Jan. 9, 2004 — The co-manager of Fidelity International Small Cap (FISMX), which handily outperformed its peers last year, has left Fidelity Investments.

L.C. Kvaal, who had helped oversee the fund since its inception in September 2002, left to “pursue another business opportunity,” a company spokeswoman said.

Ben Paton, a Fidelity analyst based in London, replaced Kvaal, who was responsible for the fund’s European stocks. Tokuya Sano continues as the manager of the fund’s Asian stocks.

Fidelity International Small Cap’s 80.3% total return in 2003 was nearly double that of the average international stock fund. The portfolio is too new to carry an overall Star ranking from Standard & Poor’s.

Paton’s appointment became effective Thursday. Fidelity also announced that it changed the managers of several other funds at the start of this month.

Robert von Rekowsky, who had helped run the Fidelity Emerging Market (FEMKX), succeeded portfolio manager John Carlson, who continues as the leader of the company’s emerging markets group. Carlson also runs the Fidelity New Markets Income (FNMIX) and the Fidelity Advisor Emerging Markets Income Fund.

Ignatius Lee, a former analyst and institutional portfolio manager, began running Fidelity China Region (FHKCX), succeeding Joseph Tse, who continues to oversee Asian portfolios offered to overseas investors.

Harlan Carere, a former analyst, began running the Select Air Transportation (FSAIX) and the Select Transportation (FSRFX), succeeding Heather Lawrence, who continues as an analyst. Carere, who is based in London, also previously ran a global technology fund offered to overseas investors.