Manager Change for International Value Fund

There are no changes to my Buy-Hold-Sell recommendations based on this manager change.

Effective September 6, 2011

Alexander Zavratsky has been named portfolio manager of Fidelity International Value Fund (with retail and Advisor share classes) and Series International Value Fund, and co-manager of Fidelity Total International Equity Fund (with retail and Advisor share classes), succeeding George W. Stairs.  Zavratsky has been serving as a portfolio assistant on Fidelity Diversified International Fund since 2006.  He joined Fidelity's Fixed-Income research group in 1996, following the banks, energy and telecommunications sectors.  In 1998, Zavratsky joined the European equity research team of Fidelity International, which provides investment products and services to individuals and institutional investors outside of the U.S.  From 1999 to 2000, he co-managed a global telecommunications portfolio available exclusively to overseas investors.  In 2002, Zavratsky rejoined Fidelity Management & Research Company in Boston as an equity analyst following the cyclicals sector.  From 2002 to 2004, he managed a natural resources portfolio and a global industrials portfolio, and, from 2007 to 2008, he managed two Switzerland country funds — all available exclusively to overseas investors.