SUPPLEMENT TO THE FIDELITY CONTRAFUND
PROSPECTUS
DATED FEBRUARY 20, 1996
The following information supplements information found under the
"Securities and Investment Practices" section beginning on page 10:
CASH MANAGEMENT. The fund may invest in money market securities, in a
pooled account of repurchase agreements, and in a money market fund
available only to funds and accounts managed by FMR or its affiliates,
whose goal is to seek a high level of current income while maintaining a
stable $1.00 share price. A major change in interest rates or a default on
the money market fund's investments could cause its share price to change.
The following information replaces information found under the "Waivers"
section beginning on page 29:
2. To shares in a Fidelity account purchased with the proceeds of a
distribution from an employee benefit plan, provided that at the time of
the distribution, the employer or its affiliate maintained a plan that both
qualified for waiver (1) above and had at least some of its assets invested
in Fidelity-managed products. (Distributions transferred to an IRA account
must be transferred within 60 days from the date of the distribution. All
other distributions must be transferred directly into a Fidelity account.)
SUPPLEMENT TO THE FIDELITY CONTRAFUND
STATEMENT OF ADDITIONAL INFORMATION
DATED FEBRUARY 20, 1996
The following information replaces the non-fundamental investment
limitation (vii) found on page 3.
(vii) The fund does not currently intend to (a) purchase securities of
other investment companies, except in the open market where no commission
except the ordinary broker's commission is paid, or (b) purchase or retain
securities issued by other open-end investment companies. Limitations (a)
and (b) do not apply (i) to securities received as dividends, through
offers of exchange, or as a result of a reorganization, consolidation, or
merger, or (ii) to securities of other open-end investment companies
managed by FMR or a successor or affiliate purchased pursuant to an
exemptive order granted by the SEC.
The following information replaces the similar section (3.) found in the
Additional Purchase and Redemptions section.
3. to shares in a Fidelity account purchased (including purchases by
exchange) with the proceeds of a distribution from an employee benefit plan
provided that: (i) at the time of the distribution, the employer, or an
affiliate (as described in exemption (1) above) of such employer,
maintained at least one employee benefit plan that qualified for exemption
(1) and that had at least some portion of its assets invested in one or
more mutual funds advised by FMR, or in one or more accounts or pools
advised by Fidelity Management Trust Company; and (ii) either (a) the
distribution is transferred from the plan to a Fidelity IRA account within
60 days from the date of the distribution, or (b) the distribution is
transferred directly from the plan into another Fidelity account;
