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Fidelity Changes Sector Fund Manager

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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.

Schmehl had managed Select Industrial Materials since December 2000. The $27-million fund returned 24.3% in 2001 and 24.1% in 2002. It was up 5.9% this year through June.