Mutual Fund Summary Prospectus (497k)
01 March 2014 - 2:55AM
Edgar (US Regulatory)
Fidelity
®
Contrafund
®
Class
/Ticker
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, 2014
Fund Summary
Fund
/Class:
Fidelity
®
Contrafund
®
/Fidelity Contrafund
Investment Objective
The fund 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.
|
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)
|
0.51%
|
|
Distribution and/or Service (12b-1) fees
|
None
|
|
Other expenses
|
0.16%
|
|
Total annual operating expenses
|
0.67%
|
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 your shareholder 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
|
$ 68
|
|
3 years
|
$ 214
|
|
5 years
|
$ 373
|
|
10 years
|
$ 835
|
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 46% of the average value of its portfolio.
Summary Prospectus
Principal Investment Strategies
-
Normally investing primarily in common stocks.
-
Investing in securities of companies whose value Fidelity Management & Research Company (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.
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 updated return information.
Summary Prospectus
Fund Summary - continued
Year-by-Year Returns
|
Calendar Years
|
2004
|
2005
|
2006
|
2007
|
2008
|
2009
|
2010
|
2011
|
2012
|
2013
|
|
|
15.07%
|
16.23%
|
11.54%
|
19.78%
|
-37.16%
|
29.23%
|
16.93%
|
-0.14%
|
16.26%
|
34.15%
|
|
During the periods shown in the chart:
|
Returns
|
Quarter ended
|
|
Highest Quarter Return
|
14.96%
|
March 31, 2012
|
|
Lowest Quarter Return
|
-20.43%
|
December 31, 2008
|
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. 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.
|
For the periods ended
December 31, 2013
|
Past 1
year
|
Past 5
years
|
Past 10
years
|
|
Fidelity Contrafund
|
|
|
|
|
Return Before Taxes
|
34.15%
|
18.67%
|
10.20%
|
|
Return After Taxes on Distributions
|
31.70%
|
18.15%
|
9.64%
|
|
Return After Taxes on Distributions and Sale of Fund Shares
|
21.15%
|
15.20%
|
8.45%
|
|
S&P 500
®
Index
(reflects no deduction for fees, expenses, or taxes)
|
32.39%
|
17.94%
|
7.41%
|
Investment Adviser
FMR (the Adviser) is the fund's manager. FMR Co., Inc. (FMRC) and other investment advisers serve as sub-advisers for the fund.
Portfolio Manager(s)
William Danoff (portfolio manager) has managed the fund since September 1990.
Summary Prospectus
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:
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
|
Redemptions:
Fidelity Investments
P.O. Box 770001
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 your investment 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.
|
Initial Purchase Minimum
|
$2,500
|
|
For Fidelity Simplified Employee Pension-IRA, Keogh, and Investment Only Prototype Retirement accounts
|
$500
|
|
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)
|
$200
|
The fund may waive or lower purchase minimums in other circumstances.
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 Corporation (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.
Summary Prospectus
Current regulations allow Fidelity to send a single copy of shareholder documents for Fidelity funds, such as prospectuses, annual and semiannual reports, and proxy materials, to certain
mutual fund customers whom we believe are members of the same family who share the same address. 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.
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, Contrafund, Fidelity Investments & Pyramid Design, and FAST are registered service marks of FMR LLC. © 2014 FMR LLC. All rights reserved.
The third-party marks appearing above are the marks of their respective owners.
1.915447.104 CON-SUM-0214
Fidelity
®
Contrafund
®
Class
/Ticker
K
/FCNKX
Summary Prospectus
March 1, 2014
Fund Summary
Fund
/Class:
Fidelity
®
Contrafund
®
/K
Investment Objective
The fund 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.
|
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)
|
0.51%
|
|
Distribution and/or Service (12b-1) fees
|
None
|
|
Other expenses
|
0.05%
|
|
Total annual operating expenses
|
0.56%
|
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 your shareholder 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
|
$ 57
|
|
3 years
|
$ 179
|
|
5 years
|
$ 313
|
|
10 years
|
$ 701
|
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 46% of the average value of its portfolio.
Summary Prospectus
Principal Investment Strategies
-
Normally investing primarily in common stocks.
-
Investing in securities of companies whose value Fidelity Management & Research Company (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.
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 updated return information.
Summary Prospectus
Fund Summary - continued
Year-by-Year Returns
|
Calendar Years
|
|
|
|
|
|
2009
|
2010
|
2011
|
2012
|
2013
|
|
|
|
|
|
|
|
29.43%
|
17.09%
|
-0.02%
|
16.40%
|
34.30%
|
|
During the periods shown in the chart:
|
Returns
|
Quarter ended
|
|
Highest Quarter Return
|
15.00%
|
March 31, 2012
|
|
Lowest Quarter Return
|
-11.61%
|
September 30, 2011
|
Average Annual Returns
|
For the periods ended
December 31, 2013
|
Past 1
year
|
Past 5
years
|
Life of
class
A
|
|
Class K
|
34.30%
|
18.82%
|
8.34%
|
|
S&P 500
®
Index
(reflects no deduction for fees, expenses, or taxes)
|
32.39%
|
17.94%
|
7.56%
|
A
From May 9, 2008.
Investment Adviser
FMR (the Adviser) is the fund's manager. FMR Co., Inc. (FMRC) and other investment advisers serve as sub-advisers for the fund.
Portfolio Manager(s)
William Danoff (portfolio manager) has managed the fund since September 1990.
Purchase and Sale of Shares
Shares of the fund generally are available only to employer-sponsored retirement plans (including profit sharing, 401(k), 403(b), 457(b), and
similar plans) for which Fidelity provides recordkeeping services. 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:
|
|
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
|
Overnight Express:
Fidelity Investments
100 Crosby Parkway
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 Class K 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 Corporation (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.
Summary Prospectus
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, Contrafund, and Fidelity Investments & Pyramid Design are registered service marks of FMR LLC. © 2014 FMR LLC. All rights reserved.
The third-party marks appearing above are the marks of their respective owners.
1.915448.104 CON-K-SUM-0214
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