Fund Description

The fund seeks real return, defined as total return reduced by the expected impact of inflation, by allocating assets among four categories: inflation-protected debt securities, floating rate loans (including lower-quality, less than investment-grade high yield or junk bonds), commodity-linked derivative instruments and related investments, and REITs and other real estate-related investments. It uses a neutral mix of approximately 25% inflation-protected debt securities, 25% floating rate loans, 30% commodity-linked derivatives and related investments, and 20% REITs and other real estate-related investments, investing in domestic and foreign issuers and in Fidelity Central funds aligned with these asset classes. Security selection considers structural features, pricing, issuer prospects, and credit, currency, and economic risks, using fundamental analysis of issuer, industry, market, and economic conditions.