SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(a)
OF THE SECURITIES EXCHANGE ACT OF 1934
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July 15, 1999
Dear Investor:
We are writing to inform you that you have the opportunity to vote
again on one of the proposals presented at your fund's recent
shareholder meeting. In the discussion below, we are providing you
with additional information relevant to the proposal to ratify
selection of the funds' independent accountants. If you would like to
change your vote after reading this information, you may do so by
returning the enclosed proxy card. If you do not wish to vote again,
there is no need to take any action.
Fidelity Balanced Fund, Fidelity Global Balanced Fund, Fidelity
Low-Priced Stock Fund and Fidelity Puritan Fund (the funds) held a
special meeting of shareholders on July 14th. However, in light of
information that PricewaterhouseCoopers LLP (PwC) communicated to
officers of the funds after the funds' proxy statement was mailed on
May 17, 1999, the meeting was adjourned with respect to proposal
number 2, the proposal for shareholder ratification of the selection
of PwC as independent accountants for the funds. A shareholder vote
on this proposal is now scheduled to take place on August 6, 1999.
Professional and regulatory standards pertaining to independence of
accountants set forth, among other things, that an accounting firm and
its partners and certain professional staff not hold any direct or
material indirect financial interest in a fund during the period of
the accountant's professional engagement to examine a fund's financial
statements or at the date of its report.
After the proxy statement was mailed on May 17, 1999, PwC communicated
to officers of the funds that, as of that date, a manager in PwC's
consulting business in its Boston office held shares of Fidelity
Puritan Fund. This investment was inconsistent with independence
standards pertaining to accountants. This person, who sold his shares
on June 15, 1999, has not provided any professional services on behalf
of PwC to any of the funds.
The identification of this person's investment arose out of an ongoing
internal review that PwC is conducting to identify any instances in
which PwC professionals held financial interests in public audit
clients such as the funds in a manner inconsistent with independence
standards pertaining to accountants. The review was undertaken by PwC
as part of a settlement agreement entered into with the Securities and
Exchange Commission on January 14, 1999 relating to investments by a
PwC-sponsored retirement plan and some of PwC's personnel in certain
public audit clients. PwC's review has determined that, in a number
of instances, other PwC professionals held shares of Fidelity Balanced
Fund, Fidelity Low-Priced Stock Fund, and Fidelity Puritan Fund, as
well as certain other Fidelity funds. PwC has represented to the
funds that to the best of its knowledge and belief, with the exception
of the individual referred to above, no PwC professional held
investments inconsistent with independence standards pertaining to
accountants in the three named funds on or after May 17, 1999.
PwC has advised officers and trustees of the funds that its audits
were undertaken with objectivity and independence in mental attitude
as required by generally accepted auditing standards and that its
associated audit reports can be relied upon.
PwC has advised the funds that, as of July 15, 1999, to the best of
its knowledge and belief, no PwC professional held any direct or
material indirect ownership interest in the funds inconsistent with
independence standards pertaining to accountants. Trustees of the
funds have considered the representations of PwC regarding this matter
and believe it is appropriate to proceed with the shareholder vote on
this proposal.
The shareholder vote on this proposal has been rescheduled for August
6, 1999 at 10:30 a.m. to allow shareholders to consider this new
information. Any shareholder who wishes to vote on this proposal, or
to change or revoke his or her proxy previously given may do so by
completing proposal 2 on the enclosed proxy card and mailing it in the
postage-paid envelope provided or by attending the shareholder meeting
in person. Any votes received on the other proposals on the proxy
card (which shareholders already have voted on) will not be counted.
All proxies previously received for which we do not receive further
instructions will be voted in accordance with instructions previously
received with respect to proposal 2.
If you have any questions on this matter, please call Fidelity
Investments at 1-800-544-8888. I want to thank you for your time and
consideration.
Sincerely,
Eric D. Roiter
Secretary
enclosure
