Fund Description

The fund was incepted in January 1987 and is managed by the Fidelity Group. The fund's main objective is to seek a combination of a high level of income and the potential for capital gains. The fund normally invests at least 65% of total assets in income-producing debt securities, preferred stocks and convertible securities, with an emphasis on lower quality debt securities. The management may invest up to 35% of the fund's total assets in common stocks. The fund may also invest in companies in troubled or uncertain financial condition. The fund offers a monthly dividend. Capital gains, if any, are distributed annually in December.