Fund Description

The fund was incepted in September 1999 and is managed by Fidelity Management & Research Inc. The fund seeks a high level of current income and capital appreciation. The fund normally invests its assets in income producing debt securities, preferred stocks, and convertible securities, with an emphasis on lower quality debt securities. The fund may also invests its assets in non-income producing securities and in securities of foreign and domestic issuers. Dividends, if any, are declared daily and paid monthly. Capital gains, if any, are distributed annually.