# EDGAR Filing Document

**Accession Number:** 0000024238
**File Stem:** 0000024238-23-000023
**Filing Date:** 2023-2
**Character Count:** 24274
**Document Hash:** 0b087df925e61249b07916be23560930
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000024238-23-000023.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0000024238-23-000023

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230228

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-25235
- **FILM NUMBER:** 23680262

**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 Contrafund (Series ID: S000006037)

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

**Fidelity® Contrafund®**

**<u>Class</u>** <u>/Ticker</u>

**Fidelity® Contrafund®** /FCNTX

In this summary prospectus, the term "shares" (as it relates to the fund) means the class of shares offered through this summary prospectus.

**Summary Prospectus**

**March 1, 2023**

Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus, reports to shareholders, and other information about the fund (including the fund's SAI) online at www.fidelity.com/funddocuments. You can also get this information at no cost by calling 1-800-FIDELITY or by sending an e-mail request to fidfunddocuments@fidelity.com. The fund's [prospectus](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000024238/000002423823000018/filing5699.htm#PRO_Hdr) and [SAI](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000024238/000002423823000018/filing5699.htm#SAI_Hdr) dated March 1, 2023 are incorporated herein by reference.

![](img88254_1.jpg)

245 Summer Street, Boston, MA 02210

**Fund Summary**

Fund **/Class:**

Fidelity® Contrafund® **/Fidelity® Contrafund®** 

**Investment Objective**

Fidelity® Contrafund® seeks capital appreciation.

**Fee Table**

The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. **In addition to the fees and expenses described below, your broker may also require you to pay brokerage commissions on purchases and sales of certain share classes of the fund.**

**Shareholder fees**

---

| | |
|:---|:---|
| **(fees paid directly from your investment)**  | **None**  |

---

**Annual Operating Expenses**

**(expenses that you pay each year as a % of the value of your investment)**

---

| | |
|:---|:---|
| Management fee (fluctuates based on the fund's performance relative to a securities market index) <sup>A</sup>  | 0.43 %  |
| Distribution and/or Service (12b-1) fees  |  |
| Other expenses  | 0.12 %  |
| **Total annual operating expenses**  | 0.55 %  |

---

<sup>A</sup> The management fee is comprised of a basic fee of 0.53% adjusted up or down by a maximum of 0.20% based on the fund's performance relative to that of the S&P 500® Index. Please see "Fund Services - Fund Management - Advisory Fee(s)" for additional information.

This **example** helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated:

---

| | |
|:---|:---|
| 1 year  | $56  |
| 3 years  | $176  |
| 5 years  | $307  |
| 10 years  | $689  |

---

**Portfolio Turnover**

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 25 % of the average value of its portfolio.

**Principal Investment Strategies**

* Normally investing primarily in common stocks.

* Investing in securities of companies whose value Fidelity Management & Research Company LLC (FMR) believes is not fully recognized by the public.

* Investing in domestic and foreign issuers.

* Investing in either "growth" stocks or "value" stocks or both.

* Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.

**Principal Investment Risks**

* *Stock Market Volatility.*

Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.

* *Foreign Exposure.*

Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.

* *Issuer-Specific Changes.*

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.

* *"Growth" Investing.*

"Growth" stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks.

* *"Value" Investing.*

"Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.

*An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency* . *You could lose money by investing in the fund.*

**Performance**

The following information is intended to help you understand the risks of investing in the fund.

The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. The index description appears in the "Additional Index Information" section of the prospectus. Past performance (before and after taxes) is not an indication of future performance.

Visit www.fidelity.com for more recent performance information.

**Year-by-Year Returns** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 2013  | 2014  | 2015  | 2016  | 2017  | 2018  | 2019  | 2020  | 2021  | 2022  |
|  34.15 % <br>| 9.56 % <br>| 6.46 % <br>| 3.36 % <br>| 32.21 % <br>| *-* 2.13 % <br>| 29.98 % <br>| 32.58 % <br>| 24.36 % <br>| *-* 28.26 % <br>|

---

![](img88254_4.jpg)

---

| | | |
|:---|:---|:---|
| *During the periods shown in the chart:*  | *Returns*  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Quarter ended*  |
| *Highest Quarter Return*  | *26.87 %*  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *June 30, 2020*  |
| *Lowest Quarter Return*  | *- 20.36 %*  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *June 30, 2022*  |

---

**Average Annual Returns**

After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement, such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan). Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares.

---

| | | | |
|:---|:---|:---|:---|
| <br> For the periods ended December 31, 2022  | &nbsp;&nbsp; Past 1 <br> year  | &nbsp;&nbsp; Past 5 <br> years  | Past 10 <br> years  |
| **Fidelity® Contrafund®**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Return Before Taxes**  | &nbsp;&nbsp; - 28.26 %  | &nbsp;&nbsp; 8.52 %  | &nbsp;&nbsp; 12.40 %  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Return After Taxes on Distributions**  | &nbsp;&nbsp; - 30.01 %  | &nbsp;&nbsp; 6.42 %  | &nbsp;&nbsp; 10.52 %  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Return After Taxes on Distributions and Sale of Fund Shares** <br>| &nbsp;&nbsp; - 15.37 %  | &nbsp;&nbsp; 6.78 %  | &nbsp;&nbsp; 10.06 %  |
| S&P 500® Index <br> **(reflects no deduction for fees, expenses, or taxes)**  | &nbsp;&nbsp; <br> - 18.11 %  | &nbsp;&nbsp; <br> 9.42 %  | &nbsp;&nbsp; <br> 12.56 %  |

---

**Investment Adviser**

FMR (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.

**Portfolio Manager(s)**

William Danoff (Portfolio Manager) has managed the fund since 1990.

**Purchase and Sale of Shares**

You may buy or sell shares through a Fidelity® brokerage or mutual fund account, through a retirement account, or through an investment professional.

You may buy or sell shares in various ways:

**Internet**

**www.fidelity.com**

**Phone**

**Fidelity Automated Service Telephone (FAST®) 1-800-544-5555**

**To reach a Fidelity representative 1-800-544-6666**

**Mail**

---

| | |
|:---|:---|
| **Additional purchases:** <br> **Fidelity Investments** <br> **P.O. Box 770001** <br> **Cincinnati, OH 45277-0003**  | **Redemptions:** <br> **Fidelity Investments** <br> **P.O. Box 770001** <br> **Cincinnati, OH 45277-0035**  |

---

**TDD - Service for the Deaf and Hearing Impaired**

**1-800-544-0118**

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

**Tax Information**

Distributions you receive from the fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and may also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case you may be taxed later, upon withdrawal of your investment from such account).

**Payments to Broker-Dealers and Other Financial Intermediaries**

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

Current regulations allow Fidelity to send a single copy of shareholder documents for Fidelity® funds, such as prospectuses, annual and semi-annual reports, and proxy materials, to certain mutual fund customers whom we believe are members of the same family who share the same address. For certain types of accounts, we will not send multiple copies of these documents to you and members of your family who share the same address. Instead, we will send only a single copy of these documents. This will continue for as long as you are a shareholder, unless you notify us otherwise. If at any time you choose to receive individual copies of any documents, please call 1-800-544-8544. We will begin sending individual copies to you within 30 days of receiving your call.

Fidelity Distributors Company LLC (FDC) is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.

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.© 2023 FMR LLC. All rights reserved.

1.915447.113 CON-SUM-0323

**Fidelity® Contrafund®**

**<u>Class</u>** <u>/Ticker</u>

**K** /FCNKX

**Summary Prospectus**

**March 1, 2023**

Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus, reports to shareholders, and other information about the fund (including the fund's SAI) online at www.fidelity.com/workplacedocuments. You can also get this information at no cost by calling 1-800-835-5095 or by sending an e-mail request to fidfunddocuments@fidelity.com. The fund's [prospectus](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000024238/000002423823000018/filing5699.htm#PRO_Hdr) and [SAI](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000024238/000002423823000018/filing5699.htm#SAI_Hdr) dated March 1, 2023 are incorporated herein by reference.

![](img88255_1.jpg)

245 Summer Street, Boston, MA 02210

**Fund Summary**

Fund **/Class:**

Fidelity® Contrafund® **/K** 

**Investment Objective**

Fidelity® Contrafund® seeks capital appreciation.

**Fee Table**

The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. **In addition to the fees and expenses described below, your broker may also require you to pay brokerage commissions on purchases and sales of certain share classes of the fund.**

**Shareholder fees**

---

| | |
|:---|:---|
| **(fees paid directly from your investment)**  | **None**  |

---

**Annual Operating Expenses**

**(expenses that you pay each year as a % of the value of your investment)**

---

| | |
|:---|:---|
| Management fee (fluctuates based on the fund's performance relative to a securities market index) <sup>A</sup>  | 0.43 %  |
| Distribution and/or Service (12b-1) fees  |  |
| Other expenses  | 0.04 %  |
| **Total annual operating expenses**  | 0.47 %  |

---

<sup>A</sup> The management fee is comprised of a basic fee of 0.53% adjusted up or down by a maximum of 0.20% based on the fund's performance relative to that of the S&P 500® Index. Please see "Fund Services - Fund Management - Advisory Fee(s)" for additional information.

This **example** helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated:

---

| | |
|:---|:---|
| 1 year  | $48  |
| 3 years  | $151  |
| 5 years  | $263  |
| 10 years  | $591  |

---

**Portfolio Turnover**

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 25 % of the average value of its portfolio.

**Principal Investment Strategies**

* Normally investing primarily in common stocks.

* Investing in securities of companies whose value Fidelity Management & Research Company LLC (FMR) believes is not fully recognized by the public.

* Investing in domestic and foreign issuers.

* Investing in either "growth" stocks or "value" stocks or both.

* Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.

**Principal Investment Risks**

* *Stock Market Volatility.*

Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.

* *Foreign Exposure.*

Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.

* *Issuer-Specific Changes.*

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.

* *"Growth" Investing.*

"Growth" stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks.

* *"Value" Investing.*

"Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.

*An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency* . *You could lose money by investing in the fund.*

**Performance**

The following information is intended to help you understand the risks of investing in the fund.

The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. The index description appears in the "Additional Index Information" section of the prospectus. Past performance is not an indication of future performance.

Visit www.401k.com and log in for more recent performance information.

**Year-by-Year Returns** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 2013  | 2014  | 2015  | 2016  | 2017  | 2018  | 2019  | 2020  | 2021  | 2022  |
|  34.30 % <br>| 9.68 % <br>| 6.55 % <br>| 3.48 % <br>| 32.34 % <br>| *-* 2.07 % <br>| 30.17 % <br>| 32.68 % <br>| 24.42 % <br>| *-* 28.22 % <br>|

---

![](img88255_4.jpg)

---

| | | |
|:---|:---|:---|
| *During the periods shown in the chart:*  | *Returns*  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Quarter ended*  |
| *Highest Quarter Return*  | *26.91 %*  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *June 30, 2020*  |
| *Lowest Quarter Return*  | *- 20.35 %*  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *June 30, 2022*  |

---

**Average Annual Returns**

---

| | | | |
|:---|:---|:---|:---|
| <br> For the periods ended December 31, 2022  | &nbsp;&nbsp; Past 1 <br> year  | &nbsp;&nbsp; Past 5 <br> years  | Past 10 <br> years  |
| **Class K**  | &nbsp;&nbsp; - 28.22 %  | &nbsp;&nbsp; 8.60 %  | &nbsp;&nbsp; 12.50 %  |
| S&P 500® Index <br> **(reflects no deduction for fees, expenses, or taxes)**  | &nbsp;&nbsp; <br> - 18.11 %  | &nbsp;&nbsp; <br> 9.42 %  | &nbsp;&nbsp; <br> 12.56 %  |

---

**Investment Adviser**

FMR (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.

**Portfolio Manager(s)**

William Danoff (Portfolio Manager) has managed the fund since 1990.

**Purchase and Sale of Shares**

Shares generally are available only to certain employer-sponsored retirement plans and certain Fidelity health savings accounts that are made available through employers. For this purpose, employer-sponsored retirement plans generally include profit sharing, 401(k), 403(b), 457(b), defined benefit, retiree health savings plans, and similar plans, but generally do not include: retail retirement or non-retirement accounts; Individual Retirement Accounts (IRAs) (such as traditional, Roth, SEP, SARSEP, and SIMPLE IRAs); Coverdell Education Savings Accounts; individual 403(b) accounts that are not part of an employer's 403(b) plan; plans investing through the Fidelity Advisor® 403(b) program; plans covering self-employed individuals and their employees (formerly Keogh/H.R. 10 plans); health savings accounts; or qualified tuition programs. Plan participants may purchase shares only if shares are eligible for sale and available through their plan.

You may buy or sell shares in various ways:

**Internet**

**www.401k.com**

**Phone**

**For Individual Accounts (investing through a retirement plan sponsor or other institution), refer to your plan materials or contact that institution directly.**

**For Retirement Plan Level Accounts:**

**Corporate Clients 1-800-962-1375**

**"Not for Profit" Clients 1-800-343-0860**

**Mail**

---

| | |
|:---|:---|
| **Redemptions:** <br> **Fidelity Investments** <br> **P.O. Box 770001** <br> **Cincinnati, OH 45277-0035**  | ***Overnight Express:*** <br> **Fidelity Investments** <br> **100 Crosby Parkway** <br> **Covington, KY 41015**  |

---

**TDD - Service for the Deaf and Hearing Impaired**

**1-800-544-0118**

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

**Tax Information**

Distributions by the fund to tax-advantaged retirement plan accounts are not taxable currently (but you may be taxed later, upon withdrawal of your investment from such account).

**Payments to Broker-Dealers and Other Financial Intermediaries**

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

Fidelity Distributors Company LLC (FDC) is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.

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.© 2023 FMR LLC. All rights reserved.

1.915448.114 CON-K-SUM-0323