Fund Description

The fund invests at least 80% of assets in corporate bonds and other corporate debt securities and repurchase agreements for those securities. It invests primarily in investment-grade corporate debt and related repurchase agreements, but may also invest in lower-quality, high yield debt securities. It invests in domestic and foreign issuers and may invest in Fidelity central funds consistent with these asset classes. The fund is managed to have similar overall interest rate risk to the Bloomberg U.S. Credit Bond Index and uses credit and valuation analysis to select investments. It may engage in transactions that have a leveraging effect, including investments in derivatives (such as swaps, options, and futures contracts) and forward-settling securities, to adjust the fund's risk exposure.