Recent manager changes have occurred at both ends of the mutual fund size spectrum.

At a relatively large member of a huge fund family, Andrew H. Sassine became the portfolio manager of Fidelity Small Cap Stock Fund ( FSLCX), succeeding Paul L. Antico, who is retiring from portfolio management after 17 years at Fidelity. Sassine will continue to manage Fidelity International Small Cap Opportunities Fund ( FSCOX).

Sassine joined Fidelity in 1999 as a high-yield research analyst, and followed the telecommunications, satellite, technology, defense and aerospace, and restaurant industries. In 2001, Sassine joined the international equity group as a research analyst covering international small-cap and mid-cap stocks. He subsequently spent a year in Hong Kong following Chinese small-cap and mid-cap companies prior to taking over management of Fidelity International Small Cap Opportunities Fund in 2005.

The major portfolio holdings of the Fidelity Small Cap Stock Fund include Perot Systems ( PER), The Geo Group ( GEO), Knight Transportation ( KNX) and Alliance Data Systems ( ADS).

At the $1.5 million Epiphany Faith & Family Values 100 Fund, Samuel J. Saladino III succeeded Adam E. Auten as portfolio manager. The fund's major holdings include Exxon Mobil ( XOM), Lowes ( LOW), McGraw-Hill ( MHP) and Linear Technology ( LLTC).

While both the Fidelity Small Cap Stock Fund and the Epiphany Faith & Family Values 100 Fund have been turning in negative returns in recent months, their respective losses, seen in the accompanying table, have been consistently less severe than the setbacks suffered by the S&P 500 total return index.

Fidelity Small Cap Stock Fund Epiphany Faith & Fmly Val 100 Fd S&P 500 Total Ret'n Index
INCEPTION DATE 3/12/1998 1/8/2007 N/A
TOTAL NET ASSETS ($MIL.) 3,839.1 1.5 N/A
MANAGER NAME Andrew H. Sassine Samuel J. Saladino, III N/A
MANAGER START DATE 7/1/2008 6/3/2008 N/A
3-MO. TOTAL RET'N (%) -2.06 -6.48 -8.02
YR-TO-DATE TOTAL RET'N (%) -9.87 -6.19 -12.66
12-MO. TOTAL RET'N (%) -10.81 -10.36 -11.09
Source: Ratings - Data as of 7/31/2008.
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Richard Widows is a senior financial analyst for Ratings. Prior to joining, Widows was senior product manager for quantitative analytics at Thomson Financial. After receiving an M.B.A. from Santa Clara University in California, his career included development of investment information systems at data firms, including the Lipper division of Reuters. His international experience includes assignments in the U.K. and East Asia.