April 2, 2004 — Fidelity Investments has named new portfolio managers to oversee the Select Financial Services (FIDSX) and the Select Construction & Housing (FSHOX).

Matt Fruhan took over the Financial Services fund, succeeding Jeffrey Feingold, who has been named co-director of research. Fruhan has run the Select Cyclical Industries (FCYIX) since 2002 and previously managed two other Fidelity sector funds.

Ramona Persaud, a former analyst, succeeded Robert Bao on the Construction and Housing fund. Bao joined Fidelity’s structured investment group earlier this year.

The portfolio manager changes were effective Thursday, Fidelity said on its Web site.