FREI — Fidelity Real Estate Income Fund
Data updated: 2026-09-24
FREI — Fidelity Real Estate Income Fund. Balanced Allocation · $4.40B AUM · 0.57% expense ratio. Holdings, fees, performance and SEC filings.
FREI Fund Overview
FREI — Fidelity Real Estate Income Fund is a US mutual fund managed by Fidelity Securities Fund, categorised as Balanced Allocation. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Fidelity Securities Fund
- Category: Balanced Allocation
- Assets under management: $4.40B
- Ticker: FREI
- SEC CIK: 0000754510
- SEC series ID: S000007192
- Share class ID: C000276225
FREI Investment Objective and Strategy
Fidelity Real Estate Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Fidelity Securities Fund.
Investment objective
Fidelity Real Estate Income Fund seeks higher than average income. As a secondary objective, the fund also seeks capital growth.
Principal investment strategy
Normally investing at least 80% of assets in debt and income-producing equity securities of companies principally engaged in the real estate industry and other real estate related investments. Debt securities are used by issuers to borrow money. The issuer usually pays a fixed, variable, or floating rate of interest, and must repay the amount borrowed, usually at the maturity of the security. Debt securities include corporate bonds, government securities (including Treasury securities), repurchase agreements, money market securities, mortgage and other asset-backed securities, loans and loan participations, and other securities, such as hybrids and synthetic securities, believed to have debt-like characteristics (e.g., securities classified as Tier 2 Regulatory capital, securities that rank above share capital in an insolvency waterfall, securities with maturity dates and non-cancellable interest payment structures).
Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities include common stocks (including depositary receipts evidencing ownership of common stock), preferred stocks and other preferred securities, convertible securities, rights and warrants, and other securities, such as hybrid securities and trust preferred securities, believed to have equity-like characteristics. Income-producing equity securities are equity securities that pay, or are expected to pay within the next three months, dividends or interest. A real estate entity or real estate related investment is any company that is principally engaged in the real estate industry and includes commercial and residential mortgage-backed securities; debt securities of real estate entities; equity securities of entities whose primary assets are mortgage loans or commercial or residential mortgage-backed securities; REITs that either own properties or make construction loans and preferred stocks of REITs; real estate developers; companies with substantial real estate holdings; and other companies whose products and services are related to the real estate industry, such as building supply manufacturers, mortgage lenders, or mortgage servicing companies.
The Adviser considers a company to be principally engaged in the real estate industry if (i) at least 50% of its assets, income, sales or profits are committed to, or derived from, the real estate industry, or (ii) a third party has given the company an industry or sector classification consistent with the real estate industry. Derivative instruments that provide investment exposure to the investments above or exposure to one or more market risk factors associated with such investments are included in the fund's 80% policy, consistent with the fund's investment policies and limitations with respect to investments in derivatives. Normally investing primarily in preferred and common stocks of real estate investment trusts (REITs); debt securities of real estate entities; and commercial and other mortgage-backed securities, with an emphasis on lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds).
Investing in domestic and foreign issuers. Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.
FREI Holdings
Top 10 holdings of Fidelity Real Estate Income Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Fidelity Revere Street Trust | 7.08% |
| American Tower Corp. | 1.83% |
| Welltower, Inc. | 1.56% |
| Prologis, Inc. | 1.48% |
| Equinix, Inc. | 1.48% |
| Invitation Homes, Inc. | 1.26% |
| Equity Lifestyle Properties, Inc. | 1.20% |
| Udr, Inc. | 0.83% |
| Ventas, Inc. | 0.76% |
| Vici Pptys, Inc. | 0.74% |
FREI Portfolio Allocation
Asset-class allocation of Fidelity Real Estate Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 39.1% |
| Equity | 31.9% |
| Securitized | 20.3% |
| Cash & Equivalents | 7.1% |
| Loans | 1.1% |
FREI Performance
Total returns for FREI (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 4.5% |
| 1 year | 7.7% |
| 3 years (annualised) | 7.9% |
| 5 years (annualised) | 3.2% |
FREI Risk Information
Risk metrics for FREI, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 5.0%
FREI Costs and Fees
FREI costs about $57 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.57%
- Gross expense ratio: 0.76%
- Portfolio turnover: 16%
- Brokerage commissions: 0.27 bps of average net assets (SEC N-CEN)
FREI Cashflows
Over the 12 months to 2026-04, Fidelity Real Estate Income Fund had net outflows of $1.12B, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-04 | −$1.91B |
| 2026-03 | −$33.55M |
| 2026-02 | $92.52M |
| 2026-01 | $100.07M |
| 2025-12 | $118.64M |
| 2025-11 | $25.82M |
FREI Debt Constituents
Largest debt holdings of Fidelity Real Estate Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Simon Property Group LP | 0.60% |
| Crown Castle, Inc. | 0.56% |
| Simon Property Group LP | 0.52% |
| Invitation Homes Operating Partnership LP | 0.51% |
| Invitation Homes Operating Partnership LP | 0.51% |
| Phillips Edison Grocery Center Operating Partnership I LP | 0.50% |
| Essex Portfolio LP | 0.50% |
| Prologis LP | 0.49% |
| American Homes 4 Rent LP | 0.48% |
| Prologis LP | 0.47% |
FREI Prospectus and SEC Filings
Official Fidelity Real Estate Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-09-24
- Prospectus (485BPOS) — filed 2026-06-10
- Prospectus (485BPOS) — filed 2025-09-24
- Portfolio holdings (N-PORT) — filed 2026-09-23
- Portfolio holdings (N-PORT) — filed 2026-06-26
- Portfolio holdings (N-PORT) — filed 2026-03-25
- Annual census (N-CEN) — filed 2025-10-14
- Annual census (N-CEN) — filed 2024-10-15
Related Funds
Other Balanced Allocation funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.