0000795422-12-000109.txt : 20121019 0000795422-12-000109.hdr.sgml : 20121019 20121019093050 ACCESSION NUMBER: 0000795422-12-000109 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121019 DATE AS OF CHANGE: 20121019 EFFECTIVENESS DATE: 20121019 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY PURITAN TRUST CENTRAL INDEX KEY: 0000081205 IRS NUMBER: 000000000 FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-11884 FILM NUMBER: 121151533 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE STREET CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY PURITAN FUND DATE OF NAME CHANGE: 19870414 FORMER COMPANY: FORMER CONFORMED NAME: PURITAN FUND INC DATE OF NAME CHANGE: 19810106 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY PURITAN TRUST CENTRAL INDEX KEY: 0000081205 IRS NUMBER: 000000000 FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-00649 FILM NUMBER: 121151534 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE STREET CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY PURITAN FUND DATE OF NAME CHANGE: 19870414 FORMER COMPANY: FORMER CONFORMED NAME: PURITAN FUND INC DATE OF NAME CHANGE: 19810106

0000081205 S000007152 Fidelity Low-Priced Stock Fund

C000019556 Fidelity Low-Priced Stock Fund FLPSX

C000064275 Class K FLPKX

0000081205 S000007154 Fidelity Value Discovery Fund

C000019558 Fidelity Value Discovery Fund FVDFX

C000064277 Class K FVDKX

485BPOS 1 main.htm

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A

REGISTRATION STATEMENT (No. 002-11884)
		UNDER THE SECURITIES ACT OF 1933	[X]
		Pre-Effective Amendment No. ____	[ ]
		Post-Effective Amendment No. 147	[X]
and
REGISTRATION STATEMENT (No. 811-00649)
		UNDER THE INVESTMENT COMPANY ACT OF 1940	[X]
		Amendment No. 147	[X]

Fidelity Puritan Trust
(Exact Name of Registrant as Specified in Charter)

82 Devonshire St., Boston, Massachusetts 02109
(Address Of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number: 617-563-7000

Scott C. Goebel, Secretary
82 Devonshire Street
Boston, Massachusetts 02109
(Name and Address of Agent for Service)

It is proposed that this filing will become effective
	( X )	immediately upon filing pursuant to paragraph (b).
	( )	on ( ) pursuant to paragraph (b) at 5:30 p.m. Eastern Time.
	( )	60 days after filing pursuant to paragraph (a)(1) at 5:30 p.m. Eastern Time.
	( )	on ( ) pursuant to paragraph (a)(1) of Rule 485 at 5:30 p.m. Eastern Time.
	( )	75 days after filing pursuant to paragraph (a)(2) at 5:30 p.m. Eastern Time.
	( )	on ( ) pursuant to paragraph (a)(2) of Rule 485 at 5:30 p.m. Eastern Time.

If appropriate, check the following box:
	( )	this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

EXHIBIT INDEX

Exhibit	Exhibit No.
XBRL Instance Document	EX-101.INS
XBRL Taxonomy Extension Schema Document	EX-101.SCH
XBRL Taxonomy Extension Calculation Linkbase Document	EX-101.CAL
XBRL Taxonomy Extension Definition Linkbase Document	EX-101.DEF
XBRL Taxonomy Extension Labels Linkbase Document	EX-101.LAB
XBRL Taxonomy Extension Presentation Linkbase Document	EX-101.PRE

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for the effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Post-Effective Amendment No. 147 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Boston, and Commonwealth of Massachusetts, on the 19th day of October 2012.

	Fidelity Puritan Trust
	By	/s/Kenneth B. Robins
\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|		Kenneth B. Robins, President

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

(Signature)		(Title)	(Date)

/s/Kenneth B. Robins		President and Treasurer	October 19, 2012
Kenneth B. Robins		(Principal Executive Officer)

/s/Christine Reynolds		Chief Financial Officer	October 19, 2012
Christine Reynolds		(Principal Financial Officer)

/s/James C. Curvey	*	Trustee	October 19, 2012
James C. Curvey

/s/Dennis J. Dirks	*	Trustee	October 19, 2012
Dennis J. Dirks

/s/Alan J. Lacy	*	Trustee	October 19, 2012
Alan J. Lacy

/s/Ned C. Lautenbach	*	Trustee	October 19, 2012
Ned C. Lautenbach

/s/Joseph Mauriello	*	Trustee	October 19, 2012
Joseph Mauriello

/s/Ronald P. O'Hanley	*	Trustee	October 19, 2012
Ronald P. O'Hanley

/s/Robert W. Selander	*	Trustee	October 19, 2012
Robert W. Selander

/s/Cornelia M. Small	*	Trustee	October 19, 2012
Cornelia M. Small

/s/William S. Stavropoulos	*	Trustee	October 19, 2012
William S. Stavropoulos

/s/David M. Thomas	*	Trustee	October 19, 2012
David M. Thomas

/s/Michael E. Wiley	*	Trustee	October 19, 2012
Michael E. Wiley

*	By:	/s/Joseph R. Fleming
		Joseph R. Fleming, pursuant to a power of attorney dated December 1, 2011 and filed herewith.

POWER OF ATTORNEY

We, the undersigned Directors or Trustees, as the case may be, of the following investment companies:

Fidelity Advisor Series I

Fidelity Advisor Series VII

Fidelity Advisor Series VIII

Fidelity Beacon Street Trust

Fidelity Capital Trust

Fidelity Central Investment Portfolios LLC

Fidelity Commonwealth Trust

Fidelity Concord Street Trust

Fidelity Congress Street Fund

Fidelity Contrafund

Fidelity Covington Trust

Fidelity Destiny Portfolios

Fidelity Devonshire Trust

Fidelity Exchange Fund

Fidelity Financial Trust

Fidelity Hanover Street Trust

Fidelity Hastings Street Trust

Fidelity Investment Trust

Fidelity Magellan Fund

Fidelity Mt. Vernon Street Trust

Fidelity Puritan Trust

Fidelity Securities Fund

Fidelity Select Portfolios

Fidelity Summer Street Trust

Fidelity Trend Fund

Variable Insurance Products Fund

Variable Insurance Products Fund II

Variable Insurance Products Fund III

Variable Insurance Products Fund IV

in addition to any other investment company for which Fidelity Management & Research Company ("FMR") or an affiliate acts as investment adviser and for which the undersigned individuals serve as Directors or Trustees (collectively, the "Funds"), hereby revoke all previous powers of attorney we have given to sign and otherwise act in our names and behalf in matters involving any investment company for which FMR or an affiliate acts as investment adviser and hereby constitute and appoint Thomas C. Bogle, Joseph R. Fleming, John V. O'Hanlon, Robert W. Helm and Anthony H. Zacharski, each of them singly, our true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for us and in our names in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, or any successors thereto, any and all subsequent Amendments, Pre-Effective Amendments, or Post-Effective Amendments to said Registration Statements or any successors thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in our names and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940, and all related requirements of the Securities and Exchange Commission. We hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof. This power of attorney is effective for all documents filed on or after December 1, 2011.

WITNESS our hands on this first day of December 1, 2011.

/s/James C. Curvey	/s/Robert W. Selander
James C. Curvey	Robert W. Selander
/s/Ronald P. O'Hanley	/s/Cornelia M. Small
Ronald P. O'Hanley	Cornelia M. Small
/s/Dennis J. Dirks	/s/William S. Stavropoulos
Dennis J. Dirks	William S. Stavropoulos
/s/Alan J. Lacy	/s/David M. Thomas
Alan J. Lacy	David M. Thomas
/s/Ned C. Lautenbach	/s/Michael E. Wiley
Ned C. Lautenbach	Michael E. Wiley
/s/Joseph Mauriello
Joseph Mauriello

EX-101.PRE 3 fpt-20120927_pre.xml EX-101.INS 4 fpt-20120927.xml 0000081205 fpt:S000007152Member fpt:RetailMember fpt:C000019556Member 2011-09-30 2012-09-29 0000081205 fpt:S000007152Member fpt:KMember fpt:C000064275Member 2011-09-30 2012-09-29 0000081205 fpt:S000007152Member fpt:RetailMember 2011-09-30 2012-09-29 0000081205 fpt:S000007152Member fpt:KMember 2011-09-30 2012-09-29 0000081205 fpt:S000007154Member fpt:RetailMember fpt:C000019558Member 2011-09-30 2012-09-29 0000081205 fpt:S000007154Member fpt:KMember fpt:C000064277Member 2011-09-30 2012-09-29 0000081205 fpt:S000007154Member fpt:RetailMember 2011-09-30 2012-09-29 0000081205 fpt:S000007154Member fpt:KMember 2011-09-30 2012-09-29 0000081205 fpt:S000007152Member fpt:KMember fpt:RussellTwentyHundredIndexMember 2011-09-30 2012-09-29 0000081205 fpt:S000007154Member fpt:KMember fpt:RussellThirtyHundredValueIndexMember 2011-09-30 2012-09-29 0000081205 fpt:S000007154Member fpt:RetailMember fpt:ReturnBeforeTaxesMember fpt:C000019558Member 2011-09-30 2012-09-29 0000081205 fpt:S000007154Member fpt:RetailMember rr:AfterTaxesOnDistributionsMember fpt:C000019558Member 2011-09-30 2012-09-29 0000081205 fpt:S000007154Member fpt:RetailMember rr:AfterTaxesOnDistributionsAndSalesMember fpt:C000019558Member 2011-09-30 2012-09-29 0000081205 fpt:S000007154Member fpt:RetailMember fpt:RussellThirtyHundredValueIndexMember 2011-09-30 2012-09-29 0000081205 2011-09-30 2012-09-29 0000081205 fpt:S000007152Member fpt:RetailMember rr:AfterTaxesOnDistributionsMember fpt:C000019556Member 2011-09-30 2012-09-29 0000081205 fpt:S000007152Member fpt:RetailMember rr:AfterTaxesOnDistributionsAndSalesMember fpt:C000019556Member 2011-09-30 2012-09-29 0000081205 fpt:S000007152Member fpt:RetailMember fpt:RussellTwentyHundredIndexMember 2011-09-30 2012-09-29 0000081205 fpt:S000007152Member fpt:RetailMember fpt:ReturnBeforeTaxesMember fpt:C000019556Member 2011-09-30 2012-09-29 pure iso4217:USD 2012-06-30 2012-06-30 <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityLowPricedStockFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityLowPricedStockFundClassK column period compact * ~</div> 2012-06-30 2012-06-30 488 0.4085 422 482 0.2956 <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityValueDiscoveryFund column period compact * ~</div> 379 <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityValueDiscoveryFundClassK column period compact * ~</div> Fund Summary Fund/Class: Fidelity® Low-Priced Stock Fund/Fidelity Low-Priced Stock Fund The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). 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During the most recent fiscal year, the fund's portfolio turnover rate was 19% of the average value of its portfolio. www.401k.com and log in for updated return information 0.0759 Fund Summary Fund/Class: Fidelity® Value Discovery Fund/Fidelity Value Discovery Fund The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 92% of the average value of its portfolio. www.fidelity.com 0.0926 Fund Summary Fund/Class: Fidelity® Value Discovery Fund/K The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 92% of the average value of its portfolio. 0.0934 www.401k.com and log in for updated return information 90 Shareholder fees (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">21.60% </div></td><td><div align="left">June 30, 2009</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-20.73% </div></td><td><div align="left">December 31, 2008</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">7.53% </div></td><td><div align="left">June 30, 2012</div></td></tr></table> The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. Shareholder fees (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">21.69% </div></td><td><div align="left">June 30, 2009</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-15.78% </div></td><td><div align="left">September 30, 2011</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">7.59% </div></td><td><div align="left">June 30, 2012</div></td></tr></table> 78 2008-05-09 2008-05-09 Shareholder fees (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">19.74% </div></td><td><div align="left">September 30, 2009</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-25.18% </div></td><td><div align="left">December 31, 2008</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">9.26% </div></td><td><div align="left">June 30, 2012</div></td></tr></table> 89 The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. 69 2008-05-09 2008-05-09 Shareholder fees (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityValueDiscoveryFundClassK column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityValueDiscoveryFund column period compact * ~</div> 2002-12-10 2002-12-10 2002-12-10 2002-12-10 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityLowPricedStockFundClassK column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityLowPricedStockFund column period compact * ~</div> 485BPOS FIDELITY PURITAN TRUST 2012-09-27 0.0088 281 -0.0618 -0.0006 0.0767 0.0744 0.0562 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityLow-PricedStockFundBarChart column period compact * ~</div> 0.0861 Investment Objective The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: Principal Investment Strategies Average Annual Returns After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. For the periods ended December 31, 2011 You could lose money by investing in the fund. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. 2009-06-30 0.216 2008-12-31 Investment Objective The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: Principal Investment Strategies You could lose money by investing in the fund. Average Annual Returns For the periods ended December 31, 2011 0.0076 243 0.0006 2009-06-30 0.2169 2011-09-30 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityLowPricedStockFundClassKBarChart column period compact * ~</div> Investment Objective The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: Principal Investment Strategies After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. For the periods ended December 31, 2011 278 -0.0228 You could lose money by investing in the fund. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. 0.1974 2009-09-30 2008-12-31 Average Annual Returns <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityValueDiscoveryFundBarChart column period compact * ~</div> -0.0213 218 Investment Objective The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: Principal Investment Strategies <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">19.77% </div></td><td><div align="left">September 30, 2009</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-18.00% </div></td><td><div align="left">September 30, 2011</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">9.34% </div></td><td><div align="left">June 30, 2012</div></td></tr></table> Average Annual Returns For the periods ended December 31, 2011 2009-09-30 0.1977 2011-09-30 You could lose money by investing in the fund. <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityValueDiscoveryFundClassKBarChart column period compact * ~</div> 2012-07-31 0000081205 2012-09-29 false 0 0.0018 0.2224 0.0865 0.0316 -0.3617 0.3908 0.207 -0.0109 0.0123 -0.0418 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityLowPricedStockFund column period compact * ~</div> -0.0006 <ul><li style="margin-left:20px">Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments. </li> <li style="margin-left:20px">Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. </li> <li style="margin-left:20px">Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. The value of securities of smaller issuers can be more volatile than that of larger issuers. </li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. <ul><li style="margin-left:20px">Normally investing primarily in common stocks.</li><li style="margin-left:20px">Normally investing at least 80% of assets in low-priced stocks (those priced at or below $35 per share), which can lead to investments in small and medium-sized companies.</li> <li style="margin-left:20px">Potentially investing in stocks not considered low-priced.</li><li style="margin-left:20px">Investing in domestic and foreign issuers.</li><li style="margin-left:20px">Investing in either "growth" stocks or "value" stocks or both.</li><li style="margin-left:20px">Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.</li></ul> Fee Table Portfolio Turnover Principal Investment Risks Performance Year-by-Year Returns Calendar Years An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Past performance (before and after taxes) is not an indication of future performance. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. Highest Quarter Return</> Lowest Quarter Return Year-to-Date Return Fidelity Low-Priced Stock Fund Fidelity Low-Priced Stock Fund Fidelity Low-Priced Stock Fund Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Fee Table Portfolio Turnover <ul><li>Normally investing primarily in common stocks.</li><li>Normally investing at least 80% of assets in low-priced stocks (those priced at or below $35 per share), which can lead to investments in small and medium-sized companies.</li><li>Potentially investing in stocks not considered low-priced.</li><li>Investing in domestic and foreign issuers.</li><li>Investing in either "growth" stocks or "value" stocks or both.</li><li>Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.</li></ul> Principal Investment Risks <ul><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.</li><li>Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.</li><li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. The value of securities of smaller issuers can be more volatile than that of larger issuers.</li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Past performance is not an indication of future performance. Year-by-Year Returns Calendar Years 0 0.0006 0.3931 0.2087 0.0006 -0.0418 0.0251 0.0224 Highest Quarter Return</> Lowest Quarter Return Year-to-Date Return <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityLowPricedStockFundClassK column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityLowPricedStockFundClassK column period compact * ~</div> Fee Table Portfolio Turnover <ul><li style="margin-left:+10px">Normally investing primarily in common stocks. </li><li style="margin-left:+10px">Investing in securities of companies that Fidelity Management & Research Company (FMR) believes are undervalued in the marketplace in relation to factors such as assets, sales, earnings, growth potential, or cash flow, or in relation to securities of other companies in the same industry (stocks of these companies are often called "value" stocks). </li><li style="margin-left:+10px">Investing in domestic and foreign issuers. </li><li style="margin-left:+10px">Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.</li></ul> Principal Investment Risks <ul><li style="margin-left:+10px">Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments. </li><li style="margin-left:+10px">Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. </li><li style="margin-left:+10px">Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. </li><li style="margin-left:+10px">"Value" Investing. "Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.</li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. Year-by-Year Returns Calendar Years 0 0 0.003 0.0087 0.1457 0.187 0.0971 -0.4232 0.2768 0.1537 -0.0244 -0.0128 -0.001 -0.0228 0.0692 0.0632 0.0591 0.0628 An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Past performance (before and after taxes) is not an indication of future performance. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Year-to-Date Return Highest Quarter Return Lowest Quarter Return Performance <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityValueDiscoveryFund column period compact * ~</div> 0 0 0.0011 0.0068 0.28 0.1571 -0.0213 -0.001 -0.0207 -0.0315 Fee Table Portfolio Turnover Principal Investment Risks Year-by-Year Returns Calendar Years Lowest Quarter Return Year-to-Date Return Past performance is not an indication of future performance. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Class K Russell 3000® Value Index Performance <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityValueDiscoveryFundClassK column period compact * ~</div> <ul><li style="margin-left:20px">Normally investing primarily in common stocks.</li><li style="margin-left:20px">Investing in securities of companies that Fidelity Management & Research Company (FMR) believes are undervalued in the marketplace in relation to factors such as assets, sales, earnings, growth potential, or cash flow, or in relation to securities of other companies in the same industry (stocks of these companies are often called "value" stocks).</li> <li style="margin-left:20px">Investing in domestic and foreign issuers.</li><li style="margin-left:20px">Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.</li></ul> <ul><li style="margin-left:20px">Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.</li> <li style="margin-left:20px">Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.</li> <li style="margin-left:20px">Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.</li> <li style="margin-left:20px">"Value" Investing. "Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.</li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityValueDiscoveryFundClassK column period compact * ~</div> 2012-09-29 <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityValueDiscoveryFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityLowPricedStockFund column period compact * ~</div> Russell 2000® Index Russell 2000® Index Class K Fidelity Value Discovery Fund Fidelity Value Discovery Fund Fidelity Value Discovery Fund Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Russell 3000® Value Index -0.015 0.007 1084 0.1776 0.0112 0.0161 0.0015 0.0201 The fund seeks capital appreciation. The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. The index description appears in the Additional Information about the Index section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.fidelity.com for updated return information. 0.19 -0.2073 The fund seeks capital appreciation. 0.19 The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. The index description appears in the Additional Information about the Index section of the prospectus. Past performance is not an indication of future performance. Visit www.401k.com and log in for updated return information. -0.015 0.007 942 -0.1578 The fund seeks capital appreciation. The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. The index description appears in the Additional Information about the Index section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.fidelity.com for updated return information. 0.0057 1073 0.156 -0.0185 -0.0226 -0.0162 -0.0258 0.92 -0.2518 0.0057 847 The fund seeks capital appreciation. The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. The index description appears in the Additional Information about the Index section of the prospectus. Past performance is not an indication of future performance. Visit www.401k.com and log in for updated return information. Highest Quarter Return</> -0.18 0.92 From May 9, 2008. From December 10, 2002. 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Exhibit

Exhibit No.