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Two Fidelity Funds Get New Managers

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July 31, 2002 — Fidelity Investments said new portfolio managers will begin running two of its Select funds, starting tomorrow.

Matthew Fruhan will oversee Fidelity Select Cyclical Industries (FCYIX), succeeding Pratima Abichandani, who is on maternity leave. A company spokeswoman said change is permanent, although Abichandani will return to the company.

Heather Lawrence will replace Fruhan on Fidelity Select Air Transportation (FSAIX) and will continue to manage Fidelity Select Transportation (FSRFX), the spokeswoman said. The changes were disclosed in a regulatory filing.