br>| $28255<br>| $20985<br>| $27952<br>| $38113<br>| $47109<br>|
| Russell 3000® Index<br>| $10000 | $11274<br>| $13656<br>| $12940<br>| $16954<br>| $20495<br>| $25754<br>| $20808<br>| $26209<br>| $32448<br>| $38012<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123472_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Series Opportunistic Insights Fund | 23.60% | 15.78% | 16.76% |
| Russell 3000® Index | 17.15%<br>| 13.15%<br>| 14.29% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $13386720306<br>|
| Number of Holdings | 452<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 49%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 26.0 |
| Communication Services | 20.8 |
| Financials | 13.7 |
| Industrials | 12.0 |
| Consumer Discretionary | 9.9 |
| Health Care | 9.1 |
| Materials | 1.9 |
| Utilities | 1.4 |
| Consumer Staples | 1.3 |
| Energy | 1.2 |
| Real Estate | 0.6 |

---

---

| | |
|:---|:---|
| Common Stocks | 94.9 |
| Preferred Stocks | 3.0 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2459_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.1 |

---

---

| | |
|:---|:---|
| United States | 90.7 |
| Canada | 3.0 |
| Taiwan | 1.2 |
| Netherlands | 0.7 |
| Brazil | 0.6 |
| Japan | 0.6 |
| United Kingdom | 0.5 |
| Belgium | 0.4 |
| China | 0.4 |
| Others | 1.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2459_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&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;Taiwan - 1.2&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;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.6&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;Japan - 0.6&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;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.4&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;China - 0.4&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;Others - 1.9&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 10.3<br>|
| Meta Platforms Inc Class A | 10.0<br>|
| Alphabet Inc Class A | 4.9<br>|
| Amazon.com Inc | 4.9<br>|
| Microsoft Corp | 4.3<br>|
| Berkshire Hathaway Inc Class A | 2.8<br>|
| Alphabet Inc Class C | 2.4<br>|
| Eli Lilly & Co | 2.3<br>|
| Netflix Inc | 2.1<br>|
| Apple Inc | 1.7<br>|
|  | 45.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2459_20251231_2.jpg)<br>| ![](img123472_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914351.101 2459-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| Fidelity® Contrafund® K6<br> **Fidelity® Contrafund® K6 : FLCNX** <br>|

---

This annual shareholder report contains information about Fidelity® Contrafund® K6 for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Contrafund® K6  | $50  | 0.45% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the benchmark, the S&P 500 index, for the year, led by information technology. Stock picks in industrials, primarily within the capital goods industry, also boosted the fund's relative result, as did an overweight in communication services, primarily within the media & entertainment industry.

• The top individual relative contributor was an overweight in Amphenol (+96%), one of the fund's largest holdings. The second-largest relative contributor was a non-benchmark stake in Space Exploration Technologies (+116%). The stock was among the top holdings at period end. An overweight in Nvidia, a sizable holding, (+39%) also helped.

• In contrast, the biggest detractor from performance versus the benchmark was security selection in communication services, primarily within the media & entertainment industry. An underweight in information technology also hurt, along with our picks in consumer discretionary.

• The biggest individual relative detractor was an overweight in Berkshire Hathaway (+11%), which was among the biggest holdings. The second-largest relative detractor was an overweight in Meta Platforms (+13%), the fund's top position. Another notable relative detractor was an underweight in Micron Technology (+240%), an investment we established this period.

• Notable changes in positioning include decreased exposure to the health care sector and a higher allocation to industrials.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

May 25, 2017 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Contrafund® K6<br>| $10000 | $11377<br>| $11132<br>| $14584<br>| $19080<br>| $23685<br>| $17262<br>| $23764<br>| $32170<br>|
| S&P 500® Index<br>| $10000 | $11202<br>| $10710<br>| $14083<br>| $16674<br>| $21460<br>| $17574<br>| $22193<br>| $27746<br>|
|  | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123516_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® Contrafund® K6 | 22.27% | 15.57% | 17.25% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.76% |

---

**A** From May 25, 2017

---

| |
|:---|
| Visit **www.401k.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $36541316629<br>|
| Number of Holdings | 432<br>|
| Total Advisory Fee | $158921298<br>|
| Portfolio Turnover | 37%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 27.4 |
| Communication Services | 22.4 |
| Financials | 16.3 |
| Consumer Discretionary | 10.0 |
| Industrials | 8.7 |
| Health Care | 7.1 |
| Consumer Staples | 2.8 |
| Materials | 1.8 |
| Energy | 1.3 |
| Utilities | 0.9 |
| Real Estate | 0.4 |

---

---

| | |
|:---|:---|
| Common Stocks | 98.1 |
| Preferred Stocks | 1.0 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.9 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2946_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.9 |

---

---

| | |
|:---|:---|
| United States | 91.9 |
| Canada | 2.7 |
| Taiwan | 0.9 |
| United Kingdom | 0.7 |
| China | 0.7 |
| Korea (South) | 0.5 |
| Japan | 0.4 |
| Brazil | 0.3 |
| Netherlands | 0.3 |
| Others | 1.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2946_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.7&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;Taiwan - 0.9&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;United Kingdom - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 0.7&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;Korea (South) - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.4&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;Brazil - 0.3&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;Netherlands - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 1.6&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Meta Platforms Inc Class A | 12.6<br>|
| NVIDIA Corp | 11.0<br>|
| Berkshire Hathaway Inc Class A | 6.1<br>|
| Amazon.com Inc | 5.8<br>|
| Microsoft Corp | 4.2<br>|
| Alphabet Inc Class A | 4.0<br>|
| Alphabet Inc Class C | 2.5<br>|
| Amphenol Corp Class A | 2.5<br>|
| Space Exploration Technologies Corp | 2.2<br>|
| Apple Inc | 2.0<br>|
|  | 52.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2946_20251231_2.jpg)<br>| ![](img123516_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914366.101 2946-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Contrafund®<br> **Fidelity® Contrafund® : FCNTX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Contrafund® for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Contrafund®  | $82  | 0.74% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the benchmark, the S&P 500 index, for the year, led by industrials, primarily within the capital goods industry. Our picks in information technology also notably boosted relative performance, as did an overweight in communication services, primarily within the media & entertainment industry.

• A non-benchmark stake in Space Exploration Technologies (+116%) and was the top individual relative contributor. The stock was among the fund's biggest holdings at year-end. A second notable relative contributor was an overweight in Amphenol (+96%), a sizable holding. An overweight in GE Vernova (+99%) also helped.

• In contrast, the biggest detractor from performance versus the benchmark was stock selection in communication services, primarily within the media & entertainment industry. An underweight in information technology, primarily within the semiconductors & semiconductor equipment industry, also hampered the fund's result, along with our picks in the consumer discretionary sector.

• The largest individual relative detractor was an overweight in Berkshire Hathaway (+11%), which was among the fund's top holdings. The second-largest relative detractor was an underweight in Micron Technology (+240%), a position we established in 2025. An underweight in Palantir Technologies (+135%) also hurt. This was a stake we established the past year.

• Notable changes in positioning include higher allocations to information technology and industrials, as well as a reduction in financials.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Contrafund®<br>| $10000 | $10336<br>| $13666<br>| $13375<br>| $17385<br>| $23049<br>| $28665<br>| $20564<br>| $28652<br>| $38958<br>| $47453<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123517_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Contrafund® | 21.80% | 15.54% | 16.85% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $176314376288<br>|
| Number of Holdings | 445<br>|
| Total Advisory Fee | $1192068056<br>|
| Portfolio Turnover | 29%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 26.0 |
| Communication Services | 22.1 |
| Financials | 16.4 |
| Consumer Discretionary | 10.1 |
| Industrials | 9.9 |
| Health Care | 7.5 |
| Consumer Staples | 2.8 |
| Materials | 1.7 |
| Energy | 1.4 |
| Utilities | 0.9 |
| Real Estate | 0.4 |

---

---

| | |
|:---|:---|
| Common Stocks | 95.7 |
| Preferred Stocks | 3.5 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img22_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.8 |

---

---

| | |
|:---|:---|
| United States | 92.2 |
| Canada | 2.6 |
| Taiwan | 0.9 |
| United Kingdom | 0.7 |
| China | 0.6 |
| Korea (South) | 0.5 |
| Japan | 0.4 |
| Brazil | 0.3 |
| Netherlands | 0.3 |
| Others | 1.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img22_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.6&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;Taiwan - 0.9&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;United Kingdom - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 0.6&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;Korea (South) - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.4&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;Brazil - 0.3&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;Netherlands - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 1.5&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Meta Platforms Inc Class A | 12.5<br>|
| NVIDIA Corp | 9.4<br>|
| Berkshire Hathaway Inc Class A | 6.1<br>|
| Amazon.com Inc | 6.1<br>|
| Microsoft Corp | 4.3<br>|
| Alphabet Inc Class A | 3.9<br>|
| Apple Inc | 2.5<br>|
| Alphabet Inc Class C | 2.4<br>|
| Amphenol Corp Class A | 2.3<br>|
| Eli Lilly & Co | 2.1<br>|
|  | 51.6 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Operating expensesPerformance adjustment feeManagement fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img22_20251231_2.jpg)<br>| ![](img123517_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914129.101 22-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Contrafund®<br> **Fidelity® Contrafund® Class K : FCNKX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Contrafund® for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class K  | $74  | 0.67% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the benchmark, the S&P 500 index, for the year, led by industrials, primarily within the capital goods industry. Our picks in information technology also notably boosted relative performance, as did an overweight in communication services, primarily within the media & entertainment industry.

• A non-benchmark stake in Space Exploration Technologies (+116%) and was the top individual relative contributor. The stock was among the fund's biggest holdings at year-end. A second notable relative contributor was an overweight in Amphenol (+96%), a sizable holding. An overweight in GE Vernova (+99%) also helped.

• In contrast, the biggest detractor from performance versus the benchmark was stock selection in communication services, primarily within the media & entertainment industry. An underweight in information technology, primarily within the semiconductors & semiconductor equipment industry, also hampered the fund's result, along with our picks in the consumer discretionary sector.

• The largest individual relative detractor was an overweight in Berkshire Hathaway (+11%), which was among the fund's top holdings. The second-largest relative detractor was an underweight in Micron Technology (+240%), a position we established in 2025. An underweight in Palantir Technologies (+135%) also hurt. This was a stake we established the past year.

• Notable changes in positioning include higher allocations to information technology and industrials, as well as a reduction in financials.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class K<br>| $10000 | $10348<br>| $13695<br>| $13411<br>| $17457<br>| $23163<br>| $28820<br>| $20688<br>| $28852<br>| $39255<br>| $47861<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123518_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class K | 21.92% | 15.62% | 16.95% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **www.401k.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $176314376288<br>|
| Number of Holdings | 445<br>|
| Total Advisory Fee | $1192068056<br>|
| Portfolio Turnover | 29%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 26.0 |
| Communication Services | 22.1 |
| Financials | 16.4 |
| Consumer Discretionary | 10.1 |
| Industrials | 9.9 |
| Health Care | 7.5 |
| Consumer Staples | 2.8 |
| Materials | 1.7 |
| Energy | 1.4 |
| Utilities | 0.9 |
| Real Estate | 0.4 |

---

---

| | |
|:---|:---|
| Common Stocks | 95.7 |
| Preferred Stocks | 3.5 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img22_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.8 |

---

---

| | |
|:---|:---|
| United States | 92.2 |
| Canada | 2.6 |
| Taiwan | 0.9 |
| United Kingdom | 0.7 |
| China | 0.6 |
| Korea (South) | 0.5 |
| Japan | 0.4 |
| Brazil | 0.3 |
| Netherlands | 0.3 |
| Others | 1.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img22_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.6&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;Taiwan - 0.9&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;United Kingdom - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 0.6&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;Korea (South) - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.4&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;Brazil - 0.3&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;Netherlands - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 1.5&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Meta Platforms Inc Class A | 12.5<br>|
| NVIDIA Corp | 9.4<br>|
| Berkshire Hathaway Inc Class A | 6.1<br>|
| Amazon.com Inc | 6.1<br>|
| Microsoft Corp | 4.3<br>|
| Alphabet Inc Class A | 3.9<br>|
| Apple Inc | 2.5<br>|
| Alphabet Inc Class C | 2.4<br>|
| Amphenol Corp Class A | 2.3<br>|
| Eli Lilly & Co | 2.1<br>|
|  | 51.6 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Operating expensesPerformance adjustment feeManagement fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img22_20251231_2.jpg)<br>| ![](img123518_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914128.101 2080-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® New Insights Fund<br> **Fidelity Advisor® New Insights Fund Class Z : FZANX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Advisor® New Insights Fund for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $78  | 0.70% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the benchmark, the S&P 500 index, for the year, led by industrials, primarily within the capital goods industry. Stock picking in information technology also boosted the fund's relative result, as did an overweight in communication services, primarily within the media & entertainment industry.

• The top individual relative contributor was a non-benchmark stake in Space Exploration Technologies (+116%), which was one of the fund's largest holdings. The second-largest relative contributor was an overweight in Alphabet (+66%), a large holding. An overweight in Amphenol (+96%) also helped.

• In contrast, the biggest detractor from performance versus the benchmark was security selection in communication services, primarily within the media & entertainment industry. An underweight in information technology also hampered the fund's result, along with stock picking in consumer discretionary, primarily within the consumer services industry. Lastly, the fund's position in cash detracted.

• The largest individual relative detractor was an underweight in Broadcom (+51%). A second notable relative detractor was an underweight in Palantir Technologies (+135%). This was a stake we established the past year. Our stake in Regeneron Pharmaceuticals (+11%) also hurt. This period we decreased our position in Regeneron Pharmaceuticals.

• Notable changes in positioning include a higher allocation to industrials and lower exposure to financials.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $10668<br>| $13707<br>| $13155<br>| $17048<br>| $21156<br>| $26400<br>| $19215<br>| $26216<br>| $35496<br>| $43723<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123529_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class Z | 23.18% | 15.63% | 15.90% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $24654500108<br>|
| Number of Holdings | 461<br>|
| Total Advisory Fee | $182646929<br>|
| Portfolio Turnover | 32%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 25.5 |
| Communication Services | 21.3 |
| Financials | 13.8 |
| Industrials | 13.7 |
| Consumer Discretionary | 9.8 |
| Health Care | 8.3 |
| Materials | 2.2 |
| Utilities | 1.5 |
| Energy | 1.1 |
| Consumer Staples | 1.1 |
| Real Estate | 0.6 |

---

---

| | |
|:---|:---|
| Common Stocks | 93.8 |
| Preferred Stocks | 5.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1277_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 93.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.1 |

---

---

| | |
|:---|:---|
| United States | 90.3 |
| Canada | 3.2 |
| Taiwan | 1.2 |
| Netherlands | 0.8 |
| Brazil | 0.6 |
| Japan | 0.5 |
| United Kingdom | 0.5 |
| Italy | 0.4 |
| China | 0.4 |
| Others | 2.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1277_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.2&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;Taiwan - 1.2&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;Netherlands - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.6&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;Japan - 0.5&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;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 0.4&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;China - 0.4&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;Others - 2.1&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Meta Platforms Inc Class A | 10.1<br>|
| NVIDIA Corp | 9.8<br>|
| Alphabet Inc Class A | 7.8<br>|
| Amazon.com Inc | 5.1<br>|
| Microsoft Corp | 5.0<br>|
| Berkshire Hathaway Inc Class A | 4.1<br>|
| Space Exploration Technologies Corp Series G | 2.4<br>|
| Eli Lilly & Co | 2.0<br>|
| Netflix Inc | 1.9<br>|
| Wells Fargo & Co | 1.5<br>|
|  | 49.7 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1277_20251231_2.jpg)<br>| ![](img123529_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914254.101 2539-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® New Insights Fund<br> **Fidelity Advisor® New Insights Fund Class M : FNITX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Advisor® New Insights Fund for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $146  | 1.32% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the benchmark, the S&P 500 index, for the year, led by industrials, primarily within the capital goods industry. Stock picking in information technology also boosted the fund's relative result, as did an overweight in communication services, primarily within the media & entertainment industry.

• The top individual relative contributor was a non-benchmark stake in Space Exploration Technologies (+116%), which was one of the fund's largest holdings. The second-largest relative contributor was an overweight in Alphabet (+66%), a large holding. An overweight in Amphenol (+96%) also helped.

• In contrast, the biggest detractor from performance versus the benchmark was security selection in communication services, primarily within the media & entertainment industry. An underweight in information technology also hampered the fund's result, along with stock picking in consumer discretionary, primarily within the consumer services industry. Lastly, the fund's position in cash detracted.

• The largest individual relative detractor was an underweight in Broadcom (+51%). A second notable relative detractor was an underweight in Palantir Technologies (+135%). This was a stake we established the past year. Our stake in Regeneron Pharmaceuticals (+11%) also hurt. This period we decreased our position in Regeneron Pharmaceuticals.

• Notable changes in positioning include a higher allocation to industrials and lower exposure to financials.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $10230<br>| $13059<br>| $12454<br>| $16040<br>| $19781<br>| $24528<br>| $17748<br>| $24065<br>| $32384<br>| $39642<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123530_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 18.13% | 14.10%<br>| 14.77% |
| Class M (without 3.50% sales charge) | 22.41% | 14.92% | 15.18% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $24654500108<br>|
| Number of Holdings | 461<br>|
| Total Advisory Fee | $182646929<br>|
| Portfolio Turnover | 32%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 25.5 |
| Communication Services | 21.3 |
| Financials | 13.8 |
| Industrials | 13.7 |
| Consumer Discretionary | 9.8 |
| Health Care | 8.3 |
| Materials | 2.2 |
| Utilities | 1.5 |
| Energy | 1.1 |
| Consumer Staples | 1.1 |
| Real Estate | 0.6 |

---

---

| | |
|:---|:---|
| Common Stocks | 93.8 |
| Preferred Stocks | 5.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1277_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 93.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.1 |

---

---

| | |
|:---|:---|
| United States | 90.3 |
| Canada | 3.2 |
| Taiwan | 1.2 |
| Netherlands | 0.8 |
| Brazil | 0.6 |
| Japan | 0.5 |
| United Kingdom | 0.5 |
| Italy | 0.4 |
| China | 0.4 |
| Others | 2.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1277_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.2&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;Taiwan - 1.2&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;Netherlands - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.6&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;Japan - 0.5&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;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 0.4&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;China - 0.4&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;Others - 2.1&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Meta Platforms Inc Class A | 10.1<br>|
| NVIDIA Corp | 9.8<br>|
| Alphabet Inc Class A | 7.8<br>|
| Amazon.com Inc | 5.1<br>|
| Microsoft Corp | 5.0<br>|
| Berkshire Hathaway Inc Class A | 4.1<br>|
| Space Exploration Technologies Corp Series G | 2.4<br>|
| Eli Lilly & Co | 2.0<br>|
| Netflix Inc | 1.9<br>|
| Wells Fargo & Co | 1.5<br>|
|  | 49.7 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1277_20251231_2.jpg)<br>| ![](img123530_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914252.101 1280-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® New Insights Fund<br> **Fidelity Advisor® New Insights Fund Class I : FINSX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Advisor® New Insights Fund for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $91  | 0.82% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the benchmark, the S&P 500 index, for the year, led by industrials, primarily within the capital goods industry. Stock picking in information technology also boosted the fund's relative result, as did an overweight in communication services, primarily within the media & entertainment industry.

• The top individual relative contributor was a non-benchmark stake in Space Exploration Technologies (+116%), which was one of the fund's largest holdings. The second-largest relative contributor was an overweight in Alphabet (+66%), a large holding. An overweight in Amphenol (+96%) also helped.

• In contrast, the biggest detractor from performance versus the benchmark was security selection in communication services, primarily within the media & entertainment industry. An underweight in information technology also hampered the fund's result, along with stock picking in consumer discretionary, primarily within the consumer services industry. Lastly, the fund's position in cash detracted.

• The largest individual relative detractor was an underweight in Broadcom (+51%). A second notable relative detractor was an underweight in Palantir Technologies (+135%). This was a stake we established the past year. Our stake in Regeneron Pharmaceuticals (+11%) also hurt. This period we decreased our position in Regeneron Pharmaceuticals.

• Notable changes in positioning include a higher allocation to industrials and lower exposure to financials.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $10655<br>| $13671<br>| $13105<br>| $16961<br>| $21025<br>| $26201<br>| $19053<br>| $25962<br>| $35105<br>| $43191<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123531_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 23.03% | 15.49% | 15.75% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $24654500108<br>|
| Number of Holdings | 461<br>|
| Total Advisory Fee | $182646929<br>|
| Portfolio Turnover | 32%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 25.5 |
| Communication Services | 21.3 |
| Financials | 13.8 |
| Industrials | 13.7 |
| Consumer Discretionary | 9.8 |
| Health Care | 8.3 |
| Materials | 2.2 |
| Utilities | 1.5 |
| Energy | 1.1 |
| Consumer Staples | 1.1 |
| Real Estate | 0.6 |

---

---

| | |
|:---|:---|
| Common Stocks | 93.8 |
| Preferred Stocks | 5.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1277_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 93.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.1 |

---

---

| | |
|:---|:---|
| United States | 90.3 |
| Canada | 3.2 |
| Taiwan | 1.2 |
| Netherlands | 0.8 |
| Brazil | 0.6 |
| Japan | 0.5 |
| United Kingdom | 0.5 |
| Italy | 0.4 |
| China | 0.4 |
| Others | 2.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1277_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.2&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;Taiwan - 1.2&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;Netherlands - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.6&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;Japan - 0.5&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;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 0.4&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;China - 0.4&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;Others - 2.1&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Meta Platforms Inc Class A | 10.1<br>|
| NVIDIA Corp | 9.8<br>|
| Alphabet Inc Class A | 7.8<br>|
| Amazon.com Inc | 5.1<br>|
| Microsoft Corp | 5.0<br>|
| Berkshire Hathaway Inc Class A | 4.1<br>|
| Space Exploration Technologies Corp Series G | 2.4<br>|
| Eli Lilly & Co | 2.0<br>|
| Netflix Inc | 1.9<br>|
| Wells Fargo & Co | 1.5<br>|
|  | 49.7 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1277_20251231_2.jpg)<br>| ![](img123531_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914253.101 1281-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® New Insights Fund<br> **Fidelity Advisor® New Insights Fund Class C : FNICX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Advisor® New Insights Fund for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $202  | 1.82% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the benchmark, the S&P 500 index, for the year, led by industrials, primarily within the capital goods industry. Stock picking in information technology also boosted the fund's relative result, as did an overweight in communication services, primarily within the media & entertainment industry.

• The top individual relative contributor was a non-benchmark stake in Space Exploration Technologies (+116%), which was one of the fund's largest holdings. The second-largest relative contributor was an overweight in Alphabet (+66%), a large holding. An overweight in Amphenol (+96%) also helped.

• In contrast, the biggest detractor from performance versus the benchmark was security selection in communication services, primarily within the media & entertainment industry. An underweight in information technology also hampered the fund's result, along with stock picking in consumer discretionary, primarily within the consumer services industry. Lastly, the fund's position in cash detracted.

• The largest individual relative detractor was an underweight in Broadcom (+51%). A second notable relative detractor was an underweight in Palantir Technologies (+135%). This was a stake we established the past year. Our stake in Regeneron Pharmaceuticals (+11%) also hurt. This period we decreased our position in Regeneron Pharmaceuticals.

• Notable changes in positioning include a higher allocation to industrials and lower exposure to financials.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $10549<br>| $13396<br>| $12711<br>| $16289<br>| $19993<br>| $24663<br>| $17754<br>| $23943<br>| $32300<br>| $39637<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123532_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 20.81% | 14.33%<br>| 14.77% |
| Class C | 21.81% | 14.33% | 14.77% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $24654500108<br>|
| Number of Holdings | 461<br>|
| Total Advisory Fee | $182646929<br>|
| Portfolio Turnover | 32%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 25.5 |
| Communication Services | 21.3 |
| Financials | 13.8 |
| Industrials | 13.7 |
| Consumer Discretionary | 9.8 |
| Health Care | 8.3 |
| Materials | 2.2 |
| Utilities | 1.5 |
| Energy | 1.1 |
| Consumer Staples | 1.1 |
| Real Estate | 0.6 |

---

---

| | |
|:---|:---|
| Common Stocks | 93.8 |
| Preferred Stocks | 5.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1277_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 93.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.1 |

---

---

| | |
|:---|:---|
| United States | 90.3 |
| Canada | 3.2 |
| Taiwan | 1.2 |
| Netherlands | 0.8 |
| Brazil | 0.6 |
| Japan | 0.5 |
| United Kingdom | 0.5 |
| Italy | 0.4 |
| China | 0.4 |
| Others | 2.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1277_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.2&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;Taiwan - 1.2&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;Netherlands - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.6&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;Japan - 0.5&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;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 0.4&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;China - 0.4&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;Others - 2.1&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Meta Platforms Inc Class A | 10.1<br>|
| NVIDIA Corp | 9.8<br>|
| Alphabet Inc Class A | 7.8<br>|
| Amazon.com Inc | 5.1<br>|
| Microsoft Corp | 5.0<br>|
| Berkshire Hathaway Inc Class A | 4.1<br>|
| Space Exploration Technologies Corp Series G | 2.4<br>|
| Eli Lilly & Co | 2.0<br>|
| Netflix Inc | 1.9<br>|
| Wells Fargo & Co | 1.5<br>|
|  | 49.7 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1277_20251231_2.jpg)<br>| ![](img123532_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914251.101 1279-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® New Insights Fund<br> **Fidelity Advisor® New Insights Fund Class A : FNIAX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Advisor® New Insights Fund for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $119  | 1.07% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the benchmark, the S&P 500 index, for the year, led by industrials, primarily within the capital goods industry. Stock picking in information technology also boosted the fund's relative result, as did an overweight in communication services, primarily within the media & entertainment industry.

• The top individual relative contributor was a non-benchmark stake in Space Exploration Technologies (+116%), which was one of the fund's largest holdings. The second-largest relative contributor was an overweight in Alphabet (+66%), a large holding. An overweight in Amphenol (+96%) also helped.

• In contrast, the biggest detractor from performance versus the benchmark was security selection in communication services, primarily within the media & entertainment industry. An underweight in information technology also hampered the fund's result, along with stock picking in consumer discretionary, primarily within the consumer services industry. Lastly, the fund's position in cash detracted.

• The largest individual relative detractor was an underweight in Broadcom (+51%). A second notable relative detractor was an underweight in Palantir Technologies (+135%). This was a stake we established the past year. Our stake in Regeneron Pharmaceuticals (+11%) also hurt. This period we decreased our position in Regeneron Pharmaceuticals.

• Notable changes in positioning include a higher allocation to industrials and lower exposure to financials.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $10019<br>| $12823<br>| $12256<br>| $15828<br>| $19570<br>| $24325<br>| $17641<br>| $23983<br>| $32354<br>| $39704<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123533_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | 15.66% | 13.84%<br>| 14.78% |
| Class A (without 5.75% sales charge) | 22.72% | 15.20% | 15.47% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $24654500108<br>|
| Number of Holdings | 461<br>|
| Total Advisory Fee | $182646929<br>|
| Portfolio Turnover | 32%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 25.5 |
| Communication Services | 21.3 |
| Financials | 13.8 |
| Industrials | 13.7 |
| Consumer Discretionary | 9.8 |
| Health Care | 8.3 |
| Materials | 2.2 |
| Utilities | 1.5 |
| Energy | 1.1 |
| Consumer Staples | 1.1 |
| Real Estate | 0.6 |

---

---

| | |
|:---|:---|
| Common Stocks | 93.8 |
| Preferred Stocks | 5.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1277_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 93.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.1 |

---

---

| | |
|:---|:---|
| United States | 90.3 |
| Canada | 3.2 |
| Taiwan | 1.2 |
| Netherlands | 0.8 |
| Brazil | 0.6 |
| Japan | 0.5 |
| United Kingdom | 0.5 |
| Italy | 0.4 |
| China | 0.4 |
| Others | 2.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1277_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.2&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;Taiwan - 1.2&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;Netherlands - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.6&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;Japan - 0.5&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;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 0.4&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;China - 0.4&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;Others - 2.1&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Meta Platforms Inc Class A | 10.1<br>|
| NVIDIA Corp | 9.8<br>|
| Alphabet Inc Class A | 7.8<br>|
| Amazon.com Inc | 5.1<br>|
| Microsoft Corp | 5.0<br>|
| Berkshire Hathaway Inc Class A | 4.1<br>|
| Space Exploration Technologies Corp Series G | 2.4<br>|
| Eli Lilly & Co | 2.0<br>|
| Netflix Inc | 1.9<br>|
| Wells Fargo & Co | 1.5<br>|
|  | 49.7 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1277_20251231_2.jpg)<br>| ![](img123533_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914250.101 1277-TSRA-0226 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, December 31, 2025, 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, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Advisor New Insights Fund | &nbsp;&nbsp;$80400  | &nbsp;&nbsp;$3400  | &nbsp;&nbsp;$14000  | &nbsp;&nbsp;$1100  |
| &nbsp;&nbsp;Fidelity Contrafund | &nbsp;&nbsp;$108200  | &nbsp;&nbsp;$4000  | &nbsp;&nbsp;$16700  | &nbsp;&nbsp;$1300  |
| &nbsp;&nbsp;Fidelity Contrafund K6 | &nbsp;&nbsp;$108200  | &nbsp;&nbsp;$2900  | &nbsp;&nbsp;$38800  | &nbsp;&nbsp;$900  |
| &nbsp;&nbsp;Fidelity Series Opportunistic Insights Fund | &nbsp;&nbsp;$70700  | &nbsp;&nbsp;$3200  | &nbsp;&nbsp;$13200  | &nbsp;&nbsp;$1000  |

---

**<u>December 31, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Advisor New Insights Fund | &nbsp;&nbsp;$72400  | &nbsp;&nbsp;$6700  | &nbsp;&nbsp;$14800  | &nbsp;&nbsp;$2300  |
| &nbsp;&nbsp;Fidelity Contrafund | &nbsp;&nbsp;$120000  | &nbsp;&nbsp;$7900  | &nbsp;&nbsp;$17200  | &nbsp;&nbsp;$2700  |
| &nbsp;&nbsp;Fidelity Contrafund K6 | &nbsp;&nbsp;$99500  | &nbsp;&nbsp;$5900  | &nbsp;&nbsp;$28900  | &nbsp;&nbsp;$2100  |
| &nbsp;&nbsp;Fidelity Series Opportunistic Insights Fund | &nbsp;&nbsp;$68100  | &nbsp;&nbsp;$6300  | &nbsp;&nbsp;$12900  | &nbsp;&nbsp;$2200  |

---

<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>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>December 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>December 31, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;$8914100  | &nbsp;&nbsp;$9701800  |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;$1000  | &nbsp;&nbsp;$61000  |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$35000  |

---

<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:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Billed By</u>** | &nbsp;&nbsp;**<u>December 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>December 31, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;PwC | &nbsp;&nbsp;$13852100  | &nbsp;&nbsp;$15401000  |

---

<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).

The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.

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>Financial Statements and Financial Highlights for Open-End Management Investment Companies</u>

**Fidelity® Series Opportunistic Insights Fund**

**Annual Report**

**December 31, 2025**

![](img123156_1.jpg)

![](img123156_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7Consolidated_O1T-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Opportunistic Insights Fund](#Sub_Sec_Fund_2459_O1T-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Consolidated Financial Statements](#Sub_Sec_NotestoFinancialStatements2459_O1T-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_O1T-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_O1T-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_O1T-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_O1T-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_O1T-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_O1T-ANN)** |

---

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.© 2026 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.*

**Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Series Opportunistic Insights Fund**

**Consolidated Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 94.9%** | &nbsp;&nbsp;**Common Stocks - 94.9%** | &nbsp;&nbsp;**Common Stocks - 94.9%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.2%  |  |  |
| Industrials - 0.0% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| Brambles Ltd  | 40520 | 620862 |
| Clean TeQ Water Ltd (b) | 1326 | 327 |
| TOTAL INDUSTRIALS |  | 621189 |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Canva Australia Holdings Pty Ltd Class A (b)(c)(d) | 11000 | 18107540 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Anglogold Ashanti Plc  | 55700 | 4750096 |
| Evolution Mining Ltd  | 116307 | 984190 |
| TOTAL MATERIALS |  | 5734286 |
| TOTAL AUSTRALIA |  | 24463015 |
| BELGIUM - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| UCB SA  | 205814 | 57710806 |
| BRAZIL - 0.6%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| MercadoLibre Inc (b) | 4480 | 9023885 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Itau Unibanco Holding SA ADR  | 454074 | 3251169 |
| NU Holdings Ltd/Cayman Islands Class A (b) | 1228548 | 20565894 |
|  |  | 23817063 |
| Capital Markets - 0.0% |  |  |
| Banco BTG Pactual SA unit  | 80465 | 772088 |
| TOTAL FINANCIALS |  | 24589151 |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Wheaton Precious Metals Corp  | 385679 | 45341273 |
| TOTAL BRAZIL |  | 78954309 |
| BURKINA FASO - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| IAMGOLD Corp (b) | 85700 | 1414233 |
| CANADA - 3.0%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.0% |  |  |
| Dollarama Inc  | 15649 | 2338884 |
| Specialty Retail - 0.1% |  |  |
| Aritzia Inc Subordinate Voting Shares (b) | 125400 | 10721424 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Gildan Activewear Inc  | 24200 | 1512599 |
| TOTAL CONSUMER DISCRETIONARY |  | 14572907 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Cameco Corp (United States)  | 310829 | 28437745 |
| Canadian Natural Resources Ltd (e) | 474249 | 16063412 |
| Imperial Oil Ltd  | 90700 | 7835930 |
| PrairieSky Royalty Ltd  | 22040 | 434040 |
| TOTAL ENERGY |  | 52771127 |
| Financials - 0.6% |  |  |
| Banks - 0.2% |  |  |
| Royal Bank of Canada  | 104599 | 17831860 |
| Toronto Dominion Bank  | 59399 | 5598233 |
|  |  | 23430093 |
| Capital Markets - 0.0% |  |  |
| Brookfield Asset Management Ltd Class A (United States)  | 77849 | 4078509 |
| Insurance - 0.4% |  |  |
| Fairfax Financial Holdings Ltd Subordinate Voting Shares  | 15949 | 30396583 |
| Intact Financial Corp  | 80336 | 16723912 |
|  |  | 47120495 |
| TOTAL FINANCIALS |  | 74629097 |
| Information Technology - 0.7% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Celestica Inc (b) | 58283 | 17240524 |
| IT Services - 0.5% |  |  |
| Shopify Inc Class A (b) | 427268 | 68796203 |
| Software - 0.1% |  |  |
| Constellation Software Inc/Canada  | 2928 | 7042730 |
| Descartes Systems Group Inc/The (United States) (b) | 42200 | 3699252 |
|  |  | 10741982 |
| TOTAL INFORMATION TECHNOLOGY |  | 96778709 |
| Materials - 1.2% |  |  |
| Metals & Mining - 1.2% |  |  |
| Agnico Eagle Mines Ltd/CA  | 90799 | 15397891 |
| Alamos Gold Inc Class A  | 113538 | 4384186 |
| B2Gold Corp  | 47465 | 213714 |
| Barrick Mining Corp (United States)  | 131700 | 5735535 |
| Franco-Nevada Corp  | 289305 | 59968792 |
| Franco-Nevada Corp (United States) (e) | 49700 | 10301816 |
| G Mining Ventures Corp (b) | 89899 | 2717504 |
| Kinross Gold Corp  | 56249 | 1584340 |
| Lundin Gold Inc  | 147049 | 12215604 |
| Novagold Resources Inc (b) | 95617 | 891696 |
| Orla Mining Ltd (b) | 3327452 | 44752296 |
| TOTAL MATERIALS |  | 158163374 |
| TOTAL CANADA |  | 396915214 |
| CHINA - 0.3%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Tencent Holdings Ltd  | 46299 | 3553149 |
| Consumer Discretionary - 0.2% |  |  |
| Automobiles - 0.1% |  |  |
| BYD Co Ltd H Shares  | 1596899 | 19515318 |
| Broadline Retail - 0.1% |  |  |
| PDD Holdings Inc Class A ADR (b) | 83500 | 9468065 |
| TOTAL CONSUMER DISCRETIONARY |  | 28983383 |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| Wuxi Apptec Co Ltd H Shares (h)(i) | 16200 | 205447 |
| Industrials - 0.1% |  |  |
| Electrical Equipment - 0.1% |  |  |
| Contemporary Amperex Technology Co Ltd A Shares (China)  | 209600 | 11006720 |
| TOTAL CHINA |  | 43748699 |
| CONGO DEMOCRATIC REPUBLIC OF - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Ivanhoe Mines Ltd Class A (b) | 1424890 | 16205262 |
| FINLAND - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Amer Sports Inc (b) | 487813 | 18219816 |
| FRANCE - 0.1%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Danone SA  | 29200 | 2633814 |
| Health Care - 0.1% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| EssilorLuxottica SA  | 22138 | 7021874 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Dassault Aviation SA  | 4733 | 1522936 |
| TOTAL FRANCE |  | 11178624 |
| GERMANY - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Birkenstock Holding Plc (b)(e) | 19444 | 795260 |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| Allianz SE  | 1349 | 623747 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Rheinmetall AG  | 6900 | 12657962 |
| Electrical Equipment - 0.0% |  |  |
| Siemens Energy AG (b) | 28399 | 3984055 |
| TOTAL INDUSTRIALS |  | 16642017 |
| TOTAL GERMANY |  | 18061024 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Bullish  | 8700 | 329469 |
| Insurance - 0.0% |  |  |
| Accelerant Holdings Class A (b)(e) | 16400 | 268139 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 597608 |
| HONG KONG - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Futu Holdings Ltd Class A ADR (b) | 3900 | 640419 |
| INDIA - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Bharti Airtel Ltd  | 57200 | 1340281 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Meesho  | 16610 | 33312 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Eternal Ltd (b) | 1870500 | 5787680 |
| Specialty Retail - 0.0% |  |  |
| Lenskart Solutions Ltd (b) | 13512 | 67769 |
| TOTAL CONSUMER DISCRETIONARY |  | 5888761 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Reliance Industries Ltd  | 261300 | 4566396 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| HDFC Bank Ltd ADR  | 389600 | 14235984 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Max Healthcare Institute Ltd  | 199800 | 2323685 |
| TOTAL INDIA |  | 28355107 |
| ISRAEL - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Teva Pharmaceutical Industries Ltd ADR (b) | 370911 | 11576132 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Elbit Systems Ltd (United States)  | 600 | 346626 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Camtek Ltd/Israel (b)(e) | 53400 | 5678823 |
| TOTAL ISRAEL |  | 17601581 |
| ITALY - 0.4%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Brunello Cucinelli SpA  | 279800 | 32362559 |
| Industrials - 0.1% |  |  |
| Passenger Airlines - 0.1% |  |  |
| Ryanair Holdings PLC ADR  | 243129 | 17551483 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Bending Spoons SpA Class C (c)(d) | 9800 | 871833 |
| TOTAL ITALY |  | 50785875 |
| JAPAN - 0.6%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.0% |  |  |
| Pan Pacific International Holdings Corp  | 109995 | 655229 |
| Household Durables - 0.0% |  |  |
| Sony Group Corp  | 44300 | 1136339 |
| Specialty Retail - 0.1% |  |  |
| Fast Retailing Co Ltd  | 13249 | 4816127 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Asics Corp  | 173199 | 4151955 |
| TOTAL CONSUMER DISCRETIONARY |  | 10759650 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Sumitomo Mitsui Financial Group Inc  | 22200 | 713983 |
| Industrials - 0.4% |  |  |
| Industrial Conglomerates - 0.3% |  |  |
| Hitachi Ltd  | 1336929 | 41838778 |
| Machinery - 0.1% |  |  |
| Daifuku Co Ltd (e) | 161000 | 5065169 |
| Mitsubishi Heavy Industries Ltd  | 266549 | 6507111 |
|  |  | 11572280 |
| Trading Companies & Distributors - 0.0% |  |  |
| ITOCHU Corp  | 116245 | 1465678 |
| TOTAL INDUSTRIALS |  | 54876736 |
| Information Technology - 0.1% |  |  |
| IT Services - 0.0% |  |  |
| Fujitsu Ltd  | 24900 | 684325 |
| NEC Corp  | 17600 | 596629 |
|  |  | 1280954 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Advantest Corp  | 59279 | 7495706 |
| TOTAL INFORMATION TECHNOLOGY |  | 8776660 |
| TOTAL JAPAN |  | 75127029 |
| KOREA (SOUTH) - 0.4%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobiles - 0.1% |  |  |
| Hyundai Motor Co  | 66414 | 13708550 |
| Kia Corp  | 8100 | 686341 |
|  |  | 14394891 |
| Broadline Retail - 0.1% |  |  |
| Coupang Inc Class A (b) | 574462 | 13551559 |
| TOTAL CONSUMER DISCRETIONARY |  | 27946450 |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| SK Hynix Inc  | 53996 | 24442072 |
| TOTAL KOREA (SOUTH) |  | 52388522 |
| NETHERLANDS - 0.7%  |  |  |
| Communication Services - 0.0% |  |  |
| Entertainment - 0.0% |  |  |
| Universal Music Group NV  | 187619 | 4891197 |
| Health Care - 0.5% |  |  |
| Biotechnology - 0.5% |  |  |
| Argenx SE ADR (b) | 79300 | 66687335 |
| Newamsterdam Pharma Co NV (b) | 7200 | 252576 |
| TOTAL HEALTH CARE |  | 66939911 |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| ASM International NV  | 8100 | 4927096 |
| ASML Holding NV depository receipt  | 6200 | 6633132 |
| NXP Semiconductors NV  | 52529 | 11401945 |
| TOTAL INFORMATION TECHNOLOGY |  | 22962173 |
| TOTAL NETHERLANDS |  | 94793281 |
| SPAIN - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Banco Santander SA  | 676012 | 7956993 |
| SWITZERLAND - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| On Holding AG Class A (b) | 187200 | 8701056 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| UBS Group AG  | 111364 | 5196331 |
| TOTAL SWITZERLAND |  | 13897387 |
| TAIWAN - 1.2%  |  |  |
| Information Technology - 1.2% |  |  |
| Semiconductors & Semiconductor Equipment - 1.2% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 72000 | 3547057 |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 507357 | 154180719 |
| TOTAL TAIWAN |  | 157727776 |
| THAILAND - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Fabrinet (b) | 8324 | 3789751 |
| UNITED KINGDOM - 0.5%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Flutter Entertainment PLC (b) | 44998 | 9676370 |
| Leisure Products - 0.0% |  |  |
| Games Workshop Group PLC  | 814 | 207596 |
| TOTAL CONSUMER DISCRETIONARY |  | 9883966 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| TechnipFMC PLC  | 64380 | 2868773 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| NatWest Group PLC  | 505449 | 4433941 |
| Starling Bank Ltd (c)(d) | 1611012 | 5559203 |
| TOTAL FINANCIALS |  | 9993144 |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| Astrazeneca PLC  | 130200 | 24094727 |
| Astrazeneca PLC ADR  | 7500 | 689475 |
| TOTAL HEALTH CARE |  | 24784202 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Rolls-Royce Holdings PLC  | 1609226 | 24887827 |
| TOTAL UNITED KINGDOM |  | 72417912 |
| UNITED STATES - 85.7%  |  |  |
| Communication Services - 20.7% |  |  |
| Entertainment - 2.9% |  |  |
| Liberty Media Corp-Liberty Formula One Class C (b) | 230158 | 22672865 |
| Live Nation Entertainment Inc (b) | 71811 | 10233068 |
| Netflix Inc (b) | 3046290 | 285620150 |
| ROBLOX Corp Class A (b) | 69897 | 5663754 |
| Spotify Technology SA (b) | 72887 | 42326210 |
| Walt Disney Co/The  | 123920 | 14098378 |
| Warner Bros Discovery Inc (b) | 264499 | 7622861 |
|  |  | 388237286 |
| Interactive Media & Services - 17.5% |  |  |
| Alphabet Inc Class A  | 2087011 | 653234443 |
| Alphabet Inc Class C  | 1027300 | 322366740 |
| Epic Games Inc (b)(c)(d) | 7100 | 4615639 |
| Meta Platforms Inc Class A  | 2007054 | 1324836275 |
| Reddit Inc Class A (b) | 63630 | 14626628 |
| Reddit Inc Class B (b) | 32888 | 7559965 |
| Snap Inc Class A (b) | 429300 | 3464451 |
|  |  | 2330704141 |
| Media - 0.1% |  |  |
| EchoStar Corp Class A (b) | 113300 | 12315710 |
| Omnicom Group Inc  | 43199 | 3488318 |
|  |  | 15804028 |
| Wireless Telecommunication Services - 0.2% |  |  |
| T-Mobile US Inc  | 152719 | 31008066 |
| TOTAL COMMUNICATION SERVICES |  | 2765753521 |
| Consumer Discretionary - 8.7% |  |  |
| Automobiles - 0.1% |  |  |
| General Motors Co  | 19300 | 1569476 |
| Rad Power Bikes Inc (b)(c)(d) | 145919 | 1 |
| Rad Power Bikes Inc warrants 10/6/2033 (b)(c)(d) | 150652 | 2 |
| Tesla Inc (b) | 40349 | 18145752 |
|  |  | 19715231 |
| Broadline Retail - 4.9% |  |  |
| Amazon.com Inc (b) | 2828840 | 652952849 |
| Ollie's Bargain Outlet Holdings Inc (b) | 16099 | 1764611 |
|  |  | 654717460 |
| Diversified Consumer Services - 0.1% |  |  |
| Duolingo Inc Class A (b) | 70108 | 12303954 |
| Hotels, Restaurants & Leisure - 1.8% |  |  |
| Airbnb Inc Class A (b) | 248599 | 33739856 |
| Black Rock Coffee Bar Inc Class A  | 9100 | 202475 |
| Booking Holdings Inc  | 1749 | 9366472 |
| Carnival Corp (b) | 271399 | 8288525 |
| Cava Group Inc (b)(e) | 74887 | 4395118 |
| DoorDash Inc Class A (b) | 22249 | 5038954 |
| DraftKings Inc Class A (b) | 1333538 | 45953719 |
| Dutch Bros Inc Class A (b) | 52799 | 3232355 |
| Hilton Worldwide Holdings Inc  | 257591 | 73993015 |
| Royal Caribbean Cruises Ltd  | 9259 | 2582520 |
| Starbucks Corp  | 65437 | 5510450 |
| Viking Holdings Ltd (b) | 587399 | 41946163 |
| Wynn Resorts Ltd  | 5100 | 613683 |
|  |  | 234863305 |
| Household Durables - 0.5% |  |  |
| Blu Homes Inc (b)(c)(d) | 21093998 | 6539 |
| DR Horton Inc  | 98713 | 14217633 |
| Garmin Ltd  | 6424 | 1303108 |
| PulteGroup Inc  | 209231 | 24534428 |
| SharkNinja Inc (b) | 63400 | 7094460 |
| Somnigroup International Inc  | 168909 | 15080196 |
|  |  | 62236364 |
| Specialty Retail - 1.3% |  |  |
| Boot Barn Holdings Inc (b) | 3800 | 670586 |
| Dick's Sporting Goods Inc  | 200 | 39594 |
| Fanatics Inc Class A (b)(c)(d) | 139938 | 11195040 |
| Home Depot Inc/The  | 58600 | 20164260 |
| O'Reilly Automotive Inc (b) | 497760 | 45400690 |
| TJX Cos Inc/The  | 567919 | 87238038 |
| Urban Outfitters Inc (b) | 51108 | 3846388 |
| Warby Parker Inc Class A (b) | 440856 | 9606252 |
|  |  | 178160848 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Lululemon Athletica Inc (b) | 3100 | 644210 |
| Ralph Lauren Corp Class A  | 21406 | 7569376 |
|  |  | 8213586 |
| TOTAL CONSUMER DISCRETIONARY |  | 1170210748 |
| Consumer Staples - 1.3% |  |  |
| Beverages - 0.7% |  |  |
| Coca-Cola Co/The  | 1147636 | 80231233 |
| Keurig Dr Pepper Inc  | 321154 | 8995524 |
| PepsiCo Inc  | 12800 | 1837055 |
| Vita Coco Co Inc/The (b) | 130000 | 6891300 |
|  |  | 97955112 |
| Consumer Staples Distribution & Retail - 0.5% |  |  |
| Casey's General Stores Inc  | 23694 | 13095911 |
| Chobani Inc Class A (c)(d)(f) | 592 | 2638159 |
| Costco Wholesale Corp  | 27719 | 23903202 |
| Dollar General Corp  | 9800 | 1301146 |
| Dollar Tree Inc (b) | 66000 | 8118660 |
| Sprouts Farmers Market Inc (b) | 32200 | 2565374 |
| Walmart Inc  | 106599 | 11876195 |
|  |  | 63498647 |
| Food Products - 0.0% |  |  |
| Vital Farms Inc (b)(e) | 102200 | 3264268 |
| Personal Care Products - 0.0% |  |  |
| elf Beauty Inc (b)(e) | 4400 | 334576 |
| Estee Lauder Cos Inc/The Class A  | 58500 | 6126120 |
|  |  | 6460696 |
| Tobacco - 0.1% |  |  |
| Philip Morris International Inc  | 59077 | 9475951 |
| TOTAL CONSUMER STAPLES |  | 180654674 |
| Energy - 0.8% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| WaterBridge Infrastructure LLC Class A  | 56000 | 1120560 |
| Oil, Gas & Consumable Fuels - 0.8% |  |  |
| Antero Resources Corp (b) | 403200 | 13894272 |
| Cheniere Energy Inc  | 153069 | 29755083 |
| Exxon Mobil Corp  | 16800 | 2021712 |
| Marathon Petroleum Corp  | 19300 | 3138759 |
| Shell PLC ADR  | 717600 | 52729248 |
| Valero Energy Corp  | 22500 | 3662775 |
|  |  | 105201849 |
| TOTAL ENERGY |  | 106322409 |
| Financials - 12.5% |  |  |
| Banks - 3.3% |  |  |
| Bancorp Inc/The (b) | 154666 | 10443048 |
| Bank of America Corp  | 1180735 | 64940425 |
| Citigroup Inc  | 330599 | 38577597 |
| East West Bancorp Inc  | 13003 | 1461407 |
| JPMorgan Chase & Co  | 409361 | 131904301 |
| Wells Fargo & Co  | 2118416 | 197436372 |
|  |  | 444763150 |
| Capital Markets - 1.9% |  |  |
| Bank of New York Mellon Corp/The  | 588220 | 68286460 |
| Blackrock Inc  | 600 | 642204 |
| Blue Owl Capital Inc Class A  | 737700 | 11021238 |
| Cboe Global Markets Inc  | 39400 | 9889400 |
| Charles Schwab Corp/The  | 278579 | 27832828 |
| Coinbase Global Inc Class A (b) | 6766 | 1530063 |
| Evercore Inc Class A  | 1339 | 455595 |
| Goldman Sachs Group Inc/The  | 39799 | 34983321 |
| Interactive Brokers Group Inc Class A  | 205799 | 13234934 |
| Moody's Corp  | 61723 | 31531195 |
| Morgan Stanley  | 239299 | 42482751 |
| MSCI Inc  | 3400 | 1950682 |
| Nasdaq Inc  | 6799 | 660387 |
| Tulco LLC (b)(c)(d)(f) | 7549 | 6243249 |
|  |  | 250744307 |
| Consumer Finance - 0.7% |  |  |
| American Express Co  | 161958 | 59916362 |
| Capital One Financial Corp  | 123057 | 29824095 |
| SoFi Technologies Inc Class A (b) | 20900 | 547162 |
| Synchrony Financial  | 56700 | 4730481 |
|  |  | 95018100 |
| Financial Services - 5.2% |  |  |
| Apollo Global Management Inc  | 226300 | 32759188 |
| Berkshire Hathaway Inc Class A (b) | 502 | 378909600 |
| Mastercard Inc Class A  | 230300 | 131473664 |
| Rocket Cos Inc Class A  | 32800 | 635008 |
| Toast Inc Class A (b) | 650207 | 23088851 |
| Visa Inc Class A  | 366799 | 128640077 |
|  |  | 695506388 |
| Insurance - 1.4% |  |  |
| American Financial Group Inc/OH  | 43000 | 5877240 |
| American International Group Inc  | 7700 | 658735 |
| Arthur J Gallagher & Co  | 187549 | 48535806 |
| Chubb Ltd  | 236351 | 73769874 |
| Progressive Corp/The  | 66199 | 15074836 |
| Travelers Companies Inc/The  | 153437 | 44505936 |
|  |  | 188422427 |
| TOTAL FINANCIALS |  | 1674454372 |
| Health Care - 7.8% |  |  |
| Biotechnology - 2.2% |  |  |
| AbbVie Inc  | 70399 | 16085468 |
| Alnylam Pharmaceuticals Inc (b) | 236459 | 94027921 |
| Apogee Therapeutics Inc (b) | 17100 | 1290708 |
| BeOne Medicines Ltd ADR (b) | 50349 | 15296530 |
| Caris Life Sciences Inc (b) | 76716 | 2069798 |
| Celldex Therapeutics Inc (b) | 49900 | 1355284 |
| Cidara Therapeutics Inc (b) | 6700 | 1479963 |
| Cytokinetics Inc (b) | 81100 | 5153094 |
| Gilead Sciences Inc  | 714191 | 87659803 |
| Immunome Inc (b) | 34800 | 747504 |
| Immunovant Inc (b) | 65764 | 1671721 |
| Insmed Inc (b) | 73279 | 12753477 |
| Kymera Therapeutics Inc (b) | 37600 | 2925656 |
| Legend Biotech Corp ADR (b) | 588629 | 12796794 |
| Natera Inc (b) | 2700 | 618543 |
| Nuvalent Inc Class A (b) | 11000 | 1106490 |
| PTC Therapeutics Inc (b) | 9100 | 691236 |
| Regeneron Pharmaceuticals Inc  | 4800 | 3704976 |
| Roivant Sciences Ltd (b) | 128300 | 2784110 |
| Soleno Therapeutics Inc (b) | 162680 | 7532084 |
| Summit Therapeutics Inc (b) | 66862 | 1169416 |
| Travere Therapeutics Inc (b) | 6300 | 240723 |
| United Therapeutics Corp (b) | 2700 | 1315575 |
| Vertex Pharmaceuticals Inc (b) | 43749 | 19834047 |
|  |  | 294310921 |
| Health Care Equipment & Supplies - 1.8% |  |  |
| Alcon AG (United States)  | 2901 | 228628 |
| Artivion Inc (b) | 177100 | 8077531 |
| Baxter International Inc  | 34800 | 665028 |
| Boston Scientific Corp (b) | 1179629 | 112477625 |
| Edwards Lifesciences Corp (b) | 15600 | 1329900 |
| Insulet Corp (b) | 25000 | 7106000 |
| Intuitive Surgical Inc (b) | 69590 | 39412992 |
| Medline Inc Class A  | 344400 | 14464800 |
| Penumbra Inc (b) | 30897 | 9606186 |
| ResMed Inc  | 2300 | 554001 |
| Stryker Corp  | 31380 | 11029129 |
| TransMedics Group Inc (b) | 341290 | 41517929 |
|  |  | 246469749 |
| Health Care Providers & Services - 0.9% |  |  |
| CVS Health Corp  | 155317 | 12325957 |
| Ensign Group Inc/The  | 29300 | 5104060 |
| HCA Healthcare Inc  | 67899 | 31699327 |
| LifeStance Health Group Inc (b) | 618500 | 4354240 |
| McKesson Corp  | 19400 | 15913626 |
| Tenet Healthcare Corp (b) | 276121 | 54870765 |
|  |  | 124267975 |
| Health Care Technology - 0.1% |  |  |
| Doximity Inc Class A (b) | 72099 | 3192543 |
| Veeva Systems Inc Class A (b) | 25272 | 5641469 |
|  |  | 8834012 |
| Life Sciences Tools & Services - 0.4% |  |  |
| Danaher Corp  | 11700 | 2678364 |
| Thermo Fisher Scientific Inc  | 83900 | 48615855 |
| Veterinary Emergency Group (b)(c)(d)(f) | 80233 | 6385744 |
|  |  | 57679963 |
| Pharmaceuticals - 2.4% |  |  |
| Eli Lilly & Co  | 278652 | 299461732 |
| Jazz Pharmaceuticals PLC (b) | 3500 | 595000 |
| Johnson & Johnson  | 3100 | 641545 |
| Merck & Co Inc  | 9549 | 1005128 |
| Structure Therapeutics Inc ADR (b) | 77700 | 5404035 |
|  |  | 307107440 |
| TOTAL HEALTH CARE |  | 1038670060 |
| Industrials - 8.8% |  |  |
| Aerospace & Defense - 3.8% |  |  |
| Anduril Industries Inc Class B (c)(d) | 1299 | 59312 |
| Anduril Industries Inc Class C (c)(d) | 1 | 46 |
| ATI Inc (b) | 55691 | 6391099 |
| Axon Enterprise Inc (b) | 20963 | 11905517 |
| Beta Technologies Inc (g) | 465248 | 13124646 |
| Beta Technologies Inc Class A (b) | 76200 | 2149602 |
| Boeing Co (b) | 134100 | 29115792 |
| Carpenter Technology Corp  | 45446 | 14308219 |
| GE Aerospace  | 525542 | 161882702 |
| General Dynamics Corp  | 3900 | 1312974 |
| HEICO Corp Class A  | 2549 | 643444 |
| Howmet Aerospace Inc  | 464709 | 95274639 |
| Karman Holdings Inc (b) | 176700 | 12929139 |
| Loar Holdings Inc (b)(e) | 3819 | 259692 |
| Northrop Grumman Corp  | 9829 | 5604594 |
| Relativity Space Inc (b)(c) | 2857 | 3028 |
| Relativity Space Inc warrants 11/1/2030 (b)(c)(d) | 112 | 114 |
| Rocket Lab Corp  | 18699 | 1304442 |
| RTX Corp  | 3999 | 733417 |
| Space Exploration Technologies Corp (b)(c)(d) | 215904 | 86456598 |
| Space Exploration Technologies Corp Class C (b)(c)(d) | 23836 | 9544888 |
| StandardAero Inc (b) | 24200 | 694056 |
| TransDigm Group Inc  | 25734 | 34222360 |
| Woodward Inc  | 11602 | 3507517 |
|  |  | 491427837 |
| Air Freight & Logistics - 0.0% |  |  |
| CH Robinson Worldwide Inc  | 8700 | 1398612 |
| Zipline International Inc (b)(c)(d) | 28830 | 1621976 |
|  |  | 3020588 |
| Building Products - 0.6% |  |  |
| Tecnoglass Inc  | 401374 | 20197140 |
| Trane Technologies PLC  | 148296 | 57716803 |
|  |  | 77913943 |
| Commercial Services & Supplies - 0.2% |  |  |
| Cintas Corp  | 14227 | 2675672 |
| GFL Environmental Inc Subordinate Voting Shares  | 664070 | 28526150 |
|  |  | 31201822 |
| Construction & Engineering - 0.7% |  |  |
| API Group Corp (b) | 69100 | 2643766 |
| Construction Partners Inc Class A (b) | 86700 | 9411285 |
| EMCOR Group Inc  | 65300 | 39949887 |
| Legence Corp Class A  | 9000 | 387360 |
| Quanta Services Inc  | 107100 | 45202626 |
|  |  | 97594924 |
| Electrical Equipment - 2.0% |  |  |
| Eaton Corp PLC  | 143061 | 45566359 |
| GE Vernova Inc  | 278134 | 181780038 |
| Nextpower Inc Class A (b) | 304100 | 26490151 |
| Vertiv Holdings Co Class A  | 10500 | 1701105 |
|  |  | 255537653 |
| Ground Transportation - 0.0% |  |  |
| Uber Technologies Inc (b) | 55424 | 4528695 |
| Industrial Conglomerates - 0.2% |  |  |
| 3M Co  | 196399 | 31443480 |
| Machinery - 1.2% |  |  |
| Allison Transmission Holdings Inc  | 62500 | 6118750 |
| Caterpillar Inc  | 2200 | 1260314 |
| Deere & Co  | 18890 | 8794617 |
| Parker-Hannifin Corp  | 111145 | 97692009 |
| RBC Bearings Inc (b) | 10706 | 4800892 |
| Symbotic Inc Class A (b)(e) | 45400 | 2701300 |
| Westinghouse Air Brake Technologies Corp  | 172836 | 36891844 |
|  |  | 158259726 |
| Passenger Airlines - 0.0% |  |  |
| Delta Air Lines Inc  | 40000 | 2776000 |
| Professional Services - 0.0% |  |  |
| CACI International Inc (b) | 1100 | 586091 |
| SS&C Technologies Holdings Inc  | 7500 | 655650 |
| UL Solutions Inc Class A  | 38249 | 3016316 |
|  |  | 4258057 |
| Trading Companies & Distributors - 0.1% |  |  |
| Ferguson Enterprises Inc  | 7700 | 1714251 |
| FTAI Aviation Ltd  | 29294 | 5766524 |
| Herc Holdings Inc  | 38100 | 5653278 |
| QXO Inc (b) | 86149 | 1661814 |
|  |  | 14795867 |
| TOTAL INDUSTRIALS |  | 1172758592 |
| Information Technology - 22.8% |  |  |
| Communications Equipment - 0.5% |  |  |
| Arista Networks Inc (b) | 416048 | 54514769 |
| Ciena Corp (b) | 43900 | 10266893 |
| Lumentum Holdings Inc (b) | 2400 | 884616 |
|  |  | 65666278 |
| Electronic Equipment, Instruments & Components - 1.6% |  |  |
| Amphenol Corp Class A  | 1383795 | 187006056 |
| Coherent Corp (b) | 87100 | 16076047 |
| Corning Inc  | 7600 | 665456 |
| Flex Ltd (b) | 9200 | 555864 |
| Jabil Inc  | 4499 | 1025862 |
| Mirion Technologies Inc Class A (b) | 434876 | 10184796 |
| Sanmina Corp (b) | 400 | 60028 |
| TD SYNNEX Corp  | 3900 | 585897 |
|  |  | 216160006 |
| IT Services - 0.3% |  |  |
| Asac II LP (b)(c)(d) | 2013117 | 401778 |
| Cloudflare Inc Class A (b) | 56149 | 11069775 |
| CoreWeave Inc Class A (h) | 11880 | 850727 |
| IBM Corporation  | 6149 | 1821395 |
| MongoDB Inc Class A (b) | 8500 | 3567365 |
| Snowflake Inc (b) | 81449 | 17866653 |
| Twilio Inc Class A (b) | 10100 | 1436624 |
| X.Ai Holdings Corp Class A (c)(d) | 90256 | 6810718 |
|  |  | 43825035 |
| Semiconductors & Semiconductor Equipment - 12.9% |  |  |
| Advanced Micro Devices Inc (b) | 44000 | 9423040 |
| Analog Devices Inc  | 22649 | 6142409 |
| Applied Materials Inc  | 20300 | 5216897 |
| ARM Holdings PLC ADR (b) | 38604 | 4219803 |
| Astera Labs Inc (b) | 78791 | 13107671 |
| Broadcom Inc  | 441459 | 152788960 |
| Intel Corp (b) | 43749 | 1614338 |
| KLA Corp  | 5999 | 7289265 |
| Lam Research Corp  | 106300 | 18196434 |
| MACOM Technology Solutions Holdings Inc (b) | 44000 | 7536320 |
| Marvell Technology Inc  | 478000 | 40620440 |
| Micron Technology Inc  | 278858 | 79588862 |
| Monolithic Power Systems Inc  | 6899 | 6252978 |
| NVIDIA Corp  | 7326571 | 1366405492 |
|  |  | 1718402909 |
| Software - 5.7% |  |  |
| Applied Intuition Inc Class A (b)(c)(d) | 12113 | 1372161 |
| AppLovin Corp Class A (b) | 5999 | 4042246 |
| Autodesk Inc (b) | 41700 | 12343617 |
| BitMine Immersion Technologies Inc (e) | 94700 | 2571105 |
| Cadence Design Systems Inc (b) | 177975 | 55631426 |
| Circle Internet Group Inc Class A  | 41318 | 3276517 |
| Crowdstrike Holdings Inc Class A (b) | 4399 | 2062075 |
| CyberArk Software Ltd (b) | 60060 | 26790364 |
| Datadog Inc Class A (b) | 30599 | 4161158 |
| Figma Inc Class A (e) | 146500 | 5474705 |
| Fortinet Inc (b) | 29845 | 2369991 |
| Guidewire Software Inc (b) | 6200 | 1246262 |
| JFrog Ltd (b) | 26123 | 1631643 |
| Magic Leap Inc Class A (b)(c)(d) | 72297 | 1 |
| Magic Leap Inc warrants (b)(c)(d) | 39573 | 0 |
| Microsoft Corp  | 1169652 | 565667101 |
| OpenAI Group Pbc Class A (c)(d) | 1000 | 477480 |
| Palantir Technologies Inc Class A (b) | 12499 | 2221697 |
| Palo Alto Networks Inc (b) | 74140 | 13656588 |
| Riot Platforms Inc (b)(e) | 678600 | 8597862 |
| Roper Technologies Inc  | 15400 | 6855002 |
| Salesforce Inc  | 2200 | 582802 |
| Samsara Inc Class A (b) | 270852 | 9601703 |
| Stripe Inc Class B (b)(c)(d) | 26700 | 1105914 |
| Synopsys Inc (b) | 13000 | 6106360 |
| Tanium Inc Class B (b)(c)(d) | 408212 | 3355503 |
| Via Transportation Inc Class A (b)(e) | 13040 | 378290 |
| Zoom Communications Inc Class A (b) | 176001 | 15187126 |
| Zscaler Inc (b) | 21749 | 4891785 |
|  |  | 761658484 |
| Technology Hardware, Storage & Peripherals - 1.8% |  |  |
| Apple Inc  | 822500 | 223604850 |
| Dell Technologies Inc Class C  | 49010 | 6169379 |
| Seagate Technology Holdings PLC  | 2200 | 605858 |
| Western Digital Corp  | 55400 | 9543758 |
|  |  | 239923845 |
| TOTAL INFORMATION TECHNOLOGY |  | 3045636557 |
| Materials - 0.3% |  |  |
| Chemicals - 0.2% |  |  |
| Corteva Inc  | 440457 | 29523833 |
| Ecolab Inc  | 1547 | 406118 |
|  |  | 29929951 |
| Construction Materials - 0.0% |  |  |
| CRH PLC  | 16000 | 1996800 |
| Martin Marietta Materials Inc  | 2400 | 1494384 |
|  |  | 3491184 |
| Metals & Mining - 0.1% |  |  |
| Ivanhoe Electric Inc / US (b) | 237537 | 3795841 |
| Ivanhoe Electric Inc / US warrants 2/15/2026 (b) | 127728 | 1150631 |
| MP Materials Corp (b)(e) | 67575 | 3413889 |
| Royal Gold Inc  | 2899 | 644419 |
| Steel Dynamics Inc  | 12200 | 2067290 |
|  |  | 11072070 |
| TOTAL MATERIALS |  | 44493205 |
| Real Estate - 0.6% |  |  |
| Health Care REITs - 0.4% |  |  |
| Welltower Inc  | 282400 | 52416264 |
| Office REITs - 0.0% |  |  |
| Kilroy Realty Corp  | 258000 | 9641460 |
| Real Estate Management & Development - 0.2% |  |  |
| CBRE Group Inc Class A (b) | 131700 | 21176043 |
| Specialized REITs - 0.0% |  |  |
| Fermi Inc (e) | 38800 | 310400 |
| TOTAL REAL ESTATE |  | 83544167 |
| Utilities - 1.4% |  |  |
| Electric Utilities - 1.1% |  |  |
| American Electric Power Co Inc  | 59899 | 6906954 |
| Constellation Energy Corp  | 251203 | 88742484 |
| Entergy Corp  | 178300 | 16480269 |
| NRG Energy Inc  | 179739 | 28621638 |
|  |  | 140751345 |
| Gas Utilities - 0.0% |  |  |
| Southwest Gas Holdings Inc  | 81600 | 6529631 |
| Independent Power and Renewable Electricity Producers - 0.3% |  |  |
| Vistra Corp  | 233726 | 37707016 |
| TOTAL UTILITIES |  | 184987992 |
| TOTAL UNITED STATES |  | 11467486297 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $5,430,876,549) |  | <br> **12710436540** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 3.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 3.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 3.0%** |
|  | Shares | Value ($)<br>|
| CHINA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| Bytedance Ltd Series E1 (b)(c)(d) | 37932 | 9095714 |
| FINLAND - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Technology - 0.0% |  |  |
| Oura Health Oy Series E (c)(d) | 91659 | 4910173 |
| ISRAEL - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Element Labs Inc Series B (c)(d) | 50400 | 442512 |
| UNITED STATES - 2.9%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Rad Power Bikes Inc Series A (b)(c)(d) | 19024 | 0 |
| Rad Power Bikes Inc Series C (b)(c)(d) | 74857 | 1 |
| Rad Power Bikes Inc Series D (b)(c)(d) | 127700 | 1 |
|  |  | 2 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Discord Inc Series I (b)(c)(d) | 800 | 196384 |
| TOTAL CONSUMER DISCRETIONARY |  | 196386 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| GoBrands Inc Series G (b)(c)(d) | 3340 | 171676 |
| GoBrands Inc Series H (b)(c)(d) | 3970 | 259797 |
| TOTAL CONSUMER STAPLES |  | 431473 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Tenstorrent Holdings Inc Series C1 (b)(c)(d) | 23737 | 1743957 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| ElevateBio LLC Series C (b)(c)(d) | 194500 | 371495 |
| Kardigan Inc Series B (c)(d) | 34468 | 736581 |
|  |  | 1108076 |
| Health Care Providers & Services - 0.0% |  |  |
| Lyra Health Inc Series E (b)(c)(d) | 79800 | 743736 |
| Lyra Health Inc Series F (b)(c)(d) | 4099 | 38203 |
| Somatus Inc Series E (b)(c)(d) | 842 | 1080412 |
|  |  | 1862351 |
| TOTAL HEALTH CARE |  | 2970427 |
| Industrials - 2.3% |  |  |
| Aerospace & Defense - 2.1% |  |  |
| Anduril Industries Inc Series G (c)(d) | 12300 | 561618 |
| Space Exploration Technologies Corp Series G (b)(c)(d) | 36460 | 146000425 |
| Space Exploration Technologies Corp Series H (b)(c)(d) | 7256 | 29055926 |
| Space Exploration Technologies Corp Series N (b)(c)(d) | 24552 | 98316029 |
|  |  | 273933998 |
| Air Freight & Logistics - 0.2% |  |  |
| Zipline International Inc Series E (b)(c)(d) | 66084 | 3717886 |
| Zipline International Inc Series F (b)(c)(d) | 129467 | 7283813 |
| Zipline International Inc Series G (b)(c)(d) | 59655 | 3356190 |
| Zipline International Inc Series H (c)(d) | 87295 | 4911589 |
|  |  | 19269478 |
| TOTAL INDUSTRIALS |  | 293203476 |
| Information Technology - 0.6% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Cerebras Systems Inc Series G (c)(d) | 309200 | 11202316 |
| IT Services - 0.2% |  |  |
| X.Ai Holdings Corp Series C (c)(d) | 264240 | 19939550 |
| X.Ai Holdings Corp Series E (c)(d) | 18497 | 1395784 |
|  |  | 21335334 |
| Software - 0.4% |  |  |
| Anthropic PBC Series E (c)(d) | 14900 | 3476170 |
| Anthropic PBC Series F (c)(d) | 46814 | 10921706 |
| Applied Intuition Inc Series A2 (b)(c)(d) | 14271 | 1616619 |
| Applied Intuition Inc Series B2 (b)(c)(d) | 6881 | 779480 |
| Databricks Inc Series L (c)(d) | 28600 | 5434000 |
| Magic Leap Inc Series AA (b)(c)(d) | 275569 | 2 |
| MOLOCO Inc Series A (b)(c)(d) | 35442 | 2672327 |
| Nuro Inc/DE Series C (b)(c)(d) | 190290 | 2226393 |
| Nuro Inc/DE Series D (b)(c)(d) | 36736 | 494099 |
| Nuro Inc/DE Series E (c)(d) | 77100 | 898215 |
| OpenAI Group Pbc Series A-2 (c)(d) | 30720 | 14668186 |
| OpenAI Group Pbc Series A-3 (c)(d) | 11083 | 5291910 |
| Stripe Inc Series H (b)(c)(d) | 11500 | 476330 |
| Stripe Inc Series I (b)(c)(d) | 128075 | 5304867 |
|  |  | 54260304 |
| TOTAL INFORMATION TECHNOLOGY |  | 86797954 |
| TOTAL UNITED STATES |  | 385343673 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $99,988,651) |  | <br> **399792072** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Rad Power Bikes Inc 8% 12/31/2199 (c)(d)<br>(Cost $150,651)<br>| 150652 | **32239** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.9%** | &nbsp;&nbsp;**Money Market Funds - 2.9%** | &nbsp;&nbsp;**Money Market Funds - 2.9%** | &nbsp;&nbsp;**Money Market Funds - 2.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (j) | 3.79 | 349138955 | 349208783 |
| Fidelity Securities Lending Cash Central Fund (j)(k) | 3.77 | 36855380 | 36859066 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $386,068,722) |  |  | **386067849** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.8%**<br> (Cost $5,917,084,573)<br>| <br>**13496328700** |
| **NET OTHER ASSETS (LIABILITIES) - (0.8)%**  | **(109608394)** |
| **NET ASSETS - 100.0%** | **13386720306** |

---

**Legend**

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

(b) Non-income producing.

(c) Level 3 security.

(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $566,653,749 or 4.2% 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) Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $13,124,646 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

(h) 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 $1,056,174 or 0.0% of net assets.

(i) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $205,447 or 0.0% of net assets.

(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>|
| Anduril Industries Inc Class B | 6/16/2025 | 53107 |
| Anduril Industries Inc Class C | 6/16/2025 | 41 |
| Anduril Industries Inc Series G | 4/17/2025 | 502858 |
| Anthropic PBC Series E | 2/14/2025 | 835689 |
| Anthropic PBC Series F | 8/18/2025 | 6599257 |
| Applied Intuition Inc Class A | 7/2/2024 - 6/16/2025 | 811284 |
| Applied Intuition Inc Series A2 | 7/2/2024 | 851906 |
| Applied Intuition Inc Series B2 | 7/2/2024 | 410761 |
| Asac II LP | 10/10/2013 | 155029 |
| Bending Spoons SpA Class C | 10/9/2025 | 864651 |
| Blu Homes Inc | 5/21/2020 | 36484 |
| Bytedance Ltd Series E1 | 11/18/2020 | 4156368 |
| Canva Australia Holdings Pty Ltd Class A | 3/18/2024 - 11/12/2025 | 14109136 |
| Cerebras Systems Inc Series G | 9/19/2025 | 11203058 |
| Chobani Inc Class A | 10/14/2025 | 2638161 |
| Databricks Inc Series L | 12/18/2025 | 5434000 |
| Discord Inc Series I | 9/15/2021 | 440500 |
| Element Labs Inc Series B | 6/27/2025 | 442456 |
| ElevateBio LLC Series C | 3/9/2021 | 815928 |
| Epic Games Inc | 7/13/2020 - 7/30/2020 | 4082500 |
| Fanatics Inc Class A | 8/13/2020 - 12/15/2021 | 4645245 |
| GoBrands Inc Series G | 3/2/2021 | 834055 |
| GoBrands Inc Series H | 7/22/2021 | 1542308 |
| Kardigan Inc Series B | 10/9/2025 | 736411 |
| Lyra Health Inc Series E | 1/14/2021 | 730697 |
| Lyra Health Inc Series F | 6/4/2021 | 64372 |
| Magic Leap Inc Class A | 10/17/2014 - 10/6/2017 | 35136390 |
| Magic Leap Inc Series AA | 7/7/2020 | 4756362 |
| Magic Leap Inc warrants | 7/7/2020 | 0 |
| MOLOCO Inc Series A | 6/26/2023 | 2126520 |
| Nuro Inc/DE Series C | 10/30/2020 | 2484160 |
| Nuro Inc/DE Series D | 10/29/2021 | 765788 |
| Nuro Inc/DE Series E | 4/1/2025 | 986378 |
| OpenAI Group Pbc Class A | 9/3/2025 | 430000 |
| OpenAI Group Pbc Series A-2 | 9/30/2024 | 5771073 |
| OpenAI Group Pbc Series A-3 | 4/11/2025 - 8/4/2025 | 3400945 |
| Oura Health Oy Series E | 9/24/2025 | 4910173 |
| Rad Power Bikes Inc | 1/21/2021 | 703890 |
| Rad Power Bikes Inc 8% 12/31/2199 | 10/6/2023 | 150651 |
| Rad Power Bikes Inc Series A | 1/21/2021 | 91769 |
| Rad Power Bikes Inc Series C | 1/21/2021 | 361098 |
| Rad Power Bikes Inc Series D | 9/17/2021 | 1223851 |
| Rad Power Bikes Inc warrants 10/6/2033 | 10/6/2023 | 0 |
| Relativity Space Inc warrants 11/1/2030 | 11/14/2023 - 3/24/2025 | 0 |
| Somatus Inc Series E | 1/31/2022 | 734759 |
| Space Exploration Technologies Corp | 10/16/2015 - 7/14/2025 | 3719272 |
| Space Exploration Technologies Corp Class C | 9/11/2017 - 7/14/2025 | 2601971 |
| Space Exploration Technologies Corp Series G | 1/20/2015 | 2824192 |
| Space Exploration Technologies Corp Series H | 8/4/2017 | 979560 |
| Space Exploration Technologies Corp Series N | 8/4/2020 | 6629040 |
| Starling Bank Ltd | 6/18/2021 - 4/5/2022 | 3151960 |
| Stripe Inc Class B | 5/18/2021 | 1071428 |
| Stripe Inc Series H | 3/15/2021 | 461437 |
| Stripe Inc Series I | 3/20/2023 - 5/12/2023 | 2578680 |
| Tanium Inc Class B | 4/21/2017 - 9/18/2020 | 3439433 |
| Tenstorrent Holdings Inc Series C1 | 4/23/2021 | 1411288 |
| Tulco LLC | 8/24/2017 - 12/14/2017 | 2643700 |
| Veterinary Emergency Group | 9/16/2021 - 10/2/2024 | 3627352 |
| X.Ai Holdings Corp Class A | 10/25/2022 | 3251000 |
| X.Ai Holdings Corp Series C | 11/22/2024 | 5720796 |
| X.Ai Holdings Corp Series E | 12/19/2025 | 1395784 |
| Zipline International Inc | 10/12/2021 | 1037880 |
| Zipline International Inc Series E | 12/21/2020 | 2156280 |
| Zipline International Inc Series F | 4/11/2023 | 5204198 |
| Zipline International Inc Series G | 6/7/2024 | 2502307 |
| Zipline International Inc Series H | 12/3/2025 | 4911589 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| Beta Technologies Inc | 5/4/2026 |

---

**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 ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 517324323 | 3320385424 | 3488514094 | 14784576 | 14003 | (873) | 349208783 | 349138955 | 0.6% |
| Fidelity Securities Lending Cash Central Fund | 18529003 | 523577981 | 505243626 | 211288 | (4292) | - | 36859066 | 36855380 | 0.1% |
| Total | 535853326 | 3843963405 | 3993757720 | 14995864 | 9711 | (873) | 386067849 |  |  |

---

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 Consolidated Statement of Operations, if applicable.

Amounts in the dividend income column 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 income 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, 2025, 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 Consolidated 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>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 2775538148 | 2762478163 | 8444346 | 4615639 |
| Consumer Discretionary | 1337348441 | 1290445082 | 35701777 | 11201582 |
| Consumer Staples | 183288488 | 178016515 | 2633814 | 2638159 |
| Energy | 166528705 | 166528705 | - | - |
| Financials | 1813630829 | 1788099713 | 13728664 | 11802452 |
| Health Care | 1209232117 | 1178751646 | 24094727 | 6385744 |
| Industrials | 1300214126 | 1167149171 | 35378993 | 97685962 |
| Information Technology | 3384771894 | 3316099806 | 36169160 | 32502928 |
| Materials | 271351633 | 270201002 | 1150631 | - |
| Real Estate | 83544167 | 83544167 | - | - |
| Utilities | 184987992 | 184987992 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 9095714 | - | - | 9095714 |
| Consumer Discretionary | 196386 | - | - | 196386 |
| Consumer Staples | 431473 | - | - | 431473 |
| Financials | 1743957 | - | - | 1743957 |
| Health Care | 7880600 | - | - | 7880600 |
| Industrials | 293645988 | - | - | 293645988 |
| Information Technology | 86797954 | - | - | 86797954 |
|  **Preferred Securities** |  |  |  |  |
| Consumer Discretionary | 32239 | - | - | 32239 |
|  **Money Market Funds** | 386067849 | 386067849 | - | - |
| **Total Investments in Securities:** | 13496328700 | 12772369811 | 157302112 | 566656777 |
|  **Net Unrealized Appreciation (Depreciation) on Unfunded Commitments** | 116055 | 116055 | - | - |

---

The following is a reconciliation of consolidated Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2025 ($)** |
| **Common Stocks** | 108402770 | (868302) | 55387089 | 24178341 | (20267432) | - | - | - | 166832466 | 59928715 |
| **Convertible Preferred Stocks** | 169286026 | (307) | 191542403 | 52850775 | (13886825) | - | - | - | 399792072 | 187566394 |
| **Preferred Securities** | 196585 | - | (164346) | - | - | - | - | - | 32239 | (164346) |
| <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, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <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, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <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, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <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, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <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, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <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, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <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, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <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, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. |  |  |  |

---

**Consolidated Financial Statements**

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $37,637,147) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $5,531,015,851) | $13110260851 |  |
| Fidelity Central Funds (cost $386,068,722) | 386067849 |  |
| Total Investment in Securities (cost $5,917,084,573) |  | $13496328700 |
| Foreign currency held at value (cost $179,009) |  | 179015 |
| Receivable for investments sold |  | 1156565 |
| Unrealized appreciation on unfunded commitments |  | 116055 |
| Receivable for fund shares sold |  | 2285194 |
| Dividends receivable |  | 2743062 |
| Distributions receivable from Fidelity Central Funds |  | 1182571 |
| Other receivables |  | 1165 |
| **Total assets** |  | 13503992327 |
| **Liabilities** |  |  |
| Payable to custodian bank | $146421 |  |
| Payable for fund shares redeemed | 80222423 |  |
| Other payables and accrued expenses | 39819 |  |
| Collateral on securities loaned | 36863358 |  |
| **Total liabilities** |  | 117272021 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $13386720306 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $5833575317 |
| Total accumulated earnings (loss) |  | 7553144989 |
| **Net Assets** |  | $13386720306 |
| **Net Asset Value**, offering price and redemption price per share ($13,386,720,306 ÷ 524,489,443 shares) |  | $25.52 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $66724330 |
| Income from Fidelity Central Funds (including $211,288 from security lending)  |  | 14995864 |
| **Total income** |  | 81720194 |
| **Expenses** |  |  |
| Custodian fees and expenses | $187607 |  |
| Independent trustees' fees and expenses | 47186 |  |
| Total expenses before reductions | 234793 |  |
| Expense reductions | (194) |  |
| Total expenses after reductions |  | 234599 |
| **Net Investment income (loss)** |  | 81485595 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1900946934 |  |
| Fidelity Central Funds | 9711 |  |
| Foreign currency transactions | (145249) |  |
| Total net realized gain (loss) |  | 1900811396 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 639518418 |  |
| Fidelity Central Funds  | (873) |  |
| Unfunded commitments | 116055 |  |
| Assets and liabilities in foreign currencies | 47019 |  |
| Total change in net unrealized appreciation (depreciation) |  | 639680619 |
| **Net gain (loss)** |  | 2540492015 |
| **Net increase (decrease) in net assets resulting from operations** |  | $2621977610 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $81485595 | $76283260 |
| &nbsp;&nbsp;Net realized gain (loss) | 1900811396<br>| 854283295<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 639680619 | 2344041896<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2621977610<br>| 3274608451<br>|
| Distributions to shareholders | (1975466201)<br>| (718744210)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1743842979 | 1933282136 |
| Reinvestment of distributions | 1975466201<br>| 718744208<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (2244236892) | (3328013195) |
| **Net increase (decrease) in net assets resulting from share transactions** | 1475072288<br>| (675986851)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 2121583697<br>| 1879877390<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 11265136609 | 9385259219<br>|
| &nbsp;&nbsp;End of period | $13386720306 | $11265136609 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 67874377 | 83422935 |
| Issued in reinvestment of distributions | 77408312<br>| 28521596<br>|
| &nbsp;&nbsp;Redeemed | (86483750) | (143983858) |
| &nbsp;&nbsp;Net increase (decrease) | 58798939 | (32039327) |

---

**Consolidated Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $24.19 | $18.86 | $14.31 | $20.74 | $20.25 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .18  | .16  | .19  | .20  | .14  |
| Net realized and unrealized gain (loss)  | 5.50  | 6.76  | 4.55  | (5.44)  | 4.79  |
| Total from investment operations  | 5.68  | 6.92  | 4.74  | (5.24)  | 4.93  |
| Distributions from net investment income  | (.19)  | (.18)  | (.19)  | (.18)  | (.20)  |
| Distributions from net realized gain  | (4.16)  | (1.42)  | -  | (1.00)  | (4.24)  |
| Total distributions  | (4.35)  | (1.59) C | (.19)  | (1.19) C | (4.44)  |
| Net asset value, end of period  | $25.52 | $24.19 | $18.86 | $14.31 | $20.74 |
| **Total Return** D | 23.60% <br>| 36.35%  | 33.20%  | (25.73)%  | 24.81%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions G | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any G | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any G | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | .67%  | .70%  | 1.17%  | 1.23%  | .61%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $13386720 | $11265137 | $9385259 | $8068233 | $8020606 |
| Portfolio turnover rate H | 49% <br>| 23%  | 29%  | 36%  | 43%  |

---

A*Calculated based on average shares outstanding during the period.*

B*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.*

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

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

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

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

G*Amount represents less than .005%.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Consolidated Financial Statements**

For the period ended December 31, 2025

**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 Consolidated 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 RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

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

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

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The consolidated 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 consolidated financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the consolidated financial statements and consolidated financial highlights. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds 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, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing 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 InputA** |
| Common Stocks | $&nbsp;&nbsp;&nbsp;&nbsp; 166832466  | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 0.7 - 81.3 / 19.0 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 13.9 - 48.6 / 45.9 | Increase |
|  |  |  | Enterprise value/Net income (EV/NI)  | 17.5 | Increase |
|  |  | Recovery value  | Recovery value  | $0.00 - $0.20 / $0.20 | Increase |
|  |  | Black scholes  | Discount rate  | 3.5% - 4.0% / 4.0% | Increase |
|  |  |  | Term  | 3.0 - 5.0 / 5.0 | Increase |
|  |  |  | Volatility | 70.0% - 80.0% / 80.0% | Increase |
| Convertible Preferred Stocks | $&nbsp;&nbsp;&nbsp;&nbsp; 399792072  | Market comparable  | Enterprise value/Revenue multiple (EV/R) | 0.8 - 81.3 / 39.6 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA) | 48.6 | Increase |
|  |  |  | Enterprise value/Gross profit multiple (EV/GP) | 11.9 | Increase |
|  |  | Market approach  | Transaction price  | $8.78 - $56.26 / $35.25 | Increase |
|  |  |  | Discount rate  | 10.0% | Decrease |
|  |  | Recovery value  | Recovery value  | $0.00 | Increase |
|  |  | Black scholes  | Discount rate | 3.4% - 3.7% / 3.5% | Increase |
|  |  |  | Term | 2.0 - 5.0 / 3.1 | Increase |
|  |  |  | Volatility | 60.0% - 90.0% / 84.6% | Increase |
| Preferred Securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32239  | Recovery value  | Recovery value | $3.40 | Increase |

---

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Consolidated 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 Consolidated 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 Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Consolidated Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**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 consolidated 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, 2025, the Fund did not have any unrecognized tax benefits in the consolidated 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.

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. The Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $7747803055 |
| **Gross unrealized depreciation**  | <u>(196830031)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$7550973024</u> |
| **Tax Cost**  | <u>$5945471731</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed long-term capital gain**  | <u>$9954986</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$7550997240</u> |

---

The Fund intends to elect to defer to its next fiscal year $6,224,500 of capital losses and $1,582,736 of ordinary losses recognized during the period November 1, 2025 to December 31, 2025.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income**  | $85843422 | $79107068 |
| **Long-term Capital Gains**  | <u>1889622779</u> | <u>639637142</u> |
| **Total**  | <u>$1975466201</u> | <u>$718744210</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 Consolidated 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 Consolidated Statement 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 Consolidated 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** | CompoSecure, Inc. Class A | 2752597 | 116055 |

---

**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 Total Assets** |
| **Fidelity Series Opportunistic Insights Fund** | 15267152 | .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 Consolidated Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated 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 Consolidated Statement of Assets and Liabilities, if applicable.

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Series Opportunistic Insights Fund** | 5828710361 | 6279060663 |

---

**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 Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Series Opportunistic Insights Fund** | 75633 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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** | 988363810 | 744160658 | 217776129 |

---

**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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Consolidated Statement of Operations as a component of dividends. 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** | 22289 | 19874 | - |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Consolidated Schedule of Investments or Consolidated Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Series Opportunistic Insights Fund** | 2296966 |

---

**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 $194.

**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 public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

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

***Opinion on the Financial Statements***

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Fidelity Series Opportunistic Insights Fund and its subsidiaries (one of the funds constituting Fidelity Contrafund, referred to hereafter as the "Fund") as of December 31, 2025, the related consolidated statement of operations for the year ended December 31, 2025, the consolidated statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the consolidated financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These consolidated financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated 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 consolidated 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 consolidated 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 consolidated 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 consolidated 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 consolidated financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 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 13, 2026

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

**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, 2025, $1,902,448,265, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $14,730,044 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 62% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 78.97% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 0.16% of the dividend distributed during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the consolidated financial statements for each Fund as part of Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img123156_4.jpg)<br>

1.951052.113 O1T-ANN-0226

**Fidelity® Contrafund® K6**

**Annual Report**

**December 31, 2025**

![](img123174_1.jpg)

![](img123174_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7Consolidated_CONK6-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Contrafund® K6](#Sub_Sec_Fund_2946_CONK6-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Consolidated Financial Statements](#Sub_Sec_NotestoFinancialStatements2946_CONK6-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_CONK6-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_CONK6-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_CONK6-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_CONK6-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_CONK6-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_CONK6-ANN)** |

---

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.© 2026 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.*

**Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Contrafund® K6**

**Consolidated Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.1%** | &nbsp;&nbsp;**Common Stocks - 98.1%** | &nbsp;&nbsp;**Common Stocks - 98.1%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.3%  |  |  |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| DroneShield Ltd (c)(i) | 3089237 | 6349735 |
| Commercial Services & Supplies - 0.0% |  |  |
| Brambles Ltd  | 151875 | 2327083 |
| Clean TeQ Water Ltd (c) | 307405 | 75904 |
|  |  | 2402987 |
| TOTAL INDUSTRIALS |  | 8752722 |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Canva Australia Holdings Pty Ltd Class A (c)(d)(e) | 38300 | 63047162 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Anglogold Ashanti Plc  | 208824 | 17808511 |
| Evolution Mining Ltd  | 440121 | 3724303 |
| TOTAL MATERIALS |  | 21532814 |
| TOTAL AUSTRALIA |  | 93332698 |
| BELGIUM - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| UCB SA  | 89715 | 25156330 |
| BRAZIL - 0.3%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| MercadoLibre Inc (c) | 3675 | 7402406 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Itau Unibanco Holding SA ADR  | 1737078 | 12437478 |
| NU Holdings Ltd/Cayman Islands Class A (c) | 4060168 | 67967213 |
|  |  | 80404691 |
| Capital Markets - 0.0% |  |  |
| Banco BTG Pactual SA unit  | 346556 | 3325318 |
| TOTAL FINANCIALS |  | 83730009 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Wheaton Precious Metals Corp  | 181896 | 21384094 |
| TOTAL BRAZIL |  | 112516509 |
| BURKINA FASO - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| IAMGOLD Corp (c) | 342361 | 5649686 |
| CANADA - 2.7%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Dollarama Inc  | 263178 | 39334330 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Gildan Activewear Inc  | 92795 | 5800068 |
| TOTAL CONSUMER DISCRETIONARY |  | 45134398 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Cameco Corp (United States)  | 124174 | 11360679 |
| Canadian Natural Resources Ltd (b) | 898861 | 30445556 |
| Imperial Oil Ltd  | 693036 | 59874109 |
| PrairieSky Royalty Ltd  | 54509 | 1073461 |
| TOTAL ENERGY |  | 102753805 |
| Financials - 0.7% |  |  |
| Banks - 0.3% |  |  |
| Royal Bank of Canada  | 573098 | 97700777 |
| Toronto Dominion Bank  | 227796 | 21469302 |
|  |  | 119170079 |
| Capital Markets - 0.0% |  |  |
| Brookfield Asset Management Ltd Class A (United States)  | 289430 | 15163237 |
| Insurance - 0.4% |  |  |
| Fairfax Financial Holdings Ltd Subordinate Voting Shares  | 41126 | 78380454 |
| Intact Financial Corp  | 228095 | 47483578 |
|  |  | 125864032 |
| TOTAL FINANCIALS |  | 260197348 |
| Information Technology - 0.8% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Celestica Inc (c) | 111664 | 33031001 |
| IT Services - 0.7% |  |  |
| Shopify Inc Class A (c) | 1512822 | 243585780 |
| TOTAL INFORMATION TECHNOLOGY |  | 276616781 |
| Materials - 0.9% |  |  |
| Metals & Mining - 0.9% |  |  |
| Agnico Eagle Mines Ltd/CA  | 353345 | 59921010 |
| Alamos Gold Inc Class A  | 442219 | 17075959 |
| B2Gold Corp  | 3459127 | 15574955 |
| Barrick Mining Corp (United States)  | 506214 | 22045620 |
| Franco-Nevada Corp  | 571512 | 118466270 |
| G Mining Ventures Corp (c) | 347064 | 10491192 |
| High Power Exploration Inc (c)(d)(e) | 2010004 | 2512505 |
| Kinross Gold Corp  | 221814 | 6247735 |
| Lundin Gold Inc  | 557397 | 46303891 |
| Novagold Resources Inc (c) | 454391 | 4237518 |
| Orla Mining Ltd (c) | 981036 | 13194364 |
| TOTAL MATERIALS |  | 316071019 |
| TOTAL CANADA |  | 1000773351 |
| CHINA - 0.6%  |  |  |
| Communication Services - 0.5% |  |  |
| Interactive Media & Services - 0.5% |  |  |
| Baidu Inc Class A ADR (c) | 27794 | 3631564 |
| Tencent Holdings Ltd  | 2168241 | 166398489 |
| TOTAL COMMUNICATION SERVICES |  | 170030053 |
| Consumer Discretionary - 0.1% |  |  |
| Automobiles - 0.1% |  |  |
| BYD Co Ltd H Shares  | 2275806 | 27812076 |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| Wuxi Apptec Co Ltd H Shares (h)(i) | 40308 | 511185 |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Contemporary Amperex Technology Co Ltd A Shares (China)  | 114830 | 6030065 |
| TOTAL CHINA |  | 204383379 |
| CONGO DEMOCRATIC REPUBLIC OF - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Ivanhoe Mines Ltd Class A (c) | 7175956 | 81612089 |
| DENMARK - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| Chemometec A/S  | 99473 | 10760141 |
| FINLAND - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Amer Sports Inc (c) | 818221 | 30560554 |
| FRANCE - 0.2%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Kering SA  | 59479 | 20784212 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Danone SA  | 115878 | 10452091 |
| Health Care - 0.1% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| EssilorLuxottica SA  | 85426 | 27095972 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Dassault Aviation SA  | 18157 | 5842373 |
| TOTAL FRANCE |  | 64174648 |
| GERMANY - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Birkenstock Holding Plc (b)(c) | 69091 | 2825822 |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| Allianz SE  | 5061 | 2340091 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| BioNTech SE ADR (c) | 242145 | 23052204 |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Siemens Energy AG (c) | 109244 | 15325686 |
| TOTAL GERMANY |  | 43543803 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| Bullish (b) | 630087 | 23861395 |
| HONG KONG - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Futu Holdings Ltd Class A ADR (c) | 15724 | 2582038 |
| INDIA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Bharti Airtel Ltd  | 235878 | 5526972 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Eternal Ltd (c) | 1425012 | 4409256 |
| TOTAL INDIA |  | 9936228 |
| ISRAEL - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Teva Pharmaceutical Industries Ltd ADR (c) | 1279840 | 39943806 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Elbit Systems Ltd (United States)  | 1162 | 671299 |
| TOTAL ISRAEL |  | 40615105 |
| ITALY - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Passenger Airlines - 0.1% |  |  |
| Ryanair Holdings PLC ADR  | 333071 | 24044395 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Bending Spoons SpA Class C (d)(e) | 45800 | 4074489 |
| TOTAL ITALY |  | 28118884 |
| JAPAN - 0.4%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.0% |  |  |
| Pan Pacific International Holdings Corp  | 414052 | 2466467 |
| Household Durables - 0.0% |  |  |
| Sony Group Corp  | 175723 | 4507469 |
| Specialty Retail - 0.1% |  |  |
| Fast Retailing Co Ltd  | 50170 | 18237231 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Asics Corp  | 683943 | 16395595 |
| TOTAL CONSUMER DISCRETIONARY |  | 41606762 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Sumitomo Mitsui Financial Group Inc  | 87861 | 2825734 |
| Health Care - 0.1% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Hoya Corp  | 262620 | 39709874 |
| Industrials - 0.2% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Hitachi Ltd  | 579247 | 18127354 |
| Machinery - 0.2% |  |  |
| Mitsubishi Heavy Industries Ltd  | 1030538 | 25157947 |
| Trading Companies & Distributors - 0.0% |  |  |
| ITOCHU Corp  | 451035 | 5686888 |
| TOTAL INDUSTRIALS |  | 48972189 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| Fujitsu Ltd  | 98881 | 2717538 |
| NEC Corp  | 69594 | 2359194 |
|  |  | 5076732 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Advantest Corp  | 70902 | 8965411 |
| TOTAL INFORMATION TECHNOLOGY |  | 14042143 |
| TOTAL JAPAN |  | 147156702 |
| KOREA (SOUTH) - 0.5%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Automobiles - 0.1% |  |  |
| Hyundai Motor Co  | 218667 | 45135173 |
| Kia Corp  | 32370 | 2742824 |
|  |  | 47877997 |
| Broadline Retail - 0.2% |  |  |
| Coupang Inc Class A (b)(c) | 2337062 | 55131293 |
| TOTAL CONSUMER DISCRETIONARY |  | 103009290 |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| SK Hynix Inc  | 180658 | 81777464 |
| TOTAL KOREA (SOUTH) |  | 184786754 |
| NETHERLANDS - 0.3%  |  |  |
| Communication Services - 0.1% |  |  |
| Entertainment - 0.1% |  |  |
| Universal Music Group NV  | 1117229 | 29125978 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Argenx SE ADR (c) | 41930 | 35261034 |
| Newamsterdam Pharma Co NV (c) | 209036 | 7332982 |
| TOTAL HEALTH CARE |  | 42594016 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| ASM International NV  | 34662 | 21084324 |
| ASML Holding NV depository receipt  | 2400 | 2567664 |
| BE Semiconductor Industries NV  | 71055 | 11168638 |
| TOTAL INFORMATION TECHNOLOGY |  | 34820626 |
| TOTAL NETHERLANDS |  | 106540620 |
| SPAIN - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Banco Santander SA  | 2659584 | 31304608 |
| SWITZERLAND - 0.2%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| On Holding AG Class A (c) | 653320 | 30366313 |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| UBS Group AG  | 760944 | 35506237 |
| TOTAL SWITZERLAND |  | 65872550 |
| TAIWAN - 0.9%  |  |  |
| Information Technology - 0.9% |  |  |
| Semiconductors & Semiconductor Equipment - 0.9% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 1140192 | 346492947 |
| THAILAND - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Fabrinet (c) | 26319 | 11982514 |
| UNITED KINGDOM - 0.7%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Flutter Entertainment PLC (b)(c) | 312332 | 67163873 |
| Flutter Entertainment PLC (United Kingdom) (c) | 1266 | 275259 |
|  |  | 67439132 |
| Leisure Products - 0.0% |  |  |
| Games Workshop Group PLC  | 2923 | 745459 |
| TOTAL CONSUMER DISCRETIONARY |  | 68184591 |
| Consumer Staples - 0.3% |  |  |
| Tobacco - 0.3% |  |  |
| British American Tobacco PLC  | 1442457 | 81935328 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| TechnipFMC PLC  | 243922 | 10869164 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| NatWest Group PLC  | 1970868 | 17289010 |
| Starling Bank Ltd (d)(e) | 4139223 | 14283432 |
| TOTAL FINANCIALS |  | 31572442 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Astrazeneca PLC ADR  | 30231 | 2779136 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Rolls-Royce Holdings PLC  | 3356704 | 51913820 |
| TOTAL UNITED KINGDOM |  | 247254481 |
| UNITED STATES - 90.1%  |  |  |
| Communication Services - 21.7% |  |  |
| Entertainment - 2.3% |  |  |
| Liberty Media Corp-Liberty Formula One Class C (c) | 557301 | 54899722 |
| Live Nation Entertainment Inc (c) | 495318 | 70582815 |
| Netflix Inc (c) | 6711017 | 629224954 |
| ROBLOX Corp Class A (c) | 556966 | 45130955 |
| Spotify Technology SA (c) | 2025 | 1175937 |
| Walt Disney Co/The  | 97945 | 11143203 |
| Warner Bros Discovery Inc (c) | 1058777 | 30513953 |
|  |  | 842671539 |
| Interactive Media & Services - 19.3% |  |  |
| Alphabet Inc Class A  | 4650570 | 1455628410 |
| Alphabet Inc Class C  | 2981060 | 935456628 |
| Epic Games Inc (c)(d)(e) | 14010 | 9107761 |
| Meta Platforms Inc Class A  | 6917477 | 4566157393 |
| Reddit Inc Class A (c) | 266133 | 61175993 |
| Reddit Inc Class B (c) | 97531 | 22419451 |
|  |  | 7049945636 |
| Media - 0.1% |  |  |
| EchoStar Corp Class A (b)(c) | 118064 | 12833556 |
| Omnicom Group Inc  | 172733 | 13948190 |
|  |  | 26781746 |
| TOTAL COMMUNICATION SERVICES |  | 7919398921 |
| Consumer Discretionary - 9.0% |  |  |
| Automobiles - 0.1% |  |  |
| General Motors Co  | 132398 | 10766605 |
| Rad Power Bikes Inc (c)(d)(e) | 331574 | 3 |
| Rad Power Bikes Inc warrants 10/6/2033 (c)(d)(e) | 389358 | 4 |
| Tesla Inc (c) | 95897 | 43126799 |
|  |  | 53893411 |
| Broadline Retail - 5.9% |  |  |
| Amazon.com Inc (c) | 9098861 | 2100199097 |
| eBay Inc  | 335044 | 29182332 |
| Ollie's Bargain Outlet Holdings Inc (c) | 61527 | 6743974 |
|  |  | 2136125403 |
| Diversified Consumer Services - 0.0% |  |  |
| Duolingo Inc Class A (c) | 59687 | 10475069 |
| Hotels, Restaurants & Leisure - 1.0% |  |  |
| Airbnb Inc Class A (c) | 440207 | 59744894 |
| Booking Holdings Inc  | 21695 | 116183884 |
| Carnival Corp (c) | 1067423 | 32599098 |
| Cava Group Inc (b)(c) | 187459 | 11001969 |
| DoorDash Inc Class A (c) | 22677 | 5135887 |
| DraftKings Inc Class A (c) | 120046 | 4136785 |
| Dutch Bros Inc Class A (c) | 199796 | 12231511 |
| Hilton Worldwide Holdings Inc  | 205812 | 59119497 |
| Royal Caribbean Cruises Ltd (b) | 36014 | 10045025 |
| Starbucks Corp  | 252419 | 21256204 |
| Viking Holdings Ltd (c) | 513497 | 36668821 |
| Wynn Resorts Ltd  | 20200 | 2430666 |
|  |  | 370554241 |
| Household Durables - 0.3% |  |  |
| DR Horton Inc  | 395707 | 56993680 |
| Garmin Ltd  | 25704 | 5214056 |
| PulteGroup Inc  | 20400 | 2392104 |
| SharkNinja Inc (c) | 121757 | 13624608 |
| Somnigroup International Inc  | 69270 | 6184426 |
| TopBuild Corp (c) | 87101 | 36337666 |
|  |  | 120746540 |
| Specialty Retail - 1.6% |  |  |
| Boot Barn Holdings Inc (c) | 15202 | 2682697 |
| Fanatics Inc Class A (c)(d)(e) | 332480 | 26598400 |
| Floor & Decor Holdings Inc Class A (c) | 553655 | 33712053 |
| Home Depot Inc/The  | 258154 | 88830791 |
| Lowe's Cos Inc  | 952348 | 229668244 |
| O'Reilly Automotive Inc (c) | 589220 | 53742756 |
| TJX Cos Inc/The  | 694005 | 106606108 |
| Urban Outfitters Inc (c) | 199536 | 15017079 |
| Williams-Sonoma Inc  | 144989 | 25893586 |
|  |  | 582751714 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Lululemon Athletica Inc (c) | 12200 | 2535282 |
| Ralph Lauren Corp Class A  | 81824 | 28933785 |
|  |  | 31469067 |
| TOTAL CONSUMER DISCRETIONARY |  | 3306015445 |
| Consumer Staples - 2.5% |  |  |
| Beverages - 0.6% |  |  |
| Coca-Cola Co/The  | 2996170 | 209462245 |
| PepsiCo Inc  | 50856 | 7298853 |
|  |  | 216761098 |
| Consumer Staples Distribution & Retail - 1.0% |  |  |
| Casey's General Stores Inc  | 44931 | 24833813 |
| Chobani Inc Class A (d)(e)(f) | 2752 | 12263875 |
| Costco Wholesale Corp  | 171695 | 148059467 |
| Dollar General Corp  | 38600 | 5124922 |
| Dollar Tree Inc (c) | 1100887 | 135420110 |
| Walmart Inc  | 345981 | 38545743 |
|  |  | 364247930 |
| Food Products - 0.1% |  |  |
| Hershey Co/The  | 174764 | 31803552 |
| Personal Care Products - 0.2% |  |  |
| Estee Lauder Cos Inc/The Class A  | 782983 | 81993979 |
| Tobacco - 0.6% |  |  |
| JUUL Labs Inc Class A (c)(d)(e) | 5826889 | 11071089 |
| Philip Morris International Inc  | 1243106 | 199394203 |
|  |  | 210465292 |
| TOTAL CONSUMER STAPLES |  | 905271851 |
| Energy - 1.0% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| SLB Ltd  | 1300700 | 49920866 |
| Oil, Gas & Consumable Fuels - 0.9% |  |  |
| Exxon Mobil Corp  | 1620637 | 195027457 |
| Marathon Petroleum Corp  | 72310 | 11759775 |
| Shell PLC ADR  | 653796 | 48040930 |
| Valero Energy Corp  | 272320 | 44330973 |
|  |  | 299159135 |
| TOTAL ENERGY |  | 349080001 |
| Financials - 15.0% |  |  |
| Banks - 2.5% |  |  |
| Bank of America Corp  | 265847 | 14621585 |
| Citigroup Inc  | 1270482 | 148252545 |
| East West Bancorp Inc  | 49844 | 5601966 |
| JPMorgan Chase & Co  | 1744077 | 561976491 |
| Wells Fargo & Co  | 1912934 | 178285449 |
|  |  | 908738036 |
| Capital Markets - 2.7% |  |  |
| Bank of New York Mellon Corp/The  | 1345828 | 156237173 |
| Blackrock Inc  | 2400 | 2568816 |
| Blackstone Inc  | 317007 | 48863459 |
| Cboe Global Markets Inc  | 156926 | 39388426 |
| Charles Schwab Corp/The  | 769670 | 76897730 |
| Coinbase Global Inc Class A (c) | 25509 | 5768605 |
| Evercore Inc Class A  | 86546 | 29447277 |
| Goldman Sachs Group Inc/The  | 217309 | 191014611 |
| Interactive Brokers Group Inc Class A  | 287580 | 18494270 |
| KKR & Co Inc Class A  | 500035 | 63744462 |
| Moody's Corp  | 85614 | 43735912 |
| Morgan Stanley  | 1616312 | 286943869 |
| MSCI Inc  | 13566 | 7783221 |
| Nasdaq Inc  | 26670 | 2590457 |
| Robinhood Markets Inc Class A (c) | 99943 | 11303553 |
| Tulco LLC (c)(d)(e)(f) | 1552 | 1283551 |
|  |  | 986065392 |
| Consumer Finance - 1.2% |  |  |
| American Express Co  | 560886 | 207499776 |
| Capital One Financial Corp  | 863256 | 209218724 |
| Figure Technology Solutions Inc Class A  | 6198 | 253126 |
| SoFi Technologies Inc Class A (c) | 82897 | 2170243 |
| Synchrony Financial  | 203118 | 16946135 |
|  |  | 436088004 |
| Financial Services - 8.0% |  |  |
| Berkshire Hathaway Inc Class A (b)(c) | 2951 | 2227414800 |
| Mastercard Inc Class A  | 169528 | 96780145 |
| Rocket Cos Inc Class A  | 1829566 | 35420398 |
| Toast Inc Class A (c) | 964156 | 34237179 |
| Visa Inc Class A  | 1475176 | 517358975 |
|  |  | 2911211497 |
| Insurance - 0.6% |  |  |
| American International Group Inc  | 30300 | 2592165 |
| Arthur J Gallagher & Co  | 256440 | 66364108 |
| Progressive Corp/The  | 531492 | 121031358 |
| Travelers Companies Inc/The  | 207498 | 60186870 |
|  |  | 250174501 |
| TOTAL FINANCIALS |  | 5492277430 |
| Health Care - 6.5% |  |  |
| Biotechnology - 2.0% |  |  |
| AbbVie Inc  | 175272 | 40047899 |
| Alnylam Pharmaceuticals Inc (c) | 309499 | 123072277 |
| Apogee Therapeutics Inc (c) | 42009 | 3170839 |
| BeOne Medicines Ltd ADR (c) | 173605 | 52742935 |
| Biogen Inc (c) | 450466 | 79277511 |
| BioMarin Pharmaceutical Inc (c) | 207300 | 12319839 |
| Caris Life Sciences Inc (c) | 115389 | 3113195 |
| Cidara Therapeutics Inc (c) | 26428 | 5837681 |
| Cytokinetics Inc (c) | 47468 | 3016117 |
| Gilead Sciences Inc  | 1849853 | 227050957 |
| Immunome Inc (c) | 136800 | 2938464 |
| Immunovant Inc (c) | 259435 | 6594838 |
| Insmed Inc (c) | 188630 | 32829165 |
| Kymera Therapeutics Inc (c) | 128200 | 9975242 |
| Moderna Inc (c) | 351400 | 10362786 |
| Natera Inc (c) | 10800 | 2474172 |
| Nuvalent Inc Class A (c) | 30478 | 3065782 |
| PTC Therapeutics Inc (c) | 36137 | 2744967 |
| Regeneron Pharmaceuticals Inc  | 72526 | 55980644 |
| Roivant Sciences Ltd (c) | 472361 | 10250234 |
| Summit Therapeutics Inc (c) | 330012 | 5771910 |
| Travere Therapeutics Inc (c) | 17672 | 675246 |
| United Therapeutics Corp (c) | 9658 | 4705861 |
| Vertex Pharmaceuticals Inc (c) | 54691 | 24794712 |
| XOMA Royalty Corp (b)(c) | 148859 | 3958161 |
|  |  | 726771434 |
| Health Care Equipment & Supplies - 1.2% |  |  |
| Align Technology Inc (c) | 250165 | 39063265 |
| Baxter International Inc  | 137000 | 2618070 |
| Boston Scientific Corp (c) | 2074001 | 197755996 |
| Edwards Lifesciences Corp (c) | 62049 | 5289677 |
| Insulet Corp (c) | 33764 | 9597079 |
| Intuitive Surgical Inc (c) | 193559 | 109624076 |
| Medline Inc Class A  | 898500 | 37737000 |
| Penumbra Inc (c) | 24843 | 7723937 |
| ResMed Inc  | 9183 | 2211909 |
| Stryker Corp  | 40684 | 14299205 |
|  |  | 425920214 |
| Health Care Providers & Services - 0.6% |  |  |
| Cencora Inc  | 105733 | 35711321 |
| CVS Health Corp  | 31968 | 2536980 |
| HCA Healthcare Inc  | 123232 | 57532092 |
| HealthEquity Inc (c) | 53287 | 4881622 |
| McKesson Corp  | 39199 | 32154548 |
| Tenet Healthcare Corp (c) | 466031 | 92609680 |
|  |  | 225426243 |
| Health Care Technology - 0.0% |  |  |
| HeartFlow Inc (b) | 21613 | 630019 |
| Veeva Systems Inc Class A (c) | 32195 | 7186890 |
|  |  | 7816909 |
| Life Sciences Tools & Services - 0.9% |  |  |
| Charles River Laboratories International Inc (c) | 106112 | 21167222 |
| Danaher Corp  | 416613 | 95371048 |
| Thermo Fisher Scientific Inc  | 323225 | 187292726 |
| Veterinary Emergency Group (c)(d)(e)(f) | 248592 | 19785437 |
|  |  | 323616433 |
| Pharmaceuticals - 1.8% |  |  |
| Corcept Therapeutics Inc (c) | 199025 | 6926070 |
| Eli Lilly & Co  | 595051 | 639489409 |
| Jazz Pharmaceuticals PLC (c) | 14000 | 2379999 |
| Johnson & Johnson  | 12410 | 2568250 |
| Merck & Co Inc  | 84072 | 8849419 |
| Structure Therapeutics Inc ADR (c) | 184600 | 12838930 |
| Zevra Therapeutics Inc (b)(c) | 302098 | 2706798 |
|  |  | 675758875 |
| TOTAL HEALTH CARE |  | 2385310108 |
| Industrials - 8.2% |  |  |
| Aerospace & Defense - 4.9% |  |  |
| Anduril Industries Inc Class B (d)(e) | 3798 | 173417 |
| Anduril Industries Inc Class C (d)(e) | 2 | 91 |
| ATI Inc (c) | 75742 | 8692152 |
| Axon Enterprise Inc (c) | 81558 | 46319235 |
| Beta Technologies Inc (g) | 930820 | 26258432 |
| Beta Technologies Inc Class A (c) | 193534 | 5459594 |
| Boeing Co (c) | 881502 | 191391714 |
| Carpenter Technology Corp  | 123650 | 38929966 |
| Firefly Aerospace Inc (b)(c) | 39154 | 875875 |
| GE Aerospace  | 1522885 | 469094267 |
| General Dynamics Corp  | 15300 | 5150898 |
| HEICO Corp Class A  | 9545 | 2409444 |
| Howmet Aerospace Inc  | 425276 | 87190086 |
| Karman Holdings Inc (c) | 203106 | 14861266 |
| Loar Holdings Inc (b)(c) | 12094 | 822392 |
| Northrop Grumman Corp  | 36704 | 20928988 |
| Relativity Space Inc (c)(d) | 8280 | 8777 |
| Relativity Space Inc warrants 11/1/2030 (c)(d)(e) | 341 | 348 |
| Rocket Lab Corp  | 69954 | 4879991 |
| RTX Corp  | 15618 | 2864341 |
| Space Exploration Technologies Corp (c)(d)(e) | 1890921 | 757200405 |
| Space Exploration Technologies Corp Class C (c)(d)(e) | 127720 | 51144197 |
| TransDigm Group Inc  | 11394 | 15152311 |
| Woodward Inc  | 39667 | 11992127 |
|  |  | 1761800314 |
| Air Freight & Logistics - 0.0% |  |  |
| CH Robinson Worldwide Inc  | 34648 | 5570013 |
| Zipline International Inc (c)(d)(e) | 87466 | 4920837 |
|  |  | 10490850 |
| Building Products - 0.2% |  |  |
| Simpson Manufacturing Co Inc  | 63103 | 10189241 |
| Trane Technologies PLC  | 195210 | 75975732 |
|  |  | 86164973 |
| Commercial Services & Supplies - 0.2% |  |  |
| Cintas Corp  | 56309 | 10590034 |
| Clean Harbors Inc (c) | 25500 | 5979240 |
| GFL Environmental Inc Subordinate Voting Shares  | 1198057 | 51464384 |
|  |  | 68033658 |
| Construction & Engineering - 0.0% |  |  |
| API Group Corp (c) | 273512 | 10464568 |
| Electrical Equipment - 1.1% |  |  |
| Eaton Corp PLC  | 113534 | 36161714 |
| GE Vernova Inc  | 533230 | 348503131 |
| Vertiv Holdings Co Class A  | 43450 | 7039335 |
|  |  | 391704180 |
| Ground Transportation - 0.2% |  |  |
| Old Dominion Freight Line Inc  | 466606 | 73163821 |
| Uber Technologies Inc (c) | 207458 | 16951393 |
|  |  | 90115214 |
| Industrial Conglomerates - 0.3% |  |  |
| 3M Co  | 668216 | 106981382 |
| Machinery - 1.1% |  |  |
| Caterpillar Inc  | 8500 | 4869395 |
| Deere & Co  | 326851 | 152172020 |
| Ingersoll Rand Inc  | 350381 | 27757183 |
| PACCAR Inc  | 167500 | 18342925 |
| Parker-Hannifin Corp  | 94057 | 82672341 |
| RBC Bearings Inc (c) | 38301 | 17175317 |
| Symbotic Inc Class A (c) | 179500 | 10680250 |
| Westinghouse Air Brake Technologies Corp  | 350349 | 74781994 |
|  |  | 388451425 |
| Passenger Airlines - 0.0% |  |  |
| Delta Air Lines Inc  | 157694 | 10943964 |
| Professional Services - 0.0% |  |  |
| CACI International Inc (c) | 4200 | 2237802 |
| SS&C Technologies Holdings Inc  | 21240 | 1856801 |
| UL Solutions Inc Class A  | 137285 | 10826295 |
|  |  | 14920898 |
| Trading Companies & Distributors - 0.2% |  |  |
| Ferguson Enterprises Inc  | 284075 | 63243618 |
| QXO Inc (b)(c) | 317698 | 6128394 |
|  |  | 69372012 |
| TOTAL INDUSTRIALS |  | 3009443438 |
| Information Technology - 24.4% |  |  |
| Communications Equipment - 0.5% |  |  |
| Arista Networks Inc (c) | 1270912 | 166527599 |
| Lumentum Holdings Inc (c) | 9700 | 3575323 |
|  |  | 170102922 |
| Electronic Equipment, Instruments & Components - 2.7% |  |  |
| Amphenol Corp Class A  | 6684839 | 903389142 |
| Coherent Corp (c) | 346840 | 64016259 |
| Corning Inc  | 30200 | 2644312 |
| Flex Ltd (c) | 36300 | 2193246 |
| Jabil Inc  | 17451 | 3979177 |
| Sanmina Corp (c) | 700 | 105049 |
| TD SYNNEX Corp  | 9751 | 1464893 |
|  |  | 977792078 |
| IT Services - 0.6% |  |  |
| Accenture PLC Class A  | 44200 | 11858860 |
| Cloudflare Inc Class A (c) | 217481 | 42876379 |
| CoreWeave Inc Class A (h) | 7388 | 529055 |
| IBM Corporation  | 25960 | 7689612 |
| MongoDB Inc Class A (c) | 33967 | 14255610 |
| Snowflake Inc (c) | 466320 | 102291955 |
| Twilio Inc Class A (c) | 39759 | 5655320 |
| X.Ai Holdings Corp Class A (d)(e) | 284122 | 21439846 |
|  |  | 206596637 |
| Semiconductors & Semiconductor Equipment - 13.5% |  |  |
| Advanced Micro Devices Inc (c) | 175131 | 37506055 |
| Analog Devices Inc  | 89671 | 24318775 |
| Applied Materials Inc  | 40747 | 10471572 |
| ARM Holdings PLC ADR (c) | 156896 | 17150302 |
| Astera Labs Inc (c) | 166463 | 27692785 |
| Broadcom Inc  | 1740903 | 602526528 |
| Intel Corp (c) | 167886 | 6194993 |
| KLA Corp  | 79158 | 96183303 |
| Lam Research Corp  | 180260 | 30856907 |
| MACOM Technology Solutions Holdings Inc (c) | 13204 | 2261581 |
| Marvell Technology Inc  | 141988 | 12066140 |
| Micron Technology Inc  | 117175 | 33442917 |
| Monolithic Power Systems Inc  | 27239 | 24688340 |
| NVIDIA Corp  | 21275244 | 3967833006 |
|  |  | 4893193204 |
| Software - 5.1% |  |  |
| Applied Intuition Inc Class A (c)(d)(e) | 38256 | 4333640 |
| AppLovin Corp Class A (c) | 23385 | 15757281 |
| BitMine Immersion Technologies Inc (b) | 174618 | 4740879 |
| Cadence Design Systems Inc (c) | 179138 | 55994956 |
| Carbon Inc (c)(d) | 17122 | 19519 |
| Crowdstrike Holdings Inc Class A (c) | 16298 | 7639850 |
| CyberArk Software Ltd (c) | 76543 | 34142771 |
| Datadog Inc Class A (c) | 123736 | 16826859 |
| Figma Inc Class A (b) | 629169 | 23512046 |
| Fortinet Inc (c) | 128318 | 10189732 |
| Gusto Inc (c)(d)(e) | 50300 | 1227823 |
| JFrog Ltd (c) | 84218 | 5260256 |
| Microsoft Corp  | 3098105 | 1498305541 |
| OpenAI Group Pbc Class A (d)(e) | 5500 | 2626140 |
| Palantir Technologies Inc Class A (c) | 22091 | 3926675 |
| Palo Alto Networks Inc (c) | 275238 | 50698840 |
| Salesforce Inc  | 9379 | 2484591 |
| Samsara Inc Class A (c) | 856490 | 30362571 |
| ServiceTitan Inc Class A (b)(c) | 223136 | 23763984 |
| Stripe Inc Class B (c)(d)(e) | 75100 | 3110642 |
| Tanium Inc Class B (c)(d)(e) | 449538 | 3695202 |
| Unity Software Inc (c) | 648001 | 28622204 |
| Via Transportation Inc Class A (b)(c) | 44442 | 1289262 |
| Zoom Communications Inc Class A (c) | 161100 | 13901319 |
| Zscaler Inc (c) | 165659 | 37260022 |
|  |  | 1879692605 |
| Technology Hardware, Storage & Peripherals - 2.0% |  |  |
| Apple Inc  | 2637920 | 717144931 |
| Dell Technologies Inc Class C  | 178458 | 22464293 |
| Seagate Technology Holdings PLC  | 8836 | 2433346 |
| Western Digital Corp  | 14892 | 2565445 |
|  |  | 744608015 |
| TOTAL INFORMATION TECHNOLOGY |  | 8871985461 |
| Materials - 0.5% |  |  |
| Chemicals - 0.4% |  |  |
| Corteva Inc  | 792590 | 53127308 |
| Ecolab Inc  | 5537 | 1453573 |
| Sherwin-Williams Co/The  | 264557 | 85724405 |
|  |  | 140305286 |
| Construction Materials - 0.0% |  |  |
| CRH PLC  | 63415 | 7914192 |
| Martin Marietta Materials Inc  | 8753 | 5450143 |
|  |  | 13364335 |
| Metals & Mining - 0.1% |  |  |
| Ivanhoe Electric Inc / US (c) | 1012643 | 16182035 |
| Ivanhoe Electric Inc / US warrants 2/15/2026 (c) | 382782 | 3448271 |
| Royal Gold Inc  | 10930 | 2429629 |
| Steel Dynamics Inc  | 39490 | 6691581 |
|  |  | 28751516 |
| TOTAL MATERIALS |  | 182421137 |
| Real Estate - 0.4% |  |  |
| Health Care REITs - 0.1% |  |  |
| Welltower Inc  | 189865 | 35240843 |
| Real Estate Management & Development - 0.3% |  |  |
| CBRE Group Inc Class A (c) | 430756 | 69261257 |
| Zillow Group Inc Class A (c) | 401625 | 27402874 |
| Zillow Group Inc Class C (c) | 360811 | 24614526 |
|  |  | 121278657 |
| TOTAL REAL ESTATE |  | 156519500 |
| Utilities - 0.9% |  |  |
| Electric Utilities - 0.8% |  |  |
| American Electric Power Co Inc  | 229317 | 26442543 |
| Constellation Energy Corp  | 518831 | 183287428 |
| Entergy Corp  | 108256 | 10006102 |
| NRG Energy Inc  | 342127 | 54480303 |
|  |  | 274216376 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Vistra Corp  | 337416 | 54435323 |
| TOTAL UTILITIES |  | 328651699 |
| TOTAL UNITED STATES |  | 32906374991 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $15,855,773,546) |  | <br> **35825343005** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 1.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 1.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 1.0%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Australia Holdings Pty Ltd Series A (c)(d)(e) | 3132 | 5155710 |
| Canva Australia Holdings Pty Ltd Series A2 (c)(d)(e) | 568 | 935008 |
| TOTAL AUSTRALIA |  | 6090718 |
| CANADA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| High Power Exploration Inc Series A (c)(d)(e) | 1289012 | 2681145 |
| CHINA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| Bytedance Ltd Series E1 (c)(d)(e) | 80736 | 19359685 |
| FINLAND - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Technology - 0.0% |  |  |
| Oura Health Oy Series E (d)(e) | 246902 | 13226540 |
| ISRAEL - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Element Labs Inc Series B (d)(e) | 146300 | 1284514 |
| UNITED STATES - 0.9%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Rad Power Bikes Inc Series A (c)(d)(e) | 43228 | 0 |
| Rad Power Bikes Inc Series C (c)(d)(e) | 170098 | 1 |
| Rad Power Bikes Inc Series D (c)(d)(e) | 404900 | 4 |
|  |  | 5 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Discord Inc Series I (c)(d)(e) | 2700 | 662796 |
| TOTAL CONSUMER DISCRETIONARY |  | 662801 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| GoBrands Inc Series G (c)(d)(e) | 8352 | 429293 |
| GoBrands Inc Series H (c)(d)(e) | 11788 | 771407 |
| TOTAL CONSUMER STAPLES |  | 1200700 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Acrisure Holdings Inc Series B1 (c)(d)(e) | 57282 | 1707003 |
| Tenstorrent Holdings Inc Series C1 (c)(d)(e) | 63948 | 4698260 |
| TOTAL FINANCIALS |  | 6405263 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| ElevateBio LLC Series C (c)(d)(e) | 486500 | 929215 |
| Kardigan Inc Series B (d)(e) | 159238 | 3402916 |
|  |  | 4332131 |
| Health Care Providers & Services - 0.0% |  |  |
| Lyra Health Inc Series E (c)(d)(e) | 190800 | 1778256 |
| Lyra Health Inc Series F (c)(d)(e) | 11519 | 107357 |
| Somatus Inc Series E (c)(d)(e) | 2766 | 3549193 |
|  |  | 5434806 |
| TOTAL HEALTH CARE |  | 9766937 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Anduril Industries Inc Series G (d)(e) | 35200 | 1607232 |
| Air Freight & Logistics - 0.1% |  |  |
| Zipline International Inc Series E (c)(d)(e) | 178019 | 10015349 |
| Zipline International Inc Series F (c)(d)(e) | 286824 | 16136719 |
| Zipline International Inc Series G (c)(d)(e) | 190338 | 10708416 |
| Zipline International Inc Series H (d)(e) | 58800 | 3308338 |
|  |  | 40168822 |
| TOTAL INDUSTRIALS |  | 41776054 |
| Information Technology - 0.8% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Cerebras Systems Inc Series G (d)(e) | 690700 | 25024061 |
| IT Services - 0.2% |  |  |
| X.Ai Holdings Corp Series C (d)(e) | 820996 | 61952358 |
| X.Ai Holdings Corp Series E (d)(e) | 72748 | 5489564 |
|  |  | 67441922 |
| Software - 0.5% |  |  |
| Anthropic PBC Series E (d)(e) | 46100 | 10755130 |
| Anthropic PBC Series F (d)(e) | 130800 | 30515640 |
| Applied Intuition Inc Series A2 (c)(d)(e) | 45533 | 5157979 |
| Applied Intuition Inc Series B2 (c)(d)(e) | 21955 | 2487062 |
| Asapp Inc Series C (c)(d)(e) | 204122 | 218411 |
| Databricks Inc Series L (d)(e) | 116100 | 22059000 |
| Gusto Inc Series D (c)(d)(e) | 184203 | 4496395 |
| Gusto Inc Series E (c)(d)(e) | 28063 | 685018 |
| MOLOCO Inc Series A (c)(d)(e) | 95881 | 7229427 |
| Nuro Inc/DE Series C (c)(d)(e) | 405967 | 4749814 |
| Nuro Inc/DE Series D (c)(d)(e) | 114603 | 1541410 |
| Nuro Inc/DE Series E (d)(e) | 229500 | 2673675 |
| OpenAI Group Pbc Series A-2 (d)(e) | 95410 | 45556367 |
| OpenAI Group Pbc Series A-3 (d)(e) | 37046 | 17688724 |
| Physical Intelligence Inc Series B (d)(e) | 3300 | 895620 |
| Stripe Inc Series H (c)(d)(e) | 29000 | 1201180 |
| Stripe Inc Series I (c)(d)(e) | 321951 | 13335210 |
|  |  | 171246062 |
| TOTAL INFORMATION TECHNOLOGY |  | 263712045 |
| TOTAL UNITED STATES |  | 323523800 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $245,069,438) |  | <br> **366166402** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Rad Power Bikes Inc 8% 12/31/2199 (d)(e)<br>(Cost $389,357)<br>| 389358 | **83321** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.3%** | &nbsp;&nbsp;**Money Market Funds - 1.3%** | &nbsp;&nbsp;**Money Market Funds - 1.3%** | &nbsp;&nbsp;**Money Market Funds - 1.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (j) | 3.79 | 363149098 | 363221728 |
| Fidelity Securities Lending Cash Central Fund (j)(k) | 3.77 | 120925978 | 120938071 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $484,174,813) |  |  | **484159799** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.4%**<br> (Cost $16,585,407,154)<br>| <br>**36675752527** |
| **NET OTHER ASSETS (LIABILITIES) - (0.4)%**  | **(134435898)** |
| **NET ASSETS - 100.0%** | **36541316629** |

---

**Legend**

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

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

(c) Non-income producing.

(d) Level 3 security.

(e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,380,150,019 or 3.8% of net assets.

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

(g) Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $26,258,432 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

(h) 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 $1,040,240 or 0.0% of net assets.

(i) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $6,860,920 or 0.0% of net assets.

(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>|
| Acrisure Holdings Inc Series B1 | 3/22/2021 | 1043678 |
| Anduril Industries Inc Class B | 6/16/2025 | 155273 |
| Anduril Industries Inc Class C | 6/16/2025 | 82 |
| Anduril Industries Inc Series G | 4/17/2025 | 1439074 |
| Anthropic PBC Series E | 2/14/2025 | 2585588 |
| Anthropic PBC Series F | 8/18/2025 | 18438562 |
| Applied Intuition Inc Class A | 7/2/2024 - 6/16/2025 | 2535018 |
| Applied Intuition Inc Series A2 | 7/2/2024 | 2718088 |
| Applied Intuition Inc Series B2 | 7/2/2024 | 1310601 |
| Asapp Inc Series C | 4/30/2021 | 1346613 |
| Bending Spoons SpA Class C | 10/9/2025 | 4040922 |
| Bytedance Ltd Series E1 | 11/18/2020 | 8846581 |
| Canva Australia Holdings Pty Ltd Class A | 3/18/2024 - 11/12/2025 | 50414522 |
| Canva Australia Holdings Pty Ltd Series A | 9/22/2023 | 3340783 |
| Canva Australia Holdings Pty Ltd Series A2 | 9/22/2023 | 605863 |
| Cerebras Systems Inc Series G | 9/19/2025 | 25025719 |
| Chobani Inc Class A | 10/14/2025 | 12263885 |
| Databricks Inc Series L | 12/18/2025 | 22059000 |
| Discord Inc Series I | 9/15/2021 | 1486686 |
| Element Labs Inc Series B | 6/27/2025 | 1284353 |
| ElevateBio LLC Series C | 3/9/2021 | 2040867 |
| Epic Games Inc | 7/13/2020 - 7/30/2020 | 8055749 |
| Fanatics Inc Class A | 8/13/2020 - 12/15/2021 | 12844485 |
| GoBrands Inc Series G | 3/2/2021 | 2085639 |
| GoBrands Inc Series H | 7/22/2021 | 4579527 |
| Gusto Inc | 10/1/2021 | 1448054 |
| Gusto Inc Series D | 7/16/2019 | 2452184 |
| Gusto Inc Series E | 7/13/2021 | 852984 |
| High Power Exploration Inc | 6/3/2024 | 2653205 |
| High Power Exploration Inc Series A | 11/15/2019 - 3/4/2021 | 5739322 |
| JUUL Labs Inc Class A | 11/4/2025 | 11059260 |
| Kardigan Inc Series B | 10/9/2025 | 3402133 |
| Lyra Health Inc Series E | 1/14/2021 | 1747079 |
| Lyra Health Inc Series F | 6/4/2021 | 180899 |
| MOLOCO Inc Series A | 6/26/2023 | 5752860 |
| Nuro Inc/DE Series C | 10/30/2020 | 5299737 |
| Nuro Inc/DE Series D | 10/29/2021 | 2388982 |
| Nuro Inc/DE Series E | 4/1/2025 | 2936106 |
| OpenAI Group Pbc Class A | 9/3/2025 | 2365000 |
| OpenAI Group Pbc Series A-2 | 9/30/2024 | 17923457 |
| OpenAI Group Pbc Series A-3 | 4/11/2025 - 8/4/2025 | 11368137 |
| Oura Health Oy Series E | 9/24/2025 | 13226540 |
| Physical Intelligence Inc Series B | 10/24/2025 | 896146 |
| Rad Power Bikes Inc | 1/21/2021 | 1599460 |
| Rad Power Bikes Inc 8% 12/31/2199 | 10/6/2023 | 389357 |
| Rad Power Bikes Inc Series A | 1/21/2021 | 208524 |
| Rad Power Bikes Inc Series C | 1/21/2021 | 820526 |
| Rad Power Bikes Inc Series D | 9/17/2021 | 3880481 |
| Rad Power Bikes Inc warrants 10/6/2033 | 10/6/2023 | 0 |
| Relativity Space Inc warrants 11/1/2030 | 11/14/2023 - 3/24/2025 | 0 |
| Somatus Inc Series E | 1/31/2022 | 2413708 |
| Space Exploration Technologies Corp | 8/4/2020 - 4/2/2024 | 130089264 |
| Space Exploration Technologies Corp Class C | 4/2/2024 | 12388840 |
| Starling Bank Ltd | 6/18/2021 - 4/5/2022 | 8226276 |
| Stripe Inc Class B | 5/18/2021 | 3013641 |
| Stripe Inc Series H | 3/15/2021 | 1163625 |
| Stripe Inc Series I | 3/20/2023 - 5/12/2023 | 6482207 |
| Tanium Inc Class B | 9/18/2020 | 5122575 |
| Tenstorrent Holdings Inc Series C1 | 4/23/2021 | 3801992 |
| Tulco LLC | 8/24/2017 - 9/7/2018 | 651224 |
| Veterinary Emergency Group | 9/16/2021 - 10/2/2024 | 11147486 |
| X.Ai Holdings Corp Class A | 10/25/2022 | 10234000 |
| X.Ai Holdings Corp Series C | 11/22/2024 | 17774563 |
| X.Ai Holdings Corp Series E | 12/19/2025 | 5489564 |
| Zipline International Inc | 10/12/2021 | 3148776 |
| Zipline International Inc Series E | 12/21/2020 | 5808653 |
| Zipline International Inc Series F | 4/11/2023 | 11529494 |
| Zipline International Inc Series G | 6/7/2024 | 7983975 |
| Zipline International Inc Series H | 12/3/2025 | 3308338 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| Beta Technologies Inc | 5/4/2026 |

---

**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 ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 589691769 | 7351236564 | 7577713198 | 27360525 | 22600 | (16007) | 363221728 | 363149098 | 0.7% |
| Fidelity Securities Lending Cash Central Fund | 151600063 | 1618038225 | 1648697367 | 711133 | (2850) | - | 120938071 | 120925978 | 0.4% |
| Total | 741291832 | 8969274789 | 9226410565 | 28071658 | 19750 | (16007) | 484159799 |  |  |

---

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 Consolidated Statement of Operations, if applicable.

Amounts in the dividend income column 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 income 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, 2025, 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 Consolidated 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>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 8124081924 | 7919449696 | 195524467 | 9107761 |
| Consumer Discretionary | 3688111125 | 3558064497 | 103448221 | 26598407 |
| Consumer Staples | 997659270 | 963872215 | 10452091 | 23334964 |
| Energy | 462702970 | 462702970 | - | - |
| Financials | 5966197332 | 5896870906 | 53759443 | 15566983 |
| Health Care | 2596912772 | 2577127335 | - | 19785437 |
| Industrials | 3170995987 | 2265150462 | 92397453 | 813448072 |
| Information Technology | 9704839587 | 9507804711 | 93460413 | 103574463 |
| Materials | 628670839 | 622710063 | 3448271 | 2512505 |
| Real Estate | 156519500 | 156519500 | - | - |
| Utilities | 328651699 | 328651699 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 19359685 | - | - | 19359685 |
| Consumer Discretionary | 662801 | - | - | 662801 |
| Consumer Staples | 1200700 | - | - | 1200700 |
| Financials | 6405263 | - | - | 6405263 |
| Health Care | 22993477 | - | - | 22993477 |
| Industrials | 43060568 | - | - | 43060568 |
| Information Technology | 269802763 | - | - | 269802763 |
| Materials | 2681145 | - | - | 2681145 |
|  **Preferred Securities** |  |  |  |  |
| Consumer Discretionary | 83321 | - | - | 83321 |
|  **Money Market Funds** | 484159799 | 484159799 | - | - |
| **Total Investments in Securities:** | 36675752527 | 34743083853 | 552490359 | 1380178315 |
|  **Net Unrealized Appreciation (Depreciation) on Unfunded Commitments** | 465580 | 465580 | - | - |

---

The following is a reconciliation of consolidated Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2025 ($)** |
| **Common Stocks** | 288496290 | 3144904 | 617988253 | 178846723 | (74547578) | - | - | - | 1013928592 | 642717060 |
| **Convertible Preferred Stocks** | 392422011 | (495) | (44939007) | 147157774 | (128473881) | - | - | - | 366166402 | 118447152 |
| **Preferred Securities** | 508072 | - | (424751) | - | - | - | - | - | 83321 | (424751) |
| <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, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <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, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <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, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <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, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <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, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <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, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <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, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <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, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. |  |  |  |

---

**Consolidated Financial Statements**

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $125,172,895) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $16,101,232,341) | $36191592728 |  |
| Fidelity Central Funds (cost $484,174,813) | 484159799 |  |
| Total Investment in Securities (cost $16,585,407,154) |  | $36675752527 |
| Foreign currency held at value (cost $321,599) |  | 321520 |
| Receivable for investments sold |  | 1800815 |
| Unrealized appreciation on unfunded commitments |  | 465580 |
| Receivable for fund shares sold |  | 18777051 |
| Dividends receivable |  | 10296069 |
| Interest receivable |  | 53110 |
| Distributions receivable from Fidelity Central Funds |  | 1319152 |
| Other receivables |  | 589111 |
| **Total assets** |  | 36709374935 |
| **Liabilities** |  |  |
| Payable to custodian bank | $27483 |  |
| Payable for investments purchased  | 812281 |  |
| Payable for fund shares redeemed | 31899024 |  |
| Accrued management fee | 13763728 |  |
| Other payables and accrued expenses | 614869 |  |
| Collateral on securities loaned | 120940921 |  |
| **Total liabilities** |  | 168058306 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $36541316629 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $15531571803 |
| Total accumulated earnings (loss) |  | 21009744826 |
| **Net Assets** |  | $36541316629 |
| **Net Asset Value**, offering price and redemption price per share ($36,541,316,629 ÷ 1,043,848,743 shares) |  | $35.01 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $190560247 |
| Interest  |  | 1305 |
| Income from Fidelity Central Funds (including $711,133 from security lending)  |  | 28071658 |
| **Total income** |  | 218633210 |
| **Expenses** |  |  |
| Management fee | $158921298 |  |
| Independent trustees' fees and expenses | 138796 |  |
| Total expenses before reductions | 159060094 |  |
| Expense reductions | (17859) |  |
| Total expenses after reductions |  | 159042235 |
| **Net Investment income (loss)** |  | 59590975 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $27,563)  | 3803681955 |  |
| Redemptions in-kind | 1208512723 |  |
| Fidelity Central Funds | 19750 |  |
| Foreign currency transactions | (23313) |  |
| Total net realized gain (loss) |  | 5012191115 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 2032085308 |  |
| Fidelity Central Funds  | (16007) |  |
| Unfunded commitments | 465580 |  |
| Assets and liabilities in foreign currencies | 103640 |  |
| Total change in net unrealized appreciation (depreciation) |  | 2032638521 |
| **Net gain (loss)** |  | 7044829636 |
| **Net increase (decrease) in net assets resulting from operations** |  | $7104420611 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $59590975 | $90320562 |
| &nbsp;&nbsp;Net realized gain (loss) | 5012191115<br>| 1764542251<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 2032638521 | 8078486709<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 7104420611<br>| 9933349522<br>|
| Distributions to shareholders | (2930798161)<br>| (128644731)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 6842090732 | 5467753064 |
| Reinvestment of distributions | 2924710008<br>| 128442337<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (12181902102) | (9377731333) |
| **Net increase (decrease) in net assets resulting from share transactions** | (2415101362)<br>| (3781535932)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1758521088<br>| 6023168859<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 34782795541 | 28759626682<br>|
| &nbsp;&nbsp;End of period | $36541316629 | $34782795541 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 202729519 | 196198514 |
| Issued in reinvestment of distributions | 84386252<br>| 4219336<br>|
| &nbsp;&nbsp;Redeemed | (362193563) | (329360175) |
| &nbsp;&nbsp;Net increase (decrease) | (75077792) | (128942325) |

---

**Consolidated Financial Highlights** 

**Fidelity® Contrafund® K6** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $31.09 | $23.05 | $16.83 | $23.34 | $18.89 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .06  | .08  | .13  | .12  | .03  |
| Net realized and unrealized gain (loss)  | 6.83  | 8.07  | 6.20  | (6.43)  | 4.53  |
| Total from investment operations  | 6.89  | 8.15  | 6.33  | (6.31)  | 4.56  |
| Distributions from net investment income  | (.07)  | (.11)  | (.11)  | (.11)  | (.05)  |
| Distributions from net realized gain  | (2.90)  | -  | -  | (.09)  | (.06)  |
| Total distributions  | (2.97)  | (.11)  | (.11)  | (.20)  | (.11)  |
| Net asset value, end of period  | $35.01 | $31.09 | $23.05 | $16.83 | $23.34 |
| **Total Return** C | 22.27% <br>| 35.37%  | 37.67%  | (27.12)%  | 24.14%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .45%  | .45%  | .45%  | .45%  | .45%  |
| Expenses net of fee waivers, if any  | .45% <br>| .45%  | .45%  | .45%  | .45%  |
| Expenses net of all reductions, if any  | .45%  | .45%  | .45%  | .45%  | .45%  |
| Net investment income (loss)  | .17%  | .27%  | .63%  | .64%  | .12%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $36541317 | $34782796 | $28759627 | $19084230 | $26146630 |
| Portfolio turnover rate F | 37% G<br>| 19% G | 25% G | 38% G | 40% G |

---

A*Calculated based on average shares outstanding during the period.*

B*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.*

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

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

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

F*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

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

**Notes to Consolidated Financial Statements**

For the period ended December 31, 2025

**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 Consolidated 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 Consolidated 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| 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% |

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

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

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The consolidated 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 consolidated financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the consolidated financial statements and consolidated financial highlights. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds 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, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing 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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range/Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Common Stocks | $1013928592  | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 0.7 - 81.3 / 19.9 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 13.9 - 48.6 / 48.0 | Increase |
|  |  |  | Enterprise value/Net income (EV/NI)  | 17.5 | Increase |
|  |  | Market approach  | Discount rate  | 5.0% | Decrease |
|  |  | Recovery value  | Recovery value  | $0.00  | Increase |
|  |  | Black scholes  | Discount rate  | 3.5% - 4.0% / 3.6% | Increase |
|  |  |  | Term | 1.0 - 5.0 / 2.3 | Increase |
|  |  |  | Volatility | 60.0% - 80.0% / 66.4% | Increase |
|  |  | Book value  | Book value multiple | 1.0 | Increase |
| Convertible Preferred Stocks | $366166402  | Market comparable  | Enterprise value/Revenue multiple (EV/R) | 0.8 - 81.3 / 40.6 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 19.5 | Increase |
|  |  |  | Enterprise value/Gross profit multiple (EV/GP)  | 11.9 | Increase |
|  |  | Market approach  | Transaction price  | $8.78 - $271.56 / $35.17 | Increase |
|  |  |  | Discount rate | 5.0% - 10.0% / 8.8% | Decrease |
|  |  | Recovery value  | Recovery value | $0.00 | Increase |
|  |  | Black scholes  | Discount rate | 3.4% - 3.7% / 3.5% | Increase |
|  |  |  | Term | 2.0 - 5.0 / 3.2 | Increase |
|  |  |  | Volatility | 60.0% - 90.0% / 84.1% | Increase |
|  |  | Book value  | Book value multiple | 1.0 | Increase |
| Preferred Securities | $83321  | Recovery value  | Recovery value | $3.40 | Increase |

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Consolidated 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 Consolidated 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. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. 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 Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Consolidated Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**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 consolidated 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, 2025, the Fund did not have any unrecognized tax benefits in the consolidated 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.

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 consolidated 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 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:

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| | |
|:---|:---|
| **Gross unrealized appreciation**  | $20282810845 |
| **Gross unrealized depreciation**  | <u>(287891689)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$19994919156</u> |
| **Tax Cost**  | <u>$16681298951</u> |

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

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| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$-</u> |
| **Undistributed long-term capital gain**  | <u>$1016226904</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$19994996193</u> |

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The Fund intends to elect to defer to its next fiscal year $4,738,359 of ordinary losses recognized during the period November 1, 2025 to December 31, 2025.

The tax character of distributions paid was as follows:

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| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income**  | $71900829 | $128644731 |
| **Long-term Capital Gains**  | <u>2858897332</u> | <u>-</u> |
| **Total**  | <u>$2930798161</u> | <u>$128644731</u> |

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**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 Consolidated 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 Consolidated Statement 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 Consolidated Statement of Operations, as applicable based on contractual conditions of each commitment.

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| | | | |
|:---|:---|:---|:---|
|  | **Investment to be Acquired** | **Commitment Amount ($)** | **Unrealized Appreciation (Depreciation)($)** |
| **Fidelity Contrafund K6** | CompoSecure, Inc. Class A | 11042613 | 465580 |

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**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:

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| | | |
|:---|:---|:---|
|  | **Amount ($)** | **% of Total Assets** |
| **Fidelity Contrafund K6** | 33332863 | .09 |

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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 Consolidated Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated 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 Consolidated Statement of Assets and Liabilities, if applicable.

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

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

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| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Contrafund K6** | 12756057729 | 16296401435 |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Net realized gain or loss on Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Contrafund K6** | 62324046 | - | 1208512723 | 1208512723 | 2133311462 |

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**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 Consolidated Statement of Changes in Net Assets.

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| | | |
|:---|:---|:---|
|  | **Shares** | **Total Proceeds ($)** |
| **Fidelity Contrafund K6** | 16033525 | 570793484 |

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**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders that redeemed shares 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 Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

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| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Contrafund K6** | 59443527 | 949854244 | 1721247201 |

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**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 Consolidated Statement of Changes in Net Assets.

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| | | |
|:---|:---|:---|
|  | **Shares** | **Total Proceeds ($)** |
| **Fidelity Contrafund K6** | 2577029 | 70327132 |

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**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.

**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 Consolidated Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

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| | |
|:---|:---|
| **Fidelity Contrafund K6** | $561762 |

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**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 Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Contrafund K6** | 139912 |

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**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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.

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| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Contrafund K6** | 1082213236 | 1510512214 | 403280574 |

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**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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Consolidated Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **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** | 76206 | 20723 | - |

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At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Consolidated Schedule of Investments or Consolidated Statement of Assets and Liabilities.

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Contrafund K6** | 9700295 |

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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 $17,859.

**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 public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

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

***Opinion on the Financial Statements***

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Fidelity Contrafund K6 and its subsidiaries (one of the funds constituting Fidelity Contrafund, referred to hereafter as the "Fund") as of December 31, 2025, the related consolidated statement of operations for the year ended December 31, 2025, the consolidated statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the consolidated financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These consolidated financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated 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 consolidated 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 consolidated 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 consolidated 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 consolidated 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 consolidated financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 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 12, 2026

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

**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, 2025, $3,824,064,757, or, if subsequently determined to be different, the net capital gain of such year.

A total of 2.80% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

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

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

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the consolidated financial statements for each Fund as part of Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img123174_4.jpg)<br>

1.9883979.108 CONK6-ANN-0226

**Fidelity® Contrafund®**

**Annual Report**

**December 31, 2025**

![](img123175_1.jpg)

![](img123175_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7Consolidated_CON-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Contrafund®](#Sub_Sec_Fund_22_CON-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Consolidated Financial Statements](#Sub_Sec_NotestoFinancialStatements22_CON-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_CON-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_CON-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_CON-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_CON-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_CON-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_CON-ANN)** |

---

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.© 2026 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.*

**Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Contrafund®**

**Consolidated Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 95.7%** | &nbsp;&nbsp;**Common Stocks - 95.7%** | &nbsp;&nbsp;**Common Stocks - 95.7%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.2%  |  |  |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| DroneShield Ltd (c)(j) | 14602862 | 30015278 |
| Commercial Services & Supplies - 0.0% |  |  |
| Brambles Ltd  | 744444 | 11406636 |
| Clean TeQ Water Ltd (c) | 1461504 | 360873 |
|  |  | 11767509 |
| TOTAL INDUSTRIALS |  | 41782787 |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Canva Australia Holdings Pty Ltd Class A (c)(d)(e) | 164674 | 271076459 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Anglogold Ashanti Plc  | 1002262 | 85472903 |
| Evolution Mining Ltd  | 2121671 | 17953576 |
| TOTAL MATERIALS |  | 103426479 |
| TOTAL AUSTRALIA |  | 416285725 |
| BELGIUM - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| UCB SA  | 424508 | 119033198 |
| BRAZIL - 0.3%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| MercadoLibre Inc (c) | 40070 | 80711398 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Itau Unibanco Holding SA ADR  | 8417314 | 60267968 |
| NU Holdings Ltd/Cayman Islands Class A (c) | 19072498 | 319273617 |
|  |  | 379541585 |
| Capital Markets - 0.0% |  |  |
| Banco BTG Pactual SA unit  | 1546446 | 14838657 |
| TOTAL FINANCIALS |  | 394380242 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Wheaton Precious Metals Corp  | 869555 | 102226800 |
| TOTAL BRAZIL |  | 577318440 |
| BURKINA FASO - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| IAMGOLD Corp (c) | 1633858 | 26962139 |
| CANADA - 2.6%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Dollarama Inc  | 1232888 | 184266252 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Gildan Activewear Inc  | 439541 | 27473114 |
| TOTAL CONSUMER DISCRETIONARY |  | 211739366 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Cameco Corp (United States)  | 597212 | 54638926 |
| Canadian Natural Resources Ltd (b) | 3965754 | 134325091 |
| Imperial Oil Ltd (b) | 3297837 | 284913126 |
| PrairieSky Royalty Ltd  | 264049 | 5199989 |
| TOTAL ENERGY |  | 479077132 |
| Financials - 0.6% |  |  |
| Banks - 0.3% |  |  |
| Royal Bank of Canada  | 2622243 | 447035547 |
| Toronto Dominion Bank  | 1098182 | 103501383 |
|  |  | 550536930 |
| Capital Markets - 0.0% |  |  |
| Brookfield Asset Management Ltd Class A (United States)  | 1336017 | 69993930 |
| Insurance - 0.3% |  |  |
| Fairfax Financial Holdings Ltd Subordinate Voting Shares  | 129372 | 246565095 |
| Intact Financial Corp  | 990142 | 206122381 |
|  |  | 452687476 |
| TOTAL FINANCIALS |  | 1073218336 |
| Information Technology - 0.7% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Celestica Inc (c) | 529415 | 156604702 |
| IT Services - 0.6% |  |  |
| Shopify Inc Class A (c) | 7079970 | 1139975498 |
| TOTAL INFORMATION TECHNOLOGY |  | 1296580200 |
| Materials - 0.9% |  |  |
| Metals & Mining - 0.9% |  |  |
| Agnico Eagle Mines Ltd/CA  | 1698399 | 288018179 |
| Alamos Gold Inc Class A  | 2141490 | 82692048 |
| B2Gold Corp  | 12726546 | 57302141 |
| Barrick Mining Corp (United States)  | 2398900 | 104472095 |
| Franco-Nevada Corp  | 2730524 | 565998604 |
| G Mining Ventures Corp (c) | 1693277 | 51185066 |
| High Power Exploration Inc (c)(d)(e) | 14027051 | 17533814 |
| Kinross Gold Corp  | 1056144 | 29747934 |
| Lundin Gold Inc  | 2649842 | 220126760 |
| Novagold Resources Inc (c) | 1913588 | 17845562 |
| Orla Mining Ltd (c) | 4720980 | 63494438 |
| TOTAL MATERIALS |  | 1498416641 |
| TOTAL CANADA |  | 4559031675 |
| CHINA - 0.5%  |  |  |
| Communication Services - 0.5% |  |  |
| Interactive Media & Services - 0.5% |  |  |
| Baidu Inc Class A ADR (c) | 132183 | 17271031 |
| Tencent Holdings Ltd  | 10336671 | 793272719 |
| TOTAL COMMUNICATION SERVICES |  | 810543750 |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| BYD Co Ltd H Shares  | 10486179 | 128149065 |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| Wuxi Apptec Co Ltd H Shares (i)(j) | 189989 | 2409435 |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Contemporary Amperex Technology Co Ltd A Shares (China)  | 537787 | 28240796 |
| TOTAL CHINA |  | 969343046 |
| CONGO DEMOCRATIC REPUBLIC OF - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Ivanhoe Mines Ltd Class A (c) | 31366528 | 356731268 |
| DENMARK - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| Chemometec A/S  | 471299 | 50981105 |
| FINLAND - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Amer Sports Inc (c) | 3876039 | 144770057 |
| FRANCE - 0.2%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Kering SA  | 282400 | 98681239 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Danone SA  | 549954 | 49605352 |
| Health Care - 0.1% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| EssilorLuxottica SA  | 403664 | 128036764 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Dassault Aviation SA  | 88095 | 28346306 |
| TOTAL FRANCE |  | 304669661 |
| GERMANY - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Birkenstock Holding Plc (b)(c) | 339938 | 13903464 |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| Allianz SE  | 24467 | 11312985 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| BioNTech SE ADR (c) | 1143411 | 108852727 |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Siemens Energy AG (c) | 527286 | 73972204 |
| TOTAL GERMANY |  | 208041380 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| Bullish (b) | 2982346 | 112941443 |
| HONG KONG - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Futu Holdings Ltd Class A ADR (c) | 74390 | 12215582 |
| INDIA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Bharti Airtel Ltd  | 1094762 | 25651898 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Eternal Ltd (c) | 6593813 | 20402503 |
| TOTAL INDIA |  | 46054401 |
| ISRAEL - 0.1%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Rapyd Financial Network 2016 Ltd (c)(d)(e) | 340545 | 13526448 |
| Rapyd Financial Network 2016 Ltd warrants 3/5/2038 (c)(d)(e) | 7115 | 72786 |
| TOTAL FINANCIALS |  | 13599234 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Teva Pharmaceutical Industries Ltd ADR (c) | 5737629 | 179071401 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Elbit Systems Ltd (United States)  | 6123 | 3537318 |
| TOTAL ISRAEL |  | 196207953 |
| ITALY - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Passenger Airlines - 0.1% |  |  |
| Ryanair Holdings PLC ADR  | 1603216 | 115736164 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Bending Spoons SpA Class C (d)(e) | 212730 | 18925022 |
| TOTAL ITALY |  | 134661186 |
| JAPAN - 0.4%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.0% |  |  |
| Pan Pacific International Holdings Corp  | 1971291 | 11742792 |
| Household Durables - 0.0% |  |  |
| Sony Group Corp  | 832300 | 21349318 |
| Specialty Retail - 0.1% |  |  |
| Fast Retailing Co Ltd  | 225611 | 82011557 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Asics Corp  | 3263786 | 78240018 |
| TOTAL CONSUMER DISCRETIONARY |  | 193343685 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Sumitomo Mitsui Financial Group Inc  | 416400 | 13392014 |
| Health Care - 0.1% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Hoya Corp  | 1260396 | 190580179 |
| Industrials - 0.2% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Hitachi Ltd  | 2762508 | 86451827 |
| Machinery - 0.2% |  |  |
| Mitsubishi Heavy Industries Ltd  | 4895525 | 119511709 |
| Trading Companies & Distributors - 0.0% |  |  |
| ITOCHU Corp  | 2159795 | 27231838 |
| TOTAL INDUSTRIALS |  | 233195374 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| Fujitsu Ltd  | 468500 | 12875746 |
| NEC Corp  | 329800 | 11180017 |
|  |  | 24055763 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Advantest Corp  | 284835 | 36016794 |
| TOTAL INFORMATION TECHNOLOGY |  | 60072557 |
| TOTAL JAPAN |  | 690583809 |
| KOREA (SOUTH) - 0.5%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Automobiles - 0.1% |  |  |
| Hyundai Motor Co  | 887846 | 183260772 |
| Kia Corp  | 152250 | 12900677 |
|  |  | 196161449 |
| Broadline Retail - 0.2% |  |  |
| Coupang Inc Class A (c) | 10379694 | 244856982 |
| TOTAL CONSUMER DISCRETIONARY |  | 441018431 |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| SK Hynix Inc  | 828617 | 375085502 |
| TOTAL KOREA (SOUTH) |  | 816103933 |
| NETHERLANDS - 0.3%  |  |  |
| Communication Services - 0.1% |  |  |
| Entertainment - 0.1% |  |  |
| Universal Music Group NV  | 4888486 | 127442032 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Argenx SE ADR (c) | 245248 | 206241306 |
| Newamsterdam Pharma Co NV (c) | 986173 | 34594949 |
| TOTAL HEALTH CARE |  | 240836255 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| ASM International NV  | 163429 | 99411168 |
| ASML Holding NV depository receipt  | 11300 | 12089418 |
| BE Semiconductor Industries NV  | 339296 | 53331563 |
| TOTAL INFORMATION TECHNOLOGY |  | 164832149 |
| TOTAL NETHERLANDS |  | 533110436 |
| SPAIN - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Banco Santander SA  | 11958035 | 140751936 |
| SWITZERLAND - 0.2%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| On Holding AG Class A (c) | 4356253 | 202478639 |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| UBS Group AG  | 3595736 | 167779829 |
| TOTAL SWITZERLAND |  | 370258468 |
| TAIWAN - 0.9%  |  |  |
| Information Technology - 0.9% |  |  |
| Semiconductors & Semiconductor Equipment - 0.9% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 5342882 | 1623648411 |
| THAILAND - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Fabrinet (c) | 124743 | 56792993 |
| UNITED KINGDOM - 0.7%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Flutter Entertainment PLC (c) | 1486425 | 319640832 |
| Flutter Entertainment PLC (United Kingdom) (c) | 6002 | 1304981 |
|  |  | 320945813 |
| Leisure Products - 0.0% |  |  |
| Games Workshop Group PLC  | 14293 | 3645174 |
| TOTAL CONSUMER DISCRETIONARY |  | 324590987 |
| Consumer Staples - 0.3% |  |  |
| Tobacco - 0.3% |  |  |
| British American Tobacco PLC  | 6910742 | 392548204 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| TechnipFMC PLC  | 1175699 | 52389147 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| NatWest Group PLC  | 9427465 | 82700383 |
| Starling Bank Ltd (d)(e) | 26724113 | 92218286 |
| TOTAL FINANCIALS |  | 174918669 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Astrazeneca PLC ADR  | 142304 | 13082007 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Rolls-Royce Holdings PLC  | 15951902 | 246707535 |
| TOTAL UNITED KINGDOM |  | 1204236549 |
| UNITED STATES - 88.0%  |  |  |
| Communication Services - 21.4% |  |  |
| Entertainment - 2.2% |  |  |
| Liberty Media Corp-Liberty Formula One Class C (c) | 2007081 | 197717549 |
| Live Nation Entertainment Inc (c) | 2368773 | 337550153 |
| Netflix Inc (c) | 30296320 | 2840582964 |
| ROBLOX Corp Class A (c) | 2681616 | 217291344 |
| Spotify Technology SA (c) | 94276 | 54747016 |
| Walt Disney Co/The  | 397439 | 45216635 |
| Warner Bros Discovery Inc (c) | 4247672 | 122417907 |
|  |  | 3815523568 |
| Interactive Media & Services - 19.1% |  |  |
| Alphabet Inc Class A  | 21935091 | 6865683483 |
| Alphabet Inc Class C  | 13709070 | 4301906166 |
| Epic Games Inc (c)(d)(e) | 123700 | 80416133 |
| Meta Platforms Inc Class A  | 33152559 | 21883672670 |
| Reddit Inc Class A (c) | 1348662 | 310016934 |
| Reddit Inc Class B (c) | 577077 | 132652690 |
|  |  | 33574348076 |
| Media - 0.1% |  |  |
| EchoStar Corp Class A (c) | 558884 | 60750691 |
| Omnicom Group Inc  | 820937 | 66290663 |
|  |  | 127041354 |
| Wireless Telecommunication Services - 0.0% |  |  |
| T-Mobile US Inc  | 103239 | 20961646 |
| TOTAL COMMUNICATION SERVICES |  | 37537874644 |
| Consumer Discretionary - 9.1% |  |  |
| Automobiles - 0.1% |  |  |
| General Motors Co  | 467395 | 38008561 |
| Rad Power Bikes Inc (c)(d)(e) | 2588458 | 26 |
| Rad Power Bikes Inc warrants 10/6/2033 (c)(d)(e) | 2698575 | 27 |
| Tesla Inc (c) | 445554 | 200374545 |
|  |  | 238383159 |
| Broadline Retail - 6.2% |  |  |
| Amazon.com Inc (c) | 45887820 | 10591826613 |
| eBay Inc  | 1584700 | 138027370 |
| Ollie's Bargain Outlet Holdings Inc (c) | 299507 | 32828962 |
|  |  | 10762682945 |
| Diversified Consumer Services - 0.0% |  |  |
| Duolingo Inc Class A (c) | 281297 | 49367623 |
| Hotels, Restaurants & Leisure - 0.9% |  |  |
| Airbnb Inc Class A (c) | 2228260 | 302419447 |
| Booking Holdings Inc  | 82130 | 439833254 |
| Carnival Corp (c) | 5111882 | 156116876 |
| Cava Group Inc (b)(c) | 847033 | 49712367 |
| DoorDash Inc Class A (c) | 118005 | 26725772 |
| DraftKings Inc Class A (c) | 564700 | 19459562 |
| Dutch Bros Inc Class A (c) | 963345 | 58975981 |
| Hilton Worldwide Holdings Inc  | 895064 | 257107134 |
| Royal Caribbean Cruises Ltd (b) | 175062 | 48828293 |
| Starbucks Corp  | 1228247 | 103430680 |
| Viking Holdings Ltd (c) | 2454381 | 175267347 |
| Wynn Resorts Ltd  | 95900 | 11539647 |
|  |  | 1649416360 |
| Household Durables - 0.3% |  |  |
| DR Horton Inc  | 1896152 | 273102773 |
| Garmin Ltd  | 121442 | 24634510 |
| PulteGroup Inc  | 96400 | 11303864 |
| SharkNinja Inc (c) | 388727 | 43498551 |
| Somnigroup International Inc  | 331050 | 29556144 |
| TopBuild Corp (c) | 390411 | 162875565 |
|  |  | 544971407 |
| Specialty Retail - 1.5% |  |  |
| Boot Barn Holdings Inc (c) | 72027 | 12710605 |
| Fanatics Inc Class A (c)(d)(e) | 2461391 | 196911280 |
| Floor & Decor Holdings Inc Class A (c) | 2617400 | 159373486 |
| Home Depot Inc/The  | 1228363 | 422679708 |
| Lowe's Cos Inc  | 4532046 | 1092948213 |
| O'Reilly Automotive Inc (c) | 1750274 | 159642492 |
| TJX Cos Inc/The  | 3194389 | 490690094 |
| Urban Outfitters Inc (c) | 959034 | 72176899 |
| Williams-Sonoma Inc  | 680613 | 121550676 |
|  |  | 2728683453 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Lululemon Athletica Inc (c) | 57900 | 12032198 |
| Ralph Lauren Corp Class A  | 380457 | 134533400 |
|  |  | 146565598 |
| TOTAL CONSUMER DISCRETIONARY |  | 16120070545 |
| Consumer Staples - 2.5% |  |  |
| Beverages - 0.6% |  |  |
| Coca-Cola Co/The  | 15352797 | 1073314038 |
| PepsiCo Inc  | 240708 | 34546412 |
|  |  | 1107860450 |
| Consumer Staples Distribution & Retail - 1.0% |  |  |
| Casey's General Stores Inc  | 252288 | 139442100 |
| Chobani Inc Class A (d)(e)(g) | 12812 | 57094756 |
| Costco Wholesale Corp  | 853521 | 736025300 |
| Dollar General Corp  | 182900 | 24283633 |
| Dollar Tree Inc (c) | 5238887 | 644435490 |
| Walmart Inc  | 1478261 | 164693058 |
|  |  | 1765974337 |
| Food Products - 0.1% |  |  |
| Hershey Co/The  | 844492 | 153680654 |
| Personal Care Products - 0.2% |  |  |
| Estee Lauder Cos Inc/The Class A  | 3739259 | 391575202 |
| Tobacco - 0.6% |  |  |
| JUUL Labs Inc Class A (c)(d)(e) | 27008111 | 51315411 |
| Philip Morris International Inc  | 5926009 | 950531844 |
|  |  | 1001847255 |
| TOTAL CONSUMER STAPLES |  | 4420937898 |
| Energy - 1.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| SLB Ltd  | 6166600 | 236674108 |
| Oil, Gas & Consumable Fuels - 1.0% |  |  |
| Exxon Mobil Corp  | 10412950 | 1253094403 |
| Marathon Petroleum Corp  | 344436 | 56015627 |
| Shell PLC ADR  | 3126217 | 229714425 |
| Valero Energy Corp  | 1296909 | 211123816 |
|  |  | 1749948271 |
| TOTAL ENERGY |  | 1986622379 |
| Financials - 15.2% |  |  |
| Banks - 2.5% |  |  |
| Bank of America Corp  | 3976776 | 218722680 |
| Citigroup Inc  | 6047647 | 705699928 |
| East West Bancorp Inc  | 233030 | 26190242 |
| JPMorgan Chase & Co  | 8331728 | 2684649397 |
| Wells Fargo & Co  | 9105202 | 848604826 |
|  |  | 4483867073 |
| Capital Markets - 2.7% |  |  |
| Bank of New York Mellon Corp/The  | 6399652 | 742935601 |
| Blackrock Inc  | 11400 | 12201876 |
| Blackstone Inc  | 1509651 | 232697605 |
| Cboe Global Markets Inc  | 737227 | 185043977 |
| Charles Schwab Corp/The  | 4833884 | 482953350 |
| Coinbase Global Inc Class A (c) | 128957 | 29162336 |
| Evercore Inc Class A  | 409721 | 139407570 |
| Goldman Sachs Group Inc/The  | 1029051 | 904535829 |
| Interactive Brokers Group Inc Class A  | 1368211 | 87989649 |
| KKR & Co Inc Class A  | 2378014 | 303149225 |
| Moody's Corp  | 405889 | 207348396 |
| Morgan Stanley  | 7062512 | 1253807756 |
| MSCI Inc  | 64400 | 36948212 |
| Nasdaq Inc  | 128220 | 12454009 |
| Robinhood Markets Inc Class A (c) | 474564 | 53673188 |
| Tulco LLC (c)(d)(e)(g) | 140771 | 116421840 |
|  |  | 4800730419 |
| Consumer Finance - 1.2% |  |  |
| American Express Co  | 2960362 | 1095185923 |
| Capital One Financial Corp  | 4102731 | 994337885 |
| Figure Technology Solutions Inc Class A  | 29973 | 1224097 |
| SoFi Technologies Inc Class A (c) | 392600 | 10278268 |
| Synchrony Financial  | 964319 | 80453134 |
|  |  | 2181479307 |
| Financial Services - 8.0% |  |  |
| Berkshire Hathaway Inc Class A (c) | 14042 | 10598901600 |
| Mastercard Inc Class A  | 971502 | 554611062 |
| Rocket Cos Inc Class A  | 8600448 | 166504673 |
| Toast Inc Class A (c) | 4532177 | 160937605 |
| Visa Inc Class A  | 7058880 | 2475619805 |
|  |  | 13956574745 |
| Insurance - 0.8% |  |  |
| American International Group Inc  | 143800 | 12302089 |
| Arthur J Gallagher & Co  | 1220282 | 315796779 |
| Chubb Ltd  | 168163 | 52487035 |
| Progressive Corp/The  | 2981933 | 679045783 |
| Travelers Companies Inc/The  | 921038 | 267156282 |
|  |  | 1326787968 |
| TOTAL FINANCIALS |  | 26749439512 |
| Health Care - 6.9% |  |  |
| Biotechnology - 2.2% |  |  |
| AbbVie Inc  | 858970 | 196266055 |
| Alnylam Pharmaceuticals Inc (c) | 1477472 | 587516741 |
| Apogee Therapeutics Inc (c) | 197921 | 14939077 |
| BeOne Medicines Ltd ADR (c) | 833026 | 253081629 |
| Biogen Inc (c) | 2119485 | 373008165 |
| BioMarin Pharmaceutical Inc (c) | 1005000 | 59727150 |
| Caris Life Sciences Inc (c) | 544433 | 14688802 |
| Cidara Therapeutics Inc (c) | 126201 | 27876539 |
| Cytokinetics Inc (c) | 226759 | 14408267 |
| Gilead Sciences Inc  | 8875281 | 1089351990 |
| Immunome Inc (c) | 649600 | 13953408 |
| Immunovant Inc (c) | 1228399 | 31225903 |
| Insmed Inc (c) | 903493 | 157243922 |
| Kymera Therapeutics Inc (c) | 607500 | 47269575 |
| Moderna Inc (c) | 1664800 | 49094952 |
| Natera Inc (c) | 50900 | 11660681 |
| Nuvalent Inc Class A (c) | 144900 | 14575491 |
| PTC Therapeutics Inc (c) | 171000 | 12989160 |
| Regeneron Pharmaceuticals Inc  | 606735 | 468320544 |
| Roivant Sciences Ltd (c) | 2247539 | 48771596 |
| Summit Therapeutics Inc (c) | 1544985 | 27021788 |
| Travere Therapeutics Inc (c) | 83500 | 3190535 |
| United Therapeutics Corp (c) | 44496 | 21680676 |
| Vertex Pharmaceuticals Inc (c) | 641150 | 290671764 |
| XOMA Royalty Corp (c)(f) | 707093 | 18801603 |
|  |  | 3847336013 |
| Health Care Equipment & Supplies - 1.0% |  |  |
| Align Technology Inc (c) | 1208629 | 188727418 |
| Baxter International Inc  | 649500 | 12411945 |
| Boston Scientific Corp (c) | 8885475 | 847230042 |
| Edwards Lifesciences Corp (c) | 293700 | 25037925 |
| Insulet Corp (c) | 164547 | 46770839 |
| Intuitive Surgical Inc (c) | 845129 | 478647261 |
| Medline Inc Class A  | 4253200 | 178634400 |
| Penumbra Inc (c) | 116354 | 36175622 |
| ResMed Inc  | 44074 | 10616104 |
| Stryker Corp  | 65861 | 23148166 |
|  |  | 1847399722 |
| Health Care Providers & Services - 0.6% |  |  |
| Cencora Inc  | 503400 | 170023350 |
| CVS Health Corp  | 151700 | 12038912 |
| HCA Healthcare Inc  | 583260 | 272300764 |
| HealthEquity Inc (c) | 251907 | 23077200 |
| McKesson Corp  | 186600 | 153066114 |
| Tenet Healthcare Corp (c) | 2203358 | 437851302 |
| UnitedHealth Group Inc  | 73786 | 24357496 |
|  |  | 1092715138 |
| Health Care Technology - 0.0% |  |  |
| HeartFlow Inc (b) | 104155 | 3036118 |
| Veeva Systems Inc Class A (c) | 221366 | 49415532 |
|  |  | 52451650 |
| Life Sciences Tools & Services - 0.9% |  |  |
| Charles River Laboratories International Inc (c) | 500200 | 99779896 |
| Danaher Corp  | 1982373 | 453804827 |
| Thermo Fisher Scientific Inc  | 1538114 | 891260157 |
| Veterinary Emergency Group (c)(d)(e)(g) | 1114406 | 88695574 |
|  |  | 1533540454 |
| Pharmaceuticals - 2.2% |  |  |
| Corcept Therapeutics Inc (c) | 940682 | 32735734 |
| Eli Lilly & Co  | 3337450 | 3586690766 |
| Jazz Pharmaceuticals PLC (c) | 66400 | 11287999 |
| Johnson & Johnson  | 59100 | 12230745 |
| Merck & Co Inc  | 868660 | 91435152 |
| Structure Therapeutics Inc ADR (c) | 879900 | 61197045 |
| Zevra Therapeutics Inc (c) | 1441682 | 12917471 |
|  |  | 3808494912 |
| TOTAL HEALTH CARE |  | 12181937889 |
| Industrials - 6.8% |  |  |
| Aerospace & Defense - 3.4% |  |  |
| Anduril Industries Inc Class B (d)(e) | 17292 | 789553 |
| Anduril Industries Inc Class C (d)(e) | 8 | 365 |
| ATI Inc (c) | 362797 | 41634584 |
| Axon Enterprise Inc (c) | 390877 | 221990775 |
| Beta Technologies Inc (h) | 4463114 | 125904446 |
| Beta Technologies Inc Class A (c) | 915213 | 25818159 |
| Boeing Co (c) | 4211286 | 914354416 |
| Carpenter Technology Corp  | 587722 | 185038394 |
| Firefly Aerospace Inc (b)(c) | 188057 | 4206835 |
| GE Aerospace  | 7050086 | 2171637992 |
| General Dynamics Corp  | 72600 | 24441516 |
| HEICO Corp Class A  | 45934 | 11595120 |
| Howmet Aerospace Inc  | 2016319 | 413385721 |
| Karman Holdings Inc (c) | 980837 | 71767843 |
| Loar Holdings Inc (b)(c) | 58978 | 4010504 |
| Northrop Grumman Corp  | 177326 | 101113058 |
| Relativity Space Inc (c)(d) | 43289 | 45886 |
| Relativity Space Inc warrants 11/1/2030 (c)(d)(e) | 1399 | 1427 |
| Rocket Lab Corp  | 361532 | 25220472 |
| RTX Corp  | 75701 | 13883563 |
| Space Exploration Technologies Corp (c)(d)(e) | 3325586 | 1331697659 |
| Space Exploration Technologies Corp Class C (c)(d)(e) | 129910 | 52021160 |
| TransDigm Group Inc  | 26943 | 35830149 |
| Woodward Inc  | 190676 | 57645168 |
|  |  | 5834034765 |
| Air Freight & Logistics - 0.0% |  |  |
| CH Robinson Worldwide Inc  | 163800 | 26332488 |
| Zipline International Inc (c)(d)(e) | 515816 | 29019808 |
|  |  | 55352296 |
| Building Products - 0.2% |  |  |
| Simpson Manufacturing Co Inc  | 297128 | 47977258 |
| Trane Technologies PLC  | 991079 | 385727947 |
|  |  | 433705205 |
| Commercial Services & Supplies - 0.2% |  |  |
| Cintas Corp  | 225460 | 42402262 |
| Clean Harbors Inc (c) | 121400 | 28465872 |
| GFL Environmental Inc Subordinate Voting Shares  | 5694910 | 244633634 |
|  |  | 315501768 |
| Construction & Engineering - 0.0% |  |  |
| API Group Corp (c) | 1310954 | 50157100 |
| Electrical Equipment - 1.3% |  |  |
| Eaton Corp PLC  | 495854 | 157934458 |
| GE Vernova Inc  | 2905545 | 1898977046 |
| Vertiv Holdings Co Class A  | 206403 | 33439349 |
|  |  | 2090350853 |
| Ground Transportation - 0.2% |  |  |
| Old Dominion Freight Line Inc  | 2216500 | 347547200 |
| Uber Technologies Inc (c) | 896986 | 73292726 |
|  |  | 420839926 |
| Industrial Conglomerates - 0.3% |  |  |
| 3M Co  | 3187874 | 510378627 |
| Machinery - 1.0% |  |  |
| Caterpillar Inc  | 40300 | 23086661 |
| Deere & Co  | 1560144 | 726356243 |
| Ingersoll Rand Inc  | 1753000 | 138872660 |
| PACCAR Inc  | 794500 | 87005695 |
| Parker-Hannifin Corp  | 440939 | 387567743 |
| RBC Bearings Inc (c) | 181229 | 81268520 |
| Symbotic Inc Class A (b)(c) | 851600 | 50670200 |
| Westinghouse Air Brake Technologies Corp  | 1650675 | 352336579 |
|  |  | 1847164301 |
| Passenger Airlines - 0.0% |  |  |
| Delta Air Lines Inc  | 751828 | 52176863 |
| Professional Services - 0.0% |  |  |
| CACI International Inc (c) | 19900 | 10602919 |
| SS&C Technologies Holdings Inc  | 101505 | 8873567 |
| UL Solutions Inc Class A  | 653610 | 51543685 |
|  |  | 71020171 |
| Trading Companies & Distributors - 0.2% |  |  |
| Ferguson Enterprises Inc  | 1355470 | 301768286 |
| QXO Inc (b)(c) | 1539331 | 29693695 |
|  |  | 331461981 |
| TOTAL INDUSTRIALS |  | 12012143856 |
| Information Technology - 23.2% |  |  |
| Communications Equipment - 0.5% |  |  |
| Arista Networks Inc (c) | 5955569 | 780358206 |
| Lumentum Holdings Inc (c) | 45900 | 16918281 |
|  |  | 797276487 |
| Electronic Equipment, Instruments & Components - 2.5% |  |  |
| Amphenol Corp Class A  | 30597929 | 4135004125 |
| Coherent Corp (c) | 1647842 | 304142198 |
| Corning Inc  | 143000 | 12521080 |
| Flex Ltd (c) | 171700 | 10374114 |
| Jabil Inc  | 89090 | 20314302 |
| Sanmina Corp (c) | 2620 | 393183 |
| TD SYNNEX Corp  | 47272 | 7101673 |
|  |  | 4489850675 |
| IT Services - 0.6% |  |  |
| Accenture PLC Class A  | 208700 | 55994210 |
| Asac II LP (c)(d)(e) | 39494500 | 7882312 |
| Cloudflare Inc Class A (c) | 1042768 | 205581711 |
| CoreWeave Inc Class A (i) | 30792 | 2205015 |
| IBM Corporation  | 123391 | 36549648 |
| MongoDB Inc Class A (c) | 160799 | 67485732 |
| Snowflake Inc (c) | 2225665 | 488221875 |
| Twilio Inc Class A (c) | 188400 | 26798016 |
| X.Ai Holdings Corp Class A (d)(e) | 1484437 | 112015616 |
|  |  | 1002734135 |
| Semiconductors & Semiconductor Equipment - 11.8% |  |  |
| Advanced Micro Devices Inc (c) | 827979 | 177319983 |
| Analog Devices Inc  | 427818 | 116024242 |
| Applied Materials Inc  | 195069 | 50130782 |
| ARM Holdings PLC ADR (c) | 721034 | 78816227 |
| Astera Labs Inc (c) | 790766 | 131551832 |
| Broadcom Inc  | 7674787 | 2656243781 |
| Intel Corp (c) | 810217 | 29897007 |
| KLA Corp  | 378755 | 460217625 |
| Lam Research Corp  | 860288 | 147264100 |
| MACOM Technology Solutions Holdings Inc (c) | 62469 | 10699690 |
| Marvell Technology Inc  | 676489 | 57488035 |
| Micron Technology Inc  | 559476 | 159680045 |
| Monolithic Power Systems Inc  | 129807 | 117651873 |
| NVIDIA Corp  | 88567950 | 16517922675 |
|  |  | 20710907897 |
| Software - 5.3% |  |  |
| Applied Intuition Inc Class A (c)(d)(e) | 156998 | 17784733 |
| AppLovin Corp Class A (c) | 112872 | 76055411 |
| BitMine Immersion Technologies Inc (b) | 827071 | 22454978 |
| Cadence Design Systems Inc (c) | 665005 | 207867264 |
| Carbon Inc (c)(d) | 998199 | 1137947 |
| Crowdstrike Holdings Inc Class A (c) | 78456 | 36777035 |
| CyberArk Software Ltd (c) | 360742 | 160912577 |
| Datadog Inc Class A (c) | 593401 | 80696602 |
| Figma Inc Class A  | 2854793 | 106683614 |
| Fortinet Inc (c) | 588062 | 46698003 |
| Gusto Inc (c)(d)(e) | 289200 | 7059372 |
| JFrog Ltd (c) | 395331 | 24692374 |
| Microsoft Corp  | 15466626 | 7479969667 |
| OpenAI Group Pbc Class A (d)(e) | 25300 | 12080244 |
| Palantir Technologies Inc Class A (c) | 106219 | 18880427 |
| Palo Alto Networks Inc (c) | 1394892 | 256939107 |
| Salesforce Inc  | 44476 | 11782137 |
| Samsara Inc Class A (c) | 4042732 | 143314849 |
| ServiceTitan Inc Class A (b)(c) | 1058807 | 112762946 |
| Stripe Inc Class B (c)(d)(e) | 455600 | 18870952 |
| Tanium Inc Class B (c)(d)(e) | 6742751 | 55425413 |
| Unity Software Inc (c) | 3054061 | 134897874 |
| Via Transportation Inc Class A (b)(c) | 211993 | 6149917 |
| Zoom Communications Inc Class A (c) | 765870 | 66086922 |
| Zscaler Inc (c) | 781989 | 175884966 |
|  |  | 9281865331 |
| Technology Hardware, Storage & Peripherals - 2.5% |  |  |
| Apple Inc  | 15991545 | 4347461424 |
| Dell Technologies Inc Class C  | 849486 | 106933298 |
| Seagate Technology Holdings PLC  | 41800 | 11511301 |
| Western Digital Corp  | 70500 | 12145035 |
|  |  | 4478051058 |
| TOTAL INFORMATION TECHNOLOGY |  | 40760685583 |
| Materials - 0.5% |  |  |
| Chemicals - 0.4% |  |  |
| Corteva Inc  | 3795955 | 254442864 |
| Ecolab Inc  | 30304 | 7955406 |
| Sherwin-Williams Co/The  | 1258838 | 407901277 |
|  |  | 670299547 |
| Construction Materials - 0.0% |  |  |
| CRH PLC  | 300768 | 37535846 |
| Martin Marietta Materials Inc  | 42066 | 26192816 |
|  |  | 63728662 |
| Metals & Mining - 0.1% |  |  |
| Ivanhoe Electric Inc / US (c) | 4714026 | 75330136 |
| Ivanhoe Electric Inc / US warrants 2/15/2026 (c) | 1755600 | 15815226 |
| Royal Gold Inc  | 53389 | 11867840 |
| Steel Dynamics Inc  | 187073 | 31699520 |
|  |  | 134712722 |
| TOTAL MATERIALS |  | 868740931 |
| Real Estate - 0.4% |  |  |
| Health Care REITs - 0.1% |  |  |
| Welltower Inc  | 900364 | 167116562 |
| Real Estate Management & Development - 0.3% |  |  |
| CBRE Group Inc Class A (c) | 2064117 | 331889372 |
| Zillow Group Inc Class A (c) | 1627309 | 111031293 |
| Zillow Group Inc Class C (c) | 1971557 | 134499619 |
|  |  | 577420284 |
| TOTAL REAL ESTATE |  | 744536846 |
| Utilities - 0.9% |  |  |
| Electric Utilities - 0.7% |  |  |
| American Electric Power Co Inc  | 1110289 | 128027425 |
| Constellation Energy Corp  | 2349232 | 829913189 |
| Entergy Corp  | 532600 | 49228217 |
| NRG Energy Inc  | 1637495 | 260754704 |
|  |  | 1267923535 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Vistra Corp  | 1714243 | 276558823 |
| TOTAL UTILITIES |  | 1544482358 |
| TOTAL UNITED STATES |  | 154927472441 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $58,639,364,940) |  | <br> **168598207235** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 3.5%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 3.5%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 3.5%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Australia Holdings Pty Ltd Series A (c)(d)(e) | 13120 | 21597357 |
| Canva Australia Holdings Pty Ltd Series A2 (c)(d)(e) | 2380 | 3917813 |
| TOTAL AUSTRALIA |  | 25515170 |
| CANADA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| High Power Exploration Inc Series A (c)(d)(e) | 14154085 | 29440497 |
| CHINA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| Bytedance Ltd Series E1 (c)(d)(e) | 653587 | 156723627 |
| FINLAND - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Technology - 0.0% |  |  |
| Oura Health Oy Series E (d)(e) | 1123976 | 60211394 |
| ISRAEL - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Rapyd Financial Network 2016 Ltd Series F (d)(e) | 23715 | 907336 |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Element Labs Inc Series B (d)(e) | 680400 | 5973912 |
| TOTAL ISRAEL |  | 6881248 |
| UNITED STATES - 3.4%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Rad Power Bikes Inc Series A (c)(d)(e) | 337463 | 3 |
| Rad Power Bikes Inc Series C (c)(d)(e) | 1327879 | 13 |
| Rad Power Bikes Inc Series D (c)(d)(e) | 2329100 | 23 |
|  |  | 39 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Discord Inc Series I (c)(d)(e) | 15500 | 3804940 |
| TOTAL CONSUMER DISCRETIONARY |  | 3804979 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| GoBrands Inc Series G (c)(d)(e) | 55517 | 2853574 |
| GoBrands Inc Series H (c)(d)(e) | 69898 | 4574125 |
| TOTAL CONSUMER STAPLES |  | 7427699 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Acrisure Holdings Inc Series B1 (c)(d)(e) | 379681 | 11314494 |
| Tenstorrent Holdings Inc Series C1 (c)(d)(e) | 387402 | 28462425 |
| TOTAL FINANCIALS |  | 39776919 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| ElevateBio LLC Series C (c)(d)(e) | 3224900 | 6159559 |
| Intarcia Therapeutics Inc (c)(d)(e) | 2100446 | 21 |
| Kardigan Inc Series B (d)(e) | 743904 | 15897228 |
|  |  | 22056808 |
| Health Care Providers & Services - 0.0% |  |  |
| Get Credit Healthy Inc Series B (c)(d)(e) | 35877127 | 44218 |
| Lyra Health Inc Series E (c)(d)(e) | 1478100 | 13775892 |
| Lyra Health Inc Series F (c)(d)(e) | 69520 | 647926 |
| Somatus Inc Series E (c)(d)(e) | 15253 | 19571888 |
|  |  | 34039924 |
| TOTAL HEALTH CARE |  | 56096732 |
| Industrials - 2.7% |  |  |
| Aerospace & Defense - 2.6% |  |  |
| Anduril Industries Inc Series G (d)(e) | 161900 | 7392354 |
| Space Exploration Technologies Corp Series G (c)(d)(e) | 558215 | 2235316146 |
| Space Exploration Technologies Corp Series H (c)(d)(e) | 120282 | 481657241 |
| Space Exploration Technologies Corp Series N (c)(d)(e) | 428458 | 1715717215 |
|  |  | 4440082956 |
| Air Freight & Logistics - 0.1% |  |  |
| Zipline International Inc Series E (c)(d)(e) | 1317166 | 74103759 |
| Zipline International Inc Series F (c)(d)(e) | 682143 | 38377365 |
| Zipline International Inc Series G (c)(d)(e) | 772245 | 43446504 |
| Zipline International Inc Series H (d)(e) | 276500 | 15557068 |
|  |  | 171484696 |
| TOTAL INDUSTRIALS |  | 4611567652 |
| Information Technology - 0.7% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Cerebras Systems Inc Series G (d)(e) | 3145300 | 113954219 |
| IT Services - 0.2% |  |  |
| X.Ai Holdings Corp Series C (d)(e) | 3464739 | 261449205 |
| X.Ai Holdings Corp Series E (d)(e) | 344999 | 26033624 |
|  |  | 287482829 |
| Software - 0.5% |  |  |
| Anthropic PBC Series E (d)(e) | 204700 | 47756510 |
| Anthropic PBC Series F (d)(e) | 602500 | 140563250 |
| Applied Intuition Inc Series A2 (c)(d)(e) | 184736 | 20926894 |
| Applied Intuition Inc Series B2 (c)(d)(e) | 89079 | 10090869 |
| Asapp Inc Series C (c)(d)(e) | 1300504 | 1391539 |
| Databricks Inc Series L (d)(e) | 550400 | 104576000 |
| Gusto Inc Series D (c)(d)(e) | 2436137 | 59466104 |
| Gusto Inc Series E (c)(d)(e) | 167099 | 4078887 |
| MOLOCO Inc Series A (c)(d)(e) | 419608 | 31638443 |
| Nuro Inc/DE Series C (c)(d)(e) | 3293118 | 38529481 |
| Nuro Inc/DE Series D (c)(d)(e) | 643113 | 8649869 |
| Nuro Inc/DE Series E (d)(e) | 1054195 | 12281372 |
| OpenAI Group Pbc Series A-2 (d)(e) | 398186 | 190125852 |
| OpenAI Group Pbc Series A-3 (d)(e) | 169727 | 81041248 |
| Physical Intelligence Inc Series B (d)(e) | 15300 | 4152420 |
| Stripe Inc Series H (c)(d)(e) | 190300 | 7882226 |
| Stripe Inc Series I (c)(d)(e) | 2114059 | 87564324 |
|  |  | 850715288 |
| TOTAL INFORMATION TECHNOLOGY |  | 1252152336 |
| TOTAL UNITED STATES |  | 5970826317 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $1,469,142,974) |  | <br> **6249598253** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Rad Power Bikes Inc 8% 12/31/2199 (d)(e) | 2698575 | 577495 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Intarcia Therapeutics Inc 6% (d)(e)(k)(l) | 9273235 | 1 |
| TOTAL UNITED STATES |  | 577496 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $11,971,809) |  | <br> **577496** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.0%** | &nbsp;&nbsp;**Money Market Funds - 1.0%** | &nbsp;&nbsp;**Money Market Funds - 1.0%** | &nbsp;&nbsp;**Money Market Funds - 1.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (m) | 3.79 | 1585071224 | 1585388239 |
| Fidelity Securities Lending Cash Central Fund (m)(n) | 3.77 | 239183958 | 239207876 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $1,824,602,901) |  |  | **1824596115** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.2%**<br> (Cost $61,945,082,624)<br>| <br>**176672979099** |
| **NET OTHER ASSETS (LIABILITIES) - (0.2)%**  | **(358602811)** |
| **NET ASSETS - 100.0%** | **176314376288** |

---

**Legend**

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

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

(c) Non-income producing.

(d) Level 3 security.

(e) 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 $8,899,032,225 or 5.0% of net assets.

(f) Affiliated company.

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

(h) Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $125,904,446 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

(i) 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 $4,614,450 or 0.0% of net assets.

(j) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $32,424,713 or 0.0% of net assets.

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

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

(m) 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.

(n) 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 B1 | 3/22/2021 | 6917787 |
| Anduril Industries Inc Class B | 6/16/2025 | 706945 |
| Anduril Industries Inc Class C | 6/16/2025 | 327 |
| Anduril Industries Inc Series G | 4/17/2025 | 6618925 |
| Anthropic PBC Series E | 2/14/2025 | 11480907 |
| Anthropic PBC Series F | 8/18/2025 | 84932979 |
| Applied Intuition Inc Class A | 7/2/2024 - 6/16/2025 | 10528697 |
| Applied Intuition Inc Series A2 | 7/2/2024 | 11027797 |
| Applied Intuition Inc Series B2 | 7/2/2024 | 5317562 |
| Asac II LP | 10/10/2013 | 3041471 |
| Asapp Inc Series C | 4/30/2021 | 8579555 |
| Bending Spoons SpA Class C | 10/9/2025 | 18769112 |
| Bytedance Ltd Series E1 | 11/18/2020 | 71616260 |
| Canva Australia Holdings Pty Ltd Class A | 3/18/2024 - 11/12/2025 | 219863272 |
| Canva Australia Holdings Pty Ltd Series A | 9/22/2023 | 13994594 |
| Canva Australia Holdings Pty Ltd Series A2 | 9/22/2023 | 2538653 |
| Cerebras Systems Inc Series G | 9/19/2025 | 113961768 |
| Chobani Inc Class A | 10/14/2025 | 57094801 |
| Databricks Inc Series L | 12/18/2025 | 104576000 |
| Discord Inc Series I | 9/15/2021 | 8534678 |
| Element Labs Inc Series B | 6/27/2025 | 5973164 |
| ElevateBio LLC Series C | 3/9/2021 | 13528456 |
| Epic Games Inc | 7/13/2020 - 7/30/2020 | 71127500 |
| Fanatics Inc Class A | 8/13/2020 - 12/15/2021 | 82369063 |
| Get Credit Healthy Inc Series B | 8/17/2023 | 44219 |
| GoBrands Inc Series G | 3/2/2021 | 13863555 |
| GoBrands Inc Series H | 7/22/2021 | 27154715 |
| Gusto Inc | 10/1/2021 | 8325588 |
| Gusto Inc Series D | 7/16/2019 | 32430830 |
| Gusto Inc Series E | 7/13/2021 | 5079029 |
| High Power Exploration Inc | 6/3/2024 | 18515707 |
| High Power Exploration Inc Series A | 11/15/2019 - 3/4/2021 | 63021028 |
| Intarcia Therapeutics Inc | 11/14/2012 | 28629079 |
| Intarcia Therapeutics Inc 6% | 1/3/2020 | 9273235 |
| JUUL Labs Inc Class A | 11/4/2025 | 51260584 |
| Kardigan Inc Series B | 10/9/2025 | 15893568 |
| Lyra Health Inc Series E | 1/14/2021 | 13534370 |
| Lyra Health Inc Series F | 6/4/2021 | 1091770 |
| MOLOCO Inc Series A | 6/26/2023 | 25176480 |
| Nuro Inc/DE Series C | 10/30/2020 | 42990338 |
| Nuro Inc/DE Series D | 10/29/2021 | 13406154 |
| Nuro Inc/DE Series E | 4/1/2025 | 13486833 |
| OpenAI Group Pbc Class A | 9/3/2025 | 10879000 |
| OpenAI Group Pbc Series A-2 | 9/30/2024 | 74801716 |
| OpenAI Group Pbc Series A-3 | 4/11/2025 - 8/4/2025 | 52082511 |
| Oura Health Oy Series E | 9/24/2025 | 60211394 |
| Physical Intelligence Inc Series B | 10/24/2025 | 4154857 |
| Rad Power Bikes Inc | 1/21/2021 | 12486307 |
| Rad Power Bikes Inc 8% 12/31/2199 | 10/6/2023 | 2698574 |
| Rad Power Bikes Inc Series A | 1/21/2021 | 1627867 |
| Rad Power Bikes Inc Series C | 1/21/2021 | 6405476 |
| Rad Power Bikes Inc Series D | 9/17/2021 | 22321629 |
| Rad Power Bikes Inc warrants 10/6/2033 | 10/6/2023 | 3 |
| Rapyd Financial Network 2016 Ltd | 3/30/2021 | 24999987 |
| Rapyd Financial Network 2016 Ltd Series F | 3/6/2025 | 1038190 |
| Rapyd Financial Network 2016 Ltd warrants 3/5/2038 | 3/6/2025 | 0 |
| Relativity Space Inc warrants 11/1/2030 | 11/14/2023 - 3/24/2025 | 0 |
| Somatus Inc Series E | 1/31/2022 | 13310300 |
| Space Exploration Technologies Corp | 10/16/2015 - 2/16/2021 | 46220114 |
| Space Exploration Technologies Corp Class C | 9/11/2017 | 1753785 |
| Space Exploration Technologies Corp Series G | 1/20/2015 | 43239334 |
| Space Exploration Technologies Corp Series H | 8/4/2017 | 16238070 |
| Space Exploration Technologies Corp Series N | 8/4/2020 | 115683660 |
| Starling Bank Ltd | 6/18/2021 - 4/5/2022 | 52246529 |
| Stripe Inc Class B | 5/18/2021 | 18282490 |
| Stripe Inc Series H | 3/15/2021 | 7635787 |
| Stripe Inc Series I | 3/20/2023 - 5/12/2023 | 42564760 |
| Tanium Inc Class B | 4/21/2017 - 9/18/2020 | 57901784 |
| Tenstorrent Holdings Inc Series C1 | 4/23/2021 | 23032751 |
| Tulco LLC | 8/24/2017 - 9/7/2018 | 52173293 |
| Veterinary Emergency Group | 9/16/2021 - 11/13/2023 | 44308445 |
| X.Ai Holdings Corp Class A | 10/25/2022 | 53469000 |
| X.Ai Holdings Corp Series C | 11/22/2024 | 75011599 |
| X.Ai Holdings Corp Series E | 12/19/2025 | 26033625 |
| Zipline International Inc | 10/12/2021 | 18569376 |
| Zipline International Inc Series E | 12/21/2020 | 42978337 |
| Zipline International Inc Series F | 4/11/2023 | 27420170 |
| Zipline International Inc Series G | 6/7/2024 | 32392820 |
| Zipline International Inc Series H | 12/3/2025 | 15557068 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| Beta Technologies Inc | 5/4/2026 |

---

**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 ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 3054860033 | 27048412454 | 28518074853 | 135091243 | 197391 | (6786) | 1585388239 | 1585071224 | 2.9% |
| Fidelity Securities Lending Cash Central Fund | 130700423 | 4433965101 | 4325457059 | 3101329 | 802 | (1391) | 239207876 | 239183958 | 0.8% |
| Total | 3185560456 | 31482377555 | 32843531912 | 138192572 | 198193 | (8177) | 1824596115 |  |  |

---

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 Consolidated Statement of Operations, if applicable.

Amounts in the dividend income column 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 income 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 ($) and Shares end of period columns 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  | 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 ($) | <br>Shares,<br> end<br> of period  |
| Xoma Royalty Corp | - | 18635994 | 59296 | - | 7042 | 217863 | 18801603 | 707093 |
| Total | - | 18635994 | 59296 | - | 7042 | 217863 | 18801603 |  |

---

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, 2025, 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 Consolidated 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>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 38501512324 | 37500381440 | 920714751 | 80416133 |
| Consumer Discretionary | 17979859379 | 17326864183 | 456083863 | 196911333 |
| Consumer Staples | 4863091454 | 4705075935 | 49605352 | 108410167 |
| Energy | 2518088658 | 2518088658 | - | - |
| Financials | 28863949782 | 28393553104 | 248157318 | 222239360 |
| Health Care | 13214820960 | 13126125386 | - | 88695574 |
| Industrials | 12783662340 | 10929895034 | 440191448 | 1413575858 |
| Information Technology | 44627698876 | 43681462764 | 423978042 | 522258070 |
| Materials | 2956504258 | 2923155218 | 15815226 | 17533814 |
| Real Estate | 744536846 | 744536846 | - | - |
| Utilities | 1544482358 | 1544482358 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 156723627 | - | - | 156723627 |
| Consumer Discretionary | 3804979 | - | - | 3804979 |
| Consumer Staples | 7427699 | - | - | 7427699 |
| Financials | 40684255 | - | - | 40684255 |
| Health Care | 116308126 | - | - | 116308126 |
| Industrials | 4617541564 | - | - | 4617541564 |
| Information Technology | 1277667506 | - | - | 1277667506 |
| Materials | 29440497 | - | - | 29440497 |
|  **Preferred Securities** |  |  |  |  |
| Consumer Discretionary | 577495 | - | - | 577495 |
| Health Care | 1 | - | - | 1 |
|  **Money Market Funds** | 1824596115 | 1824596115 | - | - |
| **Total Investments in Securities:** | 176672979099 | 165218217041 | 2554546000 | 8900216058 |
|  **Net Unrealized Appreciation (Depreciation) on Unfunded Commitments** | 2188302 | 2188302 | - | - |

---

The following is a reconciliation of consolidated Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2025 ($)** |
| **Common Stocks** | 1748769583 | 29738196 | 772534066 | 455353757 | (356355293) | - | - | - | 2650040309 | 885381458 |
| **Convertible Preferred Stocks** | 2840196937 | (16603) | 2951102674 | 665859817 | (207544572) | - | - | - | 6249598253 | 2887304113 |
| **Preferred Securities** | 3521371 | - | (2943875) | - | - | - | - | - | 577496 | (2943875) |
| <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, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <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, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <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, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <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, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <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, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <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, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <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, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <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, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. |  |  |  |

---

**Consolidated Financial Statements**

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $299,042,508) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $60,101,895,983) | $174829581381 |  |
| Fidelity Central Funds (cost $1,824,602,901) | 1824596115 |  |
| Other affiliated issuers (cost $18,583,740) | 18801603 |  |
| Total Investment in Securities (cost $61,945,082,624) |  | $176672979099 |
| Foreign currency held at value (cost $3,572,162) |  | 3574965 |
| Receivable for investments sold |  | 8695563 |
| Unrealized appreciation on unfunded commitments |  | 2188302 |
| Receivable for fund shares sold |  | 59788145 |
| Dividends receivable |  | 50686161 |
| Distributions receivable from Fidelity Central Funds |  | 6015747 |
| Prepaid expenses |  | 135598 |
| Other receivables |  | 4965522 |
| **Total assets** |  | 176809029102 |
| **Liabilities** |  |  |
| Payable to custodian bank | $1013142 |  |
| Payable for investments purchased  | 4000880 |  |
| Payable for fund shares redeemed | 139476564 |  |
| Distributions payable | 694 |  |
| Accrued management fee | 105846012 |  |
| Other payables and accrued expenses | 5107007 |  |
| Collateral on securities loaned | 239208515 |  |
| **Total liabilities** |  | 494652814 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $176314376288 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $61933127387 |
| Total accumulated earnings (loss) |  | 114381248901 |
| **Net Assets** |  | $176314376288 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Contrafund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($163,226,859,702 ÷ 6,713,235,095 shares) |  | $24.31 |
| **Class K :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($13,087,516,586 ÷ 535,956,001 shares) |  | $24.42 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $887499171 |
| Interest  |  | 42254 |
| Income from Fidelity Central Funds (including $3,101,329 from security lending)  |  | 138192572 |
| **Total income** |  | 1025733997 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $941725162 |  |
| Performance adjustment | 250342894 |  |
| Custodian fees and expenses | 1267386 |  |
| Independent trustees' fees and expenses | 634253 |  |
| Registration fees | 839511 |  |
| Audit fees | 215455 |  |
| Legal | 122559 |  |
| Miscellaneous | 561233 |  |
| **Total expenses** |  | 1195708453 |
| **Net Investment income (loss)** |  | (169974456) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $128,629)  | 10667295027 |  |
| Redemptions in-kind | 15284225867 |  |
| Fidelity Central Funds | 198193 |  |
| Other affiliated issuers | 7042 |  |
| Foreign currency transactions | (717844) |  |
| Futures contracts | 140950 |  |
| Total net realized gain (loss) |  | 25951149235 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 6602461931 |  |
| Fidelity Central Funds  | (8177) |  |
| Other affiliated issuers  | 217863 |  |
| Unfunded commitments | 2188302 |  |
| Assets and liabilities in foreign currencies | 650190 |  |
| Total change in net unrealized appreciation (depreciation) |  | 6605510109 |
| **Net gain (loss)** |  | 32556659344 |
| **Net increase (decrease) in net assets resulting from operations** |  | $32386684888 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(169974456) | $46279419 |
| &nbsp;&nbsp;Net realized gain (loss) | 25951149235<br>| 8796700085<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 6605510109 | 32572444364<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 32386684888<br>| 41415423868<br>|
| Distributions to shareholders | (8896570074)<br>| (6201314226)<br>|
| Share transactions - net increase (decrease) | 57735925<br>| 692395316<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 23547850739<br>| 35906504958<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 152766525549 | 116860020591<br>|
| &nbsp;&nbsp;End of period | $176314376288 | $152766525549 |

---

**Consolidated Financial Highlights** 

**Fidelity® Contrafund®** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $21.03 | $16.09 | $12.09 | $18.76 | $16.77 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.02)  | .01  | .08  | .06  | (.05)  |
| Net realized and unrealized gain (loss)  | 4.57  | 5.81  | 4.61  | (5.29)  | 4.07  |
| Total from investment operations  | 4.55  | 5.82  | 4.69  | (5.23)  | 4.02  |
| Distributions from net investment income  | -  | (.02)  | (.08)  | (.08)  | -  |
| Distributions from net realized gain  | (1.27)  | (.86)  | (.61)  | (1.36)  | (2.03)  |
| Total distributions  | (1.27)  | (.88)  | (.69)  | (1.44)  | (2.03)  |
| Net asset value, end of period  | $24.31 | $21.03 | $16.09 | $12.09 | $18.76 |
| **Total Return** C | 21.80% <br>| 35.97%  | 39.33%  | (28.26)%  | 24.36%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .74%  | .63%  | .42%  | .55%  | .81%  |
| Expenses net of fee waivers, if any  | .74% <br>| .63%  | .42%  | .54%  | .81%  |
| Expenses net of all reductions, if any  | .74%  | .63%  | .42%  | .54%  | .81%  |
| Net investment income (loss)  | (.11)%  | .03%  | .57%  | .41%  | (.26)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $163226860 | $140188076 | $106981545 | $82278716 | $128577225 |
| Portfolio turnover rate F | 29% G<br>| 18% G | 16% G | 25% G | 27% G |

---

A*Calculated based on average shares outstanding during the period.*

B*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.*

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

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

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

F*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity® Contrafund® Class K**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $21.10 | $16.15 | $12.13 | $18.82 | $16.81 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.01)  | .02  | .09  | .07  | (.03)  |
| Net realized and unrealized gain (loss)  | 4.60  | 5.83  | 4.63  | (5.31)  | 4.07  |
| Total from investment operations  | 4.59  | 5.85  | 4.72  | (5.24)  | 4.04  |
| Distributions from net investment income  | -  | (.04)  | (.09)  | (.09)  | -  |
| Distributions from net realized gain  | (1.27)  | (.86)  | (.61)  | (1.36)  | (2.03)  |
| Total distributions  | (1.27)  | (.90)  | (.70)  | (1.45)  | (2.03)  |
| Net asset value, end of period  | $24.42 | $21.10 | $16.15 | $12.13 | $18.82 |
| **Total Return** C | 21.92% <br>| 36.05%  | 39.47%  | (28.22)%  | 24.42%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .67%  | .56%  | .35%  | .47%  | .74%  |
| Expenses net of fee waivers, if any  | .67% <br>| .56%  | .34%  | .47%  | .74%  |
| Expenses net of all reductions, if any  | .67%  | .56%  | .34%  | .47%  | .74%  |
| Net investment income (loss)  | (.04)%  | .10%  | .64%  | .48%  | (.18)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $13087517 | $12578449 | $9878476 | $8622158 | $16587919 |
| Portfolio turnover rate F | 29% G<br>| 18% G | 16% G | 25% G | 27% G |

---

A*Calculated based on average shares outstanding during the period.*

B*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.*

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

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

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

F*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Notes to Consolidated Financial Statements**

For the period ended December 31, 2025

**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 Consolidated 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 RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

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

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

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The consolidated 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 consolidated financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the consolidated financial statements and consolidated financial highlights. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds 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, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing 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 InputA** |
| Common Stocks | $2650040309  | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 0.7 - 81.3 / 18.5 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 13.9 - 48.6 / 45.1 | Increase |
|  |  |  | Enterprise value/Net income (EV/NI)  | 17.5 | Increase |
|  |  | Market approach  | Discount rate  | 5.0% | Decrease |
|  |  | Recovery value  | Recovery value  | $0.00 - $0.20 / $0.20 | Increase |
|  |  | Black scholes  | Discount rate  | 3.5% - 4.0% / 3.5% | Increase |
|  |  |  | Term  | 1.0 - 5.0 / 1.2 | Increase |
|  |  |  | Volatility  | 50.0% - 80.0% / 60.2% | Increase |
|  |  | Book value  | Book value multiple  | 1.0 | Increase |
| Convertible Preferred Stocks | $6249598253  | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 0.8 - 81.3 / 36.4 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 19.5 - 48.6 / 48.5 | Increase |
|  |  |  | Enterprise value/Gross profit multiple (EV/GP)  | 11.9 | Increase |
|  |  | Market approach  | Transaction price  | $8.78 - $271.56 / $31.23 | Increase |
|  |  |  | Discount rate  | 5.0% - 10.0% / 8.3% | Decrease |
|  |  | Recovery value  | Recovery value  | $0.00  | Increase |
|  |  | Black scholes  | Discount rate  | 3.4% - 3.7% / 3.5% | Increase |
|  |  |  | Term | 2.0 - 5.0 / 3.1 | Increase |
|  |  |  | Volatility | 60.0% - 90.0% / 84.3% | Increase |
|  |  | Book value  | Book value multiple | 1.0 | Increase |
| Preferred Securities | $577496  | Recovery value  | Recovery value | $0.00 - $3.40 / $3.40 | Increase |

---

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Consolidated 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 Consolidated 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. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. 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 Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Consolidated Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**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 consolidated 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, 2025, the Fund did not have any unrecognized tax benefits in the consolidated 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.

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 consolidated 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 futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, partnerships, net operating losses and losses deferred due to wash sales and excise tax regulations.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $115689338993 |
| **Gross unrealized depreciation**  | <u>(1562656254)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$114126682739</u> |
| **Tax Cost**  | <u>$62548484662</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$-</u> |
| **Undistributed long-term capital gain**  | <u>$283712016</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$114127057198</u> |

---

The Fund intends to elect to defer to its next fiscal year $29,520,313 of ordinary losses recognized during the period November 1, 2025 to December 31, 2025.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income**  | - | $133551609 |
| **Long-term Capital Gains**  | <u>8896570074</u> | <u>6067762617</u> |
| **Total**  | <u>$8896570074</u> | <u>$6201314226</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 Consolidated 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 Consolidated Statement 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 Consolidated Statement of Operations, as applicable based on contractual conditions of each commitment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment to be Acquired** | **Commitment Amount ($)** | **Unrealized Appreciation (Depreciation)($)** |
| **Fidelity Contrafund** | CompoSecure, Inc. Class A | 51902028 | 2188302 |

---

**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 Total Assets** |
| **Fidelity Contrafund** | 262212170 | .15 |

---

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 Consolidated Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated 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 Consolidated Statement of Assets and Liabilities, if applicable.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Consolidated Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Consolidated Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Consolidated Statement of Operations.

Any open futures contracts at period end are presented in the Consolidated Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Consolidated Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Consolidated Statement of Assets and Liabilities.

**5. 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** | 56995360502 | 46283355012 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Net realized gain or loss on Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Contrafund** | 771387897 | 7042 | 15284218825 | 15284225867 | 18753664785 |

---

**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 Consolidated Statement of Changes in Net Assets.

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Total Proceeds ($)** |
| **Fidelity Contrafund** | 18375739 | 434355963 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders that redeemed shares 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 Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Contrafund** | 62272337 | 980509270 | 1145842701 |

---

**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 Consolidated Statement of Changes in Net Assets.

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Total Proceeds ($)** |
| **Fidelity Contrafund** | 25337009 | 540760933 |

---

**6. 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 Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Contrafund** | .61 |
| **Class K** | .54 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Contrafund** | .58 |
| **Class K** | .51 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Contrafund** | S&P 500 Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Contrafund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annual performance adjustment was .15%.

**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 Consolidated Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Fidelity Contrafund** | $4737767 |

---

**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 Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Contrafund** | 586077 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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** | 4881286581 | 3292478253 | 634807392 |

---

**7. 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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Consolidated Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Contrafund** | 214342 |

---

**8. 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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Consolidated Statement of Operations as a component of dividends. 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** | 326326 | 30867 | - |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Consolidated Schedule of Investments or Consolidated Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Contrafund** | 74308980 |

---

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Fidelity Contrafund** |  |  |
| **Distributions to shareholders** |  |  |
| Contrafund | $8222567122 | $5688411620 |
| Class K | <u>674002952</u> | <u>512902606</u> |
| Total  | <u>$8896570074</u> | <u>$6201314226</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** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** |
| **Fidelity Contrafund** |  |  |  |  |
| **Contrafund** |  |  |  |  |
| Shares sold | 1336410543 | 654256321 | $31433100471 | $12881374721 |
| Reinvestment of distributions  | 317338755 | 239167390 | 7523110260 | 5230176005 |
| Shares redeemed | <u>(1606187994)</u> | <u>(878296183)</u> | <u>(37537638734)</u> | <u>(17168956862)</u> |
| Net increase (decrease) | <u>47561304</u> | <u>15127528</u> | <u>$1418571997</u> | <u>$942593864</u> |
| **Class K** |  |  |  |  |
| Shares sold | 109683412 | 111750962 | $2520113120 | $2199280649 |
| Reinvestment of distributions  | 28238786 | 23408561 | 671696641 | 512077649 |
| Shares redeemed | <u>(198015156)</u> | <u>(150953959)</u> | <u>(4552645833)</u> | <u>(2961556846)</u> |
| Net increase (decrease) | <u>(60092958)</u> | <u>(15794436)</u> | <u>$(1360836072)</u> | <u>$(250198548)</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 public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

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

***Opinion on the Financial Statements***

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Fidelity Contrafund and its subsidiaries (one of the funds constituting Fidelity Contrafund, referred to hereafter as the "Fund") as of December 31, 2025, the related consolidated statement of operations for the year ended December 31, 2025, the consolidated statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the consolidated financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These consolidated financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated 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 consolidated 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 consolidated 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 consolidated 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 consolidated 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 consolidated financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 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 12, 2026

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

**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, 2025, $10,727,406,770, or, if subsequently determined to be different, the net capital gain of such year.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the consolidated financial statements for each Fund as part of Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img123175_4.jpg)<br>

1.540009.128 CON-ANN-0226

**Fidelity Advisor® New Insights Fund**

**Annual Report**

**December 31, 2025**

![](img123178_1.jpg)

![](img123178_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7Consolidated_ANIF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® New Insights Fund](#Sub_Sec_Fund_1277_ANIF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Consolidated Financial Statements](#Sub_Sec_NotestoFinancialStatements1277_ANIF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_ANIF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_ANIF-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_ANIF-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_ANIF-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_ANIF-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_ANIF-ANN)** |

---

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.© 2026 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.*

**Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity Advisor® New Insights Fund**

**Consolidated Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 93.8%** | &nbsp;&nbsp;**Common Stocks - 93.8%** | &nbsp;&nbsp;**Common Stocks - 93.8%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.2%  |  |  |
| Industrials - 0.0% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| Brambles Ltd  | 79130 | 1212458 |
| Clean TeQ Water Ltd (b) | 2679 | 662 |
| TOTAL INDUSTRIALS |  | 1213120 |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Canva Australia Holdings Pty Ltd Class A (b)(c)(d) | 19950 | 32840493 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Anglogold Ashanti Plc  | 110400 | 9414912 |
| Evolution Mining Ltd  | 225997 | 1912386 |
| TOTAL MATERIALS |  | 11327298 |
| TOTAL AUSTRALIA |  | 45380911 |
| BELGIUM - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| UCB SA  | 375254 | 105222243 |
| BRAZIL - 0.6%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| MercadoLibre Inc (b) | 8500 | 17121210 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Itau Unibanco Holding SA ADR  | 895644 | 6412811 |
| NU Holdings Ltd/Cayman Islands Class A (b) | 2190684 | 36672051 |
|  |  | 43084862 |
| Capital Markets - 0.0% |  |  |
| Banco BTG Pactual SA unit  | 220222 | 2113102 |
| TOTAL FINANCIALS |  | 45197964 |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Wheaton Precious Metals Corp  | 668011 | 78532844 |
| TOTAL BRAZIL |  | 140852018 |
| BURKINA FASO - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| IAMGOLD Corp (b) | 172100 | 2840017 |
| CANADA - 3.2%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.0% |  |  |
| Dollarama Inc  | 52387 | 7829711 |
| Specialty Retail - 0.1% |  |  |
| Aritzia Inc Subordinate Voting Shares (b) | 159500 | 13636898 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Gildan Activewear Inc  | 46800 | 2925192 |
| TOTAL CONSUMER DISCRETIONARY |  | 24391801 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Cameco Corp (United States)  | 532706 | 48737272 |
| Canadian Natural Resources Ltd (e) | 795714 | 26951837 |
| GoviEx Uranium Inc (b) | 539514 | 35581 |
| GoviEx Uranium Inc (b)(f) | 23200 | 1530 |
| GoviEx Uranium Inc Class A (b)(f) | 2625135 | 173128 |
| Imperial Oil Ltd  | 166800 | 14410509 |
| PrairieSky Royalty Ltd  | 39000 | 768038 |
| TOTAL ENERGY |  | 91077895 |
| Financials - 0.6% |  |  |
| Banks - 0.2% |  |  |
| Royal Bank of Canada  | 194362 | 33134505 |
| Toronto Dominion Bank  | 116630 | 10992136 |
|  |  | 44126641 |
| Capital Markets - 0.0% |  |  |
| Brookfield Asset Management Ltd Class A (United States)  | 163646 | 8573414 |
| Insurance - 0.4% |  |  |
| Fairfax Financial Holdings Ltd Subordinate Voting Shares  | 37160 | 70821808 |
| Intact Financial Corp  | 142685 | 29703388 |
|  |  | 100525196 |
| TOTAL FINANCIALS |  | 153225251 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Xenon Pharmaceuticals Inc (b) | 78500 | 3518370 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| I-Pulse Inc (b)(c)(d) | 58562 | 148162 |
| I-Pulse Inc (b)(c) | 2927 | 526 |
|  |  | 148688 |
| TOTAL HEALTH CARE |  | 3667058 |
| Information Technology - 0.7% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Celestica Inc (b) | 90045 | 26635948 |
| IT Services - 0.5% |  |  |
| Shopify Inc Class A (b) | 805725 | 129733143 |
| Software - 0.1% |  |  |
| Constellation Software Inc/Canada  | 5100 | 12267050 |
| Descartes Systems Group Inc/The (United States) (b) | 77400 | 6784884 |
|  |  | 19051934 |
| TOTAL INFORMATION TECHNOLOGY |  | 175421025 |
| Materials - 1.4% |  |  |
| Metals & Mining - 1.4% |  |  |
| Agnico Eagle Mines Ltd/CA  | 182989 | 31031671 |
| Alamos Gold Inc Class A  | 242395 | 9359903 |
| B2Gold Corp  | 5626421 | 25333344 |
| Barrick Mining Corp (United States)  | 252300 | 10987665 |
| Franco-Nevada Corp  | 506725 | 105036851 |
| Franco-Nevada Corp (United States)  | 91100 | 18883208 |
| G Mining Ventures Corp (b) | 179235 | 5417989 |
| Kinross Gold Corp  | 112631 | 3172426 |
| Lundin Gold Inc  | 403210 | 33495322 |
| Novagold Resources Inc (b) | 394469 | 3678703 |
| Orla Mining Ltd (b) | 6210003 | 83520932 |
| TOTAL MATERIALS |  | 329918014 |
| TOTAL CANADA |  | 777701044 |
| CHINA - 0.3%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Tencent Holdings Ltd  | 93951 | 7210132 |
| Consumer Discretionary - 0.2% |  |  |
| Automobiles - 0.1% |  |  |
| BYD Co Ltd H Shares  | 2650930 | 32396376 |
| Broadline Retail - 0.1% |  |  |
| PDD Holdings Inc Class A ADR (b) | 131500 | 14910785 |
| TOTAL CONSUMER DISCRETIONARY |  | 47307161 |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| Wuxi Apptec Co Ltd H Shares (f)(i) | 30200 | 382996 |
| Industrials - 0.1% |  |  |
| Electrical Equipment - 0.1% |  |  |
| Contemporary Amperex Technology Co Ltd A Shares (China)  | 377200 | 19807895 |
| TOTAL CHINA |  | 74708184 |
| CONGO DEMOCRATIC REPUBLIC OF - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Ivanhoe Mines Ltd Class A (b)(e) | 4205023 | 47823692 |
| DENMARK - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Ascendis Pharma A/S ADR (b) | 29200 | 6226608 |
| FINLAND - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Amer Sports Inc (b) | 897009 | 33503286 |
| FRANCE - 0.1%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Danone SA  | 42800 | 3860521 |
| Health Care - 0.1% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| EssilorLuxottica SA  | 43463 | 13785876 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Dassault Aviation SA  | 10970 | 3529814 |
| TOTAL FRANCE |  | 21176211 |
| GERMANY - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Birkenstock Holding Plc (b)(e) | 48854 | 1998129 |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| Allianz SE  | 2604 | 1204030 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Rheinmetall AG  | 12100 | 22197296 |
| Electrical Equipment - 0.0% |  |  |
| Siemens Energy AG (b) | 60342 | 8465293 |
| TOTAL INDUSTRIALS |  | 30662589 |
| TOTAL GERMANY |  | 33864748 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Bullish  | 15400 | 583198 |
| Insurance - 0.0% |  |  |
| Accelerant Holdings Class A (b)(e) | 30300 | 495404 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 1078602 |
| HONG KONG - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Futu Holdings Ltd Class A ADR (b) | 7700 | 1264417 |
| INDIA - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Bharti Airtel Ltd  | 55500 | 1300447 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Meesho  | 29364 | 58890 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Eternal Ltd (b) | 2766561 | 8560262 |
| Specialty Retail - 0.0% |  |  |
| Lenskart Solutions Ltd (b) | 117753 | 590587 |
| Lenskart Solutions Ltd (h) | 98605 | 494550 |
|  |  | 1085137 |
| TOTAL CONSUMER DISCRETIONARY |  | 9704289 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Reliance Industries Ltd  | 448400 | 7836097 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| HDFC Bank Ltd ADR  | 689348 | 25188777 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Max Healthcare Institute Ltd  | 352100 | 4094942 |
| TOTAL INDIA |  | 48124552 |
| ISRAEL - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Teva Pharmaceutical Industries Ltd ADR (b) | 346243 | 10806244 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Elbit Systems Ltd (United States) (e) | 1123 | 648768 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Camtek Ltd/Israel (b)(e) | 94900 | 10092141 |
| TOTAL ISRAEL |  | 21547153 |
| ITALY - 0.4%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Brunello Cucinelli SpA (e) | 646526 | 74779257 |
| Industrials - 0.1% |  |  |
| Passenger Airlines - 0.1% |  |  |
| Ryanair Holdings PLC ADR  | 455412 | 32876192 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Bending Spoons SpA Class C (c)(d) | 19500 | 1734771 |
| TOTAL ITALY |  | 109390220 |
| JAPAN - 0.5%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.0% |  |  |
| Pan Pacific International Holdings Corp  | 219635 | 1308344 |
| Household Durables - 0.0% |  |  |
| Sony Group Corp  | 85500 | 2193160 |
| Specialty Retail - 0.1% |  |  |
| Fast Retailing Co Ltd  | 24882 | 9044823 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Asics Corp  | 346494 | 8306212 |
| TOTAL CONSUMER DISCRETIONARY |  | 20852539 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Sumitomo Mitsui Financial Group Inc  | 42600 | 1370076 |
| Industrials - 0.4% |  |  |
| Industrial Conglomerates - 0.3% |  |  |
| Hitachi Ltd  | 2279452 | 71334740 |
| Machinery - 0.1% |  |  |
| Daifuku Co Ltd  | 285200 | 8972584 |
| Mitsubishi Heavy Industries Ltd  | 528380 | 12899045 |
|  |  | 21871629 |
| Trading Companies & Distributors - 0.0% |  |  |
| ITOCHU Corp  | 227810 | 2872349 |
| TOTAL INDUSTRIALS |  | 96078718 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| Fujitsu Ltd  | 48000 | 1319180 |
| NEC Corp  | 33800 | 1145799 |
|  |  | 2464979 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Advantest Corp  | 105873 | 13387421 |
| TOTAL INFORMATION TECHNOLOGY |  | 15852400 |
| TOTAL JAPAN |  | 134153733 |
| KOREA (SOUTH) - 0.4%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobiles - 0.1% |  |  |
| Hyundai Motor Co  | 110913 | 22893612 |
| Kia Corp  | 15610 | 1322690 |
|  |  | 24216302 |
| Broadline Retail - 0.1% |  |  |
| Coupang Inc Class A (b) | 1203540 | 28391509 |
| TOTAL CONSUMER DISCRETIONARY |  | 52607811 |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| SK Hynix Inc  | 108250 | 49000932 |
| TOTAL KOREA (SOUTH) |  | 101608743 |
| NETHERLANDS - 0.8%  |  |  |
| Communication Services - 0.1% |  |  |
| Entertainment - 0.1% |  |  |
| Universal Music Group NV  | 673412 | 17555741 |
| Health Care - 0.5% |  |  |
| Biotechnology - 0.5% |  |  |
| Argenx SE ADR (b) | 142732 | 120030476 |
| Newamsterdam Pharma Co NV (b) | 13400 | 470072 |
| TOTAL HEALTH CARE |  | 120500548 |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| ASM International NV  | 13600 | 8272656 |
| ASML Holding NV depository receipt  | 12400 | 13266264 |
| BE Semiconductor Industries NV  | 20500 | 3222251 |
| NXP Semiconductors NV  | 102900 | 22335474 |
| TOTAL INFORMATION TECHNOLOGY |  | 47096645 |
| TOTAL NETHERLANDS |  | 185152934 |
| SPAIN - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Banco Santander SA  | 1439230 | 16940443 |
| SWITZERLAND - 0.2%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| On Holding AG Class A (b) | 452025 | 21010122 |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| UBS Group AG  | 391335 | 18259994 |
| TOTAL SWITZERLAND |  | 39270116 |
| TAIWAN - 1.2%  |  |  |
| Information Technology - 1.2% |  |  |
| Semiconductors & Semiconductor Equipment - 1.2% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 134000 | 6601468 |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 946300 | 287571107 |
| TOTAL TAIWAN |  | 294172575 |
| THAILAND - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Fabrinet (b) | 17100 | 7785288 |
| UNITED KINGDOM - 0.5%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Flutter Entertainment PLC (b) | 81700 | 17568768 |
| Leisure Products - 0.0% |  |  |
| Games Workshop Group PLC  | 2369 | 604171 |
| TOTAL CONSUMER DISCRETIONARY |  | 18172939 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| TechnipFMC PLC  | 144040 | 6418422 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| NatWest Group PLC  | 987151 | 8659567 |
| Starling Bank Ltd (c)(d) | 3787848 | 13070924 |
| TOTAL FINANCIALS |  | 21730491 |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| Astrazeneca PLC  | 206800 | 38270273 |
| Astrazeneca PLC ADR  | 14800 | 1360564 |
| TOTAL HEALTH CARE |  | 39630837 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Rolls-Royce Holdings PLC  | 3073764 | 47537952 |
| TOTAL UNITED KINGDOM |  | 133490641 |
| UNITED STATES - 84.2%  |  |  |
| Communication Services - 21.1% |  |  |
| Entertainment - 2.6% |  |  |
| Liberty Media Corp-Liberty Formula One Class C (b) | 500492 | 49303467 |
| Live Nation Entertainment Inc (b) | 130226 | 18557205 |
| Netflix Inc (b) | 4880300 | 457576928 |
| ROBLOX Corp Class A (b) | 138232 | 11200939 |
| Spotify Technology SA (b) | 94456 | 54851544 |
| Walt Disney Co/The  | 229100 | 26064707 |
| Warner Bros Discovery Inc (b) | 453814 | 13078919 |
|  |  | 630633709 |
| Interactive Media & Services - 18.2% |  |  |
| Alphabet Inc Class A  | 6110260 | 1912511380 |
| Epic Games Inc (b)(c)(d) | 23900 | 15537151 |
| Meta Platforms Inc Class A  | 3772016 | 2489870041 |
| Reddit Inc Class A (b) | 193423 | 44462145 |
| Reddit Inc Class B (b) | 87201 | 20044894 |
| Snap Inc Class A (b) | 793400 | 6402738 |
|  |  | 4488828349 |
| Media - 0.1% |  |  |
| EchoStar Corp Class A (b)(e) | 216600 | 23544420 |
| Omnicom Group Inc  | 86466 | 6982130 |
|  |  | 30526550 |
| Wireless Telecommunication Services - 0.2% |  |  |
| T-Mobile US Inc  | 256807 | 52142093 |
| TOTAL COMMUNICATION SERVICES |  | 5202130701 |
| Consumer Discretionary - 8.6% |  |  |
| Automobiles - 0.1% |  |  |
| General Motors Co  | 93193 | 7578455 |
| Rad Power Bikes Inc (b)(c)(d) | 474452 | 4 |
| Rad Power Bikes Inc warrants 10/6/2033 (b)(c)(d) | 488383 | 5 |
| Tesla Inc (b) | 57597 | 25902523 |
|  |  | 33480987 |
| Broadline Retail - 5.1% |  |  |
| Amazon.com Inc (b) | 5409600 | 1248643872 |
| Ollie's Bargain Outlet Holdings Inc (b) | 39073 | 4282792 |
|  |  | 1252926664 |
| Diversified Consumer Services - 0.1% |  |  |
| Duolingo Inc Class A (b)(e) | 126288 | 22163544 |
| Hotels, Restaurants & Leisure - 1.5% |  |  |
| Airbnb Inc Class A (b) | 310207 | 42101294 |
| Black Rock Coffee Bar Inc Class A  | 16000 | 356000 |
| Booking Holdings Inc  | 2816 | 15080609 |
| Carnival Corp (b) | 547321 | 16715183 |
| Cava Group Inc (b)(e) | 165825 | 9732269 |
| DoorDash Inc Class A (b) | 41614 | 9424739 |
| DraftKings Inc Class A (b) | 2310800 | 79630169 |
| Dutch Bros Inc Class A (b) | 104593 | 6403183 |
| Hilton Worldwide Holdings Inc  | 438265 | 125891622 |
| Royal Caribbean Cruises Ltd  | 20901 | 5829707 |
| Starbucks Corp  | 133281 | 11223593 |
| Viking Holdings Ltd (b) | 711489 | 50807429 |
| Wynn Resorts Ltd  | 9800 | 1179234 |
|  |  | 374375031 |
| Household Durables - 0.5% |  |  |
| Blu Homes Inc (b)(c)(d) | 98215581 | 30447 |
| DR Horton Inc  | 177075 | 25504112 |
| Garmin Ltd  | 16255 | 3297327 |
| PulteGroup Inc  | 372253 | 43650387 |
| SharkNinja Inc (b) | 113300 | 12678270 |
| Somnigroup International Inc  | 290904 | 25971909 |
|  |  | 111132452 |
| Specialty Retail - 1.3% |  |  |
| Boot Barn Holdings Inc (b) | 7500 | 1323525 |
| Dick's Sporting Goods Inc  | 400 | 79188 |
| Fanatics Inc Class A (b)(c)(d) | 372921 | 29833680 |
| Home Depot Inc/The  | 112300 | 38642430 |
| O'Reilly Automotive Inc (b) | 835795 | 76232862 |
| TJX Cos Inc/The  | 930451 | 142926578 |
| Urban Outfitters Inc (b) | 117379 | 8833944 |
| Warby Parker Inc Class A (b) | 747200 | 16281488 |
|  |  | 314153695 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Lululemon Athletica Inc (b) | 5900 | 1226078 |
| Ralph Lauren Corp Class A  | 49367 | 17456665 |
|  |  | 18682743 |
| TOTAL CONSUMER DISCRETIONARY |  | 2126915116 |
| Consumer Staples - 1.1% |  |  |
| Beverages - 0.6% |  |  |
| Coca-Cola Co/The  | 1611337 | 112648570 |
| Keurig Dr Pepper Inc  | 584934 | 16384001 |
| PepsiCo Inc  | 24900 | 3573648 |
| Vita Coco Co Inc/The (b) | 232300 | 12314223 |
|  |  | 144920442 |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| Casey's General Stores Inc  | 45800 | 25314118 |
| Chobani Inc Class A (c)(d)(g) | 1177 | 5245124 |
| Costco Wholesale Corp  | 19933 | 17189023 |
| Dollar General Corp  | 18600 | 2469522 |
| Dollar Tree Inc (b) | 124100 | 15265541 |
| Sprouts Farmers Market Inc (b) | 59800 | 4764266 |
| Walmart Inc  | 118902 | 13246872 |
|  |  | 83494466 |
| Food Products - 0.0% |  |  |
| Vital Farms Inc (b) | 180900 | 5777946 |
| Personal Care Products - 0.1% |  |  |
| elf Beauty Inc (b) | 7400 | 562696 |
| Estee Lauder Cos Inc/The Class A  | 113800 | 11917136 |
|  |  | 12479832 |
| Tobacco - 0.1% |  |  |
| Philip Morris International Inc  | 106615 | 17101046 |
| TOTAL CONSUMER STAPLES |  | 263773732 |
| Energy - 0.7% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| WaterBridge Infrastructure LLC Class A  | 97800 | 1956978 |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| Antero Resources Corp (b) | 681800 | 23494828 |
| Cheniere Energy Inc  | 236500 | 45973235 |
| Exxon Mobil Corp  | 32500 | 3911050 |
| Marathon Petroleum Corp  | 37500 | 6098625 |
| Shell PLC ADR  | 1092138 | 80250300 |
| Valero Energy Corp  | 44200 | 7195318 |
|  |  | 166923356 |
| TOTAL ENERGY |  | 168880334 |
| Financials - 12.5% |  |  |
| Banks - 3.1% |  |  |
| Bancorp Inc/The (b) | 273300 | 18453216 |
| Bank of America Corp  | 1526200 | 83941000 |
| Citigroup Inc  | 652747 | 76169047 |
| East West Bancorp Inc  | 33604 | 3776754 |
| JPMorgan Chase & Co  | 722832 | 232910927 |
| Wells Fargo & Co  | 3735216 | 348122131 |
|  |  | 763373075 |
| Capital Markets - 1.4% |  |  |
| Bank of New York Mellon Corp/The  | 799539 | 92818483 |
| Blackrock Inc  | 1200 | 1284408 |
| Blue Owl Capital Inc Class A  | 1258200 | 18797508 |
| Cboe Global Markets Inc  | 71560 | 17961560 |
| Charles Schwab Corp/The  | 456567 | 45615609 |
| Coinbase Global Inc Class A (b) | 17523 | 3962651 |
| Evercore Inc Class A  | 2300 | 782575 |
| Goldman Sachs Group Inc/The  | 38814 | 34117506 |
| Interactive Brokers Group Inc Class A  | 147151 | 9463281 |
| Moody's Corp  | 75330 | 38482331 |
| Morgan Stanley  | 373523 | 66311538 |
| MSCI Inc  | 6700 | 3843991 |
| Nasdaq Inc  | 13691 | 1329807 |
| Tulco LLC (b)(c)(d)(g) | 17377 | 14371300 |
|  |  | 349142548 |
| Consumer Finance - 0.7% |  |  |
| American Express Co  | 293108 | 108435305 |
| Capital One Financial Corp  | 246392 | 59715565 |
| SoFi Technologies Inc Class A (b) | 40300 | 1055054 |
| Synchrony Financial  | 108558 | 9056994 |
|  |  | 178262918 |
| Financial Services - 6.2% |  |  |
| Apollo Global Management Inc  | 401300 | 58092188 |
| Berkshire Hathaway Inc Class A (b) | 1332 | 1005393601 |
| Mastercard Inc Class A  | 375100 | 214137088 |
| Rocket Cos Inc Class A  | 62800 | 1215808 |
| Toast Inc Class A (b) | 1160883 | 41222955 |
| Visa Inc Class A  | 570026 | 199913818 |
|  |  | 1519975458 |
| Insurance - 1.1% |  |  |
| American Financial Group Inc/OH  | 77100 | 10538028 |
| American International Group Inc  | 14700 | 1257585 |
| Arthur J Gallagher & Co  | 322086 | 83352636 |
| Chubb Ltd  | 312312 | 97478822 |
| Progressive Corp/The  | 88240 | 20094013 |
| Travelers Companies Inc/The  | 236990 | 68741319 |
|  |  | 281462403 |
| TOTAL FINANCIALS |  | 3092216402 |
| Health Care - 7.0% |  |  |
| Biotechnology - 1.9% |  |  |
| AbbVie Inc  | 90941 | 20779109 |
| Alnylam Pharmaceuticals Inc (b) | 413280 | 164340792 |
| Apogee Therapeutics Inc (b) | 31400 | 2370072 |
| BeOne Medicines Ltd ADR (b) | 97040 | 29481722 |
| Caris Life Sciences Inc (b) | 132267 | 3568564 |
| Celldex Therapeutics Inc (b) | 88600 | 2406376 |
| Cidara Therapeutics Inc (b) | 13200 | 2915748 |
| Cytokinetics Inc (b) | 147000 | 9340380 |
| Gilead Sciences Inc  | 1190276 | 146094476 |
| Immunome Inc (b) | 66400 | 1426272 |
| Immunovant Inc (b) | 125963 | 3201979 |
| Insmed Inc (b) | 127519 | 22193407 |
| Kymera Therapeutics Inc (b) | 73300 | 5703473 |
| Legend Biotech Corp ADR (b) | 1286571 | 27970054 |
| Light Sciences Oncology Inc (b)(c) | 2708254 | 27 |
| Natera Inc (b) | 5200 | 1191268 |
| Nuvalent Inc Class A (b) | 20300 | 2041977 |
| PTC Therapeutics Inc (b)(e) | 17600 | 1336896 |
| Regeneron Pharmaceuticals Inc  | 8710 | 6722988 |
| Roivant Sciences Ltd (b) | 249959 | 5424110 |
| Soleno Therapeutics Inc (b) | 292603 | 13547519 |
| Summit Therapeutics Inc (b) | 131246 | 2295493 |
| Travere Therapeutics Inc (b) | 11700 | 447057 |
| United Therapeutics Corp (b) | 5200 | 2533700 |
|  |  | 477333459 |
| Health Care Equipment & Supplies - 1.8% |  |  |
| Alcon AG (United States)  | 7973 | 628352 |
| Artivion Inc (b) | 292900 | 13359169 |
| Baxter International Inc  | 66600 | 1272726 |
| Boston Scientific Corp (b) | 2025108 | 193094049 |
| Edwards Lifesciences Corp (b) | 30200 | 2574550 |
| Insulet Corp (b) | 45500 | 12932920 |
| Intuitive Surgical Inc (b) | 131651 | 74561860 |
| Medline Inc Class A  | 623515 | 26187630 |
| Penumbra Inc (b) | 48241 | 14998609 |
| ResMed Inc  | 4700 | 1132089 |
| Stryker Corp  | 64400 | 22634668 |
| TransMedics Group Inc (b) | 614300 | 74729595 |
|  |  | 438106217 |
| Health Care Providers & Services - 0.7% |  |  |
| CVS Health Corp  | 281277 | 22322143 |
| Ensign Group Inc/The  | 51700 | 9006140 |
| HCA Healthcare Inc  | 96773 | 45179443 |
| LifeStance Health Group Inc (b) | 1066400 | 7507456 |
| McKesson Corp  | 34300 | 28135947 |
| Tenet Healthcare Corp (b) | 364957 | 72524255 |
|  |  | 184675384 |
| Health Care Technology - 0.1% |  |  |
| Doximity Inc Class A (b) | 137024 | 6067422 |
| Veeva Systems Inc Class A (b) | 48175 | 10754105 |
|  |  | 16821527 |
| Life Sciences Tools & Services - 0.5% |  |  |
| Danaher Corp  | 22600 | 5173592 |
| Thermo Fisher Scientific Inc  | 165232 | 95743682 |
| Veterinary Emergency Group (b)(c)(d)(g) | 184081 | 14651007 |
|  |  | 115568281 |
| Pharmaceuticals - 2.0% |  |  |
| Eli Lilly & Co  | 439483 | 472303591 |
| Jazz Pharmaceuticals PLC (b) | 6800 | 1156000 |
| Johnson & Johnson  | 6100 | 1262395 |
| Merck & Co Inc  | 12600 | 1326276 |
| Structure Therapeutics Inc ADR (b) | 148262 | 10311622 |
|  |  | 486359884 |
| TOTAL HEALTH CARE |  | 1718864752 |
| Industrials - 8.4% |  |  |
| Aerospace & Defense - 3.8% |  |  |
| ATI Inc (b) | 103779 | 11909678 |
| Axon Enterprise Inc (b) | 42345 | 24048996 |
| Beta Technologies Inc (h) | 826513 | 23315932 |
| Beta Technologies Inc Class A (b) | 141100 | 3980431 |
| Boeing Co (b) | 255700 | 55517584 |
| Carpenter Technology Corp  | 88154 | 27754405 |
| GE Aerospace  | 910703 | 280523846 |
| General Dynamics Corp  | 7400 | 2491284 |
| HEICO Corp Class A  | 4956 | 1251043 |
| Howmet Aerospace Inc  | 638477 | 130900555 |
| Karman Holdings Inc (b)(e) | 325500 | 23816835 |
| Loar Holdings Inc (b)(e) | 24641 | 1675588 |
| Northrop Grumman Corp  | 19500 | 11119095 |
| Relativity Space Inc (b)(c) | 5596 | 5932 |
| Relativity Space Inc warrants 11/1/2030 (b)(c)(d) | 132 | 134 |
| Rocket Lab Corp (e) | 39907 | 2783912 |
| RTX Corp  | 9600 | 1760640 |
| Space Exploration Technologies Corp (b)(c)(d) | 564510 | 226052384 |
| StandardAero Inc (b) | 41500 | 1190220 |
| TransDigm Group Inc  | 48090 | 63952487 |
| Woodward Inc  | 25051 | 7573418 |
|  |  | 901624399 |
| Air Freight & Logistics - 0.0% |  |  |
| CH Robinson Worldwide Inc  | 16900 | 2716844 |
| Zipline International Inc (b)(c)(d) | 74930 | 4215562 |
|  |  | 6932406 |
| Building Products - 0.5% |  |  |
| Tecnoglass Inc  | 773948 | 38945063 |
| Trane Technologies PLC  | 194728 | 75788138 |
|  |  | 114733201 |
| Commercial Services & Supplies - 0.2% |  |  |
| Cintas Corp  | 27366 | 5146723 |
| GFL Environmental Inc Subordinate Voting Shares  | 1309025 | 56231186 |
|  |  | 61377909 |
| Construction & Engineering - 0.7% |  |  |
| API Group Corp (b) | 136900 | 5237794 |
| Bowman Consulting Group Ltd (b) | 337500 | 11144250 |
| Construction Partners Inc Class A (b) | 153300 | 16640715 |
| EMCOR Group Inc  | 117900 | 72130041 |
| Legence Corp Class A  | 16800 | 723072 |
| Quanta Services Inc  | 183300 | 77363598 |
|  |  | 183239470 |
| Electrical Equipment - 1.7% |  |  |
| Eaton Corp PLC  | 201165 | 64073064 |
| GE Vernova Inc  | 438679 | 286707434 |
| Nextpower Inc Class A (b) | 537300 | 46804203 |
| Vertiv Holdings Co Class A  | 20400 | 3305004 |
|  |  | 400889705 |
| Ground Transportation - 0.0% |  |  |
| Uber Technologies Inc (b) | 92344 | 7545428 |
| Industrial Conglomerates - 0.1% |  |  |
| 3M Co  | 229671 | 36770327 |
| Machinery - 1.2% |  |  |
| Allison Transmission Holdings Inc  | 111306 | 10896857 |
| Caterpillar Inc  | 4200 | 2406054 |
| Deere & Co  | 39200 | 18250344 |
| Parker-Hannifin Corp  | 203100 | 178516777 |
| RBC Bearings Inc (b) | 21310 | 9556043 |
| Symbotic Inc Class A (b)(e) | 87000 | 5176500 |
| Westinghouse Air Brake Technologies Corp  | 296122 | 63207241 |
|  |  | 288009816 |
| Passenger Airlines - 0.0% |  |  |
| Delta Air Lines Inc  | 77500 | 5378500 |
| Professional Services - 0.1% |  |  |
| CACI International Inc (b) | 2000 | 1065620 |
| KBR Inc  | 705700 | 28369140 |
| SS&C Technologies Holdings Inc  | 13877 | 1213127 |
| UL Solutions Inc Class A (e) | 79121 | 6239482 |
|  |  | 36887369 |
| Trading Companies & Distributors - 0.1% |  |  |
| Ferguson Enterprises Inc  | 15000 | 3339450 |
| FTAI Aviation Ltd  | 56600 | 11141710 |
| Herc Holdings Inc  | 67500 | 10015650 |
| QXO Inc (b)(e) | 165288 | 3188406 |
|  |  | 27685216 |
| TOTAL INDUSTRIALS |  | 2071073746 |
| Information Technology - 22.4% |  |  |
| Communications Equipment - 0.5% |  |  |
| Arista Networks Inc (b) | 792730 | 103871412 |
| Ciena Corp (b) | 77900 | 18218473 |
| Lumentum Holdings Inc (b) | 4700 | 1732373 |
|  |  | 123822258 |
| Electronic Equipment, Instruments & Components - 1.5% |  |  |
| Amphenol Corp Class A  | 2349511 | 317512917 |
| Coherent Corp (b) | 171300 | 31616841 |
| Corning Inc  | 14600 | 1278376 |
| Flex Ltd (b) | 17600 | 1063392 |
| Jabil Inc  | 5900 | 1345318 |
| Mirion Technologies Inc Class A (b) | 799041 | 18713540 |
| Sanmina Corp (b) | 400 | 60028 |
| TD SYNNEX Corp  | 7400 | 1111702 |
|  |  | 372702114 |
| IT Services - 0.4% |  |  |
| Asac II LP (b)(c)(d) | 9408021 | 1877652 |
| Cloudflare Inc Class A (b) | 111958 | 22072520 |
| IBM Corporation  | 12356 | 3659971 |
| MongoDB Inc Class A (b) | 16600 | 6966854 |
| Snowflake Inc (b) | 158616 | 34794006 |
| Twilio Inc Class A (b) | 19400 | 2759456 |
| X.Ai Holdings Corp Class A (c)(d) | 269574 | 20342054 |
|  |  | 92472513 |
| Semiconductors & Semiconductor Equipment - 12.6% |  |  |
| Advanced Micro Devices Inc (b) | 85700 | 18353512 |
| Analog Devices Inc  | 44515 | 12072468 |
| Applied Materials Inc  | 40100 | 10305299 |
| ARM Holdings PLC ADR (b) | 78179 | 8545746 |
| Astera Labs Inc (b) | 167000 | 27782120 |
| Broadcom Inc  | 835899 | 289304644 |
| Intel Corp (b) | 85374 | 3150300 |
| KLA Corp  | 11924 | 14488614 |
| Lam Research Corp  | 166800 | 28552824 |
| MACOM Technology Solutions Holdings Inc (b) | 81800 | 14010704 |
| Marvell Technology Inc  | 839868 | 71371983 |
| Micron Technology Inc  | 570499 | 162826120 |
| Monolithic Power Systems Inc  | 14096 | 12776051 |
| NVIDIA Corp  | 12959260 | 2416901990 |
|  |  | 3090442375 |
| Software - 6.3% |  |  |
| Applied Intuition Inc Class A (b)(c)(d) | 44267 | 5014566 |
| AppLovin Corp Class A (b) | 12143 | 8182196 |
| Autodesk Inc (b) | 80800 | 23917608 |
| BitMine Immersion Technologies Inc (e) | 167600 | 4550340 |
| Cadence Design Systems Inc (b) | 320974 | 100330053 |
| Circle Internet Group Inc Class A  | 120701 | 9571589 |
| Crowdstrike Holdings Inc Class A (b) | 8639 | 4049618 |
| CyberArk Software Ltd (b) | 43782 | 19529399 |
| Datadog Inc Class A (b) | 61000 | 8295390 |
| Figma Inc Class A (e) | 280800 | 10493496 |
| Fortinet Inc (b) | 59873 | 4754515 |
| Guidewire Software Inc (b) | 11500 | 2311615 |
| JFrog Ltd (b) | 48858 | 3051671 |
| Magic Leap Inc Class A (b)(c)(d) | 30863 | 0 |
| Magic Leap Inc warrants (b)(c)(d) | 46794 | 0 |
| Microsoft Corp  | 2488815 | 1203640710 |
| OpenAI Group Pbc Class A (c)(d) | 7600 | 3628848 |
| Palantir Technologies Inc Class A (b) | 26011 | 4623455 |
| Palo Alto Networks Inc (b) | 124800 | 22988160 |
| Riot Platforms Inc (b) | 1197100 | 15167257 |
| Roper Technologies Inc  | 29000 | 12908770 |
| Salesforce Inc  | 5000 | 1324550 |
| Samsara Inc Class A (b) | 550131 | 19502144 |
| ServiceTitan Inc Class A (b) | 3900 | 415350 |
| Stripe Inc Class B (b)(c)(d) | 83200 | 3446144 |
| Synopsys Inc (b) | 23300 | 10944476 |
| Tanium Inc Class B (b)(c)(d) | 1259978 | 10357019 |
| Via Transportation Inc Class A (b)(e) | 24300 | 704943 |
| Zoom Communications Inc Class A (b) | 325090 | 28052016 |
| Zscaler Inc (b) | 42198 | 9491174 |
|  |  | 1551247072 |
| Technology Hardware, Storage & Peripherals - 1.1% |  |  |
| Apple Inc  | 852797 | 231841392 |
| Dell Technologies Inc Class C  | 107725 | 13560423 |
| Seagate Technology Holdings PLC  | 4300 | 1184177 |
| Western Digital Corp  | 105400 | 18157258 |
|  |  | 264743250 |
| TOTAL INFORMATION TECHNOLOGY |  | 5495429582 |
| Materials - 0.3% |  |  |
| Chemicals - 0.2% |  |  |
| Corteva Inc  | 806900 | 54086507 |
| Ecolab Inc  | 3545 | 930633 |
|  |  | 55017140 |
| Construction Materials - 0.0% |  |  |
| CRH PLC  | 31100 | 3881280 |
| Martin Marietta Materials Inc  | 4700 | 2926502 |
|  |  | 6807782 |
| Metals & Mining - 0.1% |  |  |
| Ivanhoe Electric Inc / US (b) | 469778 | 7507053 |
| Ivanhoe Electric Inc / US warrants 2/15/2026 (b) | 154500 | 1391805 |
| MP Materials Corp (b)(e) | 116766 | 5899018 |
| Royal Gold Inc  | 5628 | 1251048 |
| Steel Dynamics Inc  | 22853 | 3872441 |
|  |  | 19921365 |
| TOTAL MATERIALS |  | 81746287 |
| Real Estate - 0.6% |  |  |
| Health Care REITs - 0.4% |  |  |
| Welltower Inc  | 501600 | 93101976 |
| Office REITs - 0.0% |  |  |
| Kilroy Realty Corp  | 467852 | 17483629 |
| Real Estate Management & Development - 0.2% |  |  |
| CBRE Group Inc Class A (b) | 244500 | 39313155 |
| Specialized REITs - 0.0% |  |  |
| Fermi Inc (e) | 69243 | 553944 |
| TOTAL REAL ESTATE |  | 150452704 |
| Utilities - 1.5% |  |  |
| Electric Utilities - 1.2% |  |  |
| American Electric Power Co Inc  | 119575 | 13788193 |
| Constellation Energy Corp  | 519388 | 183484199 |
| Entergy Corp  | 328867 | 30397177 |
| NRG Energy Inc  | 336713 | 53618178 |
|  |  | 281287747 |
| Gas Utilities - 0.0% |  |  |
| Southwest Gas Holdings Inc  | 147000 | 11762940 |
| Independent Power and Renewable Electricity Producers - 0.3% |  |  |
| Vistra Corp  | 443174 | 71497261 |
| TOTAL UTILITIES |  | 364547948 |
| TOTAL UNITED STATES |  | 20736031304 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $7,998,749,610) |  | <br> **23119309683** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 5.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 5.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 5.1%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Australia Holdings Pty Ltd Series A (b)(c)(d) | 2032 | 3344956 |
| Canva Australia Holdings Pty Ltd Series A2 (b)(c)(d) | 368 | 605780 |
| TOTAL AUSTRALIA |  | 3950736 |
| CHINA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| Bytedance Ltd Series E1 (b)(c)(d) | 130945 | 31399302 |
| FINLAND - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Technology - 0.0% |  |  |
| Oura Health Oy Series E (c)(d) | 173567 | 9297984 |
| UNITED STATES - 5.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Rad Power Bikes Inc Series A (b)(c)(d) | 61855 | 0 |
| Rad Power Bikes Inc Series C (b)(c)(d) | 243394 | 2 |
| Rad Power Bikes Inc Series D (b)(c)(d) | 411659 | 4 |
|  |  | 6 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Discord Inc Series I (b)(c)(d) | 2800 | 687344 |
| TOTAL CONSUMER DISCRETIONARY |  | 687350 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| GoBrands Inc Series G (b)(c)(d) | 8102 | 416443 |
| GoBrands Inc Series H (b)(c)(d) | 10223 | 668993 |
| TOTAL CONSUMER STAPLES |  | 1085436 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Akeana Series C (b)(c)(d) | 125700 | 1498344 |
| Tenstorrent Holdings Inc Series C1 (b)(c)(d) | 70912 | 5209905 |
| TOTAL FINANCIALS |  | 6708249 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| ElevateBio LLC Series C (b)(c)(d) | 594600 | 1135686 |
| Intarcia Therapeutics Inc (b)(c)(d) | 516522 | 5 |
| Kardigan Inc Series B (c)(d) | 67755 | 1447925 |
|  |  | 2583616 |
| Health Care Providers & Services - 0.0% |  |  |
| Lyra Health Inc Series E (b)(c)(d) | 270000 | 2516400 |
| Lyra Health Inc Series F (b)(c)(d) | 10070 | 93852 |
| Somatus Inc Series E (b)(c)(d) | 2206 | 2830629 |
|  |  | 5440881 |
| TOTAL HEALTH CARE |  | 8024497 |
| Industrials - 4.4% |  |  |
| Aerospace & Defense - 4.2% |  |  |
| Space Exploration Technologies Corp Series G (b)(c)(d) | 145254 | 581655118 |
| Space Exploration Technologies Corp Series H (b)(c)(d) | 42094 | 168561214 |
| Space Exploration Technologies Corp Series N (b)(c)(d) | 66208 | 265123315 |
|  |  | 1015339647 |
| Air Freight & Logistics - 0.2% |  |  |
| Zipline International Inc Series E (b)(c)(d) | 208789 | 11746469 |
| Zipline International Inc Series F (b)(c)(d) | 79020 | 4445665 |
| Zipline International Inc Series G (b)(c)(d) | 182718 | 10279715 |
| Zipline International Inc Series H (c)(d) | 166882 | 9389492 |
|  |  | 35861341 |
| TOTAL INDUSTRIALS |  | 1051200988 |
| Information Technology - 0.6% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Cerebras Systems Inc Series G (c)(d) | 577700 | 20930071 |
| IT Services - 0.1% |  |  |
| X.Ai Holdings Corp Series C (c)(d) | 308769 | 23299709 |
| X.Ai Holdings Corp Series E (c)(d) | 35364 | 2668567 |
|  |  | 25968276 |
| Software - 0.4% |  |  |
| Anthropic PBC Series E (c)(d) | 18000 | 4199400 |
| Anthropic PBC Series F (c)(d) | 90300 | 21066990 |
| Applied Intuition Inc Series A2 (b)(c)(d) | 55889 | 6331106 |
| Applied Intuition Inc Series B2 (b)(c)(d) | 26948 | 3052669 |
| Databricks Inc Series L (c)(d) | 52700 | 10013000 |
| Magic Leap Inc Series AA (b)(c)(d) | 325855 | 3 |
| MOLOCO Inc Series A (b)(c)(d) | 39638 | 2988705 |
| Nuro Inc/DE Series C (b)(c)(d) | 491080 | 5745636 |
| Nuro Inc/DE Series D (b)(c)(d) | 94265 | 1267864 |
| OpenAI Group Pbc Series A-2 (c)(d) | 48841 | 23320602 |
| OpenAI Group Pbc Series A-3 (c)(d) | 10483 | 5005423 |
| Stripe Inc Series H (b)(c)(d) | 34900 | 1445558 |
| Stripe Inc Series I (b)(c)(d) | 611900 | 25344898 |
|  |  | 109781854 |
| TOTAL INFORMATION TECHNOLOGY |  | 156680201 |
| TOTAL UNITED STATES |  | 1224386721 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $223,844,102) |  | <br> **1269034743** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Rad Power Bikes Inc 8% 12/31/2199 (c)(d) | 488383 | 104512 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Intarcia Therapeutics Inc 6% (c)(d)(j)(k) | 2280387 | 0 |
| TOTAL UNITED STATES |  | 104512 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $2,768,770) |  | <br> **104512** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (l) | 3.79 | 274803795 | 274858756 |
| Fidelity Securities Lending Cash Central Fund (l)(m) | 3.77 | 133698243 | 133711613 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $408,581,541) |  |  | **408570369** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.6%**<br> (Cost $8,633,944,023)<br>| <br>**24797019307** |
| **NET OTHER ASSETS (LIABILITIES) - (0.6)%**  | **(142519199)** |
| **NET ASSETS - 100.0%** | **24654500108** |

---

**Legend**

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

(b) Non-income producing.

(c) Level 3 security.

(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,671,536,690 or 6.8% of net assets.

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

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $557,654 or 0.0% of net assets.

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

(h) Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $23,810,482 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

(i) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $382,996 or 0.0% of net assets.

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

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

(l) 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.

(m) 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>|
| Akeana Series C | 1/23/2024 | 1604032 |
| Anthropic PBC Series E | 2/14/2025 | 1009557 |
| Anthropic PBC Series F | 8/18/2025 | 12729375 |
| Applied Intuition Inc Class A | 7/2/2024 - 6/16/2025 | 2744672 |
| Applied Intuition Inc Series A2 | 7/2/2024 | 3336288 |
| Applied Intuition Inc Series B2 | 7/2/2024 | 1608658 |
| Asac II LP | 10/10/2013 | 724512 |
| Bending Spoons SpA Class C | 10/9/2025 | 1720480 |
| Blu Homes Inc | 5/21/2020 | 169874 |
| Bytedance Ltd Series E1 | 11/18/2020 | 14348191 |
| Canva Australia Holdings Pty Ltd Class A | 3/18/2024 - 11/12/2025 | 25915720 |
| Canva Australia Holdings Pty Ltd Series A | 9/22/2023 | 2167456 |
| Canva Australia Holdings Pty Ltd Series A2 | 9/22/2023 | 392531 |
| Cerebras Systems Inc Series G | 9/19/2025 | 20931457 |
| Chobani Inc Class A | 10/14/2025 | 5245128 |
| Databricks Inc Series L | 12/18/2025 | 10013000 |
| Discord Inc Series I | 9/15/2021 | 1541748 |
| ElevateBio LLC Series C | 3/9/2021 | 2494347 |
| Epic Games Inc | 7/13/2020 - 7/30/2020 | 13742500 |
| Fanatics Inc Class A | 8/13/2020 - 12/15/2021 | 12263632 |
| GoBrands Inc Series G | 3/2/2021 | 2023210 |
| GoBrands Inc Series H | 7/22/2021 | 3971539 |
| I-Pulse Inc | 3/18/2010 | 50101 |
| Intarcia Therapeutics Inc | 11/14/2012 | 7040195 |
| Intarcia Therapeutics Inc 6% | 1/3/2020 | 2280387 |
| Kardigan Inc Series B | 10/9/2025 | 1447591 |
| Lyra Health Inc Series E | 1/14/2021 | 2472282 |
| Lyra Health Inc Series F | 6/4/2021 | 158143 |
| Magic Leap Inc Class A | 10/6/2017 | 14999526 |
| Magic Leap Inc Series AA | 7/7/2020 | 5624300 |
| Magic Leap Inc warrants | 7/7/2020 | 0 |
| MOLOCO Inc Series A | 6/26/2023 | 2378280 |
| Nuro Inc/DE Series C | 10/30/2020 | 6410853 |
| Nuro Inc/DE Series D | 10/29/2021 | 1965022 |
| OpenAI Group Pbc Class A | 9/3/2025 | 3268000 |
| OpenAI Group Pbc Series A-2 | 9/30/2024 | 9175218 |
| OpenAI Group Pbc Series A-3 | 8/4/2025 | 3217100 |
| Oura Health Oy Series E | 9/24/2025 | 9297984 |
| Rad Power Bikes Inc | 1/21/2021 | 2288680 |
| Rad Power Bikes Inc 8% 12/31/2199 | 10/6/2023 | 488383 |
| Rad Power Bikes Inc Series A | 1/21/2021 | 298378 |
| Rad Power Bikes Inc Series C | 1/21/2021 | 1174094 |
| Rad Power Bikes Inc Series D | 9/17/2021 | 3945258 |
| Rad Power Bikes Inc warrants 10/6/2033 | 10/6/2023 | 0 |
| Relativity Space Inc warrants 11/1/2030 | 11/14/2023 - 3/24/2025 | 0 |
| Somatus Inc Series E | 1/31/2022 | 1925033 |
| Space Exploration Technologies Corp | 10/16/2015 - 4/8/2016 | 5065431 |
| Space Exploration Technologies Corp Series G | 1/20/2015 | 11251375 |
| Space Exploration Technologies Corp Series H | 8/4/2017 | 5682690 |
| Space Exploration Technologies Corp Series N | 8/4/2020 | 17876160 |
| Starling Bank Ltd | 6/18/2021 - 4/5/2022 | 7251743 |
| Stripe Inc Class B | 5/18/2021 | 3338681 |
| Stripe Inc Series H | 3/15/2021 | 1400363 |
| Stripe Inc Series I | 3/20/2023 - 5/12/2023 | 12320080 |
| Tanium Inc Class B | 4/21/2017 - 9/18/2020 | 9906875 |
| Tenstorrent Holdings Inc Series C1 | 4/23/2021 | 4216027 |
| Tulco LLC | 8/24/2017 | 5868468 |
| Veterinary Emergency Group | 9/16/2021 - 11/13/2023 | 7020155 |
| X.Ai Holdings Corp Class A | 10/25/2022 | 9710000 |
| X.Ai Holdings Corp Series C | 11/22/2024 | 6684849 |
| X.Ai Holdings Corp Series E | 12/19/2025 | 2668567 |
| Zipline International Inc | 10/12/2021 | 2697480 |
| Zipline International Inc Series E | 12/21/2020 | 6812660 |
| Zipline International Inc Series F | 4/11/2023 | 3176375 |
| Zipline International Inc Series G | 6/7/2024 | 7664344 |
| Zipline International Inc Series H | 12/3/2025 | 9389492 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| Beta Technologies Inc | 5/4/2026 |
| Lenskart Solutions Ltd | 2/3/2026 |

---

**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 ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 283154929 | 4925619645 | 4933942884 | 13615271 | 38302 | (11236) | 274858756 | 274803795 | 0.5% |
| Fidelity Securities Lending Cash Central Fund | 85081225 | 1013470569 | 964838250 | 1273237 | (1931) | - | 133711613 | 133698243 | 0.4% |
| Total | 368236154 | 5939090214 | 5898781134 | 14888508 | 36371 | (11236) | 408570369 |  |  |

---

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 Consolidated Statement of Operations, if applicable.

Amounts in the dividend income column 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 income 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, 2025, 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 Consolidated 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>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 5228197021 | 5187893997 | 24765873 | 15537151 |
| Consumer Discretionary | 2448363660 | 2358385342 | 60114182 | 29864136 |
| Consumer Staples | 267634253 | 258528608 | 3860521 | 5245124 |
| Energy | 274212748 | 274212748 | - | - |
| Financials | 3377676447 | 3322060107 | 28174116 | 27442224 |
| Health Care | 2023182104 | 1970112109 | 38270273 | 14799722 |
| Industrials | 2303428794 | 2004252492 | 68902290 | 230274012 |
| Information Technology | 6129425852 | 5979875304 | 70309001 | 79241547 |
| Materials | 552188152 | 550796347 | 1391805 | - |
| Real Estate | 150452704 | 150452704 | - | - |
| Utilities | 364547948 | 364547948 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 31399302 | - | - | 31399302 |
| Consumer Discretionary | 687350 | - | - | 687350 |
| Consumer Staples | 1085436 | - | - | 1085436 |
| Financials | 6708249 | - | - | 6708249 |
| Health Care | 17322481 | - | - | 17322481 |
| Industrials | 1051200988 | - | - | 1051200988 |
| Information Technology | 160630937 | - | - | 160630937 |
|  **Preferred Securities** |  |  |  |  |
| Consumer Discretionary | 104512 | - | - | 104512 |
| Health Care | - | - | - | - |
|  **Money Market Funds** | 408570369 | 408570369 | - | - |
| **Total Investments in Securities:** | 24797019307 | 22829688075 | 295788061 | 1671543171 |
|  **Net Unrealized Appreciation (Depreciation) on Unfunded Commitments** | 226259 | 226259 | - | - |

---

The following is a reconciliation of consolidated Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2025 ($)** |
| **Common Stocks** | 675953795 | 396422809 | (227603155) | 49981580 | (492351113) | - | - | - | 402403916 | (195594229) |
| **Convertible Preferred Stocks** | 581651742 | - | 622065063 | 86564190 | (21246252) | - | - | - | 1269034743 | 614892518 |
| **Preferred Securities** | 637289 | - | (532777) | - | - | - | - | - | 104512 | (532777) |
| <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, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <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, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <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, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <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, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <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, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <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, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <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, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <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, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. |  |  |  |

---

**Consolidated Financial Statements**

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $145,421,319) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $8,225,362,482) | $24388448938 |  |
| Fidelity Central Funds (cost $408,581,541) | 408570369 |  |
| Total Investment in Securities (cost $8,633,944,023) |  | $24797019307 |
| Foreign currency held at value (cost $251,499) |  | 251430 |
| Receivable for investments sold |  | 2282090 |
| Unrealized appreciation on unfunded commitments |  | 226259 |
| Receivable for fund shares sold |  | 9902471 |
| Dividends receivable |  | 6464892 |
| Distributions receivable from Fidelity Central Funds |  | 990545 |
| Prepaid expenses |  | 18939 |
| Other receivables |  | 972339 |
| **Total assets** |  | 24818128272 |
| **Liabilities** |  |  |
| Payable to custodian bank | $249333 |  |
| Payable for investments purchased  | 22701 |  |
| Payable for fund shares redeemed | 7938791 |  |
| Distributions payable | 3481 |  |
| Accrued management fee | 16112660 |  |
| Distribution and service plan fees payable | 3257238 |  |
| Other payables and accrued expenses | 2360341 |  |
| Collateral on securities loaned | 133683619 |  |
| **Total liabilities** |  | 163628164 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $24654500108 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $8505938005 |
| Total accumulated earnings (loss) |  | 16148562103 |
| **Net Assets** |  | $24654500108 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($9,061,292,282 ÷ 196,780,102 shares)(a) |  | $46.05 |
| Maximum offering price per share (100/94.25 of $46.05) |  | $48.86 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($2,096,617,664 ÷ 49,840,585 shares)(a) |  | $42.07 |
| Maximum offering price per share (100/96.50 of $42.07) |  | $43.60 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($627,114,530 ÷ 19,874,956 shares)(a) |  | $31.55 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($10,394,903,469 ÷ 212,993,877 shares) |  | $48.80 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,474,572,163 ÷ 50,326,043 shares) |  | $49.17 |
| *(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.* |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $116747501 |
| Interest  |  | 6187 |
| Income from Fidelity Central Funds (including $1,273,237 from security lending)  |  | 14888508 |
| **Total income** |  | 131642196 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $144561373 |  |
| Performance adjustment | 38085556 |  |
| Distribution and service plan fees | 36880323 |  |
| Custodian fees and expenses | 288620 |  |
| Independent trustees' fees and expenses | 88889 |  |
| Registration fees | 249484 |  |
| Audit fees | 203757 |  |
| Legal | 22604 |  |
| Miscellaneous | 122870 |  |
| Total expenses before reductions | 220503476 |  |
| Expense reductions | (27350) |  |
| Total expenses after reductions |  | 220476126 |
| **Net Investment income (loss)** |  | (88833930) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $63,745)  | 2474590823 |  |
| Redemptions in-kind | 999264577 |  |
| Fidelity Central Funds | 36371 |  |
| Foreign currency transactions | 269254 |  |
| Futures contracts | 1406930 |  |
| Total net realized gain (loss) |  | 3475567955 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $107,094)  | 1376352079 |  |
| Fidelity Central Funds  | (11236) |  |
| Unfunded commitments | 226259 |  |
| Assets and liabilities in foreign currencies | 280524 |  |
| Total change in net unrealized appreciation (depreciation) |  | 1376847626 |
| **Net gain (loss)** |  | 4852415581 |
| **Net increase (decrease) in net assets resulting from operations** |  | $4763581651 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(88833930) | $(26688677) |
| &nbsp;&nbsp;Net realized gain (loss) | 3475567955<br>| 2015548180<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1376847626 | 4055564812<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 4763581651<br>| 6044424315<br>|
| Distributions to shareholders | (2307477477)<br>| (1234294863)<br>|
| Share transactions - net increase (decrease) | 399456432<br>| (995341372)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 2855560606<br>| 3814788080<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 21798939502 | 17984151422<br>|
| &nbsp;&nbsp;End of period | $24654500108 | $21798939502 |

---

**Consolidated Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $41.47 | $32.50 | $25.50 | $40.22 | $36.57 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.22)  | (.09)  | .09  | .10  | (.16)  |
| Net realized and unrealized gain (loss)  | 9.46  | 11.49  | 8.92  | (10.99)  | 8.90  |
| Total from investment operations  | 9.24  | 11.40  | 9.01  | (10.89)  | 8.74  |
| Distributions from net investment income  | -  | (.02)  | (.07)  | (.12)  | -  |
| Distributions from net realized gain  | (4.66)  | (2.41)  | (1.94)  | (3.71)  | (5.09)  |
| Total distributions  | (4.66)  | (2.43)  | (2.01)  | (3.83)  | (5.09)  |
| Net asset value, end of period  | $46.05 | $41.47 | $32.50 | $25.50 | $40.22 |
| **Total Return** C,D | 22.72% <br>| 34.91%  | 35.95%  | (27.48)%  | 24.30%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.07%  | .90%  | .69%  | .70%  | .93%  |
| Expenses net of fee waivers, if any  | 1.07% <br>| .90%  | .68%  | .70%  | .93%  |
| Expenses net of all reductions, if any  | 1.07%  | .90%  | .68%  | .70%  | .93%  |
| Net investment income (loss)  | (.49)%  | (.23)%  | .29%  | .32%  | (.40)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $9061292 | $7897638 | $6311442 | $5101386 | $8124425 |
| Portfolio turnover rate G | 32% H<br>| 18% H | 15%  | 32% H | 29%  |

---

A*Calculated based on average shares outstanding during the period.*

B*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.*

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

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

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

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

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $38.32 | $30.24 | $23.85 | $37.93 | $34.81 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.30)  | (.17)  | .01  | .02  | (.25)  |
| Net realized and unrealized gain (loss)  | 8.71  | 10.68  | 8.32  | (10.34)  | 8.46  |
| Total from investment operations  | 8.41  | 10.51  | 8.33  | (10.32)  | 8.21  |
| Distributions from net investment income  | -  | (.02)  | - C | (.05)  | -  |
| Distributions from net realized gain  | (4.66)  | (2.41)  | (1.94)  | (3.71)  | (5.09)  |
| Total distributions  | (4.66)  | (2.43)  | (1.94)  | (3.76)  | (5.09)  |
| Net asset value, end of period  | $42.07 | $38.32 | $30.24 | $23.85 | $37.93 |
| **Total Return** D,E | 22.41% <br>| 34.57%  | 35.60%  | (27.64)%  | 24.00%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.32%  | 1.15%  | .94%  | .95%  | 1.18%  |
| Expenses net of fee waivers, if any  | 1.32% <br>| 1.15%  | .93%  | .94%  | 1.18%  |
| Expenses net of all reductions, if any  | 1.32%  | 1.15%  | .93%  | .94%  | 1.18%  |
| Net investment income (loss)  | (.74)%  | (.48)%  | .04%  | .07%  | (.65)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2096618 | $1892816 | $1537166 | $1254016 | $2027325 |
| Portfolio turnover rate H | 32% I<br>| 18% I | 15%  | 32% I | 29%  |

---

A*Calculated based on average shares outstanding during the period.*

B*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.*

C*Amount represents less than $.005 per share.*

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

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

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

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

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $29.87 | $24.08 | $19.41 | $31.89 | $30.09 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.39)  | (.28)  | (.11)  | (.11)  | (.38)  |
| Net realized and unrealized gain (loss)  | 6.73  | 8.50  | 6.72  | (8.66)  | 7.27  |
| Total from investment operations  | 6.34  | 8.22  | 6.61  | (8.77)  | 6.89  |
| Distributions from net investment income  | -  | (.02)  | - C | -  | -  |
| Distributions from net realized gain  | (4.66)  | (2.41)  | (1.94)  | (3.71)  | (5.09)  |
| Total distributions  | (4.66)  | (2.43)  | (1.94)  | (3.71)  | (5.09)  |
| Net asset value, end of period  | $31.55 | $29.87 | $24.08 | $19.41 | $31.89 |
| **Total Return** D,E | 21.81% <br>| 33.89%  | 34.86%  | (28.02)%  | 23.36%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.82%  | 1.65%  | 1.45%  | 1.46%  | 1.70%  |
| Expenses net of fee waivers, if any  | 1.82% <br>| 1.65%  | 1.45%  | 1.46%  | 1.69%  |
| Expenses net of all reductions, if any  | 1.82%  | 1.65%  | 1.45%  | 1.46%  | 1.69%  |
| Net investment income (loss)  | (1.24)%  | (.97)%  | (.47)%  | (.45)%  | (1.17)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $627115 | $664701 | $641565 | $672129 | $1376480 |
| Portfolio turnover rate H | 32% I<br>| 18% I | 15%  | 32% I | 29%  |

---

A*Calculated based on average shares outstanding during the period.*

B*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.*

C*Amount represents less than $.005 per share.*

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

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

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

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

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $43.60 | $34.00 | $26.60 | $41.73 | $37.69 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.11)  | .01  | .17  | .19  | (.06)  |
| Net realized and unrealized gain (loss)  | 9.97  | 12.02  | 9.31  | (11.41)  | 9.19  |
| Total from investment operations  | 9.86  | 12.03  | 9.48  | (11.22)  | 9.13  |
| Distributions from net investment income  | -  | (.02)  | (.14)  | (.20)  | -  |
| Distributions from net realized gain  | (4.66)  | (2.41)  | (1.94)  | (3.71)  | (5.09)  |
| Total distributions  | (4.66)  | (2.43)  | (2.08)  | (3.91)  | (5.09)  |
| Net asset value, end of period  | $48.80 | $43.60 | $34.00 | $26.60 | $41.73 |
| **Total Return** C | 23.03% <br>| 35.22%  | 36.26%  | (27.28)%  | 24.62%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .82%  | .65%  | .44%  | .45%  | .68%  |
| Expenses net of fee waivers, if any  | .82% <br>| .65%  | .43%  | .44%  | .68%  |
| Expenses net of all reductions, if any  | .82%  | .65%  | .43%  | .44%  | .68%  |
| Net investment income (loss)  | (.24)%  | .03%  | .54%  | .57%  | (.15)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $10394903 | $9062666 | $7795989 | $6584612 | $12335063 |
| Portfolio turnover rate F | 32% G<br>| 18% G | 15%  | 32% G | 29%  |

---

A*Calculated based on average shares outstanding during the period.*

B*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.*

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

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

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

F*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $43.85 | $34.14 | $26.70 | $41.89 | $37.77 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.06)  | .06  | .21  | .23  | (.01)  |
| Net realized and unrealized gain (loss)  | 10.04  | 12.08  | 9.35  | (11.47)  | 9.22  |
| Total from investment operations  | 9.98  | 12.14  | 9.56  | (11.24)  | 9.21  |
| Distributions from net investment income  | -  | (.02)  | (.18)  | (.24)  | -  |
| Distributions from net realized gain  | (4.66)  | (2.41)  | (1.94)  | (3.71)  | (5.09)  |
| Total distributions  | (4.66)  | (2.43)  | (2.12)  | (3.95)  | (5.09)  |
| Net asset value, end of period  | $49.17 | $43.85 | $34.14 | $26.70 | $41.89 |
| **Total Return** C | 23.18% <br>| 35.40%  | 36.43%  | (27.21)%  | 24.79%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .70%  | .54%  | .32%  | .33%  | .56%  |
| Expenses net of fee waivers, if any  | .70% <br>| .54%  | .31%  | .32%  | .56%  |
| Expenses net of all reductions, if any  | .70%  | .54%  | .31%  | .32%  | .56%  |
| Net investment income (loss)  | (.13)%  | .14%  | .66%  | .69%  | (.03)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2474572 | $2281119 | $1697989 | $1232534 | $2572098 |
| Portfolio turnover rate F | 32% G<br>| 18% G | 15%  | 32% G | 29%  |

---

A*Calculated based on average shares outstanding during the period.*

B*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.*

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

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

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

F*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Notes to Consolidated Financial Statements**

For the period ended December 31, 2025

**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. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. 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 Consolidated 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 RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

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

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

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The consolidated 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 consolidated financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the consolidated financial statements and consolidated financial highlights. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds 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, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing 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 InputA** |
| Common Stocks | $402403916 | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 0.7 - 81.3 / 20.8 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 2.9 - 48.6 / 46.1 | Increase |
|  |  |  | Enterprise value/Net income (EV/NI)  | 17.5 | Increase |
|  |  | Market approach  | Transaction price  | $2.50  | Increase |
|  |  | Recovery value  | Recovery value  | $0.00 - $0.20 / $0.20 | Increase |
|  |  | Black scholes  | Discount rate  | 3.5% - 4.0% / 4.0% | Increase |
|  |  |  | Term | 3.0 - 5.0 / 5.0 | Increase |
|  |  |  | Volatility | 70.0% - 80.0% / 80.0% | Increase |
| Convertible Preferred Stocks | $1269034743 | Market comparable  | Enterprise value/Revenue multiple (EV/R) | 0.8 - 81.3 / 30.4 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA) | 48.6 | Increase |
|  |  |  | Enterprise value/Gross profit multiple (EV/GP)  | 11.9 | Increase |
|  |  | Market approach  | Transaction price  | $12.76 - $56.26 / $34.53 | Increase |
|  |  |  | Discount rate  | 10.0% | Decrease |
|  |  | Recovery value  | Recovery value | $0.00 | Increase |
|  |  | Black scholes  | Discount rate | 3.4% - 3.6% / 3.5% | Increase |
|  |  |  | Term | 2.0 - 4.0 / 3.0 | Increase |
|  |  |  | Volatility | 60.0% - 90.0% / 82.5% | Increase |
| Preferred Securities | $104512 | Recovery value  | Recovery value | $0.00 - $3.40 / $3.40 | Increase |

---

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Consolidated 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 Consolidated 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. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. 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 Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Consolidated Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**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 consolidated 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, 2025, the Fund did not have any unrecognized tax benefits in the consolidated 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 Consolidated Statement of Assets and 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 consolidated 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 futures transactions, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, partnerships, deferred Trustee compensation, net operating losses and losses deferred due to wash sales and excise tax regulations.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $16371608216 |
| **Gross unrealized depreciation**  | <u>(305589628)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$16066018588</u> |
| **Tax Cost**  | <u>$8731226978</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed long-term capital gain**  | <u>$85861201</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$16066227393</u> |

---

The Fund intends to elect to defer to its next fiscal year $2,230,195 of ordinary losses recognized during the period November 1, 2025 to December 31, 2025.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income**  | $3116 | $8328554 |
| **Long-term Capital Gains**  | <u>2307474361</u> | <u>1225966309</u> |
| **Total**  | <u>$2307477477</u> | <u>$1234294863</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 Consolidated 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 Consolidated Statement 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 Consolidated 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** | CompoSecure, Inc. Class A | 5366388 | 226259 |

---

**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 Total Assets** |
| **Fidelity Advisor New Insights Fund** | 34267431 | .14 |

---

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

At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Consolidated Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated 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 Consolidated Statement of Assets and Liabilities, if applicable.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Consolidated Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Consolidated Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Consolidated Statement of Operations.

Any open futures contracts at period end are presented in the Consolidated Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end.

Any securities deposited to meet initial margin requirements are identified in the Consolidated Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Consolidated Statement of Assets and Liabilities.

**5. 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** | 7127750883 | 7907920665 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Net realized gain or loss on Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Advisor New Insights Fund** | 28568154 | - | 999264577 | 999264577 | 1407036874 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders that redeemed shares 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 Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Advisor New Insights Fund** | 16097862 | 419290241 | 649888338 |

---

**6. 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 Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .66 |
| **Class M** | .66 |
| **Class C** | .68 |
| **Class I** | .66 |
| **Class Z** | .54 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .65 |
| **Class M** | .65 |
| **Class C** | .65 |
| **Class I** | .65 |
| **Class Z** | .53 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Advisor New Insights Fund** | S&P 500 Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Class I. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annual performance adjustment was .17%.

**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% | 20832391 | 176685 |
| **Class M** | .25% | .25% | 9785052 | 20135 |
| **Class C** | .75% | .25% | <u>6262880</u> | <u>631521</u> |
|  |  |  | <u>36880323</u> | <u>828341</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** | 904190 |
| **Class M** | 66777 |
| **Class C**A | <u>4613</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; <u>975580</u> |

---

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

**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 Consolidated Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Fidelity Advisor New Insights Fund** | $919519 |

---

**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 Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor New Insights Fund** | 103320 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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** | 646897115 | 565136968 | 84471408 |

---

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor New Insights Fund** | 2195 |

---

**7. 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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Consolidated Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor New Insights Fund** | 30182 |

---

**8. 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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Consolidated Statement of Operations as a component of dividends. 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** | 128151 | 5656 | - |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Consolidated Schedule of Investments or Consolidated Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor New Insights Fund** | 18458132 |

---

**9. 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. During the period, custodian credits reduced the Fund's expenses by $27,350.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Fidelity Advisor New Insights Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $853180795 | $444889868 |
| Class M | 214730167 | 115171352 |
| Class C | 85605559 | 52403157 |
| Class I | 931775484 | 494509886 |
| Class Z | <u>222185472</u> | <u>127320600</u> |
| Total  | <u>$2307477477</u> | <u>$1234294863</u> |

---

**11. 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** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** |
| **Fidelity Advisor New Insights Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 14175584 | 11655223 | $625944473 | $456328249 |
| Reinvestment of distributions  | 18026644 | 9905753 | 807969984 | 421256507 |
| Shares redeemed | <u>(25885308)</u> | <u>(25294216)</u> | <u>(1142047908)</u> | <u>(989115170)</u> |
| Net increase (decrease) | <u>6316920</u> | <u>(3733240)</u> | <u>$291866549</u> | <u>$(111530414)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 2673970 | 2844770 | $108045019 | $103036376 |
| Reinvestment of distributions  | 5109877 | 2858247 | 209484884 | 112384623 |
| Shares redeemed | <u>(7344376)</u> | <u>(7134562)</u> | <u>(297701524)</u> | <u>(258927025)</u> |
| Net increase (decrease) | <u>439471</u> | <u>(1431545)</u> | <u>$19828379</u> | <u>$(43506026)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 2576473 | 2148749 | $80985897 | $62178877 |
| Reinvestment of distributions  | 2734749 | 1688218 | 84489994 | 51766614 |
| Shares redeemed | <u>(7687568)</u> | <u>(8223325)</u> | <u>(239608112)</u> | <u>(235053373)</u> |
| Net increase (decrease) | <u>(2376346)</u> | <u>(4386358)</u> | <u>$(74132221)</u> | <u>$(121107882)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 56243849 | 38417922 | $2688023057 | $1576251183 |
| Reinvestment of distributions  | 18192083 | 10241097 | 863391474 | 457276599 |
| Shares redeemed | <u>(69284435)</u> | <u>(70102386)</u> | <u>(3303836311)</u> | <u>(2853278625)</u> |
| Net increase (decrease) | <u>5151497</u> | <u>(21443367)</u> | <u>$247578220</u> | <u>$(819750843)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 9478471 | 11959909 | $441160801 | $500031493 |
| Reinvestment of distributions  | 3856815 | 2333214 | 184293688 | 105000054 |
| Shares redeemed | <u>(15027144)</u> | <u>(12004025)</u> | <u>(711138984)</u> | <u>(504477754)</u> |
| Net increase (decrease) | <u>(1691858)</u> | <u>2289098</u> | <u>$(85684495)</u> | <u>$100553793</u> |

---

**12. 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.

**13. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

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

***Opinion on the Financial Statements***

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Fidelity Advisor New Insights Fund and its subsidiaries (one of the funds constituting Fidelity Contrafund, referred to hereafter as the "Fund") as of December 31, 2025, the related consolidated statement of operations for the year ended December 31, 2025, the consolidated statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the consolidated financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These consolidated financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated 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 consolidated 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 consolidated 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 consolidated 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 consolidated 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 consolidated financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 11, 2026

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

**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, 2025, $2,472,013,293, or, if subsequently determined to be different, the net capital gain of such year.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the consolidated financial statements for each Fund as part of Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img123178_4.jpg)<br>

1.796407.122 ANIF-ANN-0226

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14.

<u>Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<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 16.

<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 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<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.](ex99_906cert.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

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; February 20, 2026 |

---

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.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; February 20, 2026 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; February 20, 2026 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

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;· 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;· 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;· compliance with applicable laws and governmental rules and regulations;

&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;· accountability for adherence to the Code.

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.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

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.

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.

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.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their 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;· 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;· 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;· 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;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

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.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&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;· Each Covered Officer should, to the extent appropriate within their 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;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&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 they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

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.

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 Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) 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.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. 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.

**VII. Amendments**

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.

**VIII. Records and Confidentiality**

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.

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;

<u>Exhibit EX-99.CERT</u>

I, Stacie M. Smith, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Contrafund;

2. 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;

3. 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;

4. 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. 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. 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. 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. 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

5. 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. 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. 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.

Date:

February 20, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Contrafund;

2. 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;

3. 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;

4. 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. 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.

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. 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. 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

5. 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. 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. 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.

Date:

February 20, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

<u>Exhibit EX-99.906CERT</u>

**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)**

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;1. 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;2. 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.

Dated: February 20, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

Dated: February 20, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

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.

<br>