Normally, the fund invests at least 80% of its net assets in equity securities of companies operating in the real estate industry predominantly in the United States, including: companies qualifying under federal tax law as real estate investment trusts (REITs); and companies that derive at least half of their assets or revenues from the ownership, construction, management, operation, development or sale of commercial or residential real estate (such as real estate operating or service companies, homebuilders, lodging providers, and developers). It is non-diversified.

Nasdaq

FREEX

The fund normally invests primarily in common stocks. It normally invests at least 80% of assets in securities of companies principally engaged in the real estate industry and other real estate related investments. The fund invests in domestic and foreign issuers. It uses fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments. The fund is non-diversified.

FRESX

The fund normally invests primarily in preferred and common stocks of 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). It invests at least 80% of assets in securities of companies principally engaged in the real estate industry and other real estate related investments. The fund invests in domestic and foreign issuers.

FRIFX

FRINX

The investment seeks higher than average income; and capital growth is the secondary objective. The fund normally invests primarily in preferred and common stocks of 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). It invests at least 80% of assets in securities of companies principally engaged in the real estate industry and other real estate related investments. The fund invests in domestic and foreign issuers.

FRIOX

FRIQX

FRIRX

The fund normally invests 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. It invests at least 80% of assets in securities of companies principally engaged in the real estate industry and other real estate related investments. The fund invests in domestic and foreign issuers.

FSREX

FSRNX

The investment seeks capital appreciation. The fund invests in securities issued throughout the world, including the United States. It normally invests at least 80% of assets in securities of companies principally engaged in the real estate industry and other real estate related investments. The fund normally invests primarily in common stocks.

FWRAX

FWRCX

FWRIX

FWRTX

The investment seeks total return comprised of long-term growth of capital and dividend income. The fund normally invests at least 80% of its net assets plus any borrowings for investment purposes in a portfolio of equity investments in issuers that are primarily engaged in or related to the real estate industry ("real estate industry companies") within and outside the U.S. It may also invest up to 20% of its net assets in issuers that are not real estate industry companies, or fixed income investments, such as government, corporate and bank debt obligations.

GARJX

The fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) ("Net Assets") in a portfolio of equity investments in issuers that are primarily engaged in or related to the real estate industry ("real estate industry companies"). It may also invest up to 20% of its total assets in fixed income investments, such as government, corporate and bank debt obligations and in other equity investments.

GREIX

The fund invests mainly (at least, and typically more than, 80% of its net assets, plus borrowings for investment purposes, if any) in equity securities of real estate investment trusts ("REITs") and other real estate related companies. The adviser defines a real estate related company as one that derives at least 50% of its revenue from, or has at least 50% of the value of its assets in, real estate, including the ownership, construction, management or sale of real estate.

GREZX

The investment seeks to provide total return, comprised of capital appreciation and current income. The fund normally invests at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in: (i) long and short equity securities of issuers primarily engaged in the real estate industry, such as real estate investment trusts ("REITs"); and (ii) equity-like securities, including individual securities, exchange-traded funds ("ETFs") and derivatives, giving exposure to issuers primarily engaged in the real estate industry.

GURIX

The fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of companies principally engaged in the real estate industry and other real estate related investments. The advisor considers a company to be principally engaged in the real estate industry if it either (i) derives at least 50% of its revenues from the ownership, construction, financing, management or sale of commercial or residential real estate or (ii) has at least 50% of its assets in real estate or such real estate businesses.

HLRRX

The fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities issued by real estate companies operating in the United States, including real estate investment trusts ("REITs"). Its investments in equity securities may include common stocks, preferred stocks and securities offered in initial public offerings ("IPOs"). The fund may invest in these equity securities directly or indirectly through investments in other investment companies, including exchange-traded funds ("ETFs"). It is non-diversified.

HTMNX

The fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in securities of real estate and real estate-related issuers, and in derivatives and other instruments that have economic characteristics similar to such securities. It may also invest in debt securities, including corporate debt obligations and commercial mortgage-backed securities. The fund may invest up to 10% of its net assets in non-investment grade debt securities (commonly known as "junk bonds") of real estate and real estate-related issuers.

Symbol	Full Name	Category	Inception	Expense Ratio	YTD Return	10Y Return (Annualized)	Dividend Yield
FREEX	Franklin Real Estate Securities Fund	REIT	Jan 3, 1994	1.11%	-10.35%	4.35%	5.70%
FRESX	Fidelity Real Estate Investment Portfolio	REIT	Nov 17, 1986	0.71%	-10.08%	4.97%	7.72%
FRIFX	Fidelity Real Estate Income Fund	REIT	Feb 4, 2003	0.71%	-0.78%	5.17%	4.93%
FRINX	Fidelity Advisor Real Estate Income Fund Class A	REIT	Apr 14, 2010	0.98%	-0.85%	5.13%	4.71%
FRIOX	Fidelity Advisor Real Estate Income Fund Class C	REIT	Apr 14, 2010	1.72%	-1.13%	4.29%	4.01%
FRIQX	Fidelity Advisor Real Estate Income Fund Class M	REIT	Apr 14, 2010	0.99%	-0.93%	5.10%	4.69%
FRIRX	Fidelity Advisor Real Estate Income Fund Class I	REIT	—	0.71%	-0.86%	5.43%	4.97%
FSREX	Fidelity Series Real Estate Income Fund	REIT	Oct 20, 2011	0.00%	2.26%	5.54%	7.21%
FSRNX	Fidelity Real Estate Index Fund	REIT	Aug 9, 2011	0.07%	-8.99%	4.07%	3.12%
FWRAX	Fidelity Advisor Global Real Estate Fund Class A	REIT	Aug 11, 2016	1.20%	-6.83%	—	2.51%
FWRCX	Fidelity Advisor Global Real Estate Fund Class C	REIT	Aug 11, 2016	1.95%	-7.01%	—	1.89%
FWRIX	Fidelity Advisor Global Real Estate Fund Class I	REIT	Aug 11, 2016	0.95%	-6.73%	—	2.75%
FWRTX	Fidelity Advisor Global Real Estate Fund Class M	REIT	Aug 11, 2016	1.45%	-6.93%	—	2.28%
GARJX	Goldman Sachs Global Real Estate Securities Fund	REIT	Aug 30, 2015	1.09%	-7.98%	—	3.06%
GREIX	Goldman Sachs Real Estate Securities Fund	REIT	Jul 27, 1998	0.91%	-9.02%	4.67%	5.13%
GREZX	GuideStone Funds Global Real Estate Securities Fun...	REIT	Dec 28, 2006	1.12%	-7.28%	3.42%	2.77%
GURIX	Guggenheim Risk Managed Real Estate Fund	REIT	Mar 28, 2014	1.10%	-8.04%	7.42%	3.18%
HLRRX	LDR Real Estate Value Opportunity Fund	REIT	Dec 16, 2002	1.14%	-5.87%	4.14%	5.78%
HTMNX	Heitman US Real Estate Securities Fund	REIT	Dec 29, 2017	1.17%	-7.94%	—	2.87%
IARCX	Invesco Real Estate Fund	REIT	May 1, 1995	1.98%	-9.54%	1.74%	2.89%

Real Estate Mutual Funds List

Risk vs. Return Scatterplot