SUPPLEMENT TO THE FIDELITY LOW-PRICED STOCK FUND
SEPTEMBER 29, 1998 PROSPECTUS
Effective March 17, 1999, the fund's shares will be available for
purchase by new accounts. References to the availability of fund
shares only to certain purchasers in the "Who May Want to Invest"
section on page 3 and in the "How to Buy Shares" section on page 18
are no longer applicable.
SHAREHOLDER MEETING. On or about July 14, 1999, a meeting of
the shareholders of Fidelity Low-Priced Stock Fund will be held to
approve various proposals, including modifications to the fund's
management contract. Shareholders of record on May 17, 1999 are
entitled to vote at the meeting. Included in the modifications are
proposals to revise the management fee calculation for the fund to
provide for lower fees when FMR's assets under management exceed a
certain level, to revise the performance adjustment calculation by
rounding the investment performance of both the fund and the
comparative index to the nearest 0.01%, rather than the nearest 1.00%,
and to allow FMR and the trust, on behalf of the fund, to modify its
management contract subject to the requirements of the Investment
Company Act of 1940.
For more detailed information concerning the proposals under
consideration, please contact Fidelity at 1-800-544-8888 to request a
free copy of the proxy statement.
