Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
All data as of 6/30/2011
Asset Allocation does not ensure a profit or guarantee against loss.
In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk, liquidity risk, call risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.
High yield/non-investment grade bonds involve greater price volatility and risk of default than investment grade bonds.
Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks, all of which are magnified in emerging markets. Lower-quality bonds can be more volatile and have greater risk of default than higher-quality bonds. Leverage can increase market exposure and magnify investment risk.
Non-diversified funds that focus on a relatively small number of issuers tend to be more volatile than diversified funds and the market as a whole.
Floating-rate loans generally are subject to restrictions on resale and they sometimes trade infrequently in the secondary market, and as a result may be more difficult to value, buy, or sell. A floating-rate loan might not be fully collateralized, which may cause the floating-rate loan to decline significantly in value.
Increases in real interest rates can cause the price of inflation-protected debt securities to decrease. REITs are affected by changes in real estate values or economic conditions, which can have a positive or negative effect on issuers in the real estate industry.
Stock values fluctuate in response to the activities of individual companies and general market and economic conditions.
Commodity-linked investments may be affected by overall commodities market movements and other factors that affect the value of a particular industry or commodity.