Fund Description

The fund normally invests at least 80% of assets in a combination of debt securities and income-producing equity securities, and may include derivatives that provide exposure to these investments or related market risk factors. It invests primarily in debt securities, including lower-quality, less than investment-grade high yield debt. Assets are allocated among high yield, U.S. Government and investment-grade, emerging markets, and foreign developed markets, using a neutral mix of approximately 45%, 30%, 15%, and 10%, respectively. Security selection considers structural features, pricing, issuer potential, and credit, currency, and economic risks. It may hedge foreign currency exposure with forwards, use leverage through derivatives and forward-settling securities, and invest in Fidelity Central funds.