May 6, 2002 — Fidelity Investments said it will temporarily close the Fidelity Low-Priced Stock Fund (FLPSX) to new investors after assets more than doubled in the past 15 months.

Fidelity said it will close the fund on May 16 and expects to reopen it in November.

Assets in the fund, which invests in small companies, swelled to $15.7 billion as of March 31 from $6.8 billion at the end of 2000, the company said.

While part of the increase is due to the fund’s holdings appreciating, it has also experienced “very heavy” inflows of money from investors, and its cash position had risen to 19%, Fidelity said.

Fidelity said the increased investments followed “a period of very strong performance.” The fund was up 11% this year through Friday. Fidelity Low-Priced Stock returned 26.7% last year, while its small-cap value fund peers were up 14.1% on average.

Fidelity has closed the fund to new investors three other times in the past ten years. The portfolio last reopened in March 1999 after being closed since April 1998.

The fund is shutting its doors to new investors just as another big fund that invests in small-cap stocks has reopened. The $4.8 billion T Rowe Price New Horizons Fund (PRNHX) reopened last Thursday after being closed for nearly six years.