Nov. 14, 2002 — Fidelity Investments will reopen the $14.5-billion Fidelity Low-Priced Stock Fund (FLPSX) to new investors on November 18.

As reported, the fund was closed temporarily on May 16, when Fidelity sought to slow the assets pouring into the fund for a six month period.

“We consulted with the fund’s manger, Joel Tillinghast, and he determined that this was an appropriate time to reopen the fund,” said Fidelity spokesman Dan Flaherty. “The fund’s assets had grown from about $6.9 billion at the end of 2000 to nearly $15.7 billion of Mar. 31, 2002.”

According to Fidelity’s website, Fidelity Low-Priced Stock had a whopping 19% cash stake as of March 31. The position was reduced to 11% on September 30. The fund’s portfolio typically invests at least 80% of assets in stocks priced at or below $35 per share.

“Joel Tillinghast is one of the best fund managers in the country, pure and simple, and he has led this fund since its inception in 1989″ commented John Bonnanzio, editor of ‘Fidelity Insight.’ “He looks for stocks that are initially priced at below $35 per share, which tends to lead him to buying smaller-cap companies; plus, his investment style has more of a value orientation, so he winds up in the small-cap value camp, but technically speaking, his mandate is not necessarily ‘small-cap value,’ Bonnanzio added. “Regardless, he and his research staff, has produced consistently good returns.”

For the year ended Oct. 31, 2002, Fidelity Low-Priced Stock gained 2.9%, versus a decline of 3.8% for the average small-cap value fund. For the three-year period ended October 31, the fund delivered an average annualized return of 13.9%, versus 7.2% for its peers. The portfolio carries a 5-Star ranking from Standard & Poor’s.