Fidelity, Other Firms Shuffle Managers

Mutual fund giant Fidelity Management & Research took steps in April to bolster funds with combined net assets of more than $20 billion. Some other fund companies followed suit.

Joanna Bewick joined existing manager Derek Young to become a co-manager of six Fidelity funds that oversee $18.9 billion in net investor assets. Counting multiple investor and institutional classes, the funds -- listed in the accompanying table -- contain 18 individual classes of shares.

Young has been a manager of the funds since Sept. 4.

Also at Fidelity, William W. Irving replaces Brett S. Kozlowski at the Fidelity Institutional Short-Intermediate Government FundFFXSX and the Fidelity Intermediate Government FundFSTGX. The combined net assets of the two funds total $1.4 billion.

FFXSX rewarded its holders with a total return of 7.4% for the 12 months ended April 30, 2008, while FSTGX has returned 8.6% during the same period. Those returns helped each of the funds earn the highest possible grade of A+ from TheStreet.com Ratings.

Kozlowski had been managing FFXSX and FSTGX since Oct. 2, 2006.

At Legg Mason, Derek J. Deutsch joined Brian M. Angerame as a co-manager of the Legg Mason Partners Capital FundSCCAX. The five separate classes of the fund combine for $854.3 million in net assets.

SCCAX's negative return over the past 12 months was a factor in the fund receiving an E+ grade from TheStreet.com Ratings, a mark which equates with a sell recommendation.

Peter J. Flood replaced Colin A. Robertson as manager of the $57.1 million Northern Institutional Balanced FundBBALX. The fund, with a return of -3.9% over the latest 12 months and a grade of D+ from TheStreet.com Ratings, requires a minimum initial investment of $5 million.

At the Waddell & Reed Advisors High Income FundUNHIX, William M. Nelson joined Louise D. Rieke as co-manager. The five classes of the fund combine to total $973.1 million in net assets.

Rieke has been a manager of UNHIX since Jan. 1, 1990.

RECENT MUTUAL FUND MANAGER CHANGES
NAME, TICKER & TheStreet.com RATINGS GRADE	TOTAL NET ASSETS ($MIL) *	NEW MANAGER	START DATE	EXISTING OR FORMER MANAGER	12-MO. TOTAL RET'N (%)
Fidelity Adv Strat Div & Inc A (FASDX) C-	449.0	Joanna Bewick	4/1/2008	Derek Young	-5.2
Fidelity Adv Strat Real Return A (FSRAX) U	593.3	Joanna Bewick	4/1/2008	Derek Young	4.6
Fidelity Adv Strategic Income A (FSTAX) B	6,349.2	Joanna Bewick	4/1/2008	Derek Young	4.2
Fidelity Inst Short-Interm Govt I (FFXSX) A+	436.4	William W. Irving	4/1/2008	Brett S. Kozlowski **	7.4
Fidelity Intermediate Government (FSTGX) A+	946.9	William W. Irving	4/1/2008	Brett S. Kozlowski **	8.6
Fidelity Strategic Div & Inc (FSDIX) C+	878.7	Joanna Bewick	4/1/2008	Derek Young	-4.8
Fidelity Strategic Income Fund (FSICX) A	5,299.2	Joanna Bewick	4/1/2008	Derek Young	4.2
Fidelity Strategic Real Return Fund (FSRRX) U	5,316.8	Joanna Bewick	4/1/2008	Derek Young	4.8
Legg Mason Prt Capital Fund A (SCCAX) E+	854.3	Derek J. Deutsch, CFA	4/28/2008	Brian M. Angerame	-4.5
Northern Instl Balanced A (BBALX) D+	61.9	Peter J. Flood	4/1/2008	Colin A. Robertson **	-3.9
Waddell & Reed Adv High Income A (UNHIX) U	973.1	William M. Nelson	4/1/2008	Louise D. Rieke	-0.2
* Total net assets of all classes of the fund. ** Replace by the new manager. Source: TheStreet.com Ratings For an explanation of our ratings, click here.