| Fidelity Strategic Income Fund invests assets in securities from four distinct fixed-income markets to which many savvy investors may want exposure: high yield, U.S. Government and investment-grade debt, emerging markets, and foreign developed markets. The fund seeks high current income, but may also seek capital appreciation. |
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 The fund's strategy offers investors the potential for reduced volatility, when compared to an investment in, for example, a strictly high yield or international fund. The four markets respond to different economic factors, and thus changes in their performance have the potential to offset each other and reduce the volatility of the overall portfolio. |
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| The Strategic Income Fund also potentially offers reduced volatility when added to an all-stock portfolio, for similar reasons: the fund's significant sub-portfolios have also historically performed differently from equities. |
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| The fund can also potentially offer higher returns, when compared to investment-grade bond funds with a lower risk and return profile. |
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| The Fidelity Strategic Income Fund is appropriate for investors whose primary objective is to pursue high current income through a fund managed by a team of Fidelity portfolio managers and research analysts using a disciplined strategy to invest across multiple categories and global markets. |
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| The fund may also be appropriate for risk-savvy investors seeking to diversify a stock portfolio, or to increase the return potential of an investment-grade bond portfolio using an aggressive bond fund. (Diversification across multiple asset types does not ensure a profit or guarantee against a loss.) |
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| Although bonds generally present less short-term risk and volatility than stocks, bonds do entail interest rate risk (as interest rates rise, bond prices usually fall, and vice versa) and the risk of default (the risk that an issuer will be unable to make income or principal payments). Lower-quality debt securities involve greater risk of default or price changes than investment-grade debt, due to potential changes in the credit quality of the issuer. |
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| Additionally, bonds and short-term investments entail greater inflation risk than stocks (the risk that the return of an investment will not keep up with increases in the prices of goods and services). |
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| Investments in foreign securities, especially those in emerging markets, involve risks in addition to those of U.S. investments, including increased political and economic risks as well as exposure to currency fluctuations. |
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| The fund is considered non-diversified or concentrated in terms of issuer, and can invest a greater portion of assets in securities of individual issuers than a diversified fund. |
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| Each of the fund's investment categories may experience periods of volatile returns, and it is possible for all investment categories to decline at the same time. |
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