FIDELITY REAL ESTATE HIGH INCOME FUND
SUPPLEMENT TO THE PROSPECTUS DATED DECEMBER 30, 1994
FINANCIAL HIGHLIGHTS: The table reports selected data for a share
outstanding throughout the period January 5, 1995 (commencement of
operations) to May 31, 1995.
EXPOSURE TO FOREIGN MARKETS. Foreign securities, foreign
currencies, and securities issued by U.S. entities with substantial
foreign operations may involve additional risks and considerations.
These include risks relating to political or economic conditions in
foreign countries, fluctuations in foreign currencies, withholding or
other taxes, operational risks, increased regulatory burdens, and
the potentially less stringent investor protection and disclosure
standards of foreign markets. Additionally, governmental issuers of
foreign securities may be unwilling to repay principal and interest
when due, and may require that the conditions for payment be
renegotiated. All of these factors can make foreign investments,
especially those in developing countries, more volatile.
FIDELITY REAL ESTATE HIGH INCOME FUND
SUPPLEMENT TO THE PROSPECTUS DATED DECEMBER 30, 1994
FINANCIAL HIGHLIGHTS: The table reports selected data for a share
outstanding throughout the period January 5, 1995 (commencement of
operations) to May 31, 1995.
EXPOSURE TO FOREIGN MARKETS. Foreign securities, foreign
currencies, and securities issued by U.S. entities with substantial
foreign operations may involve additional risks and considerations.
These include risks relating to political or economic conditions in
foreign countries, fluctuations in foreign currencies, withholding or
other taxes, operational risks, increased regulatory burdens, and
the potentially less stringent investor protection and disclosure
standards of foreign markets. Additionally, governmental issuers of
foreign securities may be unwilling to repay principal and interest
when due, and may require that the conditions for payment be
renegotiated. All of these factors can make foreign investments,
especially those in developing countries, more volatile.
REHI-STK-0196-02 January 5, 1996
REHI-STK-0196-02 January 5, 1996
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
<S> <C>
JANUARY 5, 1995
(COMMENCEMENT
OF
OPERATIONS) TO
MAY 31, 1995
(UNAUDITED)
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 10.000
Income from Investment Operations .329
Net investment income
Net realized and unrealized gain (loss) .793
Total from investment operations 1.122
Less Distributions (.332)
From net investment income
Net asset value, end of period $ 10.790
TOTAL RETURN B 11.36%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 52,771
Ratio of expenses to average net assets 1.12% A
Ratio of net investment income to average net assets 8.55% A
Portfolio turnover rate 42% A
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
</TABLE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
<S> <C>
JANUARY 5, 1995
(COMMENCEMENT
OF
OPERATIONS) TO
MAY 31, 1995
(UNAUDITED)
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 10.000
Income from Investment Operations .329
Net investment income
Net realized and unrealized gain (loss) .793
Total from investment operations 1.122
Less Distributions (.332)
From net investment income
Net asset value, end of period $ 10.790
TOTAL RETURN B 11.36%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 52,771
Ratio of expenses to average net assets 1.12% A
Ratio of net investment income to average net assets 8.55% A
Portfolio turnover rate 42% A
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
</TABLE>
