Line of Credit Insufficient Data. Either the fund is too new, or return data of current frequency is not available.
Finding alternative investments in the floating-rate debt market
Direct lending, collateralized loan obligations and preferred securities offer compelling investment potential, says Fidelity's Eric Mollenhauer.
Seeks a high level of current income.
Normally investing at least 80% of assets in floating rate loans, which are often lower-quality debt securities, and other floating rate debt securities. Investing in companies in troubled or uncertain financial condition. Investing in money market and investment grade debt securities, and repurchase agreements.
Lower-quality bonds can be more volatile and have greater risk of default than higher-quality bonds. Floating rate loans may not be fully collateralized and therefore may decline significantly in value. Fixed income investments entail interest rate risk (as interest rates rise bond prices usually fall), the risk of issuer default, issuer credit risk and inflation risk. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks.
This description is only intended to provide a brief overview of the mutual fund. Read the fund's prospectus for more detailed information about the fund.
Initial offering of the Fidelity® Floating Rate High Income Fund took place on September 19, 2002. Returns and expenses prior to that date are those of the Fidelity Advisor® Floating Rate High Income Fund - Institutional Class. Had Fidelity® Floating Rate High Income Fund expenses been reflected in the returns shown, total returns would have been higher.
| Return Type | 1 Yr | 3 Yrs | 5 Yrs | 10 Yrs | Life |
|---|---|---|---|---|---|
FUND Fidelity® Floating Rate High Income Fund | 6.35% | 6.87% | 8.56% | 4.65% | 4.43% |
PRIMARY BENCHMARK | 6.95% | 7.39% | 9.32% | 5.22% | 5.15% |
MORNINGSTAR CATEGORY AVERAGE | 6.17% | 5.99% | 7.50% | 3.90% | -- |
Fidelity® Floating Rate High Income Fund | 3.02% | 3.67% | 6.00% | 2.46% | 2.55% |
| 2.25% | 2.66% | 4.86% | 1.70% | -- | |
Fidelity® Floating Rate High Income Fund | 3.79% | 3.88% | 5.54% | 2.58% | 2.61% |
| 3.28% | 3.08% | 4.63% | 1.98% | -- |