Open to all new retail investors per letter from Preston Athey. Had been closed since May 22, 2002.

I've owned Small-Cap Value for many years and wish that it would remain closed, but such is life in the fast lane.

Best, 

Steve 

Mr. Steve Shreinstein, Thanks for the update.

Now,

Why in the world.......?

It still has Over $5 Billion in Assets Under management.

Average Market Cap = $850 Million.

278 Holdings.

What's he trying to do - catch up with Joel Tillinghast at Fidelity's Low-Priced Stock Fund?

Coy

Well, I sure hope not. Isn't FLPSX over $30 billion in assets?

In his letter to PRSVX shareholders Athey mentioned that "recent market declines have resulted in more attractive investment opportunities, and I believe new flows would allow the fund to participate in those opportunities as they arise."

Although I'm less than thrilled that the fund is now open again, I have no intention on selling my shares. In my opinion he has been an outstanding fund manager, in the finest tradition of TRP. I'm not going to second guess his decision....yet.

Best,

Steve 

Steve & coy,

MY son just received a notice from Fidelity that FLPSX will be available May 13, 2008 to new investors who currently have FLPSX in their retirement investment plans.

Mutual fund outflows have enabled several prominent closed funds to open again.

 helmut

Third Ave recently announced that they were re-opening their small value fund as well (TASCX).  It's performance history is very close to that of PRSVX, although it's asset base about half the size.  I haven't looked much deeper, but both seem to be solid funds from reputable companies.  Perhaps the managers see longer-term opportunities out there.......

 Jim