Fidelity Contrafund MARKET RECAP. Key Takeaways

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1 Fidelity Contrafund Key Takeaways For the semiannual reporting period ending June 30, 2017, the fund's Retail Class shares gained 16.79%, well ahead of the 9.34% advance of the benchmark S&P 500 index, and also topping the peer group average. Portfolio Manager Will Danoff is pleased that fund performance turned decidedly favorable after a disappointing and frustrating 2016, when a sharp move toward defensive stocks hurt results versus the benchmark. Investors favored growth stocks in the first half of 2017, generally supporting Will's strategy of finding "best of breed" companies with superior earnings growth and sustainable advantages. Relative performance primarily was driven by the fund's sizable position 41% of assets, on average in the market-leading information technology sector. Notable individual contributors from tech included Facebook, Activision Blizzard and Alphabet. Conversely, the fund's biggest relative detractor was a large overweighting in Berkshire Hathaway, the insurance and broadbased conglomerate, as its shares rose only 4% in the first half of 2017 after rallying strongly following the election of Donald Trump late last year. Will believes valuations have risen because interest rates have fallen and that sentiment toward economic growth has turned from fearful to optimistic. While he thinks these dynamics make it tougher than in the past to find what he considers really great ideas, Will remains confident the market is so large and the global economy so vibrant that new companies and ideas sprout constantly. MARKET RECAP The U.S. equity bellwether S&P 500 index returned 9.34% for the six months ending June 30, 2017, gaining strongly to begin the new year on optimism for President Trump's probusiness agenda. Equity markets leveled off in March, however, as the fledgling administration faced the first test of its domestic agenda. The index reacted with uncertainty to efforts by Congress to repeal and replace the Affordable Care Act (ACA) and then turned upward through June 30. In a stark reversal from 2016, growthoriented stocks handily topped their value counterparts for the first half of Among sectors, information technology (+17%) fared best, surging as a handful of major index constituents posted stellar returns. Health care (+16%) was close behind, climbing in February and again in the second quarter, following the ACA's reprieve. Meanwhile, consumer staples (+8%) and utilities (+9%) fell just shy of the broader market amid investors' general preference for risk assets. Financials (+7%) lagged because sentiment regarding the potential for deregulation and lower taxes faded as the White House turned its attention to other initiatives. Rising interest rates hurt real estate (+6%) and dividend-rich telecommunication services (-11%), the latter of which was further hampered by increased competition. Lastly, lower oil prices sent energy (-13%) to the bottom of the sector performance rankings. Not FDIC Insured May Lose Value No Bank Guarantee

2 Q&A An interview with Portfolio Manager William Danoff Fund Facts Trading Symbol: William Danoff Portfolio Manager FCNTX Start Date: May 17, 1967 Size (in millions): $113, Investment Approach Fidelity Contrafund is an opportunistic, diversified equity strategy with a large-cap growth bias. Philosophically, we believe stock prices follow companies' earnings, and those companies that can deliver durable multiyear earnings growth provide attractive investment opportunities. As a result, our investment approach seeks firms we believe are poised for sustained, above-average earnings growth that is not accurately reflected in the stocks' current valuation. In particular, we emphasize companies with "best of breed" qualities, including those with a strong competitive position, high returns on capital, solid free-cash-flow generation and management teams that are stewards of shareholder capital. We strive to uncover these investment opportunities through in-depth bottom-up, fundamental analysis, working in concert with Fidelity's global research team. Q: Will, how did the fund perform for the six months ending June 30, 2017 The fund's Retail Class shares gained 16.79%, well ahead of the 9.34% advance of the benchmark S&P 500 index and also topping our peer group average. Looking a bit longer term, fund performance also was strong for the past 12 months, with our gain of 22.19% outpacing the benchmark return of 17.90% and again beating the peer average. As a fellow shareholder, I am pleased that performance has turned decidedly favorable after a disappointing and frustrating While I am feeling better here at the midpoint of 2017, we will continue to work hard, conduct thoughtful and thorough research, stay flexible, and remain open to identifying new investments for the fund. Q: What market dynamics worked in your favor in the first half of 2017 The market favored growth stocks this period, after a sharp move toward defensive stocks hurt the fund in My strategy of aiming to find "best of breed" companies with superior earnings growth and sustainable competitive advantages benefited from the market's shift. Defensive sectors such as telecommunication services, REITs (real estate investment trusts), consumer staples and utilities performed relatively poorly during the first half of the year as market participants anticipated rising interest rates and stronger global economic growth. My de-emphasis of these groups helped performance versus the benchmark so far in 2017, after hurting performance last year. Also fueling the fund's strong year-to-date result was our big position in information technology, a sector that has rebounded in spades up 17% through June 30. Q: Please tell us more about how the fund is positioned within the technology sector. As I described in my shareholder letter at the end of 2016, many tech stocks performed poorly last year despite excellent fundamental execution. 2 For definitions, fund risks and other important information, please see the Definitions and Important section of this Q&A.

3 For example, Salesforce.com, a leading provider of cloudbased enterprise software, grew earnings per share 30% in 2016 but its share price fell 13%. I believe stock prices follow earnings per share over time, so this type of divergence is usually only temporary. Sure enough, the stock rebounded this period, rewarding our overweighting in Salesforce. The fund is positioned to capture the benefits of continued increases in internet usage and cloud-based computing. Social-media giant Facebook, the fund's second-largest holding and the biggest contributor to relative performance for the period, grew earnings 70% as users of the company's apps grew by more than 20%, advertisers paid higher rates to reach Facebook's 1.3 billion daily active users and Instagram's 800 million users, and margins expanded. Facebook shares rose 31% this period. Leading video game publisher Activision Blizzard and e- commerce behemoth Amazon.com also performed very well, contributing nicely to results. Activision is updating the content of all of its games, particularly the very popular "Call of Duty," which had a disappointing release last year. Activision also is strengthening its "Overwatch" franchise, which launched successfully last year and for which the company plans to establish a professional league modeled after the National Football League. Q: What was the story with Alphabet Google parent Alphabet was our largest holding (combining its Class A and Class C shares) and a notable contributor for the period. Alphabet has seven services with at least a billion daily active users each, including Android's more than 2 billion daily users and YouTube's 1.5 billion monthly active users logging at least an hour a day of engagement. These are staggering numbers, and Alphabet grew revenue more than 20% during the period, capitalizing on these huge, growing and "monetizable" franchises. Q: Are you at all concerned about the fund's concentration in tech The world is becoming increasingly tech-intensive, so I am finding good earnings growth in the sector. Excellent earnings growth has become increasingly scarce in the lowinflation, slow-growth global economy. Venture capitalist and internet pioneer Marc Andreessen's famous quote, "Software is eating the world," is coming true, and I think every company is being forced to see itself as a tech company. was by far the fund's largest sector allocation in absolute and relative terms, representing 41% of fund assets, on average, the past six months, nearly twice the 22% weighting within the benchmark. My bottom-up view is that the "franchise" tech companies we own are growing faster than average, are very profitable and nicely cash generative, are run by very smart executives, and operate in very large global markets. I continue to carefully monitor our holdings here, looking for changes in the competitive landscape and staying flexible in case the environment deteriorates or if I find better opportunities elsewhere. Recent sharp increases in semiconductor capital spending must be watched closely, as higher capacity could produce weaker prices if demand were to soften unexpectedly. Q: How did you fare in consumer discretionary The sector is a broad market segment that includes auto manufacturers, retailers, restaurants and entertainment firms. Consumer spending accounts for two-thirds of the U.S. economy, so there are usually ample opportunities to identify growing companies here. One such example is Tesla, maker of electric vehicles and power-storage units and a top-20 fund holding at the end of June. Our non-benchmark stake in Tesla rose 69% this period, as investors anticipated the late-july launch of the Model 3, the company's more-affordable sedan for which it has taken reservations and deposits from half a million people. Tesla was a significant contributor in the first six months of Amazon was another notable contributor from this sector. The firm is classified within consumer discretionary because its biggest business is e-commerce. Despite generating more than $145 billion in revenue, Amazon is still growing 25% per year and investing in big growth opportunities such as grocery, India, video entertainment and cloud computing. Amazon is extremely well run, in my view, and one of the fund's largest holdings. Q: What detracted The fund's biggest relative detractor was a sizable position in Berkshire Hathaway, the insurance and broad-based conglomerate. The company's shares rose only 4% in the first half of 2017, after rallying strongly with the Trump election late last year. I believe investing with Warren Buffett, whom I consider one of the shrewdest business executives in the world, is a very good long-term strategy, even though Berkshire's stock performance tends to be lumpy, as it was in the first half of For definitions, fund risks and other important information, please see the Definitions and Important section of this Q&A.

4 The financials sector overall performed worse than I expected, gaining only 7%. Interest rates stayed low, as inflation and gasoline prices were subdued. I think profit margins at banks will improve as rates increase, and that regulatory pressure on banks could ease after 10 years of stiff oversight. As long as the economy grows, and I believe it will, I think banks should perform well over the longer term, despite a modestly disappointing first half of the year. Q: Will, what is your outlook as of June 30 Economic growth in Europe, India and China appears to be strengthening. The U.S. economy is fine, with auto sales flattish but still at high levels, housing prices up 4% to 5% and employment increasing at just under 200,000 jobs a month. U.S. GDP (gross domestic product) has been growing about 2%, a rate slow enough to avoid excessive inflation but likely strong enough to enable well-positioned public companies to increase earnings by 10% to 12% this year. Public companies in the U.S. are working hard to gain market share globally and to control expenses and capital spending. This combination, along with prudent acquisitions and large worldwide markets, has produced a doubling of S&P 500 earnings over the past seven years. I think it's harder for companies to increase margins now than it was earlier in the cycle. Valuations also are much higher the index has more than doubled in the past seven years. Valuations have risen because interest rates have fallen and sentiment toward economic growth has turned from fearful to optimistic. So it's tougher than it was earlier in the decade to find really great ideas. But the market is so large and the global economy so vibrant that new companies and ideas sprout constantly. The Fidelity research team and I will have plenty of opportunity to find companies that can continue to grow earnings and that can be excellent investments for the fund. 4 For definitions, fund risks and other important information, please see the Definitions and Important section of this Q&A.

5 Will Danoff reflects on the market peak of 2007: "U.S. equities peaked about 10 years ago, with the S&P 500 exceeding the 1,500-point level in the summer of At the time, companies in the index were earning $85 per share, in aggregate. The U.S. housing market was running white-hot, and most people were overly optimistic about real estate prices. "I remember an executive in the housing industry boasting to me that home prices had declined only once in the last 40 years. Looking ahead, he optimistically projected that home prices would continue to rise for the next decade. I also remember a savings and loan (S&L) executive lamenting at that time that his competition for mortgages was no longer banks and others S&Ls, but rather Wall Street firms that were aggressively originating loans to feed their thriving mortgagebacked securities businesses. "This combination of long-term optimism for housing prices and the deterioration of underwriting standards from 2005 to 2007 set the stage for the ensuing financial crisis. As the bubble burst, the S&P 500 fell 37% in 2008 alone, and housing prices declined by roughly a third. This was a scary time for investors, but also a time of opportunity. "I find it remarkable that S&P 500 earnings are at a $130 per-share run rate this year, up about 50% from the pre-crisis level. Leading public companies adapt to difficult economic conditions like those in and do a very good job of identifying growth opportunities over time. And while the general economy is cyclical, it has grown with the population and productivity. "Companies with disciplined expense management and prudent investment programs can increase earnings faster than the overall economy, say 5% to 10% annually. Well-positioned companies in expanding sectors like technology can grow much faster. Because stock prices tend to follow earnings, the S&P 500 is now about 50% higher than 2007's pre-crisis level. So, even if investors had horrible market timing and bought at the top in 2007, today they would be roughly 50% ahead. (Continued on page 7) LARGEST CONTRIBUTORS VS. BENCHMARK Holding Facebook, Inc. Class A Tesla, Inc. Activision Blizzard, Inc. Amazon.com, Inc. Alphabet, Inc. Class A * 1 basis point = 0.01%. Market Segment Consumer Discretionary Consumer Discretionary Average Relative Weight LARGEST DETRACTORS VS. BENCHMARK Holding Berkshire Hathaway, Inc. Class A Philip Morris International, Inc. Oracle Corp. Market Segment Relative Contribution (basis points)* 4.95% % % % % 37 Average Relative Weight Relative Contribution (basis points)* Financials 3.54% -19 Consumer Staples -0.83% % -14 Johnson & Johnson Health Care -1.61% -13 HD Supply Holdings, Inc. Industrials 0.28% -12 * 1 basis point = 0.01%. ASSET ALLOCATION Asset Class Portfolio Weight Portfolio Weight Six Months Ago Domestic Equities 92.14% 93.24% International Equities 7.22% 6.46% Developed Markets 5.18% 4.98% Emerging Markets 2.04% 1.48% Tax-Advantaged Domiciles 0.00% 0.00% Bonds 0.02% 0.05% Cash & Net Other Assets 0.62% 0.25% Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, Net Other Assets can be a negative number. "Tax-Advantaged Domiciles" represent countries whose tax policies may be favorable for company incorporation. 5 For definitions, fund risks and other important information, please see the Definitions and Important section of this Q&A.

6 Will Danoff reflects on the market peak of 2007 (continued): "My focus is not to time the market, which is very hard to do, but rather to attempt to identify great companies whose shares have an opportunity to produce excess returns regardless of overall market conditions. For example, Netflix shares rose more than 50-fold (5,000%) for the 10 years ending June 30. Similarly, many other successful technology companies Priceline Group, Amazon and Skyworks Solutions, to name a few executed well in the past decade and experienced at least a 10-fold increase in their share prices for the past 10 years. "So even if you purchased one of these wellpositioned stocks right before the collapse in 2008, you would have done exceptionally well. These and other holdings have helped Contrafund produce an average annual gain of 8.63% for the 10 years ending June 30, 2017, nicely ahead of the 7.18% return of the S&P 500. "With this in mind, rest assured that the Fidelity research team and I are casting a wide net as we look for new ideas and potential 'big winners.' Having just one 'big winner' can offset many investment mistakes over a decade, regardless of market conditions. "I appreciate your confidence and am working as hard as ever to find what I consider the best investments for the fund." 6 For definitions, fund risks and other important information, please see the Definitions and Important section of this Q&A.

7 MARKET-SEGMENT DIVERSIFICATION 10 LARGEST HOLDINGS Market Segment Portfolio Weight Portfolio Weight Six Months Ago 42.14% 37.87% Financials 16.87% 16.18% Consumer Discretionary 16.56% 18.46% Health Care 9.74% 9.92% Industrials 6.35% 6.39% Consumer Staples 3.08% 4.09% Materials 2.10% 2.92% Energy 1.61% 3.03% Telecommunication Services 0.50% 0.44% Real Estate 0.41% 0.40% Utilities 0.00% 0.00% Other 0.00% 0.00% Holding Facebook, Inc. Class A Berkshire Hathaway, Inc. Class A Amazon.com, Inc. Alphabet, Inc. Class A Apple, Inc. Alphabet, Inc. Class C Market Segment Portfolio Weight Portfolio Weight Six Months Ago 6.76% 5.81% Financials 4.96% 5.39% Consumer Discretionary 4.62% 4.06% 3.75% 3.64% 3.38% 2.97% 3.31% 3.21% UnitedHealth Group, Inc. Health Care 2.57% 2.58% Microsoft Corp. Visa, Inc. Class A 2.54% 2.58% 2.31% 2.26% Wells Fargo & Co. Financials 2.13% 2.60% 10 Largest Holdings as a % of Net Assets 36.33% 35.10% Total Number of Holdings The 10 largest holdings are as of the end of the reporting period, and may not be representative of the fund's current or future investments. Holdings do not include money market investments. FISCAL PERFORMANCE SUMMARY: Periods ending June 30, Month Cumulative YTD 1 Year 3 Year Annualized 5 Year 10 Year/ LOF 1 Fidelity Contrafund Gross Expense Ratio: 0.68% % 16.79% 22.19% 10.49% 14.64% 8.63% S&P 500 Index 9.34% 9.34% 17.90% 9.61% 14.63% 7.18% Morningstar Fund Large Growth 14.14% 14.14% 20.02% 8.80% 13.87% 7.51% % Rank in Morningstar Category (1% = Best) % 25% 36% 23% # of Funds in Morningstar Category ,424 1,277 1, Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 05/17/ This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, advisor.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Please see the last page(s) of this Q&A document for most-recent calendarquarter performance. 7 For definitions, fund risks and other important information, please see the Definitions and Important section of this Q&A.

8 Definitions and Important FUND RISKS The value of the fund's domestic and foreign investments will vary from day to day in response to many factors. Stock values fluctuate in response to the activities of individual companies, and general market and economic conditions. Investments in foreign securities involve greater risk than U.S. investments. You may have a gain or loss when you sell your shares. negative number is an underweight. The fund's benchmark is listed immediately under the fund name in the Performance Summary. IMPORTANT FUND INFORMATION Relative positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmark is provided to assess performance. Unless otherwise disclosed to you, in providing this information, Fidelity is not undertaking to provide impartial investment advice, act as an impartial adviser, or to give advice in a fiduciary capacity. INDICES It is not possible to invest directly in an index. All indices represented are unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted. S&P 500 is a market-capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance. MARKET-SEGMENT WEIGHTS Market-segment weights illustrate examples of sectors or industries in which the fund may invest, and may not be representative of the fund's current or future investments. Should not be construed or used as a recommendation for any sector or industry. RANKING INFORMATION 2017 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for mutual fund performance, you should check the fund's current prospectus for the most up-to-date information concerning applicable loads, fees and expenses. % Rank in Morningstar Category is the fund's total-return percentile rank relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1%. % Rank in Morningstar Category is based on total returns which include reinvested dividends and capital gains, if any, and exclude sales charges. RELATIVE WEIGHTS Relative weights represents the % of fund assets in a particular market segment, asset class or credit quality relative to the benchmark. A positive number represents an overweight, and a 8

9 Manager Facts Will Danoff joined Fidelity as an equity research analyst in 1986, after graduating from the Wharton School of the University of Pennsylvania. He covered the retail industry and managed the Fidelity Select Retailing Portfolio from 1986 to Mr. Danoff served as the portfolio assistant for the Magellan Fund in 1989 and 1990, before being asked to manage the Fidelity Contrafund in September Contrafund has more than $100 billion of assets now, and is the largest solely managed active equity mutual fund in the world. Mr. Danoff launched the Fidelity VIP Contrafund in 1995, grew the fund to $26 billion, and handed it off to colleagues in In addition, he started Fidelity Advisor New Insights Fund in 2003, and grew it to $25 billion. Mr. Danoff started Fidelity Series Opportunistic Insights Fund in 2012, and has grown it to $6 billion. Morningstar named Mr. Danoff "Domestic Stock Manager of the Year" in For definitions, fund risks and other important information, please see the Definitions and Important section of this Q&A.

10 PERFORMANCE SUMMARY: Quarter ending December 31, Year 3 Year Annualized 5 Year 10 Year/ LOF 1 Fidelity Contrafund Gross Expense Ratio: 0.68% % 13.33% 16.43% 8.96% 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 05/17/ This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, institutional.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Before investing in any mutual fund, please carefully consider the investment objectives, risks, charges, and expenses. For this and other information, call or write Fidelity for a free prospectus or, if available, a summary prospectus. Read it carefully before you invest. Past performance is no guarantee of future results. Views expressed are through the end of the period stated and do not necessarily represent the views of Fidelity. Views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund. The securities mentioned are not necessarily holdings invested in by the portfolio manager(s) or FMR LLC. References to specific company securities should not be construed as recommendations or investment advice. included on this page is as of the most recent calendar quarter. S&P 500 is a registered service mark of Standard & Poor's Financial Services LLC. 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. Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street, Smithfield, RI Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI FMR LLC. All rights reserved. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee Diversification does not ensure a profit or guarantee against a loss.