Fund Description

Incepted in October 2002 and managed by the Fidelity Group, the objective of this fund is to seek a high level of current income. The fund normally invests at least 80% of its assets in debt securities of all types and repurchase agreements for those securities. The fund uses the Lehman Brothers U.S. Universal Index as a guide in allocating its assets across the investment-grade, high yield, and emerging market asset classes, and in managing the fund's overall interest rate risk. The fund may invest up to15% of its assets in high yield and emerging market debt securities and may invest in domestic and foreign issuers. The fund allocates its assets across different asset classes, market sectors, and maturities. It analyzes a security's structural features and current pricing, trading opportunities, the credit quality of its issuer, its issuer's potential for success, and the credit, currency, and economic risks of the security and its issuer to select investments. This fund specializes in term bond funds. The fund offers dividends monthly and capital gains are distributed in the month of September and December.