Fund Description

The fund normally invests primarily in income-producing debt securities, preferred stocks, and convertible securities, normally investing at least 80% of assets in below investment grade debt securities. Debt securities include corporate bonds, government securities (including Treasury securities), repurchase agreements, money market securities, mortgage and other asset-backed securities, loans and loan participations, and other securities believed to have debt-like characteristics, such as hybrids and synthetic securities. Derivatives providing related exposure are included in the 80% policy. The fund normally invests primarily in securities rated BB by S&P or Ba by Moody's, comparably rated by at least one nationally recognized credit rating agency, or, if unrated, considered by FMR to be of comparable quality, and may invest in higher or lower quality, including defaulted securities and common stocks, across domestic and foreign issuers, using fundamental analysis.