BOSTON, December 23, 2003 - Fidelity Investments today announced that it is closing Fidelity Low-Priced Stock Fund to new accounts. As of the close of business on December 31, 2003, new purchases in the fund will be limited to existing shareholders.

Fidelity Low-Priced Stock Fund seeks capital appreciation by normally investing at least 80 percent of its assets in stocks that are priced at or below $35 per share at the time of the investment, which can lead to investments in small and medium-sized companies that may be more volatile than those of larger companies. Joel C. Tillinghast has managed the fund since its inception in 1989.

"Joel and I believe it's in the best interests of shareholders to close the fund to new accounts at this time," said Abigail P. Johnson, president of Fidelity Management & Research Company. "Through a combination of very strong investor inflows and capital appreciation, Low-Priced Stock Fund's assets have grown by more than 66 percent this year. At the same time, the rising equity markets have begun to reduce Joel's universe of potential investments, as some stock prices have risen above the fund's $35 threshold. Closing the fund will allow Joel to invest the fund's assets in his best stock ideas without the added pressure of heavy cash inflows. We believe this action will give Joel the best possible opportunity to maintain his excellent long-term track record on behalf of the fund's shareholders."

Low-Priced Stock Fund's assets grew to $25.0 billion as of November 30, 2003, from $15.1 billion as of December 31, 2002. This is the fifth time in the fund's history that Fidelity has closed the fund to new investors. Previously, it was closed from March 6, 1992, to May 29, 1992; from February 9, 1993, to September 19, 1993; from April 3, 1998, to March 17, 1999; and from May 16, 2002, to November 18, 2002.

Fidelity will open new accounts in Low-Priced Stock Fund until 4:00 p.m. ET on December 31, 2003. After that, existing shareholders who are invested in the fund will continue to be able to add to their accounts. Employer-sponsored retirement plans may be able to open additional accounts for plan participants if the fund was an established plan option as of December 31, 2003. However, after December 31, 2003, Fidelity will no longer accept new investors into the fund, and retirement plan sponsors and investment advisors who have not established the fund as an investment option by December 31, 2003, will no longer be able to do so.

Fidelity Low-Priced Stock Fund had cumulative total returns of 31.02 percent, 105.45 percent and 315.35 percent over the one-, five- and 10-year periods ending September 30, 2003. The fund's average annual total returns were 31.02 percent, 15.49 percent and 15.30 percent for the one-, five- and 10-year periods ending September 30, 2003.*

Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of $1.7 trillion, including managed assets of $940.3 billion as of October 31, 2003. Fidelity offers investment management, retirement planning, brokerage, human resources and benefits outsourcing services to 18 million individuals and institutions as well as through 5,500 financial intermediaries. The firm is the largest mutual fund company in the United States, the No. 1 provider of workplace retirement savings plans, one of the largest mutual fund supermarkets and a leading online brokerage firm. For more information about Fidelity Investments, visit www.fidelity.com.

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Mutual fund performance changes over time and currently may be significantly lower than stated. Most recent performance data is published online at each month end. Please visit Fidelity.com or call Fidelity for current performance figures.

*Total returns are historical and include changes in share price and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Share price and return will fluctuate and you may have a gain or loss when you sell your shares. Past performance is no guarantee of future results.

This fund has a 1.50% short-term trading fee on shares held less than 90 days.

The securities of small, less well-known companies may be more volatile than those of larger companies.

For more complete information about Fidelity funds, including charges and expenses, call 1-800-343-3548 or write for a free prospectus. Read it carefully before you invest or send money.

Fidelity Distributors Corporation
82 Devonshire Street, Boston, MA 02109