Fidelity Real Estate Income Fund
Fidelity Securities Fund · 7 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Fidelity Real Estate Income Fund is a conservative allocation fund. 25% of FREI’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 98% of the fund’s equity).
- Asset class
- Allocation (multi-asset)
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Equity exposure
- Conservative
Fund profile
As filed in the prospectus · 2026 Q2
Fidelity Real Estate Income Fund seeks higher than average income. As a secondary objective, the fund also seeks capital growth.
The fund invests at least 80% of assets in debt and income-producing equity securities of real estate companies, with an emphasis on REITs, mortgage-backed securities, and below-investment-grade debt. Selection relies on fundamental analysis of each issuer's financial condition, industry position, and market conditions. Because the fund emphasizes lower-quality debt securities, it carries credit risk alongside interest-rate and real estate sector risks inherent in its focus.
| Share class | Gross | Net | As of |
|---|---|---|---|
| FRIFX | 0.66% | — | 2025 Q3 |
| FRINX | 0.95% | — | 2025 Q3 |
| FRIOX | 1.70% | — | 2025 Q3 |
| FRIQX | 0.95% | — | 2025 Q3 |
| FRIRX | 0.70% | — | 2025 Q3 |
| FIKMX | 0.57% | — | 2025 Q3 |
| FREI | 0.59% | 0.57% | 2026 Q2 |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 24.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 36.97% |
| Stocks | 35.43% |
| Securitized | 20.42% |
| Cash & short-term | 5.19% |
| Loans | 1.56% |
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Real Estate | 47.1% |
| Securitized | 20.5% |
| Other | 18.3% |
| Financials | 6.3% |
| 7 smaller | 7.8% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Portfolio growth profile
How much of the fund’s stock holdings are in fast-growing companies · as of 2026 Q2
Share of the fund’s equity (by value) in companies whose trailing five-year revenue — or net-income — growth ranks in the top 25% of U.S. public companies. Foreign and newly-listed holdings are excluded, so the figure covers only part of the book. From SEC filings — not investment advice. How we measure this.
Latest quarter
What changed since the fund's previous filing
Largest new: VENTAS RLTY LTD PARTNERSHIP, BX TR 2026-RISE, MERIDIAN ARC HOLDCO LLC, BX TRUST 2026-LP3, METRONET INFRASTRUCTURE ISSUER LLC, LINEAGE OP LP, BX TRUST 2025-DIME, BEIGNET INVESTOR LLC
Largest exited: MHC COML MTG TR 2021-MHC, GS MTG SECS CORP TR 2023-SHIP ×2, LINEAGE OP LP, LGIH, ELLINGTON FINANCIAL INC, SREIT TR 2021-MFP, NEW RESIDENTIAL MORTGAGE LOAN TRUST 2022-SFR2
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +8.77% | +26.98% | +21.69% | 4.95% | -6.13% | |
| +8.41% | -48.76% | -81.65% | 4.90% | -52.73% | |
| +7.71% | -0.88% | -26.60% | 4.94% | -10.38% | |
| +8.50% | -48.77% | -81.65% | 4.96% | -52.78% | |
| +8.79% | +27.01% | +21.80% | 4.95% | -6.06% | |
| +8.73% | +27.13% | +22.18% | 4.93% | -6.02% |
These classes hold the same portfolio, so the 103.83pp spread over 5 years is the cost difference between them — roughly 20.77pp a year — not a difference in what they own.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 69.5% |
| Floating rate | 30.5% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 2.3% |
| 1-3y | 6.5% |
| 3-5y | 13.3% |
| 5-10y | 41.0% |
| 10y+ | 36.9% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 53% |
| Interest rates | 47% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +2.29 yr |
| High yield | +0.63 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.21 yr | 8% |
| 5 yr | 1.09 yr | 42% |
| 10 yr | 0.92 yr | 36% |
| 30 yr | 0.35 yr | 14% |
| 3 mo | 0.25 yr | 9% |
| 1 yr | 0.90 yr | 31% |
| 5 yr | 1.28 yr | 44% |
| 10 yr | 0.41 yr | 14% |
| 30 yr | 0.07 yr | 2% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.01 | +0.19 | +0.06 | $79.0k | $25.2k |
| 1 yr | +0.21 | +0.65 | +0.26 | $264.5k | $105.0k |
| 5 yr | +1.09 | +0.99 | +0.29 | $404.6k | $119.5k |
| 10 yr | +0.92 | +0.39 | +0.02 | $161.8k | $6.4k |
| 30 yr | +0.35 | +0.07 | +0.00 | $27.7k | $383 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| — | Fidelity Revere Street Trust | 5.11% | — | $209.46M | — |
| EQIX | EQUINIX INCEQIX | 2.20% | $1,082.83 | $90.03M | 83.1K |
| AMT | AMERICAN TOWER CORPAMT | 2.17% | $182.71 | $88.83M | 486.2K |
| WELL | WELLTOWER INCWELL | 1.65% | $217.34 | $67.76M | 311.8K |
| PLD | PROLOGIS INCPLD | 1.64% | $142.02 | $67.34M | 474.2K |
| INVH | INVITATION HOMES INCINVH | 1.38% | $28.77 | $56.71M | 2.0M |
| ELS | EQUITY LIFESTYLE PROPERTIES INCELS | 1.25% | $63.29 | $51.27M | 810.1K |
| UDR | UDR INCUDR | 0.94% | $36.34 | $38.39M | 1.1M |
| VTR | VENTAS INCVTR | 0.84% | $87.86 | $34.50M | 392.7K |
| VICI | VICI PPTYS INCVICI | 0.77% | $29.20 | $31.59M | 1.1M |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
Top 10 positions are 17.96% of net assets, top 25 26.22%, across 333 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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