(PUB) Morningstar FundInvestor

4

Data through June 30, 2014 Fidelity Low-Priced Stock

Ticker

Status Yield Total Assets

Mstar Category Mid-Cap Value

FLPSX Open

0.7% $48,429 mil

Morningstar Analyst Rating 06-26-14

Investment Style Equity Stock %

Historical Profile Return Risk Rating Average Below Avg Neutral

90% 89% 87% 89% 89% 95% 92% 87%

„

Manager Change Partial Manager Change

Morningstar Pillars Process Performance

17.0 24.0 31.0

Growth of $10,000

Positive Positive Positive Positive Positive

∞ ∞ ∞ ∞ ∞

Investment Values of Fund Investment Values of S&P 500

People Parent Price

10.0

Performance Quartile (within Category) History

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 06-14

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ˇ ¨

34.98 40.85 12.17

40.25 22.24 11.36 -1.47

40.84 8.65 3.74 -4.00 0.66 7.99

43.54 17.76 1.97 -2.46 0.84 16.92

41.13

23.12

31.94 39.08 12.62

38.38 20.70 5.64 -4.05 0.47 20.23

35.73 -0.06 -2.17 1.32 0.75 -0.81

39.50 18.50 2.50 -0.01 1.40 17.10

49.46 34.31

51.88 4.89 -2.25 -6.25 0.00 4.89

NAV

-36.17 3.16

Total Return %

-2.33 4.58 1.32

0.83 2.27 0.43

1.92 0.85 1.01

+/-S&P 500 +/-Russ MV

2.78 0.08

4.87 0.53

0.35

Income Return % Capital Return %

40.77

21.89

-36.60 1.84

38.55

33.30

54

20

56

19

62

29

28

68

17

26

48

90

Total Rtn % Rank Cat

Pillar Spectrum Positive ∞

0.02 0.44 1.01 0.05

0.12 2.09 0.97 0.15

0.26 2.62 0.94 0.57

0.33 3.78 0.87 0.72

0.57 3.18 0.96 1.36

0.17 4.11 0.98 0.68

0.12 0.08 0.98 0.67

0.15 0.01 0.99 0.21

0.28 2.21 0.83 0.61

0.49 2.28 0.88 1.00

0.39 2.91 0.79 1.14

0.00 0.00

Income $

§ Negative

¶ Neutral

Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil

. . .

Performance 06-30-14 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

23

24

26

11

36

31

20

15

19

11

.

2010 2011 2012 2013 2014

8.36 -9.97 11.53 10.93 20.70 6.20 2.21 -15.81 9.36 -0.06 13.97 -5.65 6.77 3.21 18.50 10.38 4.45 8.01 7.86 34.31 2.02 . . . .

31,698 31,079 23,433 23,444 27,094 24,672 18,351 35,231 39,340 36,721 35,976 26,725

Portfolio Analysis 04-30-14 Share change since 01-14 Total Stocks:894 Sector

Rating and Risk Time Load-Adj

PE Tot Ret% % Assets

Morningstar

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Period Return % Rtn vs Cat

Next PLC

Cnsmr Cyc 18.4 26.66 3.69 Hlth care 14.6 6.12 3.54 Technology 12.0 -2.80 3.42 Technology 15.4 10.93 2.55 Cnsmr Cyc 9.1 -30.22 1.68 Cnsmr Cyc 17.3 -8.38 1.46 Cnsmr Def 14.4 1.58 1.35 Cnsmr Cyc 46.5 5.70 1.13 Finan Svs 10.5 -0.09 1.13 Technology 17.7 10.45 1.10 Finan Svs 15.9 -2.87 1.08 Cnsmr Cyc 17.2 11.42 0.96 Cnsmr Cyc 11.9 -24.22 0.91 Cnsmr Def 91.7 18.40 0.88 Cnsmr Cyc 20.1 2.60 0.87 Technology 27.9 -15.77 0.85 Technology 20.0 0.00 0.84 Cyclical 44.54 1.55 BasicMat 3.40 1.11 . . CnsmrCyc27.73 3.23 . . FinanSvs 12.86 0.82 . . Real Est 0.55 0.38 . . Sensitive 35.44 0.81 CommSrvs 0.27 0.07 . . Energy 4.91 0.46 . . Industrl 10.04 0.88 . . Technlgy 20.22 1.15 . . Defensive20.02 0.73 CnsmrDef10.05 0.83 . . Hlthcare 9.72 0.82 . . Utilities 0.25 0.07 . . h r t y u j i o p a k s d f Energy 13.6 7.17 0.98 Finan Svs 9.8 -6.47 0.87 Industrl 23.6 24.54 0.81 Sector Weightings % of Stocks Rel S&P 500 High 3 Year Low

1 Yr 3 Yr 5 Yr

22.20 15.41 20.11 10.41 14.66

Trailing

Total

+/-

+/- Russ %Rank Growth of

UnitedHealth Group Inc Seagate Technology PLC Microsoft Corporation

Return% S&P 500 2.81 -2.42 4.89 -2.25 22.20 -2.41 15.41 -1.17 20.11 1.28 10.41 2.63 12.19 7.84

MV

Cat

$10,000

Avg Avg

-Avg -Avg Avg

3 Mo 6 Mo 1 Yr

-2.81 -6.25 -5.56 -2.15 -2.86 -0.25 2.22

95 10,281 90 10,489 81 12,220 51 15,372 62 24,997 12 26,921 3 56,145

10 Yr Incept

+Avg

Best Buy Co Inc Ross Stores, Inc.

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

Metro Inc.

Other Measures

Standard Index

Best Fit Index S&P 500 Mstr Lft Mod 2040

Barratt Developments PLC

Unum Group

Alpha

-2.0 1.07

2.6

Oracle Corporation

Beta

1.06

Aegon NV Eni SpA

R-Squared

93

95

Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat 3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated) 13.75 54 1.43 70 19.00 62 0.93 70 9.06 16 1.22 62 Potential Capital Gain Exposure: 45% of assets

Standard Deviation

13.64 15.41

AutoZone Inc

Bed Bath & Beyond, Inc.

Mean

Safeway Inc.

Sharpe Ratio

1.12

Gildan Activewear, Inc. Lincoln National Corp (R

Morningstar’s Take by Katie Rushkewicz Reichart, CFA 06-26-14 Fidelity Low-Priced Stock colors outside the lines.

Ansys, Inc.

Hon Hai Precision Ind. C

assets, for instance, where Morningstar attribution indicates he’s added value over the past decade. While the smallest-cap stocks have been a particular area of strength for the fund over the past decade and reflect this fund’s roots, Tillinghast has capitalized on larger-cap plays as well. Microsoft MSFT and Oracle ORCL have been strong contributors in 2014’s first half, for instance. As stock valuations have ticked up in recent years--particularly for small-caps--the fund’s average market cap has inched up to its highest level on record (it remains in mid-cap territory, though). Cash is also on the higher end of its normal range at 14% of assets, which has dragged on recent returns relative to its new category. Even so, the fund’s long-term record speaks for itself. The fund is leaps and bounds ahead of all current and former categories and relevant benchmarks during Tillinghast’s tenure, even on a risk-adjusted basis. The fund may not fit neatly into a style box or be as flexible as it once was, but it remains a worthy pick.

DCC PLC

Longtime manager Joel Tillinghast created this fund in 1989 as a way to invest in out-of-favor small- and mid-cap stocks that boast strong competitive advantages. For over a decade the fund landed in the small-value category before moving to small-blend in 2003, mid-blend in 2005, and most recently mid-value in 2014. The shift into the mid-cap range years ago was no surprise, as the fund’s surge in assets made it more difficult to traffic in small-cap names. Its most recent move isn’t entirely surprising either, as the fund’s portfolio has often landed near the value/blend border and has recently featured price metrics closer to the average mid-value peer. No category can really capture the essence of this fund, though, which makes peer and benchmark comparisons difficult. While by prospectus he’s required to mostly buy stocks trading under $35 per share at purchase, Tillinghast casts a wide net, spreading the fund’s $47 billion across nearly 900 stocks. Foreign stocks comprise more than a third of

Current Investment Style

Market Cap % Giant 11.7 Large 21.5 Mid 36.7 Small 21.6 Micro 8.5 Avg $mil: 5,149

Value Blnd Growth

Large Mid Small

Value Measures Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield % Long-Term Erngs Book Value Sales Cash Flow Historical Erngs Growth Measures

Rel Category

12.68 1.57 0.59 6.93 1.82 10.05 2.65 5.66 3.37 3.43

0.90 0.98 0.64 1.07 0.87 1.01 0.61 1.69 0.62 0.57

% Rel Category

Composition - Net

Cash 14.8 Stocks 85.2 Bonds 0.0 Other 0.1 Foreign 39.9

Address:

Fidelity Puritan Trust Boston, MA 02109 800-544-8544 www.fidelity.com

Minimum Purchase: Min Auto Inv Plan:

$2500 $200

Add: $0 IRA: $500

Add: $200

Profitability

% Rel Category

Sales Fees:

No-load, 1.50%R

Return on Equity Return on Assets Net Margin

19.12 8.12 9.05

1.53 1.79 0.95

Web Address: Inception: Advisor: Subadvisor: NTF Plans:

Management Fee:

0.35%

(% of Stock)

12-27-89

Actual Fees:

Mgt:0.62% Dist: .

Fidelity Management & Research Company

Expense Projections: Income Distribution:

3Yr:$255

5Yr:$444 10Yr:$990

FMR Co., Inc. (FMRC)

None

Fidelity Retail-NTF, CommonWealth NTF

Mutual Funds ß ®

© 2014Morningstar, Inc.All rights reserved.The informationherein is not represented orwarranted tobeaccurate, correct, completeor timely. Pastperformance is no guarantee of future results.Access updated reportsat Toorder reprints, call312-696-6100. mfb.morningstar.com.

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