SUPPLEMENT TO THE FIDELITY REAL ESTATE
HIGH INCOME FUND II
APRIL 29, 2000
PROSPECTUS
SHAREHOLDER MEETING. On or about November 15,
2000, a meeting of the shareholders of Fidelity
Real Estate High Income Fund II will be held to
vote on various proposals, including
modifications to the fund's management contract.
Shareholders of record on September 18, 2000 are
entitled to vote at the meeting. Included are
proposals to revise the fund's management fee
calculation to provide for lower fees when FMR's
assets exceed a certain level, and to allow FMR
and the trust, on behalf of the fund, to modify
the management contract subject to the
requirements of the Investment Company Act of
1940.
For more detailed information concerning the
proposals under consideration, please contact
Fidelity at 1-617-563-6414 to request a free
copy of the proxy statement.
09/15/2000
