Fund Description

The fund normally invests at least 80% of assets in debt securities of all types and repurchase agreements for those securities, including corporate and government securities, money market securities, mortgage- and asset-backed securities, loans and loan participations, and other debt-like securities such as hybrids and synthetic securities. It allocates across investment-grade, high yield, and emerging markets debt, and may invest up to 20% in lower-quality debt securities. It invests in domestic and foreign issuers, is managed to have similar overall interest rate risk to the Bloomberg U.S. Aggregate Bond Index, and may use derivatives (such as swaps, options, and futures) and forward-settling securities to adjust the fund's risk exposure, and may invest in Fidelity's Central funds consistent with the asset classes discussed above.