Fund Description

The fund typically allocates about 60% of assets to stocks and other equity securities and the remainder to bonds and other debt securities when its outlook is neutral, including lower-quality, less-than-investment-grade debt (high yield or junk bonds). It invests at least 25% of total assets in fixed-income senior securities and may invest in domestic and foreign issuers. Equity holdings may include growth stocks, value stocks, or both. Security selection uses fundamental analysis of issuers' financial condition and industry position, as well as market and economic conditions, and may include investments in Fidelity Central funds aligned with these asset classes.