1.   And the theoretical framework does not make allowances for variables like market conditions and manager changes.

2.   Below is a list of portfolio manager changes announced today by Fidelity.

3.   A manager change is no reason to panic.

4.   A. This may be a success spoils the fund story, or perhaps an illustration of the need to watch a fund very carefully after a portfolio manager change.

5.   But what if the manager changes?

6.   Here is a list of manager changes announced by Fidelity.

7.   In a new report, the research group Morningstar Inc. singled out several funds that may make bulky taxable distributions this year following manager changes.

8.   Johnson dismissed the idea that Fidelity is enduring an unusually high number of manager changes in recent months.

9.   Other funds were kept on the list despite manager changes.

10.   Putnam, when compared with crosstown rival Fidelity Investments or Denver-based Invesco Trust Co., has -- until now --been fairly immune to manager changes.