SUPPLEMENT TO THE
FIDELITY CONTRAFUND FEBRUARY 19, 1998 PROSPECTUS
Effective the close of business on April 3, 1998, the fund's shares
will no longer be available to new accounts. Shareholders of the fund
on that date may continue to purchase shares in accounts existing on
that date. Investors who did not own shares of the fund on April 3,
1998, generally will not be allowed to purchase shares of the fund
except that new accounts may be established: 1) by participants in
most group employer retirement plans (and their successor plans) in
which the fund had been established as an investment option by April
3, 1998; and 2) for accounts managed on a discretionary basis by
certain registered investment advisors that have discretionary assets
of at least $500 mil lion invested in mutual funds and have
included the fund in their discretionary account program since April
3, 1998. These restrictions generally will apply to investments made
directly with Fidelity and investments made through intermediaries.
Investors may be required to demonstrate eligibility to purchase
shares of the fund before an investment is accepted.
The following information replaces similar information found in the
"Breakdown of Expenses" section beginning on page 14.
THE PERFORMANCE ADJUSTMENT rate is calculated monthly by comparing the
fund's performance to that of the S&P 500 over the performance period.
The performance period is the most recent 36-month period. The
difference is translated into a dollar amount that is added to or
subtracted from the basic fee. The maximum annualized performance
adjustment rate is (plus/minus) .20% of the fund's average net assets
over the performance period.
