Fidelity Changes Sector Fund Manager

Aug. 4, 2003 — Fidelity Investments said Jody Simes, a former analyst, has begun running Fidelity Select Industrial Materials (FSDPX), succeeding Mark Schmehl, who continues to research Canadian manufacturers for the Boston-based company.

The move is part of Fidelity’s effort to rotate analysts to give them exposure to different industries to prepare them for managing diversified stock portfolios, a spokesman for the company said. Before taking over the Select Industrials Materials fund this month, Simes had been analyzing metals, chemicals, and fertilizer companies, the spokesman said.