June 8, 2004 — Fidelity Investment this month named new portfolio managers to oversee several of its mutual funds that invest in selected industries.

Matthew Friedman took over Fidelity Select Natural Resources (FNARX), Fidelity Advisor Natural Resources/A (FANAX), and Fidelity Select Energy (FSENX). He succeeded Pratima Abichandani, who was named director of research for Fidelity’s Strategic Advisors Inc. unit.

Friedman, who runs three other Fidelity sector funds, was also named leader of the fund company’s natural resources equity research group.

Robert Lee, a former analyst, began running Fidelity Select Food & Agriculture (FDFAX). He replaced Valerie Friedholm, who was named portfolio manager of Fidelity Select Home Finance (FSVLX) last month.

Another former analyst, Nathan Strik, was appointed to run Fidelity Select Energy Service (FSESX). He succeeded Charles Hebard, who was named to oversee Fidelity Select Insurance (FSPCX). Hebard also pilots Fidelity Select Energy Service (FSESX).

Ian Gutterman, who had managed the Select Insurance fund, continues as a health care stock analyst.

The appointments all took effect on June 1, Fidelity Investments said on its Web site.

Contact Robert F. Keane with questions or comments at:

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