Fidelity®
Contrafund®-
Class K
Semiannual Report
June 30, 2012
(Fidelity Cover Art)
|
Shareholder Expense Example |
An example of shareholder expenses. | |
|
Investment Changes |
A summary of major shifts in the fund's investments over the past six months. | |
|
Investments |
A complete list of the fund's investments with their market values. | |
|
Financial Statements |
Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
|
Notes |
Notes to the financial statements. | |
|
Report of Independent Registered Public Accounting Firm |
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. © 2012 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-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q 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.advisor.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.
Semiannual Report
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2012 to June 30, 2012).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Semiannual Report
Shareholder Expense Example - continued
|
Annualized |
Beginning |
Ending |
Expenses Paid | |
|
Contrafund |
.73% |
|||
|
Actual |
$ 1,000.00 |
$ 1,109.10 |
$ 3.83 | |
|
HypotheticalA |
$ 1,000.00 |
$ 1,021.23 |
$ 3.67 | |
|
Class K |
.61% |
|||
|
Actual |
$ 1,000.00 |
$ 1,109.80 |
$ 3.20 | |
|
HypotheticalA |
$ 1,000.00 |
$ 1,021.83 |
$ 3.07 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
|
Top Ten Stocks as of June 30, 2012 | ||
|
|
% of fund's |
% of fund's net assets |
|
Apple, Inc. |
9.0 |
8.2 |
|
Google, Inc. Class A |
4.3 |
5.7 |
|
Berkshire Hathaway, Inc. Class A |
3.3 |
3.2 |
|
The Coca-Cola Co. |
2.7 |
2.7 |
|
McDonald's Corp. |
2.5 |
3.2 |
|
Wells Fargo & Co. |
2.4 |
1.7 |
|
The Walt Disney Co. |
2.3 |
1.8 |
|
TJX Companies, Inc. |
1.9 |
1.7 |
|
Noble Energy, Inc. |
1.8 |
2.2 |
|
Colgate-Palmolive Co. |
1.6 |
1.5 |
|
31.8 |
||
|
Top Five Market Sectors as of June 30, 2012 | ||
|
|
% of fund's |
% of fund's net assets |
|
Information Technology |
27.7 |
28.7 |
|
Consumer Discretionary |
22.7 |
21.5 |
|
Financials |
11.2 |
8.1 |
|
Health Care |
9.5 |
9.8 |
|
Consumer Staples |
9.2 |
8.3 |
|
Asset Allocation (% of fund's net assets) | |||||||
|
As of June 30, 2012* |
As of December 31, 2011** | ||||||
 |
Stocks 92.9% |
|
Stocks 95.7% |
||||
 |
Convertible |
|
Convertible |
||||
 |
Short-Term |
|
Short-Term |
||||
|
* Foreign investments |
11.6% |
** Foreign investments |
15.9% |
||||
Semiannual Report
Showing Percentage of Net Assets
|
Common Stocks - 92.9% | |||
|
Shares |
Value (000s) | ||
|
CONSUMER DISCRETIONARY - 22.7% | |||
|
Automobiles - 0.4% | |||
|
Harley-Davidson, Inc. |
1,164,400 |
$ 53,248 | |
|
Hyundai Motor Co. |
795,302 |
163,847 | |
|
Tesla Motors, Inc. (a) |
3,583,141 |
112,116 | |
|
329,211 | |||
|
Distributors - 0.1% | |||
|
LKQ Corp. (a) |
2,109,435 |
70,455 | |
|
Diversified Consumer Services - 0.2% | |||
|
Anhanguera Educacional Participacoes SA |
864,509 |
11,019 | |
|
Coinstar, Inc. (a)(d) |
1,211,417 |
83,176 | |
|
Kroton Educacional SA unit (a) |
1,632,900 |
23,617 | |
|
117,812 | |||
|
Hotels, Restaurants & Leisure - 6.2% | |||
|
Arcos Dorados Holdings, Inc. |
3,336,852 |
49,319 | |
|
Buffalo Wild Wings, Inc. (a) |
600,967 |
52,068 | |
|
Chipotle Mexican Grill, Inc. (a)(e) |
2,498,954 |
949,478 | |
|
Dunkin' Brands Group, Inc. (e) |
7,147,490 |
245,445 | |
|
Galaxy Entertainment Group Ltd. (a) |
34,634,000 |
87,134 | |
|
Las Vegas Sands Corp. |
3,844,800 |
167,210 | |
|
Marriott International, Inc. Class A |
857,000 |
33,594 | |
|
McDonald's Corp. |
23,261,532 |
2,059,343 | |
|
Paradise Co. Ltd. |
1,416,032 |
17,158 | |
|
Starbucks Corp. |
12,870,554 |
686,258 | |
|
The Cheesecake Factory, Inc. (a) |
799,100 |
25,539 | |
|
Tim Hortons, Inc. (Canada) (e) |
12,018,532 |
633,567 | |
|
Wyndham Worldwide Corp. |
842,700 |
44,444 | |
|
Yum! Brands, Inc. |
208,800 |
13,451 | |
|
5,064,008 | |||
|
Household Durables - 0.6% | |||
|
D.R. Horton, Inc. |
11,104,353 |
204,098 | |
|
Lennar Corp. Class A |
2,307,500 |
71,325 | |
|
M.D.C. Holdings, Inc. |
300,000 |
9,801 | |
|
PulteGroup, Inc. (a) |
12,786,000 |
136,810 | |
|
Toll Brothers, Inc. (a) |
1,404,880 |
41,767 | |
|
463,801 | |||
|
Internet & Catalog Retail - 2.7% | |||
|
Amazon.com, Inc. (a) |
5,055,737 |
1,154,478 | |
|
Expedia, Inc. (d) |
1,606,938 |
77,246 | |
|
Groupon, Inc. Class A (a)(d) |
9,752,066 |
103,664 | |
|
Liberty Media Corp. Interactive Series A (a) |
835,600 |
14,865 | |
|
Common Stocks - continued | |||
|
Shares |
Value (000s) | ||
|
CONSUMER DISCRETIONARY - continued | |||
|
Internet & Catalog Retail - continued | |||
|
Priceline.com, Inc. (a) |
1,041,800 |
$ 692,297 | |
|
TripAdvisor, Inc. (a) |
3,820,110 |
170,721 | |
|
2,213,271 | |||
|
Leisure Equipment & Products - 0.1% | |||
|
Polaris Industries, Inc. |
1,086,225 |
77,643 | |
|
Media - 4.3% | |||
|
Comcast Corp. Class A |
16,283,878 |
520,596 | |
|
Discovery Communications, Inc. (a)(e) |
16,017,852 |
864,964 | |
|
Interpublic Group of Companies, Inc. |
4,743,169 |
51,463 | |
|
Legend Pictures LLC (a)(h)(i) |
38,222 |
40,864 | |
|
Liberty Global, Inc. Class A (a) |
249,600 |
12,388 | |
|
Liberty Media Corp. Capital Series A (a) |
908,659 |
79,880 | |
|
Naspers Ltd. Class N |
905,151 |
48,163 | |
|
Sirius XM Radio, Inc. (a)(d) |
16,097,218 |
29,780 | |
|
The Walt Disney Co. |
38,167,719 |
1,851,134 | |
|
Weinstein Co. Holdings LLC Class A-1 (a)(h)(i) |
41,234 |
15,463 | |
|
3,514,695 | |||
|
Multiline Retail - 1.5% | |||
|
Dollar General Corp. (a) |
1,847,800 |
100,502 | |
|
Dollar Tree, Inc. (a)(e) |
15,993,700 |
860,461 | |
|
Dollarama, Inc. |
1,471,150 |
88,405 | |
|
Dollarama, Inc. (a)(f) |
1,194,200 |
71,762 | |
|
Macy's, Inc. |
2,262,830 |
77,728 | |
|
1,198,858 | |||
|
Specialty Retail - 4.8% | |||
|
American Eagle Outfitters, Inc. |
2,727,300 |
53,810 | |
|
AutoZone, Inc. (a) |
453,973 |
166,685 | |
|
Bed Bath & Beyond, Inc. (a) |
10,981,900 |
678,681 | |
|
Dick's Sporting Goods, Inc. |
1,342,923 |
64,460 | |
|
Foschini Ltd. |
1,210,000 |
18,947 | |
|
Gap, Inc. |
2,789,500 |
76,321 | |
|
GNC Holdings, Inc. |
1,255,648 |
49,221 | |
|
Home Depot, Inc. |
826,000 |
43,770 | |
|
Kingfisher PLC |
7,400,000 |
33,308 | |
|
Limited Brands, Inc. |
1,202,600 |
51,147 | |
|
O'Reilly Automotive, Inc. (a) |
1,007,476 |
84,396 | |
|
Penske Automotive Group, Inc. |
2,628,656 |
55,833 | |
|
PetSmart, Inc. |
2,098,119 |
143,050 | |
|
Ross Stores, Inc. |
8,678,888 |
542,170 | |
|
Tilly's, Inc. (a) |
320,800 |
5,149 | |
|
Common Stocks - continued | |||
|
Shares |
Value (000s) | ||
|
CONSUMER DISCRETIONARY - continued | |||
|
Specialty Retail - continued | |||
|
TJX Companies, Inc. |
36,822,308 |
$ 1,580,782 | |
|
Tractor Supply Co. |
560,100 |
46,522 | |
|
Ulta Salon, Cosmetics & Fragrance, Inc. |
1,356,419 |
126,662 | |
|
Urban Outfitters, Inc. (a) |
1,126,200 |
31,072 | |
|
Vitamin Shoppe, Inc. (a) |
492,368 |
27,046 | |
|
Workman Co. Ltd. |
67,700 |
1,911 | |
|
Zumiez, Inc. (a)(d) |
1,267,772 |
50,204 | |
|
3,931,147 | |||
|
Textiles, Apparel & Luxury Goods - 1.8% | |||
|
Burberry Group PLC |
229,704 |
4,767 | |
|
Coach, Inc. |
470,200 |
27,497 | |
|
lululemon athletica, Inc. (a) |
279,758 |
16,682 | |
|
NIKE, Inc. Class B |
10,212,226 |
896,429 | |
|
Ralph Lauren Corp. |
616,390 |
86,332 | |
|
Under Armour, Inc. Class A (sub. vtg.) (a)(d) |
2,462,361 |
232,644 | |
|
Vera Bradley, Inc. (a) |
360,800 |
7,606 | |
|
VF Corp. |
1,422,771 |
189,869 | |
|
1,461,826 | |||
|
TOTAL CONSUMER DISCRETIONARY |
18,442,727 | ||
|
CONSUMER STAPLES - 9.2% | |||
|
Beverages - 3.5% | |||
|
Anheuser-Busch InBev SA NV ADR (d) |
4,352,900 |
346,708 | |
|
Boston Beer Co., Inc. Class A (a)(d) |
333,607 |
40,366 | |
|
Diageo PLC sponsored ADR |
1,265,800 |
130,466 | |
|
Dr Pepper Snapple Group, Inc. |
2,486,400 |
108,780 | |
|
The Coca-Cola Co. |
28,517,491 |
2,229,783 | |
|
2,856,103 | |||
|
Food & Staples Retailing - 2.0% | |||
|
Costco Wholesale Corp. |
4,947,323 |
469,996 | |
|
CVS Caremark Corp. |
7,888,800 |
368,644 | |
|
Drogasil SA |
1,736,063 |
17,503 | |
|
Fresh Market, Inc. (a) |
645,700 |
34,629 | |
|
Tesco PLC |
1,646,600 |
7,996 | |
|
Wal-Mart Stores, Inc. |
8,697,700 |
606,404 | |
|
Whole Foods Market, Inc. |
1,304,650 |
124,359 | |
|
1,629,531 | |||
|
Common Stocks - continued | |||
|
Shares |
Value (000s) | ||
|
CONSUMER STAPLES - continued | |||
|
Food Products - 0.8% | |||
|
Kraft Foods, Inc. Class A |
7,055,400 |
$ 272,480 | |
|
Mead Johnson Nutrition Co. Class A |
1,431,300 |
115,234 | |
|
Orion Corp. |
49,375 |
41,046 | |
|
TreeHouse Foods, Inc. (a)(e) |
2,013,577 |
125,426 | |
|
Want Want China Holdings Ltd. |
74,350,000 |
91,944 | |
|
646,130 | |||
|
Household Products - 1.8% | |||
|
Colgate-Palmolive Co. |
12,333,607 |
1,283,928 | |
|
Kimberly-Clark Corp. |
2,147,700 |
179,913 | |
|
1,463,841 | |||
|
Personal Products - 0.9% | |||
|
Estee Lauder Companies, Inc. Class A |
13,547,800 |
733,207 | |
|
Tobacco - 0.2% | |||
|
Philip Morris International, Inc. |
1,350,900 |
117,880 | |
|
TOTAL CONSUMER STAPLES |
7,446,692 | ||
|
ENERGY - 4.8% | |||
|
Energy Equipment & Services - 0.2% | |||
|
Schlumberger Ltd. |
2,357,418 |
153,020 | |
|
Oil, Gas & Consumable Fuels - 4.6% | |||
|
Americas Petrogas, Inc. (f) |
3,562,500 |
6,613 | |
|
Anadarko Petroleum Corp. |
9,137,910 |
604,930 | |
|
BG Group PLC |
405,300 |
8,252 | |
|
Birchcliff Energy Ltd. (a) |
4,787,400 |
26,333 | |
|
Birchcliff Energy Ltd. (f) |
1,900,000 |
10,451 | |
|
Cabot Oil & Gas Corp. |
208,400 |
8,211 | |
|
Canadian Natural Resources Ltd. |
2,111,312 |
56,635 | |
|
Concho Resources, Inc. (a) |
3,865,559 |
329,037 | |
|
Continental Resources, Inc. (a)(d) |
2,911,992 |
193,997 | |
|
Enterprise Products Partners LP |
477,500 |
24,467 | |
|
EOG Resources, Inc. |
3,576,857 |
322,311 | |
|
Madalena Ventures, Inc. (f) |
9,370,500 |
3,221 | |
|
Noble Energy, Inc. (e) |
17,399,109 |
1,475,792 | |
|
Occidental Petroleum Corp. |
3,689,919 |
316,484 | |
|
Phillips 66 (a) |
1,000,000 |
33,240 | |
|
TAG Oil Ltd. (a) |
627,200 |
4,540 | |
|
TAG Oil Ltd. (f) |
1,365,935 |
9,888 | |
|
Tourmaline Oil Corp. (a) |
5,609,700 |
148,108 | |
|
Common Stocks - continued | |||
|
Shares |
Value (000s) | ||
|
ENERGY - continued | |||
|
Oil, Gas & Consumable Fuels - continued | |||
|
Tourmaline Oil Corp. (a)(f) |
1,363,300 |
$ 35,994 | |
|
TransAtlantic Petroleum Ltd. (a)(f) |
1,734,051 |
1,873 | |
|
Tullow Oil PLC |
2,286,114 |
52,632 | |
|
Ultrapar Participacoes SA |
2,823,900 |
63,550 | |
|
3,736,559 | |||
|
TOTAL ENERGY |
3,889,579 | ||
|
FINANCIALS - 11.2% | |||
|
Capital Markets - 0.3% | |||
|
State Street Corp. |
6,440,000 |
287,482 | |
|
Commercial Banks - 4.1% | |||
|
Bank of Ireland (a) |
1,438,824,822 |
180,152 | |
|
BB&T Corp. |
6,199,100 |
191,242 | |
|
BOK Financial Corp. |
161,866 |
9,421 | |
|
Fifth Third Bancorp |
4,321,300 |
57,905 | |
|
Metro Bank PLC Class A (a)(e)(i) |
2,671,250 |
41,836 | |
|
PNC Financial Services Group, Inc. |
5,425,792 |
331,570 | |
|
Texas Capital Bancshares, Inc. (a) |
250,000 |
10,098 | |
|
U.S. Bancorp |
17,972,329 |
577,990 | |
|
UMB Financial Corp. |
192,400 |
9,857 | |
|
Wells Fargo & Co. |
58,073,197 |
1,941,968 | |
|
3,352,039 | |||
|
Consumer Finance - 0.7% | |||
|
American Express Co. |
8,122,700 |
472,822 | |
|
Capital One Financial Corp. |
1,729,216 |
94,519 | |
|
Credit Acceptance Corp. (a) |
289,396 |
24,434 | |
|
591,775 | |||
|
Diversified Financial Services - 0.2% | |||
|
Citigroup, Inc. |
2,279,302 |
62,476 | |
|
JPMorgan Chase & Co. |
3,346,132 |
119,557 | |
|
182,033 | |||
|
Insurance - 4.9% | |||
|
ACE Ltd. |
5,963,700 |
442,089 | |
|
Admiral Group PLC |
3,458,963 |
64,574 | |
|
AIA Group Ltd. |
52,027,600 |
179,706 | |
|
Berkshire Hathaway, Inc. Class A (a) |
21,449 |
2,679,945 | |
|
Fairfax Financial Holdings Ltd. (sub. vtg.) |
174,622 |
69,146 | |
|
Common Stocks - continued | |||
|
Shares |
Value (000s) | ||
|
FINANCIALS - continued | |||
|
Insurance - continued | |||
|
The Chubb Corp. |
5,848,974 |
$ 425,922 | |
|
The Travelers Companies, Inc. |
1,422,628 |
90,821 | |
|
Torchmark Corp. |
180,000 |
9,099 | |
|
3,961,302 | |||
|
Real Estate Investment Trusts - 0.7% | |||
|
American Tower Corp. |
7,831,400 |
547,493 | |
|
Real Estate Management & Development - 0.3% | |||
|
BR Malls Participacoes SA |
18,058,000 |
206,788 | |
|
TOTAL FINANCIALS |
9,128,912 | ||
|
HEALTH CARE - 9.5% | |||
|
Biotechnology - 3.2% | |||
|
Alexion Pharmaceuticals, Inc. (a) |
4,181,660 |
415,239 | |
|
Amgen, Inc. |
6,881,572 |
502,630 | |
|
ARIAD Pharmaceuticals, Inc. (a) |
2,405,323 |
41,396 | |
|
Biogen Idec, Inc. (a) |
8,358,200 |
1,206,757 | |
|
BioMarin Pharmaceutical, Inc. (a) |
1,526,560 |
60,421 | |
|
Celgene Corp. (a) |
1,569,200 |
100,680 | |
|
Cepheid, Inc. (a) |
437,144 |
19,562 | |
|
Gilead Sciences, Inc. (a) |
2,591,200 |
132,877 | |
|
Incyte Corp. (a) |
373,900 |
8,488 | |
|
Medivation, Inc. (a) |
735,667 |
67,240 | |
|
Merrimack Pharmaceuticals, Inc. |
1,434,100 |
10,440 | |
|
ONYX Pharmaceuticals, Inc. (a) |
120,000 |
7,974 | |
|
Seattle Genetics, Inc. (a) |
545,326 |
13,846 | |
|
Vertex Pharmaceuticals, Inc. (a) |
261,800 |
14,640 | |
|
2,602,190 | |||
|
Health Care Equipment & Supplies - 0.8% | |||
|
Align Technology, Inc. (a) |
803,900 |
26,898 | |
|
Boston Scientific Corp. (a) |
2,583,300 |
14,647 | |
|
C.R. Bard, Inc. |
200,700 |
21,563 | |
|
Covidien PLC |
811,300 |
43,405 | |
|
Cyberonics, Inc. (a) |
655,306 |
29,449 | |
|
Edwards Lifesciences Corp. (a) |
163,100 |
16,848 | |
|
Intuitive Surgical, Inc. (a) |
832,643 |
461,109 | |
|
Wright Medical Group, Inc. (a) |
100,380 |
2,143 | |
|
Zimmer Holdings, Inc. |
128,100 |
8,245 | |
|
624,307 | |||
|
Common Stocks - continued | |||
|
Shares |
Value (000s) | ||
|
HEALTH CARE - continued | |||
|
Health Care Providers & Services - 1.2% | |||
|
Catalyst Health Solutions, Inc. (a) |
757,200 |
$ 70,753 | |
|
CIGNA Corp. |
1,903,355 |
83,748 | |
|
DaVita, Inc. (a) |
100,000 |
9,821 | |
|
Henry Schein, Inc. (a) |
740,900 |
58,153 | |
|
Humana, Inc. |
206,300 |
15,976 | |
|
McKesson Corp. |
1,498,800 |
140,513 | |
|
MWI Veterinary Supply, Inc. (a) |
28,922 |
2,972 | |
|
UnitedHealth Group, Inc. |
10,920,500 |
638,849 | |
|
1,020,785 | |||
|
Health Care Technology - 0.8% | |||
|
athenahealth, Inc. (a)(e) |
2,009,844 |
159,119 | |
|
Cerner Corp. (a) |
5,380,430 |
444,746 | |
|
SXC Health Solutions Corp. (a) |
337,282 |
33,496 | |
|
637,361 | |||
|
Life Sciences Tools & Services - 0.7% | |||
|
Fluidigm Corp. (a)(i) |
1,027,387 |
15,452 | |
|
Mettler-Toledo International, Inc. (a)(e) |
2,959,600 |
461,254 | |
|
Waters Corp. (a) |
1,720,406 |
136,721 | |
|
613,427 | |||
|
Pharmaceuticals - 2.8% | |||
|
Abbott Laboratories |
10,490,355 |
676,313 | |
|
Allergan, Inc. |
1,166,893 |
108,019 | |
|
Bayer AG |
2,814,355 |
202,226 | |
|
Bristol-Myers Squibb Co. |
6,451,000 |
231,913 | |
|
Elan Corp. PLC sponsored ADR (a) |
2,739,500 |
39,969 | |
|
Eli Lilly & Co. |
1,560,700 |
66,970 | |
|
Johnson & Johnson |
598,300 |
40,421 | |
|
Merck & Co., Inc. |
759,100 |
31,692 | |
|
Novo Nordisk A/S Series B |
3,239,181 |
469,801 | |
|
Perrigo Co. |
2,726,600 |
321,548 | |
|
Shire PLC |
910,200 |
26,186 | |
|
UCB SA |
350,000 |
17,646 | |
|
Valeant Pharmaceuticals International, Inc. (Canada) (a) |
740,977 |
33,239 | |
|
2,265,943 | |||
|
TOTAL HEALTH CARE |
7,764,013 | ||
|
Common Stocks - continued | |||
|
Shares |
Value (000s) | ||
|
INDUSTRIALS - 4.6% | |||
|
Air Freight & Logistics - 0.0% | |||
|
C.H. Robinson Worldwide, Inc. |
397,925 |
$ 23,291 | |
|
Airlines - 0.0% | |||
|
Allegiant Travel Co. (a) |
27,794 |
1,937 | |
|
Building Products - 0.0% | |||
|
Fortune Brands Home & Security, Inc. (a) |
1,065,800 |
23,735 | |
|
Commercial Services & Supplies - 0.5% | |||
|
Aggreko PLC |
312,946 |
10,155 | |
|
Cintas Corp. |
1,033,700 |
39,911 | |
|
Edenred SA |
1,643,181 |
46,465 | |
|
Stericycle, Inc. (a) |
2,774,008 |
254,293 | |
|
Swisher Hygiene, Inc. (a) |
6,357,060 |
14,475 | |
|
365,299 | |||
|
Electrical Equipment - 0.4% | |||
|
AMETEK, Inc. |
639,100 |
31,897 | |
|
Cooper Industries PLC Class A |
458,741 |
31,277 | |
|
Roper Industries, Inc. |
2,284,814 |
225,237 | |
|
288,411 | |||
|
Industrial Conglomerates - 1.1% | |||
|
Danaher Corp. |
15,126,427 |
787,784 | |
|
General Electric Co. |
4,442,300 |
92,578 | |
|
880,362 | |||
|
Machinery - 0.2% | |||
|
Colfax Corp. (a) |
528,512 |
14,571 | |
|
Donaldson Co., Inc. |
433,780 |
14,475 | |
|
Fanuc Corp. |
329,200 |
54,114 | |
|
Rexnord Corp. |
1,116,700 |
22,379 | |
|
Snap-On, Inc. |
252,010 |
15,688 | |
|
Valmont Industries, Inc. |
70,000 |
8,468 | |
|
Wabtec Corp. |
110,000 |
8,581 | |
|
138,276 | |||
|
Professional Services - 0.6% | |||
|
Bureau Veritas SA |
59,700 |
5,299 | |
|
Experian PLC |
7,439,902 |
104,926 | |
|
IHS, Inc. Class A (a) |
2,345,114 |
252,639 | |
|
Qualicorp SA |
3,495,000 |
30,556 | |
|
Verisk Analytics, Inc. (a) |
1,465,200 |
72,176 | |
|
465,596 | |||
|
Road & Rail - 1.4% | |||
|
Canadian National Railway Co. |
1,038,500 |
87,825 | |
|
Common Stocks - continued | |||
|
Shares |
Value (000s) | ||
|
INDUSTRIALS - continued | |||
|
Road & Rail - continued | |||
|
Canadian Pacific |
3,604,200 |
$ 264,518 | |
|
CSX Corp. |
1,096,500 |
24,518 | |
|
J.B. Hunt Transport Services, Inc. |
1,193,230 |
71,117 | |
|
Kansas City Southern |
236,700 |
16,465 | |
|
Localiza Rent A Car SA |
1,364,500 |
20,619 | |
|
Norfolk Southern Corp. |
120,000 |
8,612 | |
|
Union Pacific Corp. |
5,665,154 |
675,910 | |
|
1,169,584 | |||
|
Trading Companies & Distributors - 0.4% | |||
|
Air Lease Corp.: |
|||
|
Class A (a)(f) |
1,624,500 |
31,499 | |
|
Class A (a) |
3,482,478 |
67,525 | |
|
Mills Estruturas e Servicos de Engenharia SA |
998,200 |
13,717 | |
|
W.W. Grainger, Inc. |
1,302,105 |
249,015 | |
|
361,756 | |||
|
TOTAL INDUSTRIALS |
3,718,247 | ||
|
INFORMATION TECHNOLOGY - 27.6% | |||
|
Communications Equipment - 1.2% | |||
|
Comverse Technology, Inc. (a) |
28,918 |
168 | |
|
F5 Networks, Inc. (a) |
219,449 |
21,848 | |
|
Motorola Solutions, Inc. |
2,823,752 |
135,851 | |
|
QUALCOMM, Inc. |
14,616,843 |
813,866 | |
|
Ubiquiti Networks, Inc. (d) |
842,018 |
11,999 | |
|
983,732 | |||
|
Computers & Peripherals - 9.3% | |||
|
Apple, Inc. (a) |
12,556,858 |
7,333,204 | |
|
EMC Corp. (a) |
10,122,200 |
259,432 | |
|
7,592,636 | |||
|
Electronic Equipment & Components - 0.6% | |||
|
Amphenol Corp. Class A (e) |
8,997,272 |
494,130 | |
|
National Instruments Corp. |
784,045 |
21,059 | |
|
515,189 | |||
|
Internet Software & Services - 6.1% | |||
|
Bankrate, Inc. (d) |
269,906 |
4,964 | |
|
Constant Contact, Inc. (a)(d)(e) |
1,989,940 |
35,580 | |
|
Cornerstone OnDemand, Inc. (a) |
1,216,878 |
28,974 | |
|
Demandware, Inc. (d) |
293,100 |
6,944 | |
|
Common Stocks - continued | |||
|
Shares |
Value (000s) | ||
|
INFORMATION TECHNOLOGY - continued | |||
|
Internet Software & Services - continued | |||
|
Dropbox, Inc. (i) |
5,464,028 |
$ 49,445 | |
|
eBay, Inc. (a) |
11,756,365 |
493,885 | |
|
Equinix, Inc. (a) |
375,700 |
65,992 | |
|
Facebook, Inc.: |
|||
|
Class A (d) |
10,247,600 |
318,905 | |
|
Class B (a)(i) |
3,464,225 |
97,026 | |
|
Google, Inc. Class A (a) |
5,962,521 |
3,458,680 | |
|
LinkedIn Corp. (a) |
783,622 |
83,276 | |
|
MercadoLibre, Inc. |
1,658,724 |
125,731 | |
|
Rackspace Hosting, Inc. (a) |
1,351,968 |
59,405 | |
|
VeriSign, Inc. (a) |
1,550,610 |
67,560 | |
|
Web.com, Inc. (a) |
1,094,555 |
20,052 | |
|
4,916,419 | |||
|
IT Services - 4.8% | |||
|
Accenture PLC Class A |
11,522,900 |
692,411 | |
|
Alliance Data Systems Corp. (a) |
2,376,244 |
320,793 | |
|
Fidelity National Information Services, Inc. |
3,322,939 |
113,246 | |
|
Fiserv, Inc. (a) |
2,343,104 |
169,219 | |
|
FleetCor Technologies, Inc. (a) |
121,000 |
4,240 | |
|
IBM Corp. |
2,278,536 |
445,636 | |
|
MasterCard, Inc. Class A |
2,158,862 |
928,548 | |
|
Syntel, Inc. |
89,010 |
5,403 | |
|
Teradata Corp. (a) |
228,000 |
16,418 | |
|
Total System Services, Inc. |
501,105 |
11,991 | |
|
Vantiv, Inc. |
132,971 |
3,097 | |
|
Visa, Inc. Class A |
9,576,733 |
1,183,972 | |
|
3,894,974 | |||
|
Semiconductors & Semiconductor Equipment - 1.6% | |||
|
Analog Devices, Inc. |
722,854 |
27,230 | |
|
ARM Holdings PLC sponsored ADR |
12,774,715 |
303,910 | |
|
ASML Holding NV |
3,253,600 |
167,300 | |
|
Avago Technologies Ltd. |
3,766,537 |
135,219 | |
|
Cirrus Logic, Inc. (a) |
2,300,000 |
68,724 | |
|
Cymer, Inc. (a) |
28,883 |
1,703 | |
|
Ezchip Semiconductor Ltd. (a) |
420,575 |
16,840 | |
|
Mellanox Technologies Ltd. (a) |
33,131 |
2,347 | |
|
Samsung Electronics Co. Ltd. |
481,071 |
511,247 | |
|
Skyworks Solutions, Inc. (a) |
2,989,267 |
81,816 | |
|
1,316,336 | |||
|
Common Stocks - continued | |||
|
Shares |
Value (000s) | ||
|
INFORMATION TECHNOLOGY - continued | |||
|
Software - 4.0% | |||
|
Allot Communications Ltd. (a) |
1,464,503 |
$ 40,801 | |
|
ANSYS, Inc. (a) |
436,936 |
27,575 | |
|
Ariba, Inc. (a) |
1,981,664 |
88,699 | |
|
Check Point Software Technologies Ltd. (a) |
6,470,600 |
320,877 | |
|
Citrix Systems, Inc. (a) |
5,308,600 |
445,604 | |
|
CommVault Systems, Inc. (a) |
75,617 |
3,748 | |
|
Concur Technologies, Inc. (a) |
2,106,724 |
143,468 | |
|
Descartes Systems Group, Inc. (a) |
515,100 |
4,387 | |
|
Fortinet, Inc. (a) |
2,794,221 |
64,882 | |
|
Guidewire Software, Inc. (d) |
1,460,163 |
41,060 | |
|
Informatica Corp. (a)(e) |
5,503,182 |
233,115 | |
|
Intuit, Inc. |
7,480,000 |
443,938 | |
|
Jive Software, Inc. (d) |
1,561,921 |
32,785 | |
|
Microsoft Corp. |
6,777,593 |
207,327 | |
|
NetSuite, Inc. (a) |
2,043,517 |
111,923 | |
|
Nexon Co. Ltd. |
1,738,100 |
34,026 | |
|
QLIK Technologies, Inc. (a) |
652,306 |
14,429 | |
|
Red Hat, Inc. (a) |
3,075,225 |
173,689 | |
|
salesforce.com, Inc. (a) |
2,964,635 |
409,890 | |
|
ServiceNow, Inc. |
203,200 |
4,999 | |
|
SolarWinds, Inc. (a) |
3,573,294 |
155,653 | |
|
Splunk, Inc. |
209,500 |
5,887 | |
|
Trion World Network, Inc. warrants 8/10/17 (a)(i) |
124,282 |
0* | |
|
Ultimate Software Group, Inc. (a) |
436,952 |
38,941 | |
|
VMware, Inc. Class A (a) |
1,727,300 |
157,253 | |
|
Workday, Inc. (i) |
1,223,783 |
29,983 | |
|
Zynga, Inc. |
4,462,380 |
24,275 | |
|
3,259,214 | |||
|
TOTAL INFORMATION TECHNOLOGY |
22,478,500 | ||
|
MATERIALS - 3.1% | |||
|
Chemicals - 1.0% | |||
|
Airgas, Inc. |
100,000 |
8,401 | |
|
Ashland, Inc. |
117,300 |
8,130 | |
|
Ecolab, Inc. |
2,722,363 |
186,564 | |
|
Filtrona PLC |
3,839,804 |
28,776 | |
|
FMC Corp. |
657,600 |
35,168 | |
|
Monsanto Co. |
3,054,500 |
252,852 | |
|
PPG Industries, Inc. |
851,400 |
90,351 | |
|
Sherwin-Williams Co. |
1,067,700 |
141,310 | |
|
Common Stocks - continued | |||
|
Shares |
Value (000s) | ||
|
MATERIALS - continued | |||
|
Chemicals - continued | |||
|
Valspar Corp. |
751,100 |
$ 39,425 | |
|
W.R. Grace & Co. (a) |
145,878 |
7,360 | |
|
798,337 | |||
|
Containers & Packaging - 0.1% | |||
|
Ball Corp. |
1,076,970 |
44,210 | |
|
Silgan Holdings, Inc. |
515,249 |
21,996 | |
|
66,206 | |||
|
Metals & Mining - 2.0% | |||
|
Allied Nevada Gold Corp. (Canada) (a) |
341,000 |
9,673 | |
|
Altius Minerals Corp. (a) |
99,600 |
1,037 | |
|
Avion Gold Corp. (a)(e) |
33,711,615 |
15,066 | |
|
B2Gold Corp. (a)(e) |
27,531,333 |
82,748 | |
|
B2Gold Corp. (a)(e)(f) |
5,850,000 |
17,583 | |
|
Dalradian Resources, Inc. (a)(e) |
4,090,730 |
2,612 | |
|
Dalradian Resources, Inc. (e)(f) |
3,000,000 |
1,915 | |
|
Eldorado Gold Corp. |
6,586,488 |
81,126 | |
|
Franco-Nevada Corp. (e) |
12,719,000 |
575,172 | |
|
Franco-Nevada Corp. warrants 6/16/17 (a)(e)(f) |
342,250 |
1,983 | |
|
Goldcorp, Inc. |
3,657,182 |
137,688 | |
|
Ivanhoe Mines Ltd. |
10,210,600 |
100,692 | |
|
Ivanhoe Mines Ltd. rights 7/19/12 (a) |
8,469,400 |
7,653 | |
|
Medusa Mining Ltd. (e) |
11,743,444 |
58,581 | |
|
New Gold, Inc. (a) |
19,611,011 |
187,038 | |
|
Newcrest Mining Ltd. |
4,501,521 |
104,755 | |
|
Novagold Resources, Inc. (a) |
9,640,577 |
50,565 | |
|
Premier Gold Mines Ltd. (a)(e) |
3,970,200 |
17,158 | |
|
Premier Gold Mines Ltd. (e)(f) |
3,850,000 |
16,639 | |
|
Pretium Resources, Inc. (a) |
4,110,406 |
57,007 | |
|
Rio Alto Mining Ltd. (a) |
1,207,600 |
4,839 | |
|
Royal Gold, Inc. |
1,013,244 |
79,438 | |
|
Tahoe Resources, Inc. (a)(f) |
5,376,500 |
74,302 | |
|
1,685,270 | |||
|
TOTAL MATERIALS |
2,549,813 | ||
|
TELECOMMUNICATION SERVICES - 0.1% | |||
|
Diversified Telecommunication Services - 0.0% | |||
|
tw telecom, inc. (a) |
1,303,100 |
33,438 | |
|
Common Stocks - continued | |||
|
Shares |
Value (000s) | ||
|
TELECOMMUNICATION SERVICES - continued | |||
|
Wireless Telecommunication Services - 0.1% | |||
|
Millicom International Cellular SA (depository receipt) |
253,800 |
$ 23,885 | |
|
SBA Communications Corp. Class A (a) |
697,500 |
39,792 | |
|
63,677 | |||
|
TOTAL TELECOMMUNICATION SERVICES |
97,115 | ||
|
UTILITIES - 0.1% | |||
|
Gas Utilities - 0.0% | |||
|
ONEOK, Inc. |
235,200 |
9,951 | |
|
Multi-Utilities - 0.1% | |||
|
YTL Corp. Bhd |
92,209,226 |
59,094 | |
|
TOTAL UTILITIES |
69,045 | ||
|
TOTAL COMMON STOCKS (Cost $47,276,733) |
| ||
|
Preferred Stocks - 0.1% | |||
|
Convertible Preferred Stocks - 0.1% | |||
|
CONSUMER DISCRETIONARY - 0.0% | |||
|
Media - 0.0% | |||
|
Glam Media, Inc. Series M-1: |
|||
|
8.00% |
1,228,555 |
6,279 | |
|
8.00% |
87,753 |
449 | |
|
8.00% |
87,754 |
449 | |
|
7,177 | |||
|
INFORMATION TECHNOLOGY - 0.1% | |||
|
Internet Software & Services - 0.0% | |||
|
Digg, Inc. Series C, 8.00% (a)(i) |
410,013 |
1,005 | |
|
Preferred Stocks - continued | |||
|
Shares |
Value (000s) | ||
|
Convertible Preferred Stocks - continued | |||
|
INFORMATION TECHNOLOGY - continued | |||
|
Software - 0.1% | |||
|
Trion World Network, Inc.: |
|||
|
Series C, 8.00% (a)(i) |
3,950,196 |
$ 16,907 | |
|
Series C-1, 8.00% (a)(i) |
310,705 |
1,330 | |
|
18,237 | |||
|
TOTAL INFORMATION TECHNOLOGY |
19,242 | ||
|
TOTAL CONVERTIBLE PREFERRED STOCKS |
26,419 | ||
|
Nonconvertible Preferred Stocks - 0.0% | |||
|
INFORMATION TECHNOLOGY - 0.0% | |||
|
Internet Software & Services - 0.0% | |||
|
Dropbox, Inc. Series A (i) |
1,260,898 |
11,410 | |
|
TOTAL PREFERRED STOCKS (Cost $64,798) |
| ||
|
Corporate Bonds - 0.1% | ||||
|
|
Principal |
| ||
|
Convertible Bonds - 0.1% | ||||
|
MATERIALS - 0.1% | ||||
|
Metals & Mining - 0.1% | ||||
|
Ivanplats Ltd. 8% 11/10/14 pay-in-kind (g)(i) |
$ 48,586 |
50,388 | ||
|
Nonconvertible Bonds - 0.0% | ||||
|
CONSUMER DISCRETIONARY - 0.0% | ||||
|
Media - 0.0% | ||||
|
Glam Media, Inc.: |
||||
|
9% 11/18/13 |
192 |
192 | ||
|
9% 11/18/13 |
192 |
192 | ||
|
9% 12/2/13 |
2,693 |
2,693 | ||
|
3,077 | ||||
|
Corporate Bonds - continued | ||||
|
|
Principal |
Value (000s) | ||
|
Nonconvertible Bonds - continued | ||||
|
CONSUMER DISCRETIONARY - continued | ||||
|
Specialty Retail - 0.0% | ||||
|
J. Crew Group, Inc. 8.125% 3/1/19 |
$ 8,171 |
$ 8,437 | ||
|
TOTAL CONSUMER DISCRETIONARY |
11,514 | |||
|
TOTAL CORPORATE BONDS (Cost $59,481) |
| |||
|
Money Market Funds - 7.1% | |||
|
Shares |
| ||
|
Fidelity Cash Central Fund, 0.17% (b) |
5,477,763,306 |
5,477,763 | |
|
Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c) |
304,551,678 |
304,552 | |
|
TOTAL MONEY MARKET FUNDS (Cost $5,782,315) |
| ||
|
Cash Equivalents - 0.0% | |||
|
Maturity |
| ||
|
Investments in repurchase agreements in a
joint trading account at 0.15%, dated 6/29/12 due 7/2/12 (Collateralized
by U.S. Treasury Obligations) # |
$ 14,526 |
| |
|
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $53,197,853) |
81,481,215 | ||
|
NET OTHER ASSETS (LIABILITIES) - (0.2)% |
(144,384) | ||
|
NET ASSETS - 100% |
$ 81,336,831 | ||
|
Legend |
|
(a) Non-income producing |
|
(b) Affiliated fund that is 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. |
|
(c) Investment made with cash collateral received from securities on loan. |
|
(d) Security or a portion of the security is on loan at period end. |
|
(e) Affiliated company |
|
(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 $283,723,000 or 0.3% of net assets. |
|
(g) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
|
(h) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes which is owned by the Fund. |
|
(i) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $371,109,000 or 0.5% of net assets. |
|
Additional information on each restricted holding is as follows: |
|
Security |
Acquisition |
Acquisition |
|
Digg, Inc. Series C, 8.00% |
9/23/08 |
$ 4,317 |
|
Dropbox, Inc. |
5/2/12 |
$ 49,445 |
|
Dropbox, Inc. Series A |
5/29/12 |
$ 11,410 |
|
Facebook, Inc. Class B |
3/31/11 - 5/19/11 |
$ 86,629 |
|
Fluidigm Corp. |
10/9/07 - 1/6/11 |
$ 18,170 |
|
Ivanplats Ltd. 8% 11/10/14 pay-in-kind |
11/10/11 - 3/28/12 |
$ 48,884 |
|
Legend Pictures LLC |
9/23/10 - 3/30/12 |
$ 31,992 |
|
Metro Bank PLC Class A |
12/8/09 - 5/21/12 |
$ 37,356 |
|
Trion World Network, Inc. warrants 8/10/17 |
8/10/10 |
$ 0* |
|
Trion World Network, Inc. Series C, 8.00% |
8/22/08 |
$ 21,691 |
|
Trion World Network, Inc. Series C-1, 8.00% |
8/10/10 |
$ 1,706 |
|
Weinstein Co. Holdings LLC Class A-1 |
10/19/05 |
$ 41,234 |
|
Workday, Inc. |
10/13/11 |
$ 16,227 |
|
* Amount represents less than $1,000 | ||
|
# Additional information on each counterparty to the repurchase agreement is as follows: |
|
Repurchase Agreement
/ |
Value |
|
$14,526,000 due 7/02/12 at 0.15% | |
|
Barclays Capital, Inc. |
$ 4,069 |
|
Merrill Lynch, Pierce, Fenner & Smith, Inc. |
2,808 |
|
RBS Securities, Inc. |
7,649 |
|
$ 14,526 | |
|
Affiliated Central Funds |
|
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
|
Fund |
Income earned |
|
Fidelity Cash Central Fund |
$ 2,606 |
|
Fidelity Securities Lending Cash Central Fund |
4,939 |
|
Total |
$ 7,545 |
|
Other Affiliated Issuers |
|
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
|
Affiliate |
Value, |
Purchases |
Sales |
Dividend |
Value, |
|
Amphenol Corp. Class A |
$ 506,556 |
$ 15,785 |
$ 135,124 |
$ 2,133 |
$ 494,130 |
|
athenahealth, Inc. |
45,749 |
87,983 |
8,119 |
- |
159,119 |
|
Avion Gold Corp. |
59,448 |
- |
3,444 |
- |
15,066 |
|
B2Gold Corp. |
83,805 |
- |
- |
- |
82,748 |
|
B2Gold Corp. (144A) |
17,807 |
- |
- |
- |
17,583 |
|
Birchcliff Energy Ltd. |
98,366 |
- |
30,091 |
- |
- |
|
Chipotle Mexican Grill, Inc. |
949,372 |
- |
119,158 |
- |
949,478 |
|
Constant Contact, Inc. |
43,052 |
4,177 |
- |
- |
35,580 |
|
Dalradian Resources, Inc. |
7,447 |
244 |
27 |
- |
2,612 |
|
Dalradian Resources, Inc. (144A) |
- |
5,996 |
- |
- |
1,915 |
|
Discovery Communications, Inc. |
649,586 |
8,106 |
- |
- |
864,964 |
|
Dollar Tree, Inc. |
720,888 |
- |
64,565 |
- |
860,461 |
|
Affiliate |
Value, |
Purchases |
Sales |
Dividend |
Value, |
|
Dunkin' Brands Group, Inc. |
$ 116,194 |
$ 71,943 |
$ - |
$ 2,099 |
$ 245,445 |
|
Franco-Nevada Corp. |
435,254 |
55,845 |
- |
2,490 |
575,172 |
|
Franco-Nevada Corp. warrants 6/16/17 |
1,916 |
- |
- |
- |
1,983 |
|
Informatica Corp. |
202,710 |
18,843 |
16,156 |
- |
233,115 |
|
LogMeIn, Inc. |
53,513 |
7,642 |
55,721 |
- |
- |
|
Medusa Mining Ltd. |
56,958 |
- |
5,083 |
536 |
58,581 |
|
Metro Bank PLC Class A |
11,513 |
16,046 |
- |
- |
41,836 |
|
Mettler-Toledo International, Inc. |
470,560 |
- |
36,583 |
- |
461,254 |
|
Noble Energy, Inc. |
1,613,053 |
30,719 |
- |
7,638 |
1,475,792 |
|
Premier Gold Mines Ltd. |
- |
19,804 |
- |
- |
17,158 |
|
Premier Gold Mines Ltd. (144A) |
- |
22,255 |
- |
- |
16,639 |
|
Pretium Resources, Inc. |
23,735 |
49,215 |
13,378 |
- |
- |
|
Quality Systems, Inc. |
111,601 |
- |
112,490 |
365 |
- |
|
Tim Hortons, Inc. (Canada) |
589,796 |
8,572 |
14,622 |
4,250 |
633,567 |
|
TJX Companies, Inc. |
1,245,690 |
23,930 |
94,078 |
7,922 |
- |
|
TreeHouse Foods, Inc. |
232,324 |
- |
86,885 |
- |
125,426 |
|
Total |
$ 8,346,893 |
$ 447,105 |
$ 795,524 |
$ 27,433 |
$ 7,369,624 |
|
Other Information |
|
The following is a summary of the inputs used, as of June 30, 2012, 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 in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
|
Valuation Inputs at Reporting Date: | ||||
|
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
|
Investments in Securities: |
||||
|
Equities: |
||||
|
Consumer Discretionary |
$ 18,449,904 |
$ 18,116,350 |
$ 270,050 |
$ 63,504 |
|
Consumer Staples |
7,446,692 |
7,313,702 |
132,990 |
- |
|
Energy |
3,889,579 |
3,889,579 |
- |
- |
|
Financials |
9,128,912 |
8,727,218 |
359,858 |
41,836 |
|
Health Care |
7,764,013 |
7,268,026 |
495,987 |
- |
|
Industrials |
3,718,247 |
3,649,658 |
68,589 |
- |
|
Information Technology |
22,509,152 |
21,756,773 |
642,299 |
110,080 |
|
Materials |
2,549,813 |
2,386,477 |
163,336 |
- |
|
Telecommunication Services |
97,115 |
97,115 |
- |
- |
|
Utilities |
69,045 |
9,951 |
59,094 |
- |
|
Corporate Bonds |
61,902 |
- |
8,437 |
53,465 |
|
Money Market Funds |
5,782,315 |
5,782,315 |
- |
- |
|
Cash Equivalents |
14,526 |
- |
14,526 |
- |
|
Total Investments in Securities: |
$ 81,481,215 |
$ 78,997,164 |
$ 2,215,166 |
$ 268,885 |
|
The following is a summary of transfers between Level 1 and Level 2 for the period ended June 30, 2012. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
|
Transfers |
Total (000s) |
|
Level 1 to Level 2 |
$ 1,562,316 |
|
Level 2 to Level 1 |
$ - |
|
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows. (Unaudited) |
|
United States of America |
88.4% |
|
Canada |
3.7% |
|
Ireland |
1.3% |
|
Others (Individually Less Than 1%) |
6.6% |
|
100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
Amounts in thousands (except per-share amounts) |
June 30, 2012 | |
|
Assets |
||
|
Investment in securities, at value (including securities loaned of $306,580 and repurchase agreements of $14,526) - See accompanying schedule: Unaffiliated issuers (cost $43,477,488) |
$ 68,329,276 |
|
|
Fidelity Central Funds (cost $5,782,315) |
5,782,315 |
|
|
Other affiliated issuers (cost $3,938,050) |
7,369,624 |
|
|
Total Investments (cost $53,197,853) |
$ 81,481,215 | |
|
Foreign currency held at value (cost $379) |
379 | |
|
Receivable for investments sold |
667,190 | |
|
Delayed delivery |
2,335 | |
|
Receivable for fund shares sold |
140,774 | |
|
Dividends receivable |
57,383 | |
|
Interest receivable |
2,875 | |
|
Distributions receivable from Fidelity Central Funds |
1,633 | |
|
Other receivables |
3,367 | |
|
Total assets |
82,357,151 | |
|
Liabilities |
||
|
Payable to custodian bank |
$ 1 |
|
|
Payable for investments purchased |
594,047 |
|
|
Payable for fund shares redeemed |
72,215 |
|
|
Accrued management fee |
37,969 |
|
|
Other affiliated payables |
9,289 |
|
|
Other payables and accrued expenses |
2,247 |
|
|
Collateral on securities loaned, at value |
304,552 |
|
|
Total liabilities |
1,020,320 | |
|
| ||
|
Net Assets |
$ 81,336,831 | |
|
Net Assets consist of: |
||
|
Paid in capital |
$ 54,707,571 | |
|
Accumulated net investment loss |
(17,829) | |
|
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions |
(1,636,451) | |
|
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies |
28,283,540 | |
|
Net Assets |
$ 81,336,831 | |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
|
Amounts in thousands (except per-share amounts) |
June 30, 2012 | |
|
| ||
|
Contrafund: |
$ 74.81 | |
|
| ||
|
Class K: |
$ 74.80 | |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
Amounts in thousands |
Six months ended June 30, 2012 | |
|
|
| |
|
Investment Income |
|
|
|
Dividends (including $27,433 earned from other affiliated issuers) |
$ 369,831 | |
|
Interest |
2,306 | |
|
Income from Fidelity Central Funds |
7,545 | |
|
Total income |
379,682 | |
|
Expenses |
||
|
Management fee |
$ 223,642 |
|
|
Performance adjustment |
(3,286) |
|
|
Transfer agent fees |
54,617 |
|
|
Accounting and security lending fees |
1,514 |
|
|
Custodian fees and expenses |
792 |
|
|
Independent trustees' compensation |
255 |
|
|
Appreciation in deferred trustee compensation account |
1 |
|
|
Registration fees |
590 |
|
|
Audit |
116 |
|
|
Legal |
112 |
|
|
Miscellaneous |
454 |
|
|
Total expenses before reductions |
278,807 |
|
|
Expense reductions |
(1,272) |
277,535 |
|
Net investment income (loss) |
102,147 | |
|
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
||
|
Investment securities: |
||
|
Unaffiliated issuers |
2,684,769 |
|
|
Other affiliated issuers |
253,522 |
|
|
Foreign currency transactions |
(227) |
|
|
Total net realized gain (loss) |
2,938,064 | |
|
Change in net unrealized appreciation (depreciation) on: Investment securities |
4,905,739 |
|
|
Assets and liabilities in foreign currencies |
282 |
|
|
Total change in net unrealized appreciation (depreciation) |
|
4,906,021 |
|
Net gain (loss) |
7,844,085 | |
|
Net increase (decrease) in net assets resulting from operations |
$ 7,946,232 | |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
|
Amounts in thousands |
Six months ended |
Year ended |
|
Increase (Decrease) in Net Assets |
||
|
Operations |
||
|
Net investment income (loss) |
$ 102,147 |
$ 62,576 |
|
Net realized gain (loss) |
2,938,064 |
1,303,553 |
|
Change in net unrealized appreciation (depreciation) |
4,906,021 |
(1,484,727) |
|
Net increase (decrease) in net
assets resulting |
7,946,232 |
(118,598) |
|
Distributions to shareholders from net investment income |
- |
(63,685) |
|
Distributions to shareholders from net realized gain |
- |
(166,900) |
|
Total distributions |
- |
(230,585) |
|
Share transactions - net increase (decrease) |
666,529 |
(1,458,848) |
|
Total increase (decrease) in net assets |
8,612,761 |
(1,808,031) |
|
Net Assets |
||
|
Beginning of period |
72,724,070 |
74,532,101 |
|
End of period (including accumulated net investment loss of $17,829 and accumulated net investment loss of $119,976, respectively) |
$ 81,336,831 |
$ 72,724,070 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
|
Six months
ended |
Years ended December 31, | ||||
|
|
2012 |
2011 |
2010 |
2009 |
2008 |
2007 |
|
Selected Per-Share Data |
||||||
|
Net asset value, beginning of period |
$ 67.45 |
$ 67.73 |
$ 58.28 |
$ 45.26 |
$ 73.11 |
$ 65.21 |
|
Income from Investment |
||||||
|
Net investment income (loss) D |
.08 |
.04 |
(.02) |
.11 |
.23 |
.48 |
|
Net realized and unrealized gain (loss) |
7.28 |
(.13) |
9.86 |
13.11 |
(27.22) |
12.34 |
|
Total from investment operations |
7.36 |
(.09) |
9.84 |
13.22 |
(26.99) |
12.82 |
|
Distributions from net investment income |
- |
(.04) |
(.01) |
(.11) |
(.21) |
(.44) |
|
Distributions from net realized gain |
- |
(.15) |
(.38) |
(.09) |
(.65) |
(4.48) |
|
Total distributions |
- |
(.19) |
(.39) |
(.20) H |
(.86) |
(4.92) |
|
Net asset value, end of period |
$ 74.81 |
$ 67.45 |
$ 67.73 |
$ 58.28 |
$ 45.26 |
$ 73.11 |
|
Total Return B, C |
10.91% |
(.14)% |
16.93% |
29.23% |
(37.16)% |
19.78% |
|
Ratios to Average Net Assets E, G |
||||||
|
Expenses before reductions |
.73% A |
.81% |
.92% |
1.02% |
.95% |
.89% |
|
Expenses net of fee waivers, if any |
.73% A |
.81% |
.92% |
1.02% |
.95% |
.89% |
|
Expenses net of all reductions |
.72% A |
.81% |
.91% |
1.01% |
.94% |
.89% |
|
Net investment income (loss) |
.22% A |
.06% |
(.03)% |
.22% |
.37% |
.68% |
|
Supplemental Data |
||||||
|
Net assets, end of period (in millions) |
$ 57,934 |
$ 54,677 |
$ 60,498 |
$ 57,225 |
$ 45,149 |
$ 81,144 |
|
Portfolio turnover rate F |
53% A |
55% |
46% |
58% |
78% |
56% |
|
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Total distributions of $.20 per share is comprised of distributions from net investment income of $.113 and distributions from net realized gain of $.085 per share. | ||||||
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
|
Six months
ended |
Years ended December 31, | |||
|
|
2012 |
2011 |
2010 |
2009 |
2008 G |
|
Selected Per-Share Data |
|||||
|
Net asset value, beginning of period |
$ 67.40 |
$ 67.70 |
$ 58.25 |
$ 45.23 |
$ 68.59 |
|
Income from Investment |
|||||
|
Net investment income (loss) D |
.13 |
.12 |
.06 |
.19 |
.22 |
|
Net realized and unrealized gain (loss) |
7.27 |
(.14) |
9.87 |
13.11 |
(23.30) |
|
Total from investment operations |
7.40 |
(.02) |
9.93 |
13.30 |
(23.08) |
|
Distributions from net investment income |
- |
(.13) |
(.01) |
(.20) |
(.28) |
|
Distributions from net realized gain |
- |
(.15) |
(.47) |
(.09) |
- |
|
Total distributions |
- |
(.28) |
(.48) |
(.28) I |
(.28) |
|
Net asset value, end of period |
$ 74.80 |
$ 67.40 |
$ 67.70 |
$ 58.25 |
$ 45.23 |
|
Total Return B, C |
10.98% |
(.02)% |
17.09% |
29.43% |
(33.63)% |
|
Ratios to Average Net Assets E, H |
|||||
|
Expenses before reductions |
.61% A |
.69% |
.79% |
.86% |
.82% A |
|
Expenses net of fee waivers, if any |
.61% A |
.69% |
.79% |
.86% |
.82% A |
|
Expenses net of all reductions |
.61% A |
.69% |
.78% |
.85% |
.82% A |
|
Net investment income (loss) |
.34% A |
.18% |
.10% |
.38% |
.75% A |
|
Supplemental Data |
|||||
|
Net assets, end of period (in millions) |
$ 23,403 |
$ 18,047 |
$ 14,034 |
$ 6,749 |
$ 3,301 |
|
Portfolio turnover rate F |
53% A |
55% |
46% |
58% |
78% |
|
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G For the period May 9, 2008 (commencement of sale of shares) to December 31, 2008. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.28 per share is comprised of distributions from net investment income of $.196 and distributions from net realized gain of $.085 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended June 30, 2012
(Amounts in thousands except percentages)
1. Organization.
Fidelity® Contrafund® (the Fund) is a fund of Fidelity Contrafund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Contrafund and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendor or broker to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the FMR Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by security type and may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices and are generally categorized as Level 2 in the hierarchy. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. These 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 each business day and are categorized as Level 1 in the hierarchy. Short-term securities with remaining maturities of sixty days or less may be valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of June 30, 2012, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.
Foreign Currency Translation. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
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 may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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 dividends and capital gain distributions are declared separately for each class. Income and capital gain
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount, contingent interest, partnerships, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
|
Gross unrealized appreciation |
$ 28,687,894 |
|
Gross unrealized depreciation |
(858,155) |
|
Net unrealized appreciation (depreciation) on securities and other investments |
$ 27,829,739 |
|
| |
|
Tax cost |
$ 53,651,476 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. At December 31, 2011, capital loss carryforwards were as follows:
|
Fiscal year of expiration |
|
|
2016 |
$ (497,405) |
|
2017 |
(2,902,316) |
|
Total capital loss carryforward |
$ (3,399,721) |
New Accounting Pronouncement. In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
New Accounting Pronouncement - continued
after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
4. Operating Policies.
Repurchase Agreements. FMR has received an Exemptive Order from the SEC which permits the Fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. The Fund may also invest directly with institutions in repurchase agreements. Repurchase agreements may be collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
Semiannual Report
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $20,106,405 and $21,956,776, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Contrafund as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .55% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Contrafund. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
|
|
Amount |
% of |
|
Contrafund |
$ 49,099 |
.17 |
|
Class K |
5,518 |
.05 |
|
$ 54,617 |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except percentages)
6. Fees and Other Transactions with Affiliates - continued
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $290 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $114 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $3,025. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $4,939, including $174 from securities loaned to FCM.
9. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund
Semiannual Report
9. Bank Borrowings - continued
has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. The average loan balance during the period for which loans were outstanding amounted to $7,356. The weighted average interest rate was .65%. The interest expense amounted to one hundred thirty-three dollars under the bank borrowing program. At period end, there were no bank borrowings outstanding.
10. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $1,271 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $1.
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
|
Six months ended |
Year ended |
|
From net investment income |
||
|
Contrafund |
$ - |
$ 28,410 |
|
Class K |
- |
35,275 |
|
Total |
$ - |
$ 63,685 |
|
From net realized gain |
||
|
Contrafund |
$ - |
$ 130,522 |
|
Class K |
- |
36,378 |
|
Total |
$ - |
$ 166,900 |
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except percentages)
12. Share Transactions.
Transactions for each class of shares were as follows:
|
|
Shares |
Dollars | ||
|
|
Six months ended |
Year ended |
Six months ended |
Year ended |
|
Contrafund |
||||
|
Shares sold |
59,611 |
136,499 |
$ 4,413,354 |
$ 9,377,328 |
|
Reinvestment of distributions |
- |
2,271 |
- |
153,775 |
|
Shares redeemed |
(95,796) |
(221,335) |
(7,085,272) |
(15,103,275) |
|
Net increase (decrease) |
(36,185) |
(82,565) |
$ (2,671,918) |
$ (5,572,172) |
|
Class K |
||||
|
Shares sold |
73,337 |
113,775 |
$ 5,415,109 |
$ 7,765,531 |
|
Reinvestment of distributions |
- |
1,073 |
- |
71,653 |
|
Shares redeemed |
(28,213) |
(54,389) |
(2,076,662) |
(3,723,860) |
|
Net increase (decrease) |
45,124 |
60,459 |
$ 3,338,447 |
$ 4,113,324 |
13. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
To the Trustees of Fidelity Contrafund and the Shareholders of Fidelity Contrafund:
In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Contrafund (a fund of Fidelity Contrafund) at June 30, 2012, the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Contrafund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at June 30, 2012 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
August 10, 2012
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc. Boston, MA
Custodian
Brown Brothers Harriman & Co.
Boston, MA
(Fidelity Investment logo)(registered trademark)
Corporate
Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
CON-K-USAN-0812 1.863192.103