Industry description
The investment seeks a high level of income, and it may also seek capital appreciation.
The fund normally invests at least 80% of assets in below investment grade debt securities. It invests primarily in securities rated BB by Standard & Poor's (S&P), Ba by Moody's Investors Service (Moody's), comparably rated by at least one nationally recognized credit rating agency, or, if unrated, considered by Fidelity Management & Research Company LLC (FMR) to be of comparable quality.