After spooking some investors earlier this year by trimming its stake in technology, Fidelity Investments' Magellan fund started increasing its holdings in the sector in June.

Robert Stansky, manager of the world's largest mutual fund, had 20 percent of it in technology shares on June 30, compared with 18.8 percent on May 31, according the Fidelity's second-quarter fund guide, which was released today.

Stansky added Lucent Technologies Inc. and AT&T Corp. to his top 10 holdings. But America Online Inc., which had been his biggest winner recently, and Time Warner Inc. are no longer on that list.

Other managers of large Fidelity mutual funds -- including those heading Contrafund, Blue Chip Growth, Fidelity, Growth & Income, Retirement Growth, and Growth Company -- made similar moves.

Will Danoff, manager of Contrafund, with more than $40 billion in assets, increased his technology holdings to 17.6 percent as of June 30, from 16.1 percent on May 31. The broader market, as measured by the Standard & Poor's 500-stock index, had a 21.2 percent weighting at the end of June.

Danoff added Vodafone Airtouch PLC, a cell phone company, and Unisys Corp., a computer hardware and services firm, to his top 10 holdings between the end of the first and second quarters.

Like Stansky, Danoff eliminated America Online from his top 10 list. Tyco International Ltd., an industrial conglomerate, also dropped off.

Jim Lowell, editor of Fidelity Investor, a newsletter in Needham, Mass., cautioned investors against reading too much into the increased technology stakes. In some cases, he said, the increases -- including the larger tech stakes at Magellan and Contrafund -- appeared to have more to do with market appreciation than with buying shares.