Fidelity Total Bond (FTBFX)

The Fidelity Total Bond fund primarily allocates its assets to fixed-income instruments, with a minimum of 80% typically dedicated to various types of debt obligations and related repurchase agreements. Portfolio decisions are guided by the Bloomberg U.S. Universal Bond Index, which helps the manager strategically diversify holdings across different credit qualities, including investment-grade, high-yield, and emerging market bonds. A portion of the portfolio, up to 20%, may also be committed to lower-rated, higher-risk debt instruments – commonly known as high-yield or "junk" bonds – which fall below investment-grade quality.