This
example
helps compare the cost of investing in the fund with the cost of investing in
other funds.
Let's say, hypothetically, that the annual return for shares
of the fund is 5% and that the fees and the annual operating expenses for shares
of the fund are exactly as described in the fee table. This example illustrates
the effect of fees and expenses, but is not meant to suggest actual or expected
fees and expenses or returns, all of which may vary. For every $10,000 you
invested, here's how much you would pay in total expenses if you sell all of
your shares at the end of each time period indicated:
|
Class
A |
Class
I |
1
year |
$ |
645 |
$ |
49 |
3
years |
$ |
795 |
$ |
154 |
5
years |
$ |
958 |
$ |
269 |
10
years |
$ |
1,429 |
$ |
604 |
Portfolio
Turnover
The
fund will not incur transaction costs, such as commissions, when it buys and
sells shares of underlying Fidelity®
funds (or "turns over" its portfolio), but it could incur transaction costs if
it were to buy and sell other types of securities directly. If the fund were to
buy and sell other types of securities directly, a higher portfolio turnover
rate could indicate higher transaction costs and could result in higher taxes
when fund shares are held in a taxable account. Such costs, if incurred, would
not be reflected in annual operating expenses or in the example and would affect
the fund's performance. For the period from December 15, 2022 to July 31, 2023,
the fund's portfolio turnover rate was 59%
(annualized) of the average value of its portfolio.
Principal
Investment Strategies
- Investing
primarily in a combination of Fidelity®
U.S. equity funds, international equity funds, bond funds, and short-term
funds (underlying Fidelity® funds)
in a manner that supports a withdrawal strategy to provide investors with
income in retirement.
- Allocating
assets according to a neutral asset allocation strategy shown in the glide
path below that adjusts over time until it reaches an allocation similar to
that of the Fidelity Managed Retirement Income FundSM,
approximately 10 to 20 years after the year 2035. Fidelity Management &
Research Company LLC (FMR) (the Adviser) may modify the fund's neutral asset
allocations from time to time when in the interests of
shareholders.
- The
neutral asset allocation shown in the glide path depicts the allocation to
U.S. equity funds, international equity funds, bond funds (including U.S.
investment grade bond, international bond, short-term inflation-protected
bond, long-term inflation-protected bond, and long-term treasury bond), and
short-term funds.
- Buying
and selling futures contracts (both long and short positions) in an effort to
manage cash flows efficiently, remain fully invested, or facilitate asset
allocation.
- The
Adviser, under normal market conditions, will make investments that are
consistent with seeking total return for several years beyond the fund's
horizon date in an effort to achieve the fund's overall investment
objective.
- As
of August 1, 2023, the fund's neutral asset allocation to underlying
Fidelity®
funds and futures was approximately:
|
U.S.
Equity Funds 30% |
|
International
Equity Funds 20% |
|
International
Bond Funds 5% |
|
U.S.
Investment Grade Bond Funds 29% |
|
Long-Term
Treasury Bond Funds 4% |
|
Long-Term
Inflation-Protected Bond Funds 8% |
|
Short-Term
Inflation-Protected Bond Funds 1% |
|
Short-Term
Funds 2% |
*
The Adviser may change these percentages over time. As a result of the active
asset allocation strategy (discussed below), actual allocations may differ from
the neutral allocations above. The allocation percentages may not add to 100%
due to rounding.
- The
Adviser, under normal market conditions, will use an active asset allocation
strategy to increase or decrease asset class exposures relative to the neutral
asset allocations reflected above by up to 10% for equity funds, bond funds
and short-term funds to reflect the Adviser's market outlook, which is
primarily focused on the intermediate term. The asset allocations in the glide
path and pie chart above are referred to as neutral because they do not
reflect any decisions made by the Adviser to overweight or underweight an
asset class.
- The
Adviser may also make active asset allocations within other asset classes
(such as commodities, high yield debt (also referred to as junk bonds),
floating rate debt, real estate debt, and emerging markets debt) from 0% to
10% of the fund's total assets individually, but no more than 25% in aggregate
within those other asset classes. Such asset classes are not reflected in the
neutral asset allocations reflected in the glide path and pie chart above.
Emerging markets include countries that have an emerging stock market as
defined by MSCI, countries or markets with low- to middle-income economies as
classified by the World Bank, and other countries or markets that the Adviser
identifies as having similar emerging markets characteristics.
- Designed
for investors at or around age 60 and above who turned or will turn age 70 in
or within a few years of 2035 (horizon date) and plan to gradually withdraw
the value of their account in the fund over time.
The
fund's investment objective is intended to support a withdrawal strategy to
provide investors with income in retirement. Please contact Fidelity or your
investment professional for more information.
When
the neutral asset allocation of a fund matches Fidelity Managed Retirement
Income Fund's neutral asset allocation (approximately 10 to 20 years after
the year indicated in the fund's name), the Board of Trustees may combine
the fund with Fidelity Managed Retirement Income FundSM,
without shareholder approval, and the fund's shareholders will become
shareholders of Fidelity Managed Retirement Income FundSM.
Principal
Investment Risks
The
fund is subject to risks resulting from the Adviser's asset allocation
decisions. If the Adviser's asset allocation strategy does not work as intended,
the fund may not achieve its objective. If the fund is unable to achieve its
objective, the payment strategy may not work as intended. The selection of
underlying funds and the allocation of the fund's assets among various asset
classes could cause the fund to lose value or its results to lag relevant
benchmarks or other funds with similar objectives. In addition, the fund's
active asset allocation strategy may cause the fund to have a risk profile
different than that portrayed above from time to time and may increase
losses.
- Investing
in Other Funds.
The
fund bears all risks of investment strategies employed by the underlying funds,
including the risk that the underlying funds will not meet their investment
objectives.
The
Adviser will continue to invest the fund's assets in equity funds in the years
following the fund's horizon date in an effort to achieve the fund's overall
investment objective. Stock markets are volatile and can decline significantly
in response to adverse issuer, political, regulatory, market, or economic
developments. Different parts of the market, including different market sectors,
and different types of securities can react differently to these
developments.
Interest
rate increases can cause the price of a debt or money market security to
decrease.
Foreign
markets, particularly emerging markets, can be more volatile than the U.S.
market due to increased risks of adverse issuer, political, regulatory, market,
or economic developments and can perform differently from the U.S. market. The
extent of economic development; political stability; market depth,
infrastructure, and capitalization; and regulatory oversight can be less than in
more developed markets. Emerging markets typically have less established legal,
accounting and financial reporting systems than those in more developed markets,
which may reduce the scope or quality of financial information available to
investors. Emerging markets can be subject to greater social, economic,
regulatory, and political uncertainties and can be extremely volatile. Foreign
exchange rates also can be extremely volatile.
Market
conditions, interest rates, and economic, regulatory, or financial developments
could significantly affect a single industry or group of related
industries.
The
ability of an issuer of a debt security to repay principal prior to a security's
maturity can cause greater price volatility if interest rates
change.
The
value of an individual security or particular type of security can be more
volatile than, and can perform differently from, the market as a
whole.
Changes
in the financial condition of an issuer or counterparty (e.g., broker-dealer or
other borrower in a securities lending transaction) can increase the risk of
default by an issuer or counterparty, which can affect a security's or
instrument's value or result in delays in recovering securities and/or capital
from a counterparty.
A
decline in the credit quality of an issuer or a provider of credit support or a
maturity-shortening structure for a security can cause the price of a security
to decrease.
Lower-quality
debt securities (those of less than investment-grade quality, also referred to
as high yield debt securities or junk bonds) and certain types of other
securities involve greater risk of default or price changes due to changes in
the credit quality of the issuer. The value of lower-quality debt securities and
certain types of other securities can be more volatile due to increased
sensitivity to adverse issuer, political, regulatory, market, or economic
developments.
The
performance of an underlying index fund and its index may vary somewhat due to
factors such as fees and expenses of the underlying fund, transaction costs,
sample selection, regulatory restrictions, and timing differences associated
with additions to and deletions from the index. Errors in the construction or
calculation of the index may occur from time to time and may not be identified
and corrected for some period of time, which may have an adverse impact on an
underlying fund and its shareholders.
Some
of the underlying funds in which the fund invests are managed with a passive
investment strategy, attempting to track the performance of an unmanaged index
of securities, regardless of the current or projected performance of an
underlying fund's index or of the actual securities included in the index. This
differs from an actively managed fund, which typically seeks to outperform a
benchmark index. As a result, the performance of these underlying funds could be
lower than actively managed funds that may shift their portfolio assets to take
advantage of market opportunities or lessen the impact of a market decline or a
decline in the value of one or more issuers. An underlying index fund may be
concentrated to approximately the same extent that its index concentrates in the
securities of issuers in a particular industry or group of
industries.
Leverage
can increase market exposure, magnify investment risks, and cause losses to be
realized more quickly.
"Growth"
stocks can perform differently from the market as a whole and other types of
stocks and can be more volatile than other types of stocks.
"Value"
stocks can perform differently from the market as a whole and other types of
stocks and can continue to be undervalued by the market for long periods of
time.
- Commodity-Linked
Investing.
The
value of commodities and commodity-linked investments may be affected by the
performance of the overall commodities markets as well as weather, political,
tax, and other regulatory and market developments. Commodity-linked investments
may be more volatile and less liquid than the underlying commodity, instruments,
or measures.
Investments
in commodity futures contracts are also subject to the risk of the failure of
any of the exchanges on which an underlying fund's positions trade or of its
clearinghouses or counterparties. In addition, certain commodity exchanges limit
fluctuations in certain futures contract prices during a single day by
regulations referred to as "daily price fluctuation limits" or "daily limits."
Under such daily limits, during a single trading day no trades may be executed
at prices beyond the daily limit. If triggered, these limits could prevent the
underlying fund from liquidating unfavorable positions and subject the
underlying fund to losses or prevent it from entering into desired trades during
the particular trading day.
Securities
lending involves the risk that the borrower may fail to return the securities
loaned in a timely manner or at all. If the borrower defaults on its obligation
to return the securities loaned because of insolvency or other reasons, an
underlying fund could experience delays and costs in recovering the securities
loaned or in gaining access to the collateral.
An
investment in the fund is not a deposit of a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. You
could lose money by investing in the fund.
Performance
Performance
history will be available for the fund after the fund has been in operation for
one calendar year.
Investment
Adviser
FMR
(the Adviser) is the fund's manager.
Portfolio
Manager(s)
Andrew
Dierdorf (Co-Portfolio Manager) has managed the fund since 2022.
Brett
Sumsion (Co-Portfolio Manager) has managed the fund since 2022.
Purchase
and Sale of Shares
You
may buy or sell shares through a retirement account or through an investment
professional.
You
may buy or sell shares in various ways:
Internet
institutional.fidelity.com
Phone
To
reach a Fidelity representative 1-877-208-0098
Mail
Fidelity
Investments
P.O.
Box 770002
Cincinnati,
OH 45277-0081 |
Overnight
Express:
Fidelity
Investments
100
Crosby Parkway
Covington,
KY 41015 |
Shares
of the fund are not eligible for purchase by registered investment companies or
business development companies to the extent such acquisition is in reliance on
Rule 12d1-4 under the Investment Company Act of 1940.
Class
I eligibility requirements are listed in the "Additional Information about the
Purchase and Sale of Shares" section of the prospectus.
The
price to buy one share of Class A is its offering price, if you pay a front-end
sales charge, or its net asset value per share (NAV), if you qualify for a
front-end sales charge waiver.
The
price to buy one share of Class I is its NAV.
Shares
will be bought at the offering price or NAV, as applicable, next calculated
after an order is received in proper form.
The
price to sell one share of Class A is its NAV, minus any applicable contingent
deferred sales charge (CDSC).
The
price to sell one share of Class I is its NAV.
Shares
will be sold at the NAV next calculated after an order is received in proper
form, minus any applicable CDSC.
The
fund is open for business each day the New York Stock Exchange (NYSE) is
open.
There
is no purchase minimum for fund shares.
Tax
Information
Distributions
you receive from the fund are subject to federal income tax and generally will
be taxed as ordinary income or capital gains, and may also be subject to state
or local taxes, unless you are investing through a tax-advantaged retirement
account (in which case you may be taxed later, upon withdrawal of your
investment from such account).
Payments
to Broker-Dealers and Other Financial Intermediaries
The
fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their
affiliates may pay intermediaries, which may include banks, broker-dealers,
retirement plan sponsors, administrators, or service-providers (who may be
affiliated with the Adviser or FDC), for the sale of fund shares and related
services. These payments may create a conflict of interest by influencing your
intermediary and your investment professional to recommend the fund over another
investment. Ask your investment professional or visit your intermediary's web
site for more information.
Fund
Basics
Investment
Objective
Fidelity
Managed Retirement Income Fund℠ seeks high current income and, as a secondary
objective, capital appreciation.
Each
of Fidelity Managed Retirement 2010 Fund℠, Fidelity Managed Retirement 2015
Fund℠, Fidelity Managed Retirement 2020 Fund℠, Fidelity Managed Retirement 2025
Fund℠, Fidelity Managed Retirement 2030 Fund℠, and Fidelity Managed Retirement
2035 Fund℠ seeks total return until its horizon date through a combination of
current income and capital growth. Thereafter, the fund's objective will be to
seek high current income and, as a secondary objective, capital
appreciation.
Each
fund's investment objective is intended to support a withdrawal strategy to
provide investors with income in retirement. Each fund is designed for investors
at or around age 60 and above who turned or will turn age 70 within a few years
of the applicable fund's horizon date and plan to gradually withdraw the value
of their account in the fund over time. Please contact Fidelity or your
investment professional for more information.
Principal
Investment Strategies
The
Adviser invests each fund's assets primarily in a combination of
Fidelity®
funds: U.S. equity funds, international equity funds, bond funds, and short-term
funds (underlying Fidelity®
funds). The funds differ primarily due to their asset allocations among these
fund types. Because each fund allocates its assets among the underlying
Fidelity®
funds based on fund types rather than on the actual holdings of the underlying
Fidelity®
funds, each fund may have greater exposure to an asset class to the extent that
an underlying Fidelity®
fund holds securities of more than one asset class. The neutral asset allocation
strategy for each fund is designed to provide an approach to asset allocation
that is neither overly aggressive nor overly conservative.
The
Adviser allocates the assets of each fund (except Fidelity Managed Retirement
Income FundSM)
according to a neutral asset allocation strategy that adjusts over time. The
year in each fund's name (horizon date) refers to the approximate year of the
70th birthday of an investor for whom the fund's asset allocation strategy is
designed. For example, Fidelity Managed Retirement 2035 FundSM,
which is designed for investors who will turn age 70 in or within a few years of
2035, has a neutral asset allocation with approximately half of its assets
invested in U.S. equity funds and international equity funds and approximately
half of its assets invested in bond funds and short-term funds. By contrast,
Fidelity Managed Retirement 2010 FundSM,
which has reached its horizon date, has a neutral asset allocation, with a
modest portion of its assets invested in U.S. equity funds and international
equity funds and a substantial portion of its assets invested in bond funds and
short-term funds.
Fidelity
Managed Retirement Income Fund℠ allocates the fund's assets according to a
stable neutral asset allocation that emphasizes bond funds and short-term funds,
but also includes an allocation to U.S. equity funds and international equity
funds.
The
neutral asset allocation shown in the glide path in each fund summary (except
Fidelity Managed Retirement Income Fund℠) depicts the allocation to U.S. equity
funds, international equity funds, bond funds (including U.S. investment grade
bond, international bond, short-term inflation-protected bond, long-term
inflation-protected bond, and long-term treasury bond), and short-term
funds and represents the Adviser's view regarding how each fund's investments
should be allocated among the various asset classes over the long term. Each
fund's actual allocations may differ to the extent the Adviser employs its
active allocation strategy. As discussed in each fund's summary, the active
asset allocation strategy allows the Adviser to increase or decrease a fund's
asset class exposures relative to its neutral asset allocation by up to 10% for
equity funds, bond funds and short-term funds, to reflect the Adviser's market
outlook, which is primarily focused on the intermediate term. The Adviser may
also make active asset allocations within other asset classes (such as
commodities, high yield debt (also referred to as junk bonds), floating rate
debt, real estate debt, and emerging markets debt) from 0% to 10% of the fund's
total assets individually, but no more than 25% in aggregate within those other
asset classes. Such asset classes are not reflected in the neutral asset
allocations reflected in the glide path. Emerging markets include countries that
have an emerging stock market as defined by MSCI, countries or markets with low-
to middle-income economies as classified by the World Bank, and other countries
or markets that the Adviser identifies as having similar emerging markets
characteristics. Emerging markets tend to have relatively low gross national
product per capita compared to the world's major economies and may have the
potential for rapid economic growth.
The
Adviser may buy and sell futures contracts (both long and short positions) in
each fund in an effort to manage cash flows efficiently, remain fully invested,
or facilitate asset allocation. Depending on how they are used, these
instruments may effectively increase or decrease a fund's allocation in one or
more asset classes. Cash and other short-term instruments used to collateralize
futures contracts are included in the short-term funds asset class.
When
increasing or decreasing asset allocation to one or more asset classes, the
Adviser will correspondingly reduce or increase exposure to the remaining asset
classes. For example, if the Adviser's intermediate term market outlook were to
favor fixed income securities, the Adviser may choose to increase each fund's
asset allocation to underlying bond funds by up to 10% from each fund's neutral
asset allocation to bond funds, by correspondingly reducing asset allocation to
U.S. and/or international equity funds and/or short-term funds. Conversely, if
fixed income investments were to fall out of favor based on the Adviser's
intermediate term market outlook, the Adviser may choose to decrease exposures
to underlying bond funds by increasing asset allocation to underlying U.S.
and/or international equity funds and/or short-term funds.
Information
concerning each fund's actual allocations to underlying funds will be available
in each fund's shareholder report and on the funds' website from time to
time.
Selecting
a Fidelity Managed Retirement Fund℠
Each
fund is designed for investors at or around age 60 and above who turned or will
turn age 70 in or within a few years of the applicable fund's horizon date and
plan to gradually withdraw the value of their account in the fund over
time.
The
table below shows the ranges of investor birth years for which each fund was
designed.
Birth
Year |
Fund |
1937
and earlier |
Fidelity
Managed Retirement Income FundSM |
1938
- 1942 |
Fidelity
Managed Retirement 2010 FundSM |
1943
- 1947 |
Fidelity
Managed Retirement 2015 FundSM |
1948
- 1952 |
Fidelity
Managed Retirement 2020 FundSM |
1953
- 1957 |
Fidelity
Managed Retirement 2025 FundSM |
1958
- 1962 |
Fidelity
Managed Retirement 2030 FundSM |
1963
- 1967 |
Fidelity
Managed Retirement 2035 FundSM |
In
addition to age, there are other considerations relevant to fund selection,
including your individual income replacement goals (i.e., how much income do you
need or expect to need in retirement), other sources of income after retirement,
inflation, other assets, and risk tolerance. You should also consider that no
Fidelity Managed Retirement FundSM
is
intended as a complete retirement program and there is no guarantee that any
single fund or a collection of funds will provide sufficient income in your
retirement years. Meeting your retirement goals is dependent upon many factors,
including the amount you save and the period over which you do so. Investors
should select the fund that best meets their individual circumstances and
investment goals.
Asset
Allocation Framework
The
following chart illustrates how each fund's approximate asset allocation (except
Fidelity Managed Retirement Income Fund℠) is expected to change over time. The
funds' actual asset allocations may differ from this illustration. The Adviser
may modify each fund's neutral asset allocations from time to time when in the
interests of shareholders.
The
neutral allocations shown in the glide path do not reflect any decisions made by
the Adviser to overweight or underweight a particular asset class based on its
market outlook. Each fund's asset allocation assigned to the asset classes above
is not expected to vary from the neutral allocations set forth in the glide path
by more than plus (+) or minus (-) 10%.
When
the neutral asset allocation of a fund matches
Fidelity® Managed
Retirement Income Fund's neutral asset allocation (approximately 10 to 20 years
after the year indicated in the fund's name), the Board of Trustees may combine
the fund with Fidelity Managed Retirement Income Fund℠, without shareholder
approval, and the fund's shareholders will become shareholders of Fidelity
Managed Retirement Income Fund℠.
The
Adviser may modify the neutral asset allocation strategy and the active asset
allocation strategy for any fund from time to time.
Description
of Underlying Fidelity® Funds
Each
fund invests in underlying Fidelity® funds.
Although the underlying Fidelity® funds
are categorized generally as U.S. equity, international equity, bond, and
short-term funds, many of the underlying Fidelity®
funds
may invest in a mix of securities of international and U.S. issuers,
investment-grade and high yield bonds, and other securities. Many of the
underlying Fidelity® funds
may also use various techniques, such as buying and selling futures contracts
and exchange traded funds, to increase or decrease a fund's exposure to changing
security prices or other factors that affect security values. The Adviser may
modify the selection of underlying Fidelity® funds
for any fund from time to time. When modifying the selection of underlying
Fidelity® funds
and transitioning in or out of one or more underlying Fidelity® funds,
the Adviser may invest a fund's assets directly in securities for a period of
time. Visit each fund's website for more information about the fund's
approximate asset allocation to each underlying Fidelity® fund.
The Adviser may change these allocations over time.
A
brief description of the underlying Fidelity®
funds
each fund may utilize as of the date of this prospectus, is provided in the
funds' Statement of Additional Information (SAI). More detailed information
about each underlying Fidelity® fund
is available in each underlying Fidelity® fund's
prospectus. A copy of any underlying Fidelity® fund's prospectus is
available at www.fidelity.com or institutional.fidelity.com.
Principal
Investment Risks
The
Fidelity Managed Retirement Funds℠
are designed for investors who seek to convert accumulated assets into regular
payments over time. The Fidelity Managed Retirement Funds℠
are primarily designed to support the decumulation of assets and are not
intended to provide a complete solution for a shareholder's retirement income
needs. There is no guarantee that any single fund will provide sufficient income
during your retirement.
Many
factors affect each fund's performance. Developments that disrupt global
economies and financial markets, such as pandemics and epidemics, may magnify
factors that affect a fund's performance. A fund's share price changes daily
based on the performance of the underlying Fidelity®
funds in which it invests. The ability of each fund to meet its investment
objective is directly related to its asset allocation among underlying
Fidelity®
funds and the ability of those funds to meet their investment objectives. When
you sell your shares they may be worth more or less than what you paid for them,
which means that you could lose money by investing in a fund.
The
following factors can significantly affect a fund's performance:
Asset
Allocation Risk. A
fund is subject to risks resulting from the Adviser's asset allocation
decisions. If the Advisers' asset allocation strategy does not work as intended,
a fund may not achieve its objective. If a fund is unable to achieve its
objective, the payment strategy may not work as intended. The selection of
underlying funds and the allocation of the fund's assets among various asset
classes could cause the fund to lose value or its results to lag relevant
benchmarks or other funds with similar objectives. In addition, the fund's
active asset allocation strategy may cause the fund to have a risk profile
different than that portrayed above from time to time and may increase
losses.
Investing
in Other Funds.
A fund bears all risks of investment strategies employed by the underlying
funds. A fund does not control the investments of the underlying funds, which
may have different investment objectives and may engage in investment strategies
that a fund would not engage in directly. Aggregation of underlying fund
holdings may result in indirect concentration of assets in a particular industry
or group of industries, or in a single issuer, which may increase
volatility.
Stock
Market Volatility.
The Adviser will continue to invest each fund's assets in equity funds in the
years following the fund's horizon date in an effort to achieve the fund's
overall investment objective. The value of equity securities fluctuates in
response to issuer, political, market, and economic developments. Fluctuations,
especially in foreign markets, can be dramatic over the short as well as long
term, and different parts of the market, including different market sectors, and
different types of equity securities can react differently to these
developments. For example, stocks of companies in one sector can react
differently from those in another, large cap stocks can react differently from
small cap stocks, "growth" stocks can react differently from "value" stocks, and
stocks selected using quantitative or technical analysis can react differently
than stocks selected using fundamental analysis. Issuer, political, or economic
developments can affect a single issuer, issuers within an industry or economic
sector or geographic region, or the market as a whole. Changes in the financial
condition of a single issuer can impact the market as a whole. Terrorism and
related geo-political risks have led, and may in the future lead, to increased
short-term market volatility and may have adverse long-term effects on world
economies and markets generally.
Floating
Rate Loans. The
value of the collateral securing a floating rate loan can decline, be
insufficient to meet the obligations of the borrower, or be difficult to
liquidate. As a result, a floating rate loan may not be fully collateralized and
can decline significantly in value. Floating rate loans generally are subject to
legal or contractual restrictions on resale. The liquidity of floating rate
loans, including the volume and frequency of secondary market trading in such
loans, varies significantly over time and among individual floating rate loans.
For example, if the credit quality of a floating rate loan unexpectedly declines
significantly, secondary market trading in that floating rate loan can also
decline for a period of time. During periods of infrequent trading, valuing a
floating rate loan can be more difficult, and buying and selling a floating rate
loan at an acceptable price can be more difficult and delayed, including
extended trade settlement periods. Difficulty in selling a floating rate loan
can result in a loss.
Interest
Rate Changes. Debt
securities, including money market securities, have varying levels of
sensitivity to changes in interest rates. In general, the price of a debt
security can fall when interest rates rise and can rise when interest rates
fall. Securities with longer maturities and certain types of securities, such as
mortgage securities and the securities of issuers in the financial services
sector, can be more sensitive to interest rate changes, meaning the longer the
maturity of a security, the greater the impact a change in interest rates could
have on the security's price. Short-term and long-term interest rates do not
necessarily move in the same amount or the same direction. Short-term securities
tend to react to changes in short-term interest rates, and long-term securities
tend to react to changes in long-term interest rates. Securities with floating
interest rates can be less sensitive to interest rate changes but may decline in
value if their interest rates do not rise as much as interest rates in general.
Securities whose payment at maturity is based on the movement of all or part of
an index and inflation-protected debt securities may react differently from
other types of debt securities. Some countries experience low or negative
interest rates from time to time, which may magnify interest rate risk for the
market as a whole and for a fund. In market environments where interest rates
are rising, issuers may be less willing or able to make principal and/or
interest payments on securities when due. Although the transition process away
from certain benchmark rates, including London Interbank Offered Rate (LIBOR)
(an indicative measure of the average interest rate at which major global banks
could borrow from one another), has become increasingly well-defined, any
potential effects of the transition away from LIBOR
and other benchmark rates on financial markets, a fund or the financial
instruments in which a fund invests can be difficult to ascertain and may
adversely impact a fund's performance.
Income
Risk. An
underlying fund's income, or yield, is based on short-term interest rates, which
can fluctuate significantly over short periods. A low or negative interest rate
environment can adversely affect an underlying fund's yield and, depending on
its duration and severity, could prevent an underlying fund from providing a
positive yield and/or maintaining a stable $1.00 share price. In addition, an
underlying fund's yield will vary as the short-term securities in its portfolio
mature and the proceeds are reinvested in securities with different interest
rates. From time to time, the Adviser may reimburse expenses or waive fees for a
class of an underlying fund in order to avoid a negative yield, but there is no
guarantee that the class or fund will be able to avoid a negative
yield.
Foreign
Exposure.
Foreign securities, foreign currencies, and securities issued by U.S. entities
with substantial foreign operations, and securities for which an entity located
in a foreign country provides credit support or a maturity-shortening structure
can involve additional risks relating to political, economic, or regulatory
conditions in foreign countries. These risks include fluctuations in foreign
exchange rates; withholding or other taxes; trading, settlement, custodial, and
other operational risks; and the less stringent investor protection and
disclosure standards of some foreign markets. All of these factors can make
foreign investments, especially those in emerging markets, more volatile and
potentially less liquid than U.S. investments. In addition, foreign markets can
perform differently from the U.S. market.
Investing
in emerging markets can involve risks in addition to and greater than those
generally associated with investing in more developed foreign markets. The
extent of economic development; political stability; market depth,
infrastructure, and capitalization; and regulatory oversight can be less than in
more developed markets. Emerging markets typically have less established legal,
accounting and financial reporting systems than those in more developed markets,
which may reduce the scope or quality of financial information available to
investors. Emerging markets economies can be subject to greater social,
economic, regulatory, and political uncertainties and can be extremely volatile.
All of these factors can make emerging markets securities more volatile and
potentially less liquid than securities issued in more developed
markets.
Global
economies and financial markets are becoming increasingly interconnected, which
increases the possibilities that conditions in one country or region might
adversely impact issuers or providers in, or foreign exchange rates with, a
different country or region.
Foreign
Currency Transactions.
A fund that invests in securities denominated in foreign currencies may enter
into forward foreign currency exchange contracts. A forward foreign currency
exchange contract, which involves an obligation to purchase or sell a specific
currency at a future date at a price set at the time of the contract, reduces a
fund's exposure to changes in the value of the currency it will deliver and
increases its exposure to changes in the value of the currency it will receive
for the duration of the contract. Certain foreign currency transactions may also
be settled in cash rather than the actual delivery of the relevant currency. A
contract to sell a foreign currency would limit any potential gain that might be
realized if the value of the hedged currency increases. Suitable hedging
transactions may not be available in all circumstances, may not be successful,
and may eliminate any chance for the fund to benefit from favorable fluctuations
in relevant foreign currencies.
Currency
Exposure. Because
an underlying fund is normally heavily exposed to foreign currencies, it could
experience losses based solely on the weakness of foreign currencies versus the
U.S. dollar and changes in the exchange rates between foreign currencies and the
U.S. dollar. Currency risk may be particularly high to the extent that a fund
invests in foreign currencies or engages in foreign currency transactions that
are economically tied to emerging markets countries. These emerging markets
currency transactions may present market, credit, currency, liquidity, legal,
political and other risks different from, or greater than, the risks of
investing in developed foreign currencies or engaging in foreign currency
transactions that are economically tied to developed foreign
countries.
Industry
Exposure.
Market conditions, interest rates, and economic, regulatory, or financial
developments could significantly affect a single industry or a group of related
industries, and the securities of companies in that industry or group of
industries could react similarly to these or other developments. In addition,
from time to time, a small number of companies may represent a large portion of
a single industry or a group of related industries as a whole, and these
companies can be sensitive to adverse economic, regulatory, or financial
developments.
The
commodities
industries
can be significantly affected by the level and volatility of commodity prices;
the rate of commodity consumption; world events including international monetary
and political developments; import controls, export controls, and worldwide
competition; exploration and production spending; and tax and other government
regulations and economic conditions.
The
real
estate industry
is particularly sensitive to economic downturns. The value of securities of
issuers in the real estate industry, including real estate investment trusts
(REITs), can be affected by changes in real estate values and rental income,
property taxes, interest rates, tax and regulatory requirements, and the
management skill and creditworthiness of the issuer. In addition, the value of
REITs can depend on the structure of and cash flow generated by the REIT, and
REITs may not have diversified holdings. Because REITs are pooled investment
vehicles that have expenses of their own, the fund will indirectly bear its
proportionate share of those expenses.
Subsidiary
Risk.
An underlying fund may invest a portion of its assets in a wholly-owned
subsidiary (the Subsidiary). The investments held by the Subsidiary are
generally similar to those that are permitted to be held by the underlying fund
that invests in it and, therefore, the Subsidiary is subject to risks similar to
those of such fund, including the risks associated with investing in derivatives
and commodity-linked investing in general. Because the Subsidiary is organized
under Cayman Islands law and is not registered under the Investment Company Act
of 1940 (1940 Act), the Subsidiary is not subject to the investor protections of
the 1940 Act. Changes in U.S. or Cayman Islands laws could result in the
inability of such fund and/or the Subsidiary to operate as described in this
prospectus.
Prepayment.
Many types of debt securities, including mortgage securities,
inflation-protected debt securities, and floating rate loans, are subject to
prepayment risk. Prepayment risk occurs when the issuer of a security can repay
principal prior to the security's maturity. Securities subject to prepayment can
offer less potential for gains during a declining interest rate environment or
when the credit quality of an issuer improves and similar or greater potential
for loss in a rising interest rate environment. In addition, the potential
impact of prepayment features on the price of a debt security can be difficult
to predict and result in greater volatility.
Issuer-Specific
Changes.
Changes in the financial condition of an issuer or counterparty (e.g.,
broker-dealer or other borrower in a securities lending transaction), changes in
specific economic or political conditions that affect a particular type of
security or issuer, and changes in general economic or political conditions can
increase the risk of default by an issuer or counterparty, which can affect a
security's or instrument's credit quality or value and an issuer's or
counterparty's ability to pay interest and principal when due or result in
delays in recovering securities and/or capital from a counterparty. Entities
providing credit support or a maturity-shortening structure also can be affected
by these types of changes, and if the structure of a security fails to function
as intended, the security could decline in value. Lower-quality debt securities
(those of less than investment-grade quality, also referred to as high yield
debt securities or junk bonds), including floating rate loans, and certain types
of other securities tend to be particularly sensitive to these
changes.
Lower-quality
debt securities (those of less than investment-grade quality, also referred to
as high yield debt securities or junk bonds) and certain types of other
securities involve greater risk of default or price changes due to changes in
the credit quality of the issuer. The value of lower-quality debt securities and
certain types of other securities often fluctuates in response to company,
political, or economic developments and can decline significantly over short as
well as long periods of time or during periods of general or regional economic
difficulty. Lower-quality debt securities (those of less than investment-grade
quality, also referred to as high yield debt securities or junk bonds) can be
thinly traded or have restrictions on resale, making them difficult to sell at
an acceptable price, and often are considered to be speculative. The default
rate for lower-quality debt securities (those of less than investment-grade
quality, also referred to as high yield debt securities or junk bonds) is likely
to be higher during economic recessions or periods of high interest
rates.
Correlation
to Index.
The performance of an underlying index fund and its index may vary somewhat due
to factors such as fees and expenses of the underlying fund, transaction costs,
imperfect correlation between the underlying fund's securities and those in its
index, timing differences associated with additions to and deletions from the
index, and changes in the component securities. In addition, an underlying index
fund may not be able to invest in certain securities in its index or invest in
them in the exact proportions in which they are represented in the index due to
regulatory restrictions. An underlying index fund may not be fully invested at
times, either as a result of cash flows into the underlying fund or as a result
of reserves of cash held by the underlying fund to meet redemptions. The use of
sampling techniques or futures or other derivative positions may affect an
underlying index fund's ability to achieve close correlation with its index.
Errors in the construction or calculation of the index may occur from time to
time and may not be identified and corrected for some period of time, which may
have an adverse impact on an underlying fund and its shareholders.
Passive
Management Risk. Some
of the underlying funds in which each fund invests are managed with a passive
investment strategy, attempting to track the performance of an unmanaged index
of securities, regardless of the current or projected performance of an
underlying fund's index or of the actual securities included in the index. This
differs from an actively managed fund, which typically seeks to outperform a
benchmark index. As a result, the performance of these underlying funds could be
lower than actively managed funds that may shift their portfolio assets to take
advantage of market opportunities or lessen the impact of a market decline or a
decline in the value of one or more issuers. The structure and composition of an
underlying index fund's index will affect the performance, volatility, and risk
of the index and, consequently, the performance, volatility, and risk of the
fund. An underlying index fund may be concentrated to approximately the same
extent that its index concentrates in the securities of issuers in a particular
industry or group of industries.
Leverage
Risk.
Derivatives, forward-settling securities, and short sale transactions involve
leverage because they can provide investment exposure in an amount exceeding the
initial investment. Leverage can magnify investment risks and cause losses to be
realized more quickly. A small change in the underlying asset, instrument, or
index can lead to a significant loss. Forward-settling securities and short sale
transactions also involve the risk that a security will not be issued,
delivered, available for purchase, or paid for when anticipated. An increase in
the market price of securities sold short will result in a loss. Government
legislation or regulation could affect the use of these transactions and could
limit a fund's ability to pursue its investment strategies.
Hybrid
and Preferred Securities Risk.
The risks of investing in hybrid and preferred securities reflect a combination
of the risks of investing in securities, options, futures, and currencies. An
investment in a hybrid or preferred security may entail significant risks that
are not associated with a similar investment in a traditional debt or equity
security. The risks of a particular hybrid or preferred security will depend
upon the terms of the instrument, but may include the possibility of significant
changes in the value of any applicable reference instrument. Such risks may
depend upon factors unrelated to the operations or credit quality of the issuer
of the hybrid or preferred security. Hybrid and preferred securities are
potentially more volatile and carry greater market and liquidity risks than
traditional debt or equity securities. Also, the price of the hybrid or
preferred security and any applicable reference instrument may not move in the
same direction or at the same time.
"Growth"
Investing.
"Growth" stocks can react differently to issuer, political, market, and economic
developments than the market as a whole and other types of stocks. "Growth"
stocks tend to be more expensive relative to their earnings or assets compared
to other types of stocks. As a result, "growth" stocks tend to be sensitive to
changes in their earnings and more volatile than other types of
stocks.
"Value"
Investing.
"Value" stocks can react differently to issuer, political, market, and economic
developments than the market as a whole and other types of stocks. "Value"
stocks tend to be inexpensive relative to their earnings or assets compared to
other types of stocks. However, "value" stocks can continue to be inexpensive
for long periods of time and may not ever realize their full value.
Inflation-Protected
Debt Exposure.
Inflation-protected debt securities tend to react to changes in real interest
rates. Real interest rates represent nominal (stated) interest rates reduced by
the expected impact of inflation. In general, the price of an
inflation-protected debt security can fall when real interest rates rise, and
can rise when real interest rates fall. Interest payments on inflation-protected
debt securities can be unpredictable and will vary as the principal and/or
interest is adjusted for inflation.
Mid
Cap Investing. The
value of securities of medium size, less well-known issuers can be more volatile
than that of relatively larger issuers and can react differently to issuer,
political, market, and economic developments than the market as a whole and
other types of stocks.
Small
Cap Investing.
The value of securities of smaller, less well-known issuers can be more volatile
than that of larger issuers and can react differently to issuer, political,
market, and economic developments than the market as a whole and other types of
stocks. Smaller issuers can have more limited product lines, markets, and
financial resources.
Commodity-Linked
Investing. The
performance of commodities, commodity-linked swaps, futures, notes, and other
commodity-related investments may depend on the performance of individual
commodities and the overall commodities markets and on other factors that affect
the value of commodities, including weather, political, tax, and other
regulatory and market developments. Commodity-linked instruments may be
leveraged. For example, the price of a three-times leveraged commodity-linked
note may change by a magnitude of three for every percentage change (positive or
negative) in the value of the underlying index. Commodity-linked investments may
be hybrid instruments that can have substantial risk of loss with respect to
both principal and interest. Commodity-linked investments may be more volatile
and less liquid than the underlying commodity, instruments, or measures, and may
be subject to the credit risks associated with the issuer or counterparty. As a
result, returns of commodity-linked investments may deviate significantly from
the return of the underlying commodity, instruments, or measures. In addition,
the regulatory and tax environment for commodity-linked derivative instruments
is evolving, and changes in the regulation or taxation of such investments may
have a material adverse impact on an underlying fund.
Commodity
Futures. Investments
in commodity futures contracts are also subject to the risk of the failure of
any of the exchanges on which an underlying fund's positions trade or of its
clearinghouses or counterparties. In addition, certain commodity exchanges limit
fluctuations in certain futures contract prices during a single day by
regulations referred to as "daily price fluctuation limits" or "daily limits."
Under such daily limits, during a single trading day no trades may be executed
at prices beyond the daily limit. Once the price of a particular commodity
futures contract has increased or decreased by an amount equal to the daily
limit, positions in that contract can neither be taken nor liquidated unless
traders are willing to effect trades at or within the limit. If triggered, these
limits could prevent the underlying fund from liquidating unfavorable positions
and subject an underlying fund to losses or prevent it from entering into
desired trades during the particular trading day. A commodity futures contract
could also move to the daily limit for several consecutive trading days with
little or no trading, thereby further prolonging the liquidation of positions
and subjecting some holders of such futures contracts to additional losses. In
extraordinary circumstances, a futures exchange or the applicable regulator
could suspend trading in a particular futures contract, or order liquidation or
settlement of all open positions in such contract.
Securities
Lending Risk.
Securities lending involves the risk that the borrower may fail to return the
securities loaned in a timely manner or at all. If the borrower defaults on its
obligation to return the securities loaned because of insolvency or other
reasons, an underlying fund could experience delays and costs in recovering the
securities loaned or in gaining access to the collateral. These delays and costs
could be greater for foreign securities. If a fund is not able to recover the
securities loaned, the fund may sell the collateral and purchase a replacement
investment in the market. The value of the collateral could decrease below the
value of the replacement investment by the time the replacement investment is
purchased.
Contingent
Convertible Securities Risk. Contingent
convertible securities have unique equity conversion or principal write-down
features that are tailored to the issuing banking institution and its regulatory
requirements. Contingent convertibles may have fully discretionary coupons. This
means coupons can potentially be cancelled at the banking institution's
discretion or at the request of the relevant regulatory authority in order to
help the bank absorb losses. Contingent convertibles will, in the majority of
circumstances, be issued in the form of subordinated debt instruments in order
to provide the appropriate regulatory capital treatment prior to a conversion.
In the event of liquidation, dissolution or winding-up of an issuer prior to a
conversion, the rights and claims of the holders of the contingent convertibles
against the issuer will generally rank junior to the claims of all holders of
unsubordinated obligations of the issuer. In addition, if the contingent
convertibles are converted into the issuer's underlying equity securities
following a conversion event, each holder will be subordinated due to their
conversion from being the holder of a debt instrument to being the holder of an
equity instrument.
Securitized
Debt Securities Exposure.
Securitized debt securities, which include commercial mortgage-backed
securities, are dependent on the cash flows generated by the underlying loans,
receivables, or other assets, and can be significantly affected by changes in
interest rates, the availability of information concerning the underlying assets
and their structure, and the creditworthiness of the originators of the loans or
other receivables or the entities providing credit support.
In
response to market, economic, political, or other conditions, a fund may
temporarily use a different investment strategy for defensive purposes. If the
fund does so, different factors could affect its performance and the fund may
not achieve its investment objective.
Fundamental
Investment Policies
The
following is fundamental, that is, subject to change only by shareholder
approval:
Fidelity
Managed Retirement Income Fund℠ seeks high current income and, as a secondary
objective, capital appreciation.
Each
of Fidelity Managed Retirement 2010 Fund℠, Fidelity Managed Retirement 2015
Fund℠, Fidelity Managed Retirement 2020 Fund℠, and Fidelity Managed Retirement
2025 Fund℠ seeks total return until its horizon date through a combination of
current income and capital growth. Thereafter, the fund's objective will be to
seek high current income and, as a secondary objective, capital
appreciation.
Non-Fundamental
Investment Policies
Each
of Fidelity Managed Retirement 2030 Fund℠'s and Fidelity Managed Retirement 2035
Fund℠'s investment objective is non-fundamental and may be changed without
shareholder approval.
Each
fund is open for business each day the NYSE is open.
The
NAV is the value of a single share. Fidelity normally calculates NAV each
business day as of the times noted in the table below. Each fund's assets
normally are valued as of this time for the purpose of computing NAV. Fidelity
calculates NAV separately for each class of shares of a multiple class
fund.
Fund |
NAV
Calculation Times
(Eastern
Time) |
Fidelity
Managed Retirement Income Fund℠ |
4:00
p.m. |
Fidelity
Managed Retirement 2010 Fund℠ |
4:00
p.m. |
Fidelity
Managed Retirement 2015 Fund℠ |
4:00
p.m. |
Fidelity
Managed Retirement 2020 Fund℠ |
4:00
p.m. |
Fidelity
Managed Retirement 2025 Fund℠ |
4:00
p.m. |
Fidelity
Managed Retirement 2030 Fund℠ |
4:00
p.m. |
Fidelity
Managed Retirement 2035 Fund℠ |
4:00
p.m. |
NAV
is not calculated and a fund will not process purchase and redemption requests
submitted on days when the fund is not open for business. The time at which
shares are priced and until which purchase and redemption orders are accepted
may be changed as permitted by the Securities and Exchange Commission
(SEC).
NAV
is calculated using the values of the underlying Fidelity®
funds in which a fund invests. Shares of underlying Fidelity®
funds are valued at their respective NAVs. For an explanation of the
circumstances under which the underlying Fidelity®
funds will use fair value pricing and the effects of using fair value pricing,
see the underlying Fidelity®
funds' prospectuses and SAIs.
To
the extent that underlying Fidelity®
fund assets are traded in other markets on days when a fund is not open for
business, the value of the fund's assets may be affected on those days. In
addition, trading in some underlying Fidelity®
fund assets may not occur on days when a fund is open for business.
Shareholder
Information
Additional
Information about the Purchase and Sale of Shares
As
used in this prospectus, the term "shares" generally refers to the shares
offered through this prospectus.
General
Information
Ways
to Invest
You
may buy or sell shares through a retirement account or an investment
professional. When you invest through a retirement account or an investment
professional, the procedures for buying, selling, and exchanging shares and the
account features, policies, and fees may differ. Additional fees may apply to
your investment in shares, including a transaction fee if you buy or sell shares
through a broker or other investment professional. Your broker may also
require you to pay brokerage commissions on purchases and sales of certain share
classes of a fund.
Information
on Placing Orders
You
should include the following information with any order:
- Your
name
- Your
account number
- Type
of transaction requested
- Name(s)
of fund(s) and class(es)
- Dollar
amount or number of shares
Certain
methods of contacting Fidelity may be unavailable or delayed (for example,
during periods of unusual market activity). In addition, the level and type of
service available may be restricted.
Frequent
Purchases and Redemptions
A
fund may reject for any reason, or cancel as permitted or required by law, any
purchase or exchange, including transactions deemed to represent excessive
trading, at any time.
Excessive
trading of fund shares can harm shareholders in various ways, including reducing
the returns to long-term shareholders by increasing costs to a fund (such as
brokerage commissions or spreads paid to dealers who sell money market
instruments), disrupting portfolio management strategies, and diluting the value
of the shares in cases in which fluctuations in markets are not fully priced
into the fund's NAV.
Each
fund reserves the right at any time to restrict purchases or exchanges or impose
conditions that are more restrictive on excessive trading than those stated in
this prospectus.
Excessive
Trading Policy for each fund
The
Board of Trustees has adopted policies designed to discourage excessive trading
of fund shares. Excessive trading activity in a fund is measured by the number
of roundtrip transactions in a shareholder's account and each class of a
multiple class fund is treated separately. A roundtrip transaction occurs when a
shareholder sells fund shares (including exchanges) within 30 days of the
purchase date.
Shareholders
with two or more roundtrip transactions in a single fund within a rolling 90-day
period will be blocked from making additional purchases or exchange purchases of
the fund for 85 days. Shareholders with four or more roundtrip transactions
across all Fidelity®
funds within any rolling 12-month period will be blocked for at least 85 days
from additional purchases or exchange purchases across all Fidelity®
funds. Any roundtrip within 12 months of the expiration of a multi-fund block
will initiate another multi-fund block. Repeat offenders may be subject to
long-term or permanent blocks on purchase or exchange purchase transactions in
any account under the shareholder's control at any time. In addition to
enforcing these roundtrip limitations, the fund may in its discretion restrict,
reject, or cancel any purchases or exchanges that, in the Adviser's opinion, may
be disruptive to the management of the fund or otherwise not be in the fund's
interests.
Exceptions
The
following transactions are exempt from the fund's excessive trading policy
described above: (i) systematic withdrawal and/or contribution programs, (ii)
mandatory retirement distributions, (iii) transactions initiated by a plan
sponsor or sponsors of certain employee benefit plans or other related accounts,
(iv) transactions within a qualified advisory program, and (v) transactions
initiated by the trustee or adviser to a donor-advised charitable gift fund,
qualified fund of funds, or other strategy funds.
A
qualified advisory program is one that demonstrates to Fidelity that the program
has investment strategies and trading policies designed to protect the interests
of long-term investors and meets specific criteria outlined by
Fidelity.
A
qualified fund of funds is a mutual fund, qualified tuition program, or other
strategy fund consisting of qualified plan assets that either applies the fund's
excessive trading policies to shareholders at the fund of funds level, or
demonstrates that the fund of funds has an investment strategy coupled with
policies designed to control frequent trading that are reasonably likely to be
effective as determined by the fund's Treasurer.
Fidelity
may choose not to monitor transactions below certain dollar value
thresholds.
Omnibus
Accounts
Omnibus
accounts, in which shares are held in the name of an intermediary on behalf of
multiple investors, are a common form of holding shares among retirement plans
and financial intermediaries such as brokers, advisers, and third-party
administrators. Individual trades in omnibus accounts are often not disclosed to
the fund, making it difficult to determine whether a particular shareholder is
engaging in excessive trading. Excessive trading in omnibus accounts is likely
to go undetected by the fund and may increase costs to the fund and disrupt its
portfolio management.
Under
policies adopted by the Board of Trustees, intermediaries will be permitted to
apply the fund's excessive trading policy (described above), or their own
excessive trading policy if approved by the Adviser. In these cases, the fund
will typically not request or receive individual account data but will rely on
the intermediary to monitor trading activity in good faith in accordance with
its or the fund's policies. Reliance on intermediaries increases the risk that
excessive trading may go undetected. For other intermediaries, the fund will
generally monitor trading activity at the omnibus account level to attempt to
identify disruptive trades. The fund may request transaction information, as
frequently as daily, from any intermediary at any time, and may apply the fund's
policy to transactions that exceed thresholds established by the Board of
Trustees. The fund may prohibit purchases of fund shares by an intermediary or
by some or all of any intermediary's clients. There is no assurance that the
Adviser will request data with sufficient frequency to detect or deter excessive
trading in omnibus accounts effectively.
If
you purchase or sell fund shares through a financial intermediary, you may wish
to contact the intermediary to determine the policies applicable to your
account.
Retirement
Plans
For
employer-sponsored retirement plans, only participant directed exchanges count
toward the roundtrip limits. Employer-sponsored retirement plan participants
whose activity triggers a purchase or exchange block will be permitted one trade
every calendar quarter. In the event of a block, employer and participant
contributions and loan repayments by the participant may still be invested in
the fund.
Other
Information about the Excessive Trading Policy
The
fund's Treasurer is authorized to suspend the fund's policies during periods of
severe market turbulence or national emergency. The fund reserves the right to
modify its policies at any time without prior notice.
The
fund does not knowingly accommodate frequent purchases and redemptions of fund
shares by investors, except to the extent permitted by the policies described
above.
As
described in "Valuing Shares," the fund also uses fair value pricing to help
reduce arbitrage opportunities available to short-term traders. There is no
assurance that the fund's excessive trading policy will be effective, or will
successfully detect or deter excessive or disruptive trading.
Buying
Shares
Eligibility
Shares
are generally available only to investors residing in the United
States.
Shares
of the fund are not eligible for purchase by registered investment companies or
business development companies to the extent such acquisition is in reliance on
Rule 12d1-4 under the Investment Company Act of 1940.
Each
class of the fund has different expenses and features, as described in the
applicable prospectus. Investors eligible to purchase one class of shares may
also be eligible to purchase other classes of shares of the fund. Your
investment professional, as applicable, can help you choose the class of shares
that best suits your investment needs. However, plan participants may purchase
only the classes of shares that are eligible for sale and available through
their plan. Certain classes may have higher expenses than those offered by the
plan.
Additional
Information Regarding Class I Eligibility
Class
I shares generally are offered to:
1.
Certain employer-sponsored retirement plans. For this purpose,
employer-sponsored retirement plans generally include profit sharing, 401(k),
403(b), 457(b), defined benefit, retiree health savings plans, and similar
plans, but generally do not include: retail retirement or non-retirement
accounts; Individual Retirement Accounts (IRAs) (such as traditional, Roth, SEP,
SARSEP, and SIMPLE IRAs); Coverdell Education Savings Accounts; individual
403(b) accounts that are not part of an employer's 403(b) plan; plans investing
through the Fidelity Advisor®
403(b) program; plans covering self-employed individuals and their employees
(formerly Keogh/H.R. 10 plans); health savings accounts; or qualified tuition
programs;
2.
Insurance company separate accounts;
3.
Broker-dealer, registered investment adviser, insurance company, trust
institution and bank trust department managed account programs that charge an
asset-based fee;
4.
Current or former Trustees or officers of a Fidelity®
fund or current or retired officers, directors, or regular employees of FMR LLC
or FIL Limited or their direct or indirect subsidiaries (Fidelity Trustee or
employee), spouses of Fidelity Trustees or employees, Fidelity Trustees or
employees acting as a custodian for a minor child, persons acting as trustee of
a trust for the sole benefit of the minor child of a Fidelity Trustee or
employee, or employee benefit plans sponsored by FMR LLC or an
affiliate;
5.
Any state, county, or city, or any governmental instrumentality, department,
authority or agency;
6.
Charitable organizations (as defined for purposes of Section 501(c)(3) of the
Internal Revenue Code) or charitable remainder trusts or life income pools
established for the benefit of a charitable organization;
7.
Qualified tuition programs for which Fidelity serves as investment manager, or
mutual funds managed by Fidelity or other parties;
8.
Employer-sponsored health savings accounts investing through an
intermediary;
9.
Former Destiny®
Planholders who exchange, or have exchanged, from Class O to Class I of Fidelity
Advisor®
funds;
10.
Investors who purchase shares through brokerage programs of certain brokers
acting solely as agents for their customers and that have entered into an
agreement with the distributor to offer Class I shares through such programs. An
investor transacting in such programs may be required to pay a commission and/or
other forms of compensation to the broker; and
11.
Investors whose account is no longer associated with a financial intermediary
and whose shares were exchanged by Fidelity from Class A, Class M, or Class C of
the fund to Class I shares of the same fund; only in certain employee benefit
plan accounts may such investors add to their position in Class I.
Investors
may be able to purchase Class I in other circumstances. Please contact Fidelity
or your investment professional for more information about Class I
shares.
There
is no minimum balance or purchase minimum for fund shares.
Price
to Buy
The
price to buy one share of Class A is its offering price or its NAV, depending on
whether you pay a front-end sales charge.
The
price to buy one share of Class I is its NAV. Class I shares are sold without a
sales charge.
If
you pay a front-end sales charge, your price will be Class A's offering
price. When you buy Class A shares at the offering price, Fidelity
deducts the appropriate sales charge and invests the rest in Class A shares of
the fund. If you qualify for a front-end sales charge waiver, your price will be
Class A's NAV.
The
offering price of Class A is its NAV plus the sales charge. The offering price
is calculated by dividing Class A's NAV by the difference between one and the
applicable front-end sales charge percentage and rounding to the nearest
cent.
The
dollar amount of the sales charge for Class A is the difference between the
offering price of the shares purchased and the NAV of those shares. Since the
offering price per share is calculated to the nearest cent using standard
rounding criteria, the percentage sales charge you actually pay may be higher or
lower than the sales charge percentages shown in this prospectus due to
rounding. The impact of rounding may vary with the amount of your investment and
the size of the class's NAV.
Shares
will be bought at the offering price or NAV, as applicable, next calculated
after an order is received in proper form.
It
is the responsibility of your investment professional to transmit your order to
buy shares to Fidelity before the close of business on the day you place your
order.
Each
fund has authorized certain intermediaries to accept orders to buy shares on its
behalf. When authorized intermediaries receive an order in proper form, the
order is considered as being placed with the fund, and shares will be bought at
the offering price or NAV, as applicable, next calculated
after the order is received by the authorized intermediary.
Provided
a fund receives an order to buy shares in proper form before the close of
business, the fund may place an order to buy shares of an underlying
Fidelity®
fund after the close of business, pursuant to a pre-determined allocation, and
receive that day's offering price or NAV, as applicable.
Each
fund may stop offering shares completely or may offer shares only on a limited
basis, for a period of time or permanently.
If
your payment is not received and collected, your purchase may be canceled and
you could be liable for any losses or fees a fund or Fidelity has
incurred.
Shares
can be bought or sold through investment professionals using an automated order
placement and settlement system that guarantees payment for orders on a
specified date.
Certain
financial institutions that meet creditworthiness criteria established by FDC
may enter confirmed purchase orders on behalf of customers by phone, with
payment to follow no later than close of business on the next business day. If
payment is not received by that time, the order will be canceled and the
financial institution will be liable for any losses.
Under
applicable anti-money laundering rules and other regulations, purchase orders
may be suspended, restricted, or canceled and the monies may be
withheld.
Selling
Shares
The
price to sell one share of Class A is its NAV, minus any applicable CDSC. The
price to sell one share of Class I is its NAV.
Shares
will be sold at the NAV next calculated after an order is received in proper
form, minus any applicable CDSC.
Normally,
redemptions will be processed by the next business day, but it may take up to
seven days to pay the redemption proceeds if making immediate payment would
adversely affect a fund.
It
is the responsibility of your investment professional to transmit your order to
sell shares to Fidelity before the close of business on the day you place your
order.
Each
fund has authorized certain intermediaries to accept orders to sell shares on
its behalf. When authorized intermediaries receive an order in proper form, the
order is considered as being placed with the fund, and shares will be sold at
the NAV next calculated after the order is received by the authorized
intermediary, minus any applicable CDSC. If applicable, orders by funds of funds
for which Fidelity serves as investment manager will be treated as received by
the fund at the same time that the corresponding orders are received in proper
form by the funds of funds.
Provided
a fund receives an order to sell shares in proper form before the close of
business, the fund may place an order to sell shares of an underlying
Fidelity®
fund after the close of business, pursuant to a pre-determined allocation, and
receive that day's NAV, minus any applicable CDSC.
See
"Policies Concerning the Redemption of Fund Shares" below for additional
redemption information.
A
signature guarantee is designed to protect you and Fidelity from fraud. Fidelity
may require that your request be made in writing and include a signature
guarantee in certain circumstances, such as:
- When
you wish to sell more than $100,000 worth of shares.
- When
the address on your account (record address) has changed within the last 15
days or you are requesting that a check be mailed to an address different than
the record address.
- When
you are requesting that redemption proceeds be paid to someone other than the
account owner.
- In
certain situations when the redemption proceeds are being transferred to a
Fidelity®
brokerage or mutual fund account with a different registration.
You
should be able to obtain a signature guarantee from a bank, broker-dealer,
credit union (if authorized under state law), securities exchange or
association, clearing agency, or savings association. A notary public cannot
provide a signature guarantee.
When
you place an order to sell shares, note the following:
- Redemption
proceeds (other than exchanges) may be delayed until money from prior
purchases sufficient to cover your redemption has been received and
collected.
- Redemptions
may be suspended or payment dates postponed when the NYSE is closed (other
than weekends or holidays), when trading on the NYSE is restricted, or as
permitted by the SEC.
- Redemption
proceeds may be paid in securities or other property rather than in cash if
the Adviser determines it is in the best interests of a fund.
- You
will not receive interest on amounts represented by uncashed redemption
checks.
- Under
applicable anti-money laundering rules and other regulations, redemption
requests may be suspended, restricted, canceled, or processed and the proceeds
may be withheld.
Policies
Concerning the Redemption of Fund Shares
If
your account is held directly with a fund,
the length of time that a fund typically expects to pay redemption proceeds
depends on the method you have elected to receive such proceeds. A fund
typically expects to make payment of redemption proceeds by wire, automated
clearing house (ACH) or by issuing a check by the next business day following
receipt of a redemption order in proper form. Proceeds from the periodic and
automatic sale of shares of a Fidelity®
money
market fund that are used to buy shares of another Fidelity®
fund
are settled simultaneously.
If
your account is held through an intermediary,
the length of time that a fund typically expects to pay redemption proceeds
depends, in part, on the terms of the agreement in place between the
intermediary and a fund. For redemption proceeds that are paid either directly
to you from a fund or to your intermediary for transmittal to you, a fund
typically expects to make payments by wire, by ACH or by issuing a check on the
next business day following receipt of a redemption order in proper form from
the intermediary by a fund. Redemption orders that are processed through
investment professionals that utilize the National Securities Clearing
Corporation will generally settle one to three business days following receipt
of a redemption order in proper form.
As
noted elsewhere, payment of redemption proceeds may take longer than the time a
fund typically expects and may take up to seven days from the date of receipt of
the redemption order as permitted by applicable law.
Redemption
Methods Available. Generally
a fund expects to pay redemption proceeds in cash. To do so, a fund typically
expects to satisfy redemption requests either by using available cash (or cash
equivalents) or by selling portfolio securities. On a less regular basis, a fund
may also satisfy redemption requests by utilizing one or more of the following
sources, if permitted: borrowing from another Fidelity®
fund;
drawing on an available line or lines of credit from a bank or banks; or using
reverse repurchase agreements. These methods may be used during both normal and
stressed market conditions.
In
addition to paying redemption proceeds in cash, a fund reserves the right to pay
part or all of your redemption proceeds in readily marketable securities instead
of cash (redemption in-kind). Redemption in-kind proceeds will typically be made
by delivering the selected securities to the redeeming shareholder within seven
days after the receipt of the redemption order in proper form by a
fund.
An
exchange involves the redemption of all or a portion of the shares of one fund
and the purchase of shares of another fund.
As
a Class A shareholder, you have the privilege of exchanging Class A shares for
the same class of shares of other Fidelity®
funds that offer Advisor classes of shares at NAV or for Daily Money Class
shares of Fidelity®
funds that offer Daily Money Class shares.
As
a Class I shareholder, you have the privilege of exchanging Class I shares for
the same class of shares of other Fidelity®
funds that offer Advisor classes of shares or for shares of Fidelity®
funds.
Through
your investment professional, you may also move between certain share classes of
the same fund. For more information, see the SAI or consult your investment
professional.
However,
you should note the following policies and restrictions governing
exchanges:
- The
exchange limit may be modified for accounts held by certain institutional
retirement plans to conform to plan exchange limits and Department of Labor
regulations. See your retirement plan materials for further
information.
- Each
fund may refuse any exchange purchase for any reason. For example, each fund
may refuse exchange purchases by any person or group if, in the Adviser's
judgment, the fund would be unable to invest the money effectively in
accordance with its investment objective and policies, or would otherwise
potentially be adversely affected.
- An
exchange of shares is not subject to any applicable CDSCs.
- Before
any exchange, read the prospectus for the shares you are purchasing, including
any purchase and sale requirements.
- The
shares you are acquiring by exchange must be available for sale in your
state.
- Exchanges
may have tax consequences for you.
- If
you are exchanging between accounts that are not registered in the same name,
address, and taxpayer identification number (TIN), there may be additional
requirements.
- Under
applicable anti-money laundering rules and other regulations, exchange
requests may be suspended, restricted, canceled, or processed and the proceeds
may be withheld.
The
funds may terminate or modify exchange privileges in the future.
Other
funds may have different exchange restrictions and minimums. Check each fund's
prospectus for details.
Account
Features and Policies
Features
The
Fidelity Managed Retirement FundsSM
are designed for investors at or around age 60 and above who turned or will turn
age 70 in or within a few years of the applicable fund's horizon date and plan
to gradually withdraw the value of their account in the fund over
time.
The
following features may be available to buy and sell shares of a fund. Visit
institutional.fidelity.com or contact your investment professional for more
information.
Electronic
Funds Transfer (Fidelity Advisor Money Line®):
electronic money movement through the Automated Clearing
House
- To
transfer money between a bank account and your fund
account.
- You
can use electronic funds transfer to:
- Make
periodic (automatic) purchases of shares.
- Make
periodic (automatic) redemptions of shares.
|
Wire:
electronic money movement through the Federal Reserve wire
system
- To
transfer money between a bank account and your fund
account.
|
Automatic
Transactions: periodic (automatic) transactions
- To
make contributions from your fund account to your Fidelity
Advisor®
IRA.
- To
sell shares of a Fidelity®
money market fund and simultaneously to buy shares of a
Fidelity®
fund that offers Advisor classes of
shares.
|
Policies
The
following apply to you as a shareholder.
Combination
with Fidelity Managed Retirement Income Fund℠.
Each fund may be combined with Fidelity Managed Retirement Income Fund℠, without
a vote of shareholders, if the funds' Board of Trustees determines at the time
of the proposed combination that combining the funds is in the best interests of
the funds and their shareholders. Prior to a combination, Fidelity will notify
shareholders of a fund of the combination and any tax consequences.
Statements
that Fidelity sends to you, if applicable, include the following:
- Confirmation
statements (after transactions affecting your fund balance except, to the
extent applicable, reinvestment of distributions in the fund or another fund
and certain transactions through automatic investment or withdrawal
programs).
- Monthly
or quarterly account statements (detailing fund balances and all transactions
completed during the prior month or quarter).
Current
regulations allow Fidelity to send a single copy of shareholder documents for
Fidelity®
funds, such as prospectuses, annual and semi-annual reports, and proxy
materials, to certain mutual fund customers whom we believe are members of the
same family who share the same address. For certain types of accounts, we will
not send multiple copies of these documents to you and members of your family
who share the same address. Instead, we will send only a single copy of these
documents. This will continue for as long as you are a shareholder, unless you
notify us otherwise. If at any time you choose to receive individual copies of
any documents, please call 1-877-208-0098. We will begin sending individual
copies to you within 30 days of receiving your call.
You
may initiate many transactions
by telephone or electronically.
Fidelity will not be responsible for any loss, cost, expense, or other liability
resulting from unauthorized transactions if it follows reasonable security
procedures designed to verify the identity of the investor. Fidelity will
request personalized security codes or other information, and may also record
calls. For transactions conducted through the Internet, Fidelity recommends the
use of an Internet browser with 128-bit encryption. You should verify the
accuracy of your confirmation statements upon receipt and notify Fidelity
immediately of any discrepancies in your account activity. If you do not want
the ability to sell and exchange by telephone, call Fidelity for instructions.
Additional documentation may be required from corporations, associations, and
certain fiduciaries.
You
may be asked to provide additional information in order for Fidelity to verify
your identity in accordance with requirements under anti-money laundering
regulations. Accounts may be restricted and/or closed, and the monies withheld,
pending verification of this information or as otherwise required under these
and other federal regulations. In addition, each fund reserves the right to
involuntarily redeem an account in the case of: (i) actual or suspected
threatening conduct or actual or suspected fraudulent, illegal or suspicious
activity by the account owner or any other individual associated with the
account; or (ii) the failure of the account owner to provide information to the
funds related to opening the accounts. Your shares will be sold at the NAV,
minus any applicable shareholder fees, calculated on the day Fidelity closes
your fund position.
Fidelity
may charge a fee
for certain services,
such as providing historical account documents.
Dividends
and Capital Gain Distributions
Each
fund earns interest, dividends, and other income from its investments, and
distributes this income (less expenses) to shareholders as dividends. Each fund
also realizes capital gains from its investments, and distributes these gains
(less any losses) to shareholders as capital gain distributions.
Each
fund normally declares dividends and pays capital gain distributions per the
tables below:
Fund
Name |
|
Dividends
Paid |
Fidelity
Managed Retirement Income Fund℠ |
|
February,
March, April, May, June, July, August, September, October, November,
December |
Fidelity
Managed Retirement 2010 Fund℠ |
|
February,
March, April, May, June, July, August, September, October, November,
December |
Fidelity
Managed Retirement 2015 Fund℠ |
|
February,
March, April, May, June, July, August, September, October, November,
December |
Fidelity
Managed Retirement 2020 Fund℠ |
|
February,
March, April, May, June, July, August, September, October, November,
December |
Fidelity
Managed Retirement 2025 Fund℠ |
|
February,
March, April, May, June, July, August, September, October, November,
December |
Fidelity
Managed Retirement 2030 Fund℠ |
|
February,
March, April, May, June, July, August, September, October, November,
December |
Fidelity
Managed Retirement 2035 Fund℠ |
|
February,
March, April, May, June, July, August, September, October, November,
December |
Fund
Name |
|
Capital
Gains Paid |
Fidelity
Managed Retirement Income Fund℠ |
|
September,
December |
Fidelity
Managed Retirement 2010 Fund℠ |
|
September,
December |
Fidelity
Managed Retirement 2015 Fund℠ |
|
September,
December |
Fidelity
Managed Retirement 2020 Fund℠ |
|
September,
December |
Fidelity
Managed Retirement 2025 Fund℠ |
|
September,
December |
Fidelity
Managed Retirement 2030 Fund℠ |
|
September,
December |
Fidelity
Managed Retirement 2035 Fund℠ |
|
September,
December |
Distribution
Options
When
you open an account, specify how you want to receive your distributions. The
following distribution options are available:
Any
dividends and capital gain distributions will be automatically reinvested in
additional shares. If you do not indicate a choice, you will be assigned this
option.
Any
capital gain distributions will be automatically reinvested in additional
shares. Any dividends will be paid in cash.
Any
dividends and capital gain distributions will be paid in
cash.
- 4.
Directed
Dividends®
Option.
Any
dividends will be automatically invested in the same class of shares of another
identically registered Fidelity®
fund. Any capital gain distributions will be automatically invested in the same
class of shares of another identically registered Fidelity®
fund, automatically reinvested in additional shares of the fund, or paid in
cash.
Not
all distribution options may be available for every account and certain
restrictions may apply. If the option you prefer is not listed on your account
application, or if you want to change your current option, contact Fidelity or
your investment professional directly.
If
you elect to receive distributions paid in cash by check and the U.S. Postal
Service does not deliver your checks, your distribution option may be converted
to the Reinvestment Option. You will not receive interest on amounts represented
by uncashed distribution checks.
As
with any investment, your investment in a fund could have tax consequences for
you (for non-retirement accounts).
Taxes
on Distributions
Distributions
you receive from each fund are subject to federal income tax, and may also be
subject to state or local taxes.
For
federal tax purposes, certain distributions, including dividends and
distributions of short-term capital gains, are taxable to you as ordinary
income, while certain distributions, including distributions of long-term
capital gains, are taxable to you generally as capital gains. A percentage of
certain distributions of dividends may qualify for taxation at long-term capital
gains rates (provided certain holding period requirements are
met).
If
you buy shares when a fund has realized but not yet distributed income or
capital gains, you will be "buying a dividend" by paying the full price for the
shares and then receiving a portion of the price back in the form of a taxable
distribution.
Any
taxable distributions you receive from a fund will normally be taxable to you
when you receive them, regardless of your distribution option.
Taxes
on Transactions
Your
redemptions, including exchanges, may result in a capital gain or loss for
federal tax purposes. A capital gain or loss on your investment in a fund
generally is the difference between the cost of your shares and the price you
receive when you sell them.
Fund
Services
Each
fund is a mutual fund, an investment that pools shareholders' money and invests
it toward a specified goal.
Adviser
FMR.
The
Adviser is each fund's manager. The address of the Adviser is 245 Summer Street,
Boston, Massachusetts 02210.
As
of December 31, 2022, the Adviser had approximately $3.1 trillion in
discretionary assets under management, and approximately $3.9 trillion when
combined with all of its affiliates' assets under management.
As
the manager, the Adviser administers the asset allocation program for each fund
and is responsible for handling the business affairs for each fund.
Portfolio
Manager(s)
Andrew
Dierdorf is Co-Portfolio Manager of each fund, which he has managed since 2009
(other than Fidelity Managed Retirement 2030 Fund℠
and Fidelity Managed Retirement 2035 Fund℠).
He has managed Fidelity Managed Retirement 2030 Fund℠
since 2019 and has managed Fidelity Managed Retirement 2035 Fund℠
since 2022. He also manages other funds. Since joining Fidelity Investments in
2004, Mr. Dierdorf has worked as a portfolio manager.
Brett
Sumsion is Co-Portfolio Manager of each fund, which he has managed since 2014
(other than Fidelity Managed Retirement 2030 Fund℠
and Fidelity Managed Retirement 2035 Fund℠).
He has managed Fidelity Managed Retirement 2030 Fund℠
since 2019 and has managed Fidelity Managed Retirement 2035 Fund℠
since 2022. He also manages other funds. Since joining Fidelity Investments in
2014, Mr. Sumsion has worked as a portfolio manager.
The
SAI provides additional information about the compensation of, any other
accounts managed by, and any fund shares held by the portfolio
manager(s).
From
time to time a manager, analyst, or other Fidelity employee may express views
regarding a particular company, security, industry, or market sector. The views
expressed by any such person are the views of only that individual as of the
time expressed and do not necessarily represent the views of Fidelity or any
other person in the Fidelity organization. Any such views are subject to change
at any time based upon market or other conditions and Fidelity disclaims any
responsibility to update such views. These views may not be relied on as
investment advice and, because investment decisions for a fund are based on
numerous factors, may not be relied on as an indication of trading intent on
behalf of any fund.
Advisory
Fee(s)
Each
class of each fund pays an all-inclusive management fee to the Adviser at an
annual rate based on the average daily net assets of the class. The management
fee is set by referring to the number of years to the fund's horizon date,
determined on the first day of the fund's current fiscal year, such that the
management fees applicable to each class of the fund decline as the fund
approaches, and then passes, its horizon date.
A
different all-inclusive management fee rate is applicable to each class of a
fund. The difference between classes is the result of separate arrangements for
class level services and/or waivers of certain expenses. It is not the result of
any difference in advisory or custodial fees or other expenses related to the
management of a fund's assets, which do not vary by class.
The
all-inclusive management fee is calculated and paid to the Adviser each month.
Out of each class's all-inclusive management fee, the Adviser or an affiliate
pays all expenses of managing and operating the fund, with limited
exceptions.
The
management fee, as a percentage of each class's average net assets, for the
fiscal year ended July 31, 2023, for each fund is shown in the following
table:
Fund |
Class
A |
Class
I |
|
|
|
Fidelity
Managed Retirement Income Fund℠ |
0.45% |
0.45% |
|
|
|
Fidelity
Managed Retirement 2010 Fund℠ |
0.46% |
0.46% |
|
|
|
Fidelity
Managed Retirement 2015 Fund℠ |
0.46% |
0.46% |
|
|
|
Fidelity
Managed Retirement 2020 Fund℠ |
0.47% |
0.47% |
|
|
|
Fidelity
Managed Retirement 2025 Fund℠ |
0.48% |
0.48% |
|
|
|
Fidelity
Managed Retirement 2030 Fund℠ |
0.48% |
0.48% |
|
|
|
Fidelity
Managed Retirement 2035 Fund℠ |
0.48% |
0.48% |
|
|
|
Effective
August 1, 2023, the management fee, as a percentage of each class's average net
assets, for each fund is set forth in the table below:
Fund |
Class
A |
Class
I |
Fidelity
Managed Retirement Income Fund℠ |
0.45% |
0.45% |
Fidelity
Managed Retirement 2010 Fund℠ |
0.45% |
0.45% |
Fidelity
Managed Retirement 2015 Fund℠ |
0.46% |
0.46% |
Fidelity
Managed Retirement 2020 Fund℠ |
0.47% |
0.47% |
Fidelity
Managed Retirement 2025 Fund℠ |
0.47% |
0.47% |
Fidelity
Managed Retirement 2030 Fund℠ |
0.48% |
0.48% |
Fidelity
Managed Retirement 2035 Fund℠ |
0.48% |
0.48% |
The
basis for the Board of Trustees approving the management contract for each fund
is available in each fund's semi-annual report for the fiscal period ended
January 31, 2023.
From
time to time, the Adviser or its affiliates may agree to reimburse or waive
certain fund expenses while retaining the ability to be repaid if expenses fall
below the specified limit prior to the end of the fiscal year.
Reimbursement
or waiver arrangements can decrease expenses and boost performance.
Each
fund is composed of multiple classes of shares. All classes of a fund have a
common investment objective and investment portfolio.
FDC distributes
Class A and Class I shares.
Intermediaries
may receive from the Adviser, FDC, and/or their affiliates compensation for
their services intended to result in the sale of Class A and Class I
shares.
This
may take the form of (as applicable):
- Sales
charges and concessions (not applicable to Class I shares).
- Distribution
and/or service (12b-1) fees (not applicable to Class I shares).
- Finder's
fees (not applicable to Class I shares).
- Payments
for additional distribution-related activities and/or shareholder
services.
- Payments
for educational seminars and training, including seminars sponsored by
Fidelity, or by an intermediary.
These
payments are described in more detail in this section and in the
SAI.
Please
speak with your investment professional to learn more about any payments his or
her firm may receive from the Adviser, FDC, and/or their affiliates, as well as
fees and/or commissions the investment professional charges. You should also
consult disclosures made by your investment professional at the time of
purchase.
You
may pay a sales charge when you buy or sell your Class A shares.
FDC
collects the sales charge.
As
described in detail in this section, you may be entitled to a waiver of your
sales charge, or to pay a reduced sales charge, when you buy or sell Class A
shares. In the event of changes in sales charges, sales charges, if any, in
effect at the time of purchase generally will apply.
The
availability of certain sales charge waivers and discounts may depend on whether
you purchase your shares directly from a fund or through an intermediary.
Intermediaries may have different policies and procedures regarding the
availability of front-end sales load waivers or CDSC (back-end) waivers. Please
see "Sales Charge Waiver Policies Applied by Certain Intermediaries" in the
"Appendix" section of the prospectus. In all instances, it is the purchaser's
responsibility to notify a fund or the purchaser's intermediary at the time of
purchase of any relationship or other facts qualifying the purchaser for sales
charge waivers or discounts. For
waivers and discounts not available through a particular intermediary,
shareholders will have to purchase fund shares directly from a fund or through
another intermediary to receive these waivers or discounts.
The
front-end sales charge will be reduced for purchases of Class A shares according
to the sales charge schedule below.
Sales
Charges and Concessions - Class A |
Sales
Charge |
|
As
a % of
offering
price(a) |
As
an
approximate
%
of net
amount
invested(a) |
Investment
professional
concession
as
% of
offering
price |
Less
than $50,000(b) |
5.75% |
6.10% |
5.00% |
$50,000
but less than $100,000 |
4.50% |
4.71% |
3.75% |
$100,000
but less than $250,000 |
3.50% |
3.63% |
2.75% |
$250,000
but less than $500,000 |
2.50% |
2.56% |
2.00% |
$500,000
but less than $1,000,000 |
2.00% |
2.04% |
1.75% |
$1,000,000
but less than $4,000,000 |
None |
None |
1.00%(c) |
$4,000,000
but less than $25,000,000 |
None |
None |
0.50%(c) |
$25,000,000
or more |
None |
None |
0.25%(c) |
(a) The
actual sales charge you pay may be higher or lower than those calculated using
these percentages due to rounding. The impact of rounding may vary with the
amount of your investment and the size of the class's NAV.
(b)
Purchases of $10.00 or less will not pay a sales charge.
(c)
Certain conditions and exceptions apply. See "Fund Services - Fund Distribution
- Finder's Fees."
Investments
in Class A shares of $1 million or more may, upon redemption less than 18 months
after purchase, for any reason, be assessed a CDSC of 1.00%. The actual CDSC you
pay may be higher or lower than that calculated using this percentage due to
rounding. The impact of rounding may vary with the amount of your investment and
the size of the class's NAV.
When
exchanging Class A shares of one fund for Class A shares of another Fidelity®
fund that offers Advisor classes of shares or Daily Money Class shares of
another Fidelity® fund that offers Daily Money Class shares, your Class A shares
retain the CDSC schedule in effect when they were originally
bought.
Class
A shares purchased by an individual or company through the Combined Purchase,
Rights of Accumulation, or Letter of Intent program may receive a reduced
front-end sales charge according to the sales charge schedule above. To qualify
for a Class A front-end sales charge reduction under one of these programs, you
must notify Fidelity in advance of your purchase.
Combined
Purchase, Rights of Accumulation, and Letter of Intent Programs.
The following qualify as an "individual" or "company" for the purposes of
determining eligibility for the Combined Purchase and Rights of Accumulation
program: an individual, spouse, and their children under age 21 purchasing for
his/her or their own account; a trustee, administrator, or other fiduciary
purchasing for a single trust estate or a single fiduciary account or for a
single or parent-subsidiary group of "employee benefit plans" (except SEP and
SARSEP plans and plans covering self-employed individuals and their employees
(formerly Keogh/H.R. 10 plans)) and 403(b) programs; and tax-exempt
organizations (as defined in Section 501(c)(3) of the Internal Revenue Code).
The following qualify as an "individual" or "company" for the purposes of
determining eligibility for the Letter of Intent program: an individual, spouse,
and their children under age 21 purchasing for his/her or their own account; a
trustee, administrator, or other fiduciary purchasing for a single trust estate
or a single fiduciary account (except SEP and SARSEP plans and plans covering
self-employed individuals and their employees (formerly Keogh/H.R. 10 plans));
an IRA or plans covering sole-proprietors (formerly Keogh/H.R. 10 plans); plans
investing through the Fidelity Advisor® 403(b) program; and tax-exempt
organizations (as defined in Section 501(c)(3) of the Internal Revenue
Code).
Combined
Purchase.
To receive a Class A front-end sales charge reduction, if you are a new
shareholder, you may combine your purchase of Class A shares with purchases of:
(i) Class A, Class M, and Class C shares of any Fidelity® fund that offers
Advisor classes of shares, (ii) Advisor C Class shares of Fidelity® Treasury
Money Market Fund, and (iii) Class A Units (New and Old), Class C Units, Class D
Units, and Class P Units of the Fidelity Advisor® 529 Plan. Purchases may be
aggregated across multiple intermediaries on the same day for the purpose of
qualifying for the Combined Purchase program.
Rights
of Accumulation.
To receive a Class A front-end sales charge reduction, if you are an existing
shareholder, you may add to your purchase of Class A shares the current value of
your holdings in: (i) Class A, Class M, and Class C shares of any Fidelity® fund
that offers Advisor classes of shares, (ii) Advisor C Class shares of Fidelity®
Treasury Money Market Fund, (iii) Daily Money Class shares of a fund that offers
Daily Money Class shares acquired by exchange from any Fidelity® fund that
offers Advisor classes of shares, (iv) Class O shares of Fidelity Advisor®
Diversified Stock Fund and Fidelity Advisor® Capital Development Fund, and (v)
Class A Units (New and Old), Class C Units, Class D Units, and Class P Units of
the Fidelity Advisor® 529 Plan. The current value of your holdings is determined
at the NAV at the close of business on the day prior to your purchase of Class A
shares. The current value of your holdings will be added to your purchase of
Class A shares for the purpose of qualifying for the Rights of Accumulation
program. Purchases and holdings may be aggregated across multiple intermediaries
for the purpose of qualifying for the Rights of Accumulation
program.
Letter
of Intent.
You may receive a Class A front-end sales charge reduction on your purchases of
Class A shares made during a 13-month period by signing a Letter of Intent
(Letter). File your Letter with Fidelity no later than the date of the initial
purchase toward completing your Letter. Each Class A purchase you make toward
completing your Letter will be entitled to the reduced front-end sales charge
applicable to the total investment indicated in the Letter. Purchases of the
following may be aggregated for the purpose of completing your Letter: (i) Class
A and Class M shares of any Fidelity® fund that offers Advisor classes of shares
(except those acquired by exchange from Daily Money Class shares of a fund that
offers Daily Money Class shares that had been previously exchanged from a
Fidelity® fund that offers Advisor classes of shares), (ii) Class C shares of
any Fidelity® fund that offers Advisor classes of shares, (iii) Advisor C Class
shares of Fidelity® Treasury Money Market Fund, and (iv) Class A Units (New and
Old), Class C Units, Class D Units, and Class P Units of the Fidelity Advisor®
529 Plan. Reinvested income and capital gain distributions will not be
considered purchases for the purpose of completing your Letter. Purchases may be
aggregated across multiple intermediaries for the purpose of qualifying for the
Letter of Intent program. Your initial purchase toward completing your Letter
must be at least 5% of the total investment specified in your Letter. Fidelity
will register Class A shares equal to 5% of the total investment specified in
your Letter in your name and will hold those shares in escrow. You will earn
income, dividends and capital gain distributions on escrowed Class A shares. The
escrow will be released when you complete your Letter. You are not obligated to
complete your Letter. If you do not complete your Letter, you must pay the
increased front-end sales charges due in accordance with the sales charge
schedule in effect when your shares were originally bought. Fidelity may redeem
sufficient escrowed Class A shares to pay any applicable front-end sales
charges. If you purchase more than the amount specified in your Letter and
qualify for additional Class A front-end sales charge reductions, the front-end
sales charge will be adjusted to reflect your total purchase at the end of 13
months and the surplus amount will be applied to your purchase of additional
Class A shares at the then-current offering price applicable to the total
investment.
Detailed
information about these programs also is available on
institutional.fidelity.com. In order to obtain the benefit of a front-end sales
charge reduction for which you may be eligible, you may need to inform your
investment professional of other accounts you, your spouse, or your children
maintain with your investment professional or other investment professionals
from the same intermediary.
The
CDSC for Class A shares will be calculated based on the lesser of the cost of
the class's shares at the initial date of purchase or the value of those shares
at redemption, not including any reinvested dividends or capital gains. Class A
shares acquired through reinvestment of dividends or capital gain distributions
will not be subject to a CDSC. In determining the applicability and rate of any
CDSC at redemption, shares representing reinvested dividends and capital gains
will be redeemed first, followed by those shares that have been held for the
longest period of time.
A
front-end sales charge will not apply to the following Class A
shares:
- 1.
Purchased
for an employee benefit plan other than a plan investing through the Fidelity
Advisor® 403(b) program. For this purpose, employee benefit plans generally
include 401(a), 401(k), 403(b), and 457(b) governmental plans, but do not
include: IRAs, SIMPLE, SEP, or SARSEP plans; or health savings
accounts.
- 2.
Purchased
for an insurance company separate account.
- 3.
Purchased
for managed account programs that charge an asset-based fee by a
broker-dealer, registered investment adviser, insurance company, trust
institution or bank trust department.
- 4.
Purchased
with the proceeds of a redemption of Fidelity® or Fidelity Advisor® fund
shares held in (i) an insurance company separate account, or (ii) an employee
benefit plan (as described in waiver number 1 above, including the Fidelity
Advisor® 403(b) program), the proceeds of which must be reinvested directly
into Fidelity Advisor® fund shares held in an account for which Fidelity
Management Trust Company or an affiliate serves as custodian.
- 5.
Purchased
with any proceeds of a distribution from a Fidelity® recordkept employee
benefit plan (as described in waiver number 1 above, including the Fidelity
Advisor® 403(b) program) that is rolled directly into a Fidelity Advisor® IRA
for which Fidelity Management Trust Company or an affiliate serves as
custodian.
- 6.
Purchased
by a bank trust officer, registered representative, or other employee (or a
member of one of their immediate families) of intermediaries having agreements
with FDC. A member of the immediate family of a bank trust officer, a
registered representative, or other employee of intermediaries having
agreements with FDC, is a spouse of one of those individuals, an account for
which one of those individuals is acting as custodian for a minor child, and a
trust account that is registered for the sole benefit of a minor child of one
of those individuals.
- 7.
Purchased
to repay a loan against Class A or Class M shares held in the investor's
Fidelity Advisor® 403(b) program.
- 8.
Purchased
for an employer-sponsored health savings account.
- 9.
(Applicable
only to Class A) Purchased by a former Destiny® Planholder in a Fidelity
Advisor® account that was converted directly from a Destiny® Plan account
after September 30, 2008. This waiver shall apply as long as the ownership of
the Fidelity Advisor® account does not change. If the Fidelity Advisor®
account is no longer directly held at Fidelity, your intermediary may be able
to apply the waiver, assuming the stated conditions are met. Please contact
your investment professional for more information.
- 10.
Purchased
for a mutual fund only brokerage platform that charges a platform entrance fee
and where the distributor has agreed with the broker to participate in such
platform.
Pursuant
to Rule 22d-1 under the 1940 Act, FDC exercises its right to waive Class A's
front-end sales charge on shares acquired through reinvestment of dividends and
capital gain distributions or in connection with a fund's merger with or
acquisition of any investment company or trust. FDC also exercises its right to
waive Class A's front-end sales charge on purchases of $10.00 or
less.
The
CDSC may be waived on the redemption of shares (applies to Class A, unless
otherwise noted):
- 1.
For
disability or death.
- 2.
From
employer-sponsored retirement plans (except SIMPLE IRAs, SEPs, and SARSEPs) in
accordance with required minimum distributions as mandated by the Internal
Revenue Code and related regulations.
- 3.
For
required minimum distributions from Traditional IRAs, Rollover IRAs, SIMPLE
IRAs, SEPs, and SARSEPs (excludes Roth accounts) as mandated by the Internal
Revenue Code and related regulations.
- 4.
Through
the Fidelity Advisor®
Systematic Withdrawal Program, if the amount does not exceed 12% of the
account balance in a rolling 12-month period.
- 5.
Held
by insurance company separate accounts.
- 6.
From
an employee benefit plan (except SIMPLE IRAs, SEPs, SARSEPs, and plans
covering self-employed individuals and their employees) or 403(b) programs
(except Fidelity Advisor®
403(b) programs for which Fidelity or an affiliate serves as
custodian).
- 7.
On
which a finder's fee was eligible to be paid to an investment professional at
the time of purchase, but was not paid because payment was declined (to
determine your eligibility for this CDSC waiver, please ask your investment
professional if he or she received a finder's fee at the time of
purchase).
To
qualify for a Class A front-end sales charge reduction or waiver, you must
notify Fidelity in advance of your purchase.
You
may be required to notify Fidelity in advance of your redemption to qualify for
a Class A CDSC waiver.
Information
on sales charge reductions and waivers is available free of charge on
institutional.fidelity.com.
Finder's
Fees. Finder's
fees may be paid to investment professionals who sell Class A shares in purchase
amounts of $1 million or more. For Class A share purchases, investment
professionals may be compensated at the time of purchase with a finder's fee at
the rate of 1.00% of the purchase amount for purchases of $1 million up to $4
million, 0.50% of the purchase amount for purchases of $4 million up to $25
million, and 0.25% of the purchase amount for purchases of $25 million or
more.
Investment
professionals may be eligible for a finder's fee on the following purchases of
Class A shares made through broker-dealers and banks: a trade that brings the
value of the accumulated account(s) of an investor, including a 403(b) program
or an employee benefit plan (except a SEP or SARSEP plan or a plan covering
self-employed individuals and their employees (formerly a Keogh/H.R. 10 plan)),
over $1 million; a trade for an investor with an accumulated account value of $1
million or more; and an incremental trade toward an investor's $1 million
Letter.
Accumulated
account value for purposes of finder's fees eligibility is determined the same
as it is for Rights of Accumulation. Daily Money Class shares of a fund that
offers Daily Money Class shares are not counted for this purpose unless acquired
by exchange from any Fidelity® fund that offers Advisor classes of shares. For
information, see "Combined Purchase, Rights of Accumulation, and Letter of
Intent Programs" above.
Finder's
fees are not paid in connection with purchases of Class A shares by insurance
company separate accounts or managed account programs that charge an asset-based
fee, or purchases of Class A shares made with the proceeds from the redemption
of shares of any Fidelity® fund or any retirement plan recordkept at
Fidelity.
Investment
professionals should contact Fidelity in advance to determine if they qualify to
receive a finder's fee. Finder's fees will be paid in connection with shares
recordkept in a Fidelity Advisor®
401(k) Retirement Plan only at the time of the initial conversion of assets.
Investment professionals should contact Fidelity for more
information.
Reinstatement
Privilege.
If you have sold all or part of your Class A shares of a fund, you may reinvest
an amount equal to all or a portion of the redemption proceeds in the same class
of the fund or another Fidelity® fund that offers Advisor classes of shares, at
the NAV next determined after receipt in proper form of your investment order,
provided that such reinvestment is made within 90 days of redemption. Under
these circumstances, the dollar amount of the CDSC you paid, if any, on shares
will be reimbursed to you by reinvesting that amount in Class A
shares.
You
must reinstate your shares into an account with the same registration. This
privilege may be exercised only once by a shareholder with respect to a fund and
certain restrictions may apply. For purposes of the CDSC schedule, the holding
period will continue as if the Class A shares had not been redeemed. To qualify
for the reinstatement privilege, you must notify Fidelity in writing in advance
of your reinvestment.
Distribution
and Service Plan(s)
Class
A of each fund has adopted a Distribution and Service Plan pursuant to Rule
12b-1 under the 1940 Act. Under the plan, Class A of each fund is authorized to
pay FDC a monthly 12b-1 (distribution) fee as compensation for providing
services intended to result in the sale of Class A shares. Class A of each fund
may pay this 12b-1 (distribution) fee at an annual rate of 0.50% of its average
net assets, or such lesser amount as the Trustees may determine from time to
time. Currently, the Trustees have not approved such payments. The Trustees may
approve 12b-1 (distribution) fee payments at an annual rate of up to 0.50% of
Class A's average net assets when the Trustees believe that it is in the best
interests of Class A shareholders to do so.
In
addition, pursuant to each Class A plan, Class A of each fund pays FDC a monthly
12b-1 (service) fee at an annual rate of 0.25% of Class A's average net assets
throughout the month for providing shareholder support services.
Except
as provided below, FDC may reallow up to the full amount of this 12b-1 (service)
fee to intermediaries, including its affiliates, for providing shareholder
support services.
For
purchases of Class A shares on which a finder's fee was paid to intermediaries,
after the first year of investment, FDC may reallow up to the full amount of the
12b-1 (service) fee paid by such shares to intermediaries, including its
affiliates, for providing shareholder support services.
Any
fees paid out of Class A's assets on an ongoing basis pursuant to a Distribution
and Service Plan will increase the cost of your investment and may cost you more
than paying other types of sales charges.
In
addition, each Class A plan specifically recognizes that the Adviser may make
payments from its revenues, including management fees paid to the Adviser by
Class A, as well as its past profits or its resources from any other source, to
pay FDC for expenses incurred in connection with providing services intended to
result in the sale of Class A shares and/or shareholder support services,
including payments of significant amounts made to intermediaries that provide
those services. Currently, the Board of Trustees of each fund has authorized
such payments for Class A.
Class
I of each fund has adopted a Distribution and Service Plan pursuant to Rule
12b-1 under the 1940 Act that recognizes that the Adviser may use its revenues,
including management fees paid to the Adviser by Class I, as well as its past
profits or its resources from any other source, to pay FDC for expenses incurred
in connection with providing services intended to result in the sale of Class I
shares and/or shareholder support services. The Adviser, directly or through
FDC, may pay significant amounts to intermediaries that provide those services.
Currently, the Board of Trustees of each fund has authorized such payments for
Class I.
If
payments made by the Adviser to FDC or to intermediaries under Class I's
Distribution and Service Plan were considered to be paid out of Class I's assets
on an ongoing basis, they might increase the cost of your investment and might
cost you more than paying other types of sales charges.
No
dealer, sales representative, or any other person has been authorized to give
any information or to make any representations, other than those contained in
this prospectus and in the related SAI, in connection with the offer contained
in this prospectus. If given or made, such other information or representations
must not be relied upon as having been authorized by the funds or FDC. This
prospectus and the related SAI do not constitute an offer by the funds or by FDC
to sell shares of the funds to, or to buy shares of the funds from, any person
to whom it is unlawful to make such offer.
Appendix
Financial
Highlights are intended to help you understand the financial history of fund
shares for the past 5 years (or, if shorter, the period of operations). Certain
information reflects financial results for a single share. The total returns in
the table represent the rate that an investor would have earned (or lost) on an
investment in shares (assuming reinvestment of all dividends and distributions).
The annual information has been audited by Deloitte & Touche LLP,
independent registered public accounting firm, whose report, along with
fund financial statements, is included in the annual report. Annual reports are
available for free upon request.
Fidelity
Advisor Managed Retirement Income Fund℠ Class A |
|
Years
ended July 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 |
|
2019 |
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
56.57 |
$ |
63.52 |
$ |
60.44 |
$ |
57.74 |
$ |
57.55 |
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) A,B |
|
1.924
|
|
1.317
|
|
.309
|
|
.684
|
|
1.029
|
Net
realized and unrealized gain (loss) |
|
(1.950)
|
|
(6.180)
|
|
4.009
|
|
3.226
|
|
1.594
|
Total
from investment operations |
|
(.026)
|
|
(4.863)
|
|
4.318
|
|
3.910
|
|
2.623
|
Distributions
from net investment income |
|
(1.849)
|
|
(1.252)
|
|
(.329)
|
|
(.776)
|
|
(1.047)
|
Distributions
from net realized gain |
|
(.635)
|
|
(.835)
|
|
(.909)
|
|
(.434)
|
|
(1.386)
|
Total
distributions |
|
(2.484)
|
|
(2.087)
|
|
(1.238)
|
|
(1.210)
|
|
(2.433)
|
Net
asset value, end of period |
$ |
54.06 |
$ |
56.57 |
$ |
63.52 |
$ |
60.44 |
$ |
57.74 |
Total
Return C,D |
|
.14%
|
|
(7.90)%
|
|
7.21%
|
|
6.86%
|
|
4.78%
|
Ratios
to Average Net Assets B,E,F |
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.70%
|
|
.70%
|
|
.70%
|
|
.70%
|
|
.71%
|
Expenses
net of fee waivers, if any |
|
.70%
|
|
.70%
|
|
.70%
|
|
.70%
|
|
.71%
|
Expenses
net of all reductions |
|
.69%
|
|
.70%
|
|
.70%
|
|
.70%
|
|
.71%
|
Net
investment income (loss) |
|
3.60%
|
|
2.20%
|
|
.50%
|
|
1.18%
|
|
1.83%
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
807 |
$ |
717 |
$ |
716 |
$ |
453 |
$ |
177 |
Portfolio
turnover rate G |
|
25%
|
|
64%
|
|
31%
|
|
62%
H |
|
68%
|
ACalculated
based on average shares outstanding during the period.
BNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
CTotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
DTotal
returns do not include the effect of the sales charges.
EFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses.
FExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
GAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
HThe
portfolio turnover rate does not include the assets acquired in the
merger.
Fidelity
Advisor Managed Retirement Income Fund℠ Class I |
|
Years
ended July 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 |
|
2019 |
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
56.64 |
$ |
63.58 |
$ |
60.48 |
$ |
57.71 |
$ |
57.52 |
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) A,B |
|
2.059
|
|
1.480
|
|
.464
|
|
.828
|
|
1.167
|
Net
realized and unrealized gain (loss) |
|
(1.961)
|
|
(6.193)
|
|
4.011
|
|
3.233
|
|
1.593
|
Total
from investment operations |
|
.098
|
|
(4.713)
|
|
4.475
|
|
4.061
|
|
2.760
|
Distributions
from net investment income |
|
(1.993)
|
|
(1.392)
|
|
(.466)
|
|
(.857)
|
|
(1.184)
|
Distributions
from net realized gain |
|
(.635)
|
|
(.835)
|
|
(.909)
|
|
(.434)
|
|
(1.386)
|
Total
distributions |
|
(2.628)
|
|
(2.227)
|
|
(1.375)
|
|
(1.291)
|
|
(2.570)
|
Net
asset value, end of period |
$ |
54.11 |
$ |
56.64 |
$ |
63.58 |
$ |
60.48 |
$ |
57.71 |
Total
Return C |
|
.37%
|
|
(7.66)%
|
|
7.48%
|
|
7.14%
|
|
5.04%
|
Ratios
to Average Net Assets B,D,E |
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.45%
|
|
.45%
|
|
.45%
|
|
.45%
|
|
.46%
|
Expenses
net of fee waivers, if any |
|
.45%
|
|
.45%
|
|
.45%
|
|
.45%
|
|
.46%
|
Expenses
net of all reductions |
|
.45%
|
|
.45%
|
|
.45%
|
|
.45%
|
|
.46%
|
Net
investment income (loss) |
|
3.85%
|
|
2.45%
|
|
.75%
|
|
1.43%
|
|
2.08%
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
159 |
$ |
176 |
$ |
270 |
$ |
300 |
$ |
96 |
Portfolio
turnover rate F |
|
25%
|
|
64%
|
|
31%
|
|
62%
G |
|
68%
|
ACalculated
based on average shares outstanding during the period.
BNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
CTotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
DFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses.
EExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
FAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
GThe
portfolio turnover rate does not include the assets acquired in the
merger.
Fidelity
Advisor Managed Retirement 2010 Fund℠ Class A |
|
Years
ended July 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 |
|
2019 |
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
54.07 |
$ |
62.41 |
$ |
58.79 |
$ |
56.34 |
$ |
56.78 |
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) A,B |
|
1.772
|
|
1.275
|
|
.342
|
|
.777
|
|
.979
|
Net
realized and unrealized gain (loss) |
|
(1.646)
|
|
(6.182)
|
|
5.126
|
|
3.204
|
|
1.401
|
Total
from investment operations |
|
.126
|
|
(4.907)
|
|
5.468
|
|
3.981
|
|
2.380
|
Distributions
from net investment income |
|
(1.726)
|
|
(1.207)
|
|
(.379)
|
|
(.812)
|
|
(1.001)
|
Distributions
from net realized gain |
|
(.870)
|
|
(2.226)
|
|
(1.469)
|
|
(.719)
|
|
(1.819)
|
Total
distributions |
|
(2.596)
|
|
(3.433)
|
|
(1.848)
|
|
(1.531)
|
|
(2.820)
|
Net
asset value, end of period |
$ |
51.60 |
$ |
54.07 |
$ |
62.41 |
$ |
58.79 |
$ |
56.34 |
Total
Return C,D |
|
.45%
|
|
(8.32)%
|
|
9.46%
|
|
7.19%
|
|
4.47%
|
Ratios
to Average Net Assets B,E,F |
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.71%
|
|
.71%
|
|
.71%
|
|
.71%
|
|
.75%
|
Expenses
net of fee waivers, if any |
|
.71%
|
|
.71%
|
|
.71%
|
|
.71%
|
|
.75%
|
Expenses
net of all reductions |
|
.71%
|
|
.71%
|
|
.71%
|
|
.71%
|
|
.75%
|
Net
investment income (loss) |
|
3.48%
|
|
2.21%
|
|
.56%
|
|
1.37%
|
|
1.78%
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
241 |
$ |
325 |
$ |
394 |
$ |
188 |
$ |
202 |
Portfolio
turnover rate G |
|
22%
|
|
54%
|
|
41%
|
|
45%
|
|
62%
|
ACalculated
based on average shares outstanding during the period.
BNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
CTotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
DTotal
returns do not include the effect of the sales charges.
EFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses.
FExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
GAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
Fidelity
Advisor Managed Retirement 2010 Fund℠ Class I |
|
Years
ended July 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 |
|
2019 |
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
54.11 |
$ |
62.46 |
$ |
58.82 |
$ |
56.36 |
$ |
56.79 |
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) A,B |
|
1.898
|
|
1.417
|
|
.493
|
|
.919
|
|
1.105
|
Net
realized and unrealized gain (loss) |
|
(1.652)
|
|
(6.176)
|
|
5.120
|
|
3.213
|
|
1.414
|
Total
from investment operations |
|
.246
|
|
(4.759)
|
|
5.613
|
|
4.132
|
|
2.519
|
Distributions
from net investment income |
|
(1.856)
|
|
(1.365)
|
|
(.504)
|
|
(.953)
|
|
(1.130)
|
Distributions
from net realized gain |
|
(.870)
|
|
(2.226)
|
|
(1.469)
|
|
(.719)
|
|
(1.819)
|
Total
distributions |
|
(2.726)
|
|
(3.591)
|
|
(1.973)
|
|
(1.672)
|
|
(2.949)
|
Net
asset value, end of period |
$ |
51.63 |
$ |
54.11 |
$ |
62.46 |
$ |
58.82 |
$ |
56.36 |
Total
Return C |
|
.69%
|
|
(8.08)%
|
|
9.72%
|
|
7.47%
|
|
4.74%
|
Ratios
to Average Net Assets B,D,E |
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.46%
|
|
.46%
|
|
.46%
|
|
.46%
|
|
.50%
|
Expenses
net of fee waivers, if any |
|
.46%
|
|
.46%
|
|
.46%
|
|
.46%
|
|
.50%
|
Expenses
net of all reductions |
|
.46%
|
|
.46%
|
|
.46%
|
|
.46%
|
|
.50%
|
Net
investment income (loss) |
|
3.73%
|
|
2.46%
|
|
.81%
|
|
1.62%
|
|
2.03%
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
93 |
$ |
103 |
$ |
113 |
$ |
113 |
$ |
110 |
Portfolio
turnover rate F |
|
22%
|
|
54%
|
|
41%
|
|
45%
|
|
62%
|
ACalculated
based on average shares outstanding during the period.
BNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
CTotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
DFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses.
EExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
FAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
Fidelity
Advisor Managed Retirement 2015 Fund℠ Class A |
|
Years
ended July 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 |
|
2019 |
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
52.42 |
$ |
60.51 |
$ |
55.51 |
$ |
53.13 |
$ |
53.98 |
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) A,B |
|
1.675
|
|
1.241
|
|
.335
|
|
.690
|
|
.887
|
Net
realized and unrealized gain (loss) |
|
(1.158)
|
|
(6.395)
|
|
6.385
|
|
3.244
|
|
1.236
|
Total
from investment operations |
|
.517
|
|
(5.154)
|
|
6.720
|
|
3.934
|
|
2.123
|
Distributions
from net investment income |
|
(1.647)
|
|
(1.207)
|
|
(.369)
|
|
(.769)
|
|
(.884)
|
Distributions
from net realized gain |
|
(.800)
|
|
(1.729)
|
|
(1.351)
|
|
(.785)
|
|
(2.089)
|
Total
distributions |
|
(2.447)
|
|
(2.936)
|
|
(1.720)
|
|
(1.554)
|
|
(2.973)
|
Net
asset value, end of period |
$ |
50.49 |
$ |
52.42 |
$ |
60.51 |
$ |
55.51 |
$ |
53.13 |
Total
Return C,D |
|
1.25%
|
|
(8.96)%
|
|
12.31%
|
|
7.54%
|
|
4.26%
|
Ratios
to Average Net Assets B,E,F |
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.71%
|
|
.71%
|
|
.72%
|
|
.72%
|
|
.78%
|
Expenses
net of fee waivers, if any |
|
.71%
|
|
.71%
|
|
.72%
|
|
.72%
|
|
.78%
|
Expenses
net of all reductions |
|
.71%
|
|
.71%
|
|
.72%
|
|
.72%
|
|
.78%
|
Net
investment income (loss) |
|
3.39%
|
|
2.20%
|
|
.58%
|
|
1.30%
|
|
1.71%
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
1,043 |
$ |
1,242 |
$ |
1,461 |
$ |
1,024 |
$ |
244 |
Portfolio
turnover rate G |
|
23%
|
|
60%
|
|
32%
|
|
61%
|
|
67%
|
ACalculated
based on average shares outstanding during the period.
BNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
CTotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
DTotal
returns do not include the effect of the sales charges.
EFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses.
FExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
GAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
Fidelity
Advisor Managed Retirement 2015 Fund℠ Class I |
|
Years
ended July 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 |
|
2019 |
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
52.48 |
$ |
60.57 |
$ |
55.54 |
$ |
53.12 |
$ |
53.98 |
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) A,B |
|
1.799
|
|
1.376
|
|
.481
|
|
.827
|
|
1.015
|
Net
realized and unrealized gain (loss) |
|
(1.168)
|
|
(6.387)
|
|
6.390
|
|
3.242
|
|
1.227
|
Total
from investment operations |
|
.631
|
|
(5.011)
|
|
6.871
|
|
4.069
|
|
2.242
|
Distributions
from net investment income |
|
(1.771)
|
|
(1.350)
|
|
(.490)
|
|
(.864)
|
|
(1.013)
|
Distributions
from net realized gain |
|
(.800)
|
|
(1.729)
|
|
(1.351)
|
|
(.785)
|
|
(2.089)
|
Total
distributions |
|
(2.571)
|
|
(3.079)
|
|
(1.841)
|
|
(1.649)
|
|
(3.102)
|
Net
asset value, end of period |
$ |
50.54 |
$ |
52.48 |
$ |
60.57 |
$ |
55.54 |
$ |
53.12 |
Total
Return C |
|
1.48%
|
|
(8.72)%
|
|
12.59%
|
|
7.81%
|
|
4.50%
|
Ratios
to Average Net Assets B,D,E |
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.46%
|
|
.46%
|
|
.47%
|
|
.47%
|
|
.53%
|
Expenses
net of fee waivers, if any |
|
.46%
|
|
.46%
|
|
.47%
|
|
.47%
|
|
.53%
|
Expenses
net of all reductions |
|
.46%
|
|
.46%
|
|
.47%
|
|
.47%
|
|
.53%
|
Net
investment income (loss) |
|
3.64%
|
|
2.45%
|
|
.83%
|
|
1.55%
|
|
1.97%
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
253 |
$ |
279 |
$ |
278 |
$ |
274 |
$ |
287 |
Portfolio
turnover rate F |
|
23%
|
|
60%
|
|
32%
|
|
61%
|
|
67%
|
ACalculated
based on average shares outstanding during the period.
BNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
CTotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
DFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses.
EExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
FAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
Fidelity
Advisor Managed Retirement 2020 Fund℠ Class A |
|
Years
ended July 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 |
|
2019 |
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
51.75 |
$ |
59.83 |
$ |
53.77 |
$ |
51.34 |
$ |
52.52 |
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) A,B |
|
1.630
|
|
1.245
|
|
.327
|
|
.639
|
|
.783
|
Net
realized and unrealized gain (loss) |
|
(.705)
|
|
(6.741)
|
|
7.664
|
|
3.282
|
|
1.134
|
Total
from investment operations |
|
.925
|
|
(5.496)
|
|
7.991
|
|
3.921
|
|
1.917
|
Distributions
from net investment income |
|
(1.571)
|
|
(1.232)
|
|
(.409)
|
|
(.754)
|
|
(.822)
|
Distributions
from net realized gain |
|
(.174)
|
|
(1.352)
|
|
(1.522)
|
|
(.737)
|
|
(2.275)
|
Total
distributions |
|
(1.745)
|
|
(2.584)
|
|
(1.931)
|
|
(1.491)
|
|
(3.097)
|
Net
asset value, end of period |
$ |
50.93 |
$ |
51.75 |
$ |
59.83 |
$ |
53.77 |
$ |
51.34 |
Total
Return C,D |
|
2.03%
|
|
(9.62)%
|
|
15.15%
|
|
7.76%
|
|
4.02%
|
Ratios
to Average Net Assets B,E,F |
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.72%
|
|
.72%
|
|
.72%
|
|
.72%
|
|
.81%
G |
Expenses
net of fee waivers, if any |
|
.72%
|
|
.72%
|
|
.72%
|
|
.72%
|
|
.81%
G |
Expenses
net of all reductions |
|
.72%
|
|
.72%
|
|
.72%
|
|
.72%
|
|
.81%
G |
Net
investment income (loss) |
|
3.30%
|
|
2.22%
|
|
.57%
|
|
1.26%
|
|
1.57%
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
234 |
$ |
509 |
$ |
678 |
$ |
155 |
$ |
20 |
Portfolio
turnover rate H |
|
28%
|
|
67%
|
|
35%
|
|
69%
|
|
86%
|
ACalculated
based on average shares outstanding during the period.
BNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
CTotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
DTotal
returns do not include the effect of the sales charges.
EFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses.
FExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
GOn
certain classes, the size and fluctuation of net assets and expense amounts may
cause ratios to differ from contractual rates.
HAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
Fidelity
Advisor Managed Retirement 2020 Fund℠ Class I |
|
Years
ended July 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 |
|
2019 |
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
51.87 |
$ |
59.95 |
$ |
53.83 |
$ |
51.35 |
$ |
52.53 |
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) A,B |
|
1.757
|
|
1.389
|
|
.470
|
|
.779
|
|
.890
|
Net
realized and unrealized gain (loss) |
|
(.704)
|
|
(6.761)
|
|
7.673
|
|
3.282
|
|
1.148
|
Total
from investment operations |
|
1.053
|
|
(5.372)
|
|
8.143
|
|
4.061
|
|
2.038
|
Distributions
from net investment income |
|
(1.719)
|
|
(1.356)
|
|
(.501)
|
|
(.844)
|
|
(.943)
|
Distributions
from net realized gain |
|
(.174)
|
|
(1.352)
|
|
(1.522)
|
|
(.737)
|
|
(2.275)
|
Total
distributions |
|
(1.893)
|
|
(2.708)
|
|
(2.023)
|
|
(1.581)
|
|
(3.218)
|
Net
asset value, end of period |
$ |
51.03 |
$ |
51.87 |
$ |
59.95 |
$ |
53.83 |
$ |
51.35 |
Total
Return C |
|
2.30%
|
|
(9.40)%
|
|
15.44%
|
|
8.05%
|
|
4.27%
|
Ratios
to Average Net Assets B,D,E |
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.47%
|
|
.47%
|
|
.47%
|
|
.47%
|
|
.55%
|
Expenses
net of fee waivers, if any |
|
.47%
|
|
.47%
|
|
.47%
|
|
.47%
|
|
.55%
|
Expenses
net of all reductions |
|
.47%
|
|
.47%
|
|
.47%
|
|
.47%
|
|
.55%
|
Net
investment income (loss) |
|
3.55%
|
|
2.47%
|
|
.82%
|
|
1.51%
|
|
1.83%
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
218 |
$ |
249 |
$ |
320 |
$ |
212 |
$ |
291 |
Portfolio
turnover rate F |
|
28%
|
|
67%
|
|
35%
|
|
69%
|
|
86%
|
ACalculated
based on average shares outstanding during the period.
BNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
CTotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
DFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses.
EExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
FAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
Fidelity
Advisor Managed Retirement 2025 Fund℠ Class A |
|
Years
ended July 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 |
|
2019 |
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
53.57 |
$ |
62.69 |
$ |
55.13 |
$ |
52.89 |
$ |
54.27 |
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) A,B |
|
1.586
|
|
1.274
|
|
.377
|
|
.692
|
|
.818
|
Net
realized and unrealized gain (loss) |
|
(.249)
|
|
(7.367)
|
|
9.095
|
|
3.455
|
|
1.072
|
Total
from investment operations |
|
1.337
|
|
(6.093)
|
|
9.472
|
|
4.147
|
|
1.890
|
Distributions
from net investment income |
|
(1.562)
|
|
(1.297)
|
|
(.446)
|
|
(.756)
|
|
(.820)
|
Distributions
from net realized gain |
|
(.805)
|
|
(1.730)
|
|
(1.466)
|
|
(1.151)
|
|
(2.450)
|
Total
distributions |
|
(2.367)
|
|
(3.027)
|
|
(1.912)
|
|
(1.907)
|
|
(3.270)
|
Net
asset value, end of period |
$ |
52.54 |
$ |
53.57 |
$ |
62.69 |
$ |
55.13 |
$ |
52.89 |
Total
Return C,D |
|
2.84%
|
|
(10.25)%
|
|
17.50%
|
|
8.01%
|
|
3.87%
|
Ratios
to Average Net Assets B,E,F |
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.73%
|
|
.73%
|
|
.73%
|
|
.73%
|
|
.84%
|
Expenses
net of fee waivers, if any |
|
.73%
|
|
.73%
|
|
.73%
|
|
.73%
|
|
.84%
|
Expenses
net of all reductions |
|
.73%
|
|
.73%
|
|
.73%
|
|
.73%
|
|
.84%
|
Net
investment income (loss) |
|
3.13%
|
|
2.19%
|
|
.63%
|
|
1.32%
|
|
1.59%
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
1,583 |
$ |
1,689 |
$ |
1,867 |
$ |
993 |
$ |
556 |
Portfolio
turnover rate G |
|
31%
|
|
53%
|
|
27%
|
|
67%
|
|
48%
|
ACalculated
based on average shares outstanding during the period.
BNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
CTotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
DTotal
returns do not include the effect of the sales charges.
EFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses.
FExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
GAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
Fidelity
Advisor Managed Retirement 2025 Fund℠ Class I |
|
Years
ended July 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 |
|
2019 |
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
53.82 |
$ |
62.93 |
$ |
55.30 |
$ |
53.00 |
$ |
54.38 |
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) A,B |
|
1.723
|
|
1.427
|
|
.525
|
|
.831
|
|
.906
|
Net
realized and unrealized gain (loss) |
|
(.249)
|
|
(7.400)
|
|
9.122
|
|
3.463
|
|
1.114
|
Total
from investment operations |
|
1.474
|
|
(5.973)
|
|
9.647
|
|
4.294
|
|
2.020
|
Distributions
from net investment income |
|
(1.639)
|
|
(1.407)
|
|
(.551)
|
|
(.843)
|
|
(.950)
|
Distributions
from net realized gain |
|
(.805)
|
|
(1.730)
|
|
(1.466)
|
|
(1.151)
|
|
(2.450)
|
Total
distributions |
|
(2.444)
|
|
(3.137)
|
|
(2.017)
|
|
(1.994)
|
|
(3.400)
|
Net
asset value, end of period |
$ |
52.85 |
$ |
53.82 |
$ |
62.93 |
$ |
55.30 |
$ |
53.00 |
Total
Return C |
|
3.10%
|
|
(10.02)%
|
|
17.78%
|
|
8.29%
|
|
4.12%
|
Ratios
to Average Net Assets B,D,E |
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.48%
|
|
.48%
|
|
.48%
|
|
.48%
|
|
.57%
F |
Expenses
net of fee waivers, if any |
|
.48%
|
|
.48%
|
|
.48%
|
|
.48%
|
|
.57%
F |
Expenses
net of all reductions |
|
.48%
|
|
.48%
|
|
.48%
|
|
.48%
|
|
.57%
F |
Net
investment income (loss) |
|
3.39%
|
|
2.44%
|
|
.88%
|
|
1.57%
|
|
1.87%
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
174 |
$ |
556 |
$ |
765 |
$ |
498 |
$ |
678 |
Portfolio
turnover rate G |
|
31%
|
|
53%
|
|
27%
|
|
67%
|
|
48%
|
ACalculated
based on average shares outstanding during the period.
BNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
CTotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
DFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses.
EExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
FOn
certain classes, the size and fluctuation of net assets and expense amounts may
cause ratios to differ from contractual rates.
GAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
Fidelity
Advisor Managed Retirement 2030 Fund℠ Class A |
|
Years
ended July 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 A |
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
10.68 |
$ |
12.51 |
$ |
10.78 |
$ |
10.00 |
Income
from Investment Operations |
|
|
|
|
|
|
|
|
Net
investment income (loss) B,C |
|
.304
|
|
.248
|
|
.056
|
|
.104
|
Net
realized and unrealized gain (loss) |
|
.029
|
|
(1.517)
|
|
1.993
|
|
.837
|
Total
from investment operations |
|
.333
|
|
(1.269)
|
|
2.049
|
|
.941
|
Distributions
from net investment income |
|
(.303)
|
|
(.257)
|
|
(.089)
|
|
(.121)
|
Distributions
from net realized gain |
|
(.100)
|
|
(.304)
|
|
(.230)
|
|
(.040)
|
Total
distributions |
|
(.403)
|
|
(.561)
|
|
(.319)
|
|
(.161)
|
Net
asset value, end of period |
$ |
10.61 |
$ |
10.68 |
$ |
12.51 |
$ |
10.78 |
Total
Return D,E,F |
|
3.46%
|
|
(10.66)%
|
|
19.28%
|
|
9.46%
|
Ratios
to Average Net Assets C,G,H |
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.73%
|
|
.73%
|
|
.73%
|
|
.73%
I |
Expenses
net of fee waivers, if any |
|
.73%
|
|
.73%
|
|
.73%
|
|
.73%
I |
Expenses
net of all reductions |
|
.73%
|
|
.73%
|
|
.73%
|
|
.73%
I |
Net
investment income (loss) |
|
2.99%
|
|
2.13%
|
|
.47%
|
|
1.06%
I |
Supplemental
Data |
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
546 |
$ |
455 |
$ |
595 |
$ |
300 |
Portfolio
turnover rate J |
|
31%
|
|
54%
|
|
46%
|
|
117%
I |
AFor
the period August 16, 2019 (commencement of operations) through July 31,
2020.
BCalculated
based on average shares outstanding during the period.
CNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
DTotal
returns for periods of less than one year are not annualized.
ETotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
FTotal
returns do not include the effect of the sales charges.
GFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses.
HExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
Fidelity
Advisor Managed Retirement 2030 Fund℠ Class I |
|
Years
ended July 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 A |
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
10.70 |
$ |
12.53 |
$ |
10.78 |
$ |
10.00 |
Income
from Investment Operations |
|
|
|
|
|
|
|
|
Net
investment income (loss) B,C |
|
.331
|
|
.277
|
|
.086
|
|
.128
|
Net
realized and unrealized gain (loss) |
|
.027
|
|
(1.523)
|
|
1.998
|
|
.833
|
Total
from investment operations |
|
.358
|
|
(1.246)
|
|
2.084
|
|
.961
|
Distributions
from net investment income |
|
(.328)
|
|
(.280)
|
|
(.104)
|
|
(.141)
|
Distributions
from net realized gain |
|
(.100)
|
|
(.304)
|
|
(.230)
|
|
(.040)
|
Total
distributions |
|
(.428)
|
|
(.584)
|
|
(.334)
|
|
(.181)
|
Net
asset value, end of period |
$ |
10.63 |
$ |
10.70 |
$ |
12.53 |
$ |
10.78 |
Total
Return D,E |
|
3.71%
|
|
(10.46)%
|
|
19.62%
|
|
9.67%
|
Ratios
to Average Net Assets C,F,G |
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.48%
|
|
.48%
|
|
.48%
|
|
.48%
H |
Expenses
net of fee waivers, if any |
|
.48%
|
|
.48%
|
|
.48%
|
|
.48%
H |
Expenses
net of all reductions |
|
.48%
|
|
.48%
|
|
.48%
|
|
.48%
H |
Net
investment income (loss) |
|
3.25%
|
|
2.38%
|
|
.73%
|
|
1.31%
H |
Supplemental
Data |
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
351 |
$ |
359 |
$ |
421 |
$ |
254 |
Portfolio
turnover rate I |
|
31%
|
|
54%
|
|
46%
|
|
117%
H |
AFor
the period August 16, 2019 (commencement of operations) through July 31,
2020.
BCalculated
based on average shares outstanding during the period.
CNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
DTotal
returns for periods of less than one year are not annualized.
ETotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
FFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses.
GExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
Fidelity
Advisor Managed Retirement 2035 Fund℠ Class A |
|
Years
ended July 31, |
|
2023
A |
Selected
Per-Share Data |
|
|
Net
asset value, beginning of period |
$ |
10.00 |
Income
from Investment Operations |
|
|
Net
investment income (loss) B,C |
|
.048
|
Net
realized and unrealized gain (loss) |
|
.736
|
Total
from investment operations |
|
.784
|
Distributions
from net investment income |
|
(.034)
|
Total
distributions |
|
(.034)
|
Net
asset value, end of period |
$ |
10.75 |
Total
Return D,E,F |
|
7.86%
|
Ratios
to Average Net Assets C,G,H |
|
|
Expenses
before reductions |
|
.73%
I |
Expenses
net of fee waivers, if any |
|
.73%
I |
Expenses
net of all reductions |
|
.73%
I |
Net
investment income (loss) |
|
.75%
I |
Supplemental
Data |
|
|
Net
assets, end of period (000 omitted) |
$ |
115 |
Portfolio
turnover rate J |
|
59%
I |
AFor
the period December 15, 2022 (commencement of operations) through July 31,
2023.
BCalculated
based on average shares outstanding during the period.
CNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
DTotal
returns for periods of less than one year are not annualized.
ETotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
FTotal
returns do not include the effect of the sales charges.
GFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual
report.
HExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
Fidelity
Advisor Managed Retirement 2035 Fund℠ Class I |
|
Years
ended July 31, |
|
2023
A |
Selected
Per-Share Data |
|
|
Net
asset value, beginning of period |
$ |
10.00 |
Income
from Investment Operations |
|
|
Net
investment income (loss) B,C |
|
.064
|
Net
realized and unrealized gain (loss) |
|
.741
|
Total
from investment operations |
|
.805
|
Distributions
from net investment income |
|
(.045)
|
Total
distributions |
|
(.045)
|
Net
asset value, end of period |
$ |
10.76 |
Total
Return D,E |
|
8.07%
|
Ratios
to Average Net Assets C,F,G |
|
|
Expenses
before reductions |
|
.48%
H |
Expenses
net of fee waivers, if any |
|
.48%
H |
Expenses
net of all reductions |
|
.48%
H |
Net
investment income (loss) |
|
1.00%
H |
Supplemental
Data |
|
|
Net
assets, end of period (000 omitted) |
$ |
113 |
Portfolio
turnover rate I |
|
59%
H |
AFor
the period December 15, 2022 (commencement of operations) through July 31,
2023.
BCalculated
based on average shares outstanding during the period.
CNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
DTotal
returns for periods of less than one year are not annualized.
ETotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
FFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual
report.
GExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
Additional
Index Information
Bloomberg
U.S. Aggregate Bond Index
is a broad-based, flagship benchmark that measures the investment grade, US
dollar-denominated, fixed-rate taxable bond market. The index includes
Treasuries, government-related and corporate securities, mortgage-back
securities (agency fixed-rate pass-throughs), asset-backed securities and
collateralised mortgage-backed securities (agency and non-agency).
Each
of Fidelity
Managed Retirement Income Composite Index℠,
Fidelity Managed Retirement 2010 Composite Index℠,
Fidelity Managed Retirement 2015 Composite Index℠,
Fidelity Managed Retirement 2020 Composite Index℠,
Fidelity Managed Retirement 2025 Composite Index℠,
Fidelity Managed Retirement 2030 Composite Index℠,
and Fidelity Managed Retirement 2035 Composite Index℠ is
a customized blend of the following unmanaged indexes: Bloomberg Global
Aggregate Treasury ex USD, ex Emerging Markets, RIC Capped, Float Adjusted Index
(Hedged USD), Bloomberg U.S. 3-6 Month Treasury Bill Index, Bloomberg U.S. Long
Treasury Bond Index, Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S.
Treasury Inflation-Protected Securities (TIPS) 0-5 Years Index, Bloomberg U.S.
Treasury Inflation-Protected Securities (TIPS) 5+ Years Index, Dow Jones U.S.
Total Stock Market IndexSM,
and MSCI All Country World ex U.S. Index (Net MA). The index weightings are
adjusted monthly to reflect each fund's changing asset allocations. The
compositions differed in periods prior to June 1, 2022.
S&P
500®
Index
is a market capitalization-weighted index of 500 common stocks chosen for market
size, liquidity, and industry group representation to represent U.S. equity
performance.
Sales
Charge Waiver Policies Applied by Certain Intermediaries
Ameriprise
The
following information applies to Class A shares purchases if you have an account
with or otherwise purchase fund shares through Ameriprise
Financial:
Shareholders
purchasing fund shares through an Ameriprise Financial brokerage account are
eligible for the following front-end sales charge waivers and discounts, which
may differ from those disclosed elsewhere in this prospectus or
SAI.
Class
A Shares Front-End Sales Charge Waivers Available at Ameriprise
Financial:
- Employer-sponsored
retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b)
plans, profit sharing and money purchase pension plans and defined benefit
plans). For purposes of this provision, employer-sponsored retirement plans do
not include SEP IRAs, Simple IRAs or SAR-SEPs.
- Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same fund (but not any other fund
within the same fund family).
- Shares
exchanged from Class C shares of the same fund in the month of or following
the 7-year anniversary of the purchase date. To the extent that this
prospectus elsewhere provides for a waiver with respect to exchanges of Class
C shares or conversion of Class C shares following a shorter holding period,
that waiver will apply.
- Employees
and registered representatives of Ameriprise Financial or its affiliates and
their immediate family members.
- Shares
purchased by or through qualified accounts (including IRAs, Coverdell
Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined
benefit plans) that are held by a covered family member, defined as an
Ameriprise financial advisor and/or the advisor's spouse, advisor's lineal
ascendant (mother, father, grandmother, grandfather, great grandmother, great
grandfather), advisor's lineal descendant (son, step-son, daughter,
step-daughter, grandson, granddaughter, great grandson, great granddaughter)
or any spouse of a covered family member who is a lineal descendant.
- Shares
purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days following the redemption,
(2) the redemption and purchase occur in the same account, and (3) redeemed
shares were subject to a front-end or deferred sales load (i.e., Rights of
Reinstatement).
D.A.
Davidson & Co. (D.A. Davidson)
Shareholders
purchasing fund shares including existing fund shareholders through a D.A.
Davidson platform or account, or through an introducing broker-dealer or
independent registered investment advisor for which D.A. Davidson provides trade
execution, clearance, and/or custody services, will be eligible for the
following sales charge waivers (front-end sales charge waivers and contingent
deferred, or back-end, sales charge waivers) and discounts, which may differ
from those disclosed elsewhere in this prospectus or a fund's SAI.
Front-End
Sales Charge Waivers on Class A Shares available at D.A. Davidson
- Shares
purchased within the same fund family through a systematic reinvestment of
capital gains and dividend distributions.
- Employees
and registered representatives of D.A. Davidson or its affiliates and their
family members as designated by D.A. Davidson.
- Shares
purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days following the redemption,
(2) the redemption and purchase occur in the same account, and (3) redeemed
shares were subject to a front-end or deferred sales charge (known as Rights
of Reinstatement).
- A
shareholder in the fund's Class C Shares will have their shares converted at
net asset value to Class A Shares (or the appropriate share class) of the fund
if the shares are no longer subject to a CDSC and the conversion is consistent
with D.A. Davidson's policies and procedures.
CDSC
Waivers on Class A and Class C Shares available at D.A. Davidson
- Death
or disability of the shareholder.
- Shares
sold as part of a systematic withdrawal plan as described in a fund's
prospectus.
- Return
of excess contributions from an IRA account.
- Shares
sold as part of a required minimum distribution for IRA or other qualifying
retirement accounts pursuant to the Internal Revenue Code.
- Shares
acquired through a right of reinstatement.
Front-end
sales charge discounts available at D.A. Davidson: breakpoints, rights of
accumulation and/or letters of intent
- Breakpoints
as described in this prospectus.
- Rights
of accumulation which entitle shareholders to breakpoint discounts will be
automatically calculated based on the aggregated holding of fund family assets
held by accounts within the purchaser's household at D.A. Davidson. Eligible
fund family assets not held at D.A. Davidson may be included in the
calculation of rights of accumulation only if the shareholder notifies his or
her financial advisor about such assets.
- Letters
of intent which allow for breakpoint discounts based on anticipated purchases
within a fund family, over a 13-month time period. Eligible fund family assets
not held at D.A. Davidson may be included in the calculation of letters of
intent only if the shareholder notifies his or her financial advisor about
such assets.
Edward
D. Jones & Co., L.P. ("Edward Jones")
Policies
Regarding Transactions Through Edward Jones
The
following information has been provided by Edward Jones:
The
following information supersedes prior information with respect to transactions
and positions held in fund shares through an Edward Jones system. Clients of
Edward Jones (also referred to as "shareholders") purchasing fund shares on the
Edward Jones commission and fee-based platforms are eligible only for the
following sales charge discounts (also referred to as "breakpoints") and
waivers, which can differ from discounts and waivers described elsewhere in the
mutual fund prospectus or SAI or through another broker-dealer. In all
instances, it is the shareholder's responsibility to inform Edward Jones at the
time of purchase of any relationship, holdings of the fund family, or other
facts qualifying the purchaser for discounts or waivers. Edward Jones can ask
for documentation of such circumstance. Shareholders should contact Edward Jones
if they have questions regarding their eligibility for these discounts and
waivers.
Breakpoints
•
Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as
described in the prospectus.
Rights
of Accumulation ("ROA"):
- The
applicable sales charge on a purchase of Class A shares is determined by
taking into account all share classes (except certain money market funds and
any assets held in group retirement plans) of the mutual fund family held by
the shareholder or in an account grouped by Edward Jones with other accounts
for the purpose of providing certain pricing considerations ("pricing
groups"). If grouping assets as a shareholder, this includes all share classes
held on the Edward Jones platform and/or held on another platform. The
inclusion of eligible fund family assets in the ROA calculation is dependent
on the shareholder notifying Edward Jones of such assets at the time of
calculation. Money market funds are included only if such shares were sold
with a sales charge at the time of purchase or acquired in exchange for shares
purchased with a sales charge.
- The
employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to
establish or change ROA for the IRA accounts associated with the plan to a
plan-level grouping as opposed to including all share classes at a shareholder
or pricing group level.
- ROA
is determined by calculating the higher of cost minus redemptions or market
value (current shares x NAV).
Letter
of Intent ("LOI"):
- Through
a LOI, shareholders can receive the sales charge and breakpoint discounts for
purchases shareholders intend to make over a 13-month period from the date
Edward Jones receives the LOI. The LOI is determined by calculating the higher
of cost or market value of qualifying holdings at LOI initiation in
combination with the value that the shareholder intends to buy over a 13-month
period to calculate the front-end sales charge and any breakpoint discounts.
Each purchase the shareholder makes during that 13-month period will receive
the sales charge and breakpoint discount that applies to the total amount. The
inclusion of eligible fund family assets in the LOI calculation is dependent
on the shareholder notifying Edward Jones of such assets at the time of
calculation. Purchases made before the LOI is received by Edward Jones are not
adjusted under the LOI and will not reduce the sales charge previously paid.
Sales charges will be adjusted if LOI is not met.
If
the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to
establish or change ROA for the IRA accounts associated with the plan to a
plan-level grouping, LOIs will also be at the plan-level and may only be
established by the employer.
Sales
Charge Waivers:
Sales
charges are waived for the following shareholders and in the following
situations:
- Associates
of Edward Jones and its affiliates and their family members who are in the
same pricing group (as determined by Edward Jones under its policies and
procedures) as the associate. This waiver will continue for the remainder of
the associate's life if the associate retires from Edward Jones in
good-standing and remains in good standing pursuant to Edward Jones' policies
and procedures.
- Shares
purchased in an Edward Jones fee-based program.
- Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment.
- Shares
purchased from the proceeds of redeemed shares of the same fund family so long
as the following conditions are met: 1) the proceeds are from the sale of
shares within 60 days of the purchase, and 2) the sale and purchase are made
in the same share class and the same account or the purchase is made in an
individual retirement account with proceeds from liquidations in a
non-retirement account.
- Shares
exchanged into Class A shares from another share class so long as the exchange
is into the same fund and was initiated at the discretion of Edward Jones.
Edward Jones is responsible for any remaining CDSC due to the fund company, if
applicable. Any future purchases are subject to the applicable sales charge as
disclosed in the prospectus.
- Exchanges
from Class C shares to Class A shares of the same fund, generally, in the 84th
month following the anniversary of the purchase date or earlier at the
discretion of Edward Jones.
CDSC
Waivers:
If
the shareholder purchases shares that are subject to a CDSC and those shares are
redeemed before the CDSC is expired, the shareholder is responsible to pay the
CDSC except in the following conditions:
- The
death or disability of the shareholder.
- Systematic
withdrawals with up to 10% per year of the account value.
- Return
of excess contributions from an Individual Retirement Account (IRA).
- Shares
sold as part of a required minimum distribution for IRA and retirement
accounts if the redemption is taken in or after the year the shareholder
reaches qualified age based on applicable IRS regulations.
- Shares
sold to pay Edward Jones fees or costs in such cases where the transaction is
initiated by Edward Jones.
- Shares
exchanged in an Edward Jones fee-based program.
- Shares
acquired through NAV reinstatement.
- Shares
redeemed at the discretion of Edward Jones for Minimum Balances, as described
below.
Other
Important Information Regarding Transactions Through Edward Jones
Minimum
Purchase Amounts:
- Initial
purchase minimum: $250
- Subsequent
purchase minimum: none
Minimum
Balances:
Edward
Jones has the right to redeem at its discretion fund holdings with a balance of
$250 or less. The following are examples of accounts that are not included in
this policy:
- A
fee-based account held on an Edward Jones platform
- A
529 account held on an Edward Jones platform
- An
account with an active systematic investment plan or LOI
Exchanging
Share Classes:
- At
any time it deems necessary, Edward Jones has the authority to exchange at NAV
a shareholder's holdings in a fund to Class A shares of the same
fund.
Janney
Montgomery Scott LLC (Janney)
If
you purchase fund shares through a Janney brokerage account, you will be
eligible for the following load waivers (front-end sales charge waivers and CDSC
waivers) and discounts, which may differ from those disclosed elsewhere in a
fund's prospectus or SAI.
Front-end
sales charge* waivers on Class A shares available at Janney:
- Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same fund (but not any other fund
within the fund family).
- Shares
purchased by employees and registered representatives of Janney or its
affiliates and their family members as designated by Janney.
- Shares
purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within ninety (90) days following the
redemption, (2) the redemption and purchase occur in the same account, and (3)
redeemed shares were subject to a front-end or deferred sales load (i.e.,
right of reinstatement).
- Employer-sponsored
retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b)
plans, profit sharing and money purchase pension plans and defined benefit
plans). For purposes of this provision, employer-sponsored retirement plans do
not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.
- Shares
acquired through a right of reinstatement.
- Class
C shares that are no longer subject to a CDSC and are converted to Class A
shares of the same fund pursuant to Janney's policies and
procedures.
CDSC
waivers on Class A and C shares available at Janney:
- Shares
sold upon the death or disability of the shareholder.
- Shares
sold as part of a systematic withdrawal plan as described in the fund's
prospectus.
- Shares
sold in connection with a return of excess contributions from an IRA
account.
- Shares
sold as part of a required minimum distribution for IRA and retirement
accounts if the redemption is taken in or after the year the shareholder
reaches qualified age based on applicable IRS regulations.
- Shares
sold to pay Janney fees but only if the transaction is initiated by
Janney.
- Shares
acquired through a right of reinstatement.
- Shares
exchanged into the same share class of a different fund.
Front-end
sales charge* discounts available at Janney: breakpoints, rights of
accumulation, and/or letters of intent:
- Breakpoints
as described in the fund's prospectus.
- Rights
of accumulation (ROA), which entitle shareholders to breakpoint discounts,
will be automatically calculated based on the aggregated holding of fund
family assets held by accounts within the purchaser's household at Janney.
Eligible fund family assets not held at Janney may be included in the ROA
calculation only if the shareholder notifies his or her financial advisor
about such assets.
- Letters
of intent which allow for breakpoint discounts based on anticipated purchases
within a fund family, over a 13-month time period. Eligible fund family assets
not held at Janney Montgomery Scott may be included in the calculation of
letters of intent only if the shareholder notifies his or her financial
advisor about such assets.
*Also
referred to as an "initial sales charge."
J.P.
Morgan Securities LLC
If
you purchase or hold fund shares through an applicable J.P. Morgan Securities
LLC brokerage account, you will be eligible for the following sales charge
waivers (front-end sales charge waivers and CDSC, or back-end sales charge,
waivers), share class conversion policy and discounts, which may differ from
those disclosed elsewhere in a fund's prospectus or SAIs.
Front-end
sales charge waivers on Class A shares available at J.P. Morgan Securities LLC
- Shares
exchanged from Class C (i.e., level-load) shares that are no longer subject to
a CDSC and are exchanged into Class A shares of the same fund pursuant to J.P.
Morgan Securities LLC's share class exchange policy.
- Qualified
employer-sponsored defined contribution and defined benefit retirement plans,
nonqualified deferred compensation plans, other employee benefit plans and
trusts used to fund those plans. For purposes of this provision, such plans do
not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or 501(c)(3) accounts.
- Shares
of funds purchased through J.P. Morgan Securities LLC Self-Directed Investing
accounts.
- Shares
purchased through rights of reinstatement.
- Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same fund (but not any other fund
within the fund family).
- Shares
purchased by employees and registered representatives of J.P. Morgan
Securities LLC or its affiliates and their spouse or financial dependent as
defined by J.P. Morgan Securities LLC.
Class
C to Class A share conversion
- A
shareholder in the fund's Class C shares will have their shares converted to
Class A shares (or the appropriate share class) of the same fund if the shares
are no longer subject to a CDSC and the conversion is consistent with J.P.
Morgan Securities LLC's policies and procedures.
CDSC
waivers on Class A and C shares available at J.P. Morgan Securities LLC
- Shares
sold upon the death or disability of the shareholder.
- Shares
sold as part of a systematic withdrawal plan as described in the fund's
prospectus.
- ·Shares
purchased in connection with a return of excess contributions from an IRA
account.
- Shares
sold as part of a required minimum distribution for IRA and retirement
accounts pursuant to the Internal Revenue Code.
- Shares
acquired through a right of reinstatement.
Front-end
load discounts available at J.P. Morgan Securities LLC: breakpoints, rights of
accumulation & letters of intent
- Breakpoints
as described in the prospectus.
- Rights
of Accumulation (ROA) which entitle shareholders to breakpoint discounts as
described in the fund's prospectus will be automatically calculated based on
the aggregated holding of fund family assets held by accounts within the
purchaser's household at J.P. Morgan Securities LLC. Eligible fund family
assets not held at J.P. Morgan Securities LLC (including 529 program holdings,
where applicable) may be included in the ROA calculation only if the
shareholder notifies their financial advisor about such assets.
- Letters
of Intent (LOI) which allow for breakpoint discounts based on anticipated
purchases within a fund family, through J.P. Morgan Securities LLC, over a
13-month period of time (if applicable).
Merrill
Lynch
Shareholders
purchasing fund shares through a Merrill Lynch platform or account are eligible
only for the following load waivers (front-end sales charge waivers and CDSC, or
back-end, waivers) and discounts, which may differ from those disclosed
elsewhere in this prospectus or SAI.
Front-end
Sales Load Waivers on Class A Shares Available at Merrill Lynch:
- Employer-sponsored
retirement, deferred compensation and employee benefit plans (including health
savings accounts) and trusts used to fund those plans, provided that the
shares are not held in a commission-based brokerage account and shares are
held for the benefit of the plan
- Shares
purchased by a 529 Plan (does not include 529 Plan units or 529-specific share
classes or equivalents)
- Shares
purchased through a Merrill Lynch affiliated investment advisory
program
- Shares
exchanged due to the holdings moving from a Merrill Lynch affiliated
investment advisory program to a Merrill Lynch brokerage (non-advisory)
account pursuant to Merrill Lynch's policies relating to sales load discounts
and waivers
- Shares
purchased by third party investment advisors on behalf of their advisory
clients through Merrill Lynch's platform
- Shares
of funds purchased through the Merrill Edge Self-Directed platform (if
applicable)
- Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same fund (but not any other fund
within the fund family)
- Shares
exchanged from Class C (i.e., level-load) shares of the same fund pursuant to
Merrill Lynch's policies relating to sales load discounts and waivers
- Employees
and registered representatives of Merrill Lynch or its affiliates and their
family members
- Directors
or Trustees of the fund, and employees of the fund's investment adviser or any
of its affiliates, as described in this prospectus
- Eligible
shares purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days following the redemption,
(2) the redemption and purchase occur in the same account, and (3) redeemed
shares were subject to a front-end or deferred sales load (known as Rights of
Reinstatement). Automated transactions (i.e. systematic purchases and
withdrawals) and purchases made after shares are automatically sold to pay
Merrill Lynch's account maintenance fees are not eligible for
reinstatement
CDSC
Waivers on A, B, and C Shares Available at Merrill Lynch:
- Death
or disability of the shareholder
- Shares
sold as part of a systematic withdrawal plan as described in the fund's
prospectus
- Return
of excess contributions from an IRA Account
- Shares
sold as part of a required minimum distribution for IRA and retirement
accounts pursuant to the Internal Revenue Code
- Shares
sold to pay Merrill Lynch fees but only if the transaction is initiated by
Merrill Lynch
- Shares
acquired through a right of reinstatement
- Shares
held in retirement brokerage accounts, that are exchanged for a lower cost
share class due to transfer to certain fee based accounts or platforms
(applicable to A and C shares only)
- Shares
received through an exchange due to the holdings moving from a Merrill Lynch
affiliated investment advisory program to a Merrill Lynch brokerage
(non-advisory) account pursuant to Merrill Lynch's policies relating to sales
load discounts and waivers
Front-end
Load Discounts Available at Merrill Lynch:
Breakpoints,
Rights of Accumulation & Letters of Intent
- Breakpoints
as described in this prospectus
- Rights
of Accumulation (ROA) which entitle shareholders to breakpoint discounts as
described in the fund's prospectus will be automatically calculated based on
the aggregated holding of fund family assets held by accounts (including 529
program holdings, where applicable) within the purchaser's household at
Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be
included in the ROA calculation only if the shareholder notifies his or her
financial advisor about such assets
- Letters
of Intent (LOI) which allow for breakpoint discounts based on anticipated
purchases within a fund family, through Merrill Lynch, over a 13-month period
of time (if applicable)
Morgan
Stanley
Shareholders
purchasing fund shares through a Morgan Stanley Wealth Management transactional
brokerage account are eligible only for the following front-end sales charge
waivers with respect to Class A shares, which may differ from and may be more
limited than those disclosed elsewhere in this prospectus or SAI.
Front-end
Sales Charge Waivers on Class A Shares Available at Morgan Stanley Wealth
Management:
- Employer-sponsored
retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b)
plans, profit sharing and money purchase pension plans and defined benefit
plans). For purposes of this provision, employer-sponsored retirement plans do
not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans
- Morgan
Stanley employee and employee-related accounts according to Morgan Stanley's
account linking rules
- Shares
purchased through reinvestment of dividends and capital gains distributions
when purchasing shares of the same fund
- Shares
purchased through a Morgan Stanley self-directed brokerage account
- Class
C (i.e., level-load) shares that are no longer subject to a contingent
deferred sales charge and are converted to Class A shares of the same fund
pursuant to Morgan Stanley Wealth Management's share class conversion
program
- Shares
purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days following the redemption,
(2) the redemption and purchase occur in the same account, and (3) redeemed
shares were subject to a front-end or deferred sales charge
- Your
financial intermediary, on your behalf, can also convert Class M shares to
Class A shares of the same fund, without a sales charge and on a tax free
basis, if they are held in a brokerage account.
E*TRADE
Front-End Sales Charge Waiver
Shareholders
purchasing fund shares through an E*TRADE self-directed brokerage account will
be eligible for a waiver of the front-end sales charge with respect to Class A
shares (or the equivalent). This includes shares purchased through the
reinvestment of dividends and capital gains distributions.
Oppenheimer
& Co. (OPCO)
Shareholders
purchasing fund shares through an OPCO platform or account are eligible only for
the following load waivers (front-end sales charge waivers and CDSC waivers) and
discounts, which may differ from those disclosed elsewhere in a fund's
prospectus or SAI.
Front-end
Sales Load Waivers on Class A Shares available at OPCO:
- Employer-sponsored
retirement, deferred compensation and employee benefit plans (including health
savings accounts) and trusts used to fund those plans, provided that the
shares are not held in a commission-based brokerage account and shares are
held for the benefit of the plan
- Shares
purchased by or through a 529 Plan
- Shares
purchased through an OPCO affiliated investment advisory program
- Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same fund (but not any other fund
within the fund family)
- Shares
purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days following the redemption,
(2) the redemption and purchase occur in the same account, and (3) redeemed
shares were subject to a front-end or deferred sales load (known as rights of
reinstatement).
- A
shareholder in the fund's Class C shares will have their shares converted at
net asset value to Class A shares (or the appropriate share class) of the fund
if the shares are no longer subject to a CDSC and the conversion is in line
with the policies and procedures of OPCO
- Employees
and registered representatives of OPCO or its affiliates and their family
members
- Directors
or Trustees of the fund, and employees of the fund's investment adviser or any
of its affiliates, as described in this prospectus
CDSC
Waivers on A, B and C Shares available at OPCO:
- Death
or disability of the shareholder
- Shares
sold as part of a systematic withdrawal plan as described in the fund's
prospectus
- Return
of excess contributions from an IRA Account
- Shares
sold as part of a required minimum distribution for IRA and retirement
accounts due to the shareholder reaching the qualified age based on applicable
IRS regulations as described in the prospectus
- Shares
sold to pay OPCO fees but only if the transaction is initiated by OPCO
- Shares
acquired through a right of reinstatement
Front-end
Load Discounts Available at OPCO: Breakpoints, Rights of Accumulation &
Letters of Intent:
- Breakpoints
as described in this prospectus.
- Rights
of Accumulation (ROA) which entitle shareholders to breakpoint discounts will
be automatically calculated based on the aggregated holding of fund family
assets held by accounts within the purchaser's household at OPCO. Eligible
fund family assets not held at OPCO may be included in the ROA calculation
only if the shareholder notifies his or her financial advisor about such
assets.
PFS
Investments Inc. (PFSI)
Policies
Regarding Fund Purchases Held on the PSS Platform
The
following information supersedes all prior information with respect to
transactions and positions held in fund shares purchased through PFSI and held
on the mutual fund platform of its affiliate, Primerica Shareholder Services
(PSS). Clients of PFSI (also referred to as "shareholders") purchasing fund
shares on the PSS platform are eligible only for the following share classes,
sales charge discounts (also referred to as "breakpoints") and waivers, which
can differ from share classes, discounts and waivers described elsewhere in this
prospectus or the related SAI or through another broker-dealer. In all
instances, it is the shareholder's responsibility to inform PFSI at the time of
a purchase of all holdings of Fidelity Advisor®
funds on the PSS platform, or other facts qualifying the purchaser for discounts
or waivers. PFSI may request reasonable documentation of such facts and
condition the granting of any discount or waiver on the timely receipt of such
documents. Shareholders should contact PSS if they have questions regarding
their eligibility for these discounts and waivers.
Share
Classes
- Class
A shares are available to non-retirement accounts, individual retirement
accounts (IRA), SEP IRAs, SIMPLE IRAs, Keogh Plans, and all other account
types.
- Class
C shares are available only to accounts with existing Class C share holdings.
Breakpoints
- Breakpoint
pricing at dollar thresholds as described in the prospectus of the fund you
are purchasing.
Rights
of Accumulation (ROA)
- The
applicable sales charge on a purchase of Class A shares is determined by
taking into account all share classes (except any assets held in group
retirement plans) of Fidelity Advisor®
funds held by the shareholder on the PSS platform. The inclusion of eligible
fund family assets in the ROA calculation is dependent on the shareholder
notifying PFSI of such assets at the time of calculation. Shares of money
market funds are included only if such shares were acquired in exchange for
shares of another Fidelity Advisor®
fund purchased with a sales charge. No shares of Fidelity Advisor®
funds held by the shareholder away from the PSS platform will be granted ROA
with shares of any Fidelity Advisor®
fund purchased on the PSS platform.
- Any
SEP IRA plan, any SIMPLE IRA plan or any Payroll Deduction plan (PDP) on the
PSS platform will be defaulted to plan-level grouping for purposes of ROA,
which allows each participating employee ROA with all other eligible shares
held in plan accounts on the PSS platform. At any time, a participating
employee may elect to exercise a one-time option to change grouping for
purposes of ROA to shareholder-level grouping, which allows the plan account
of the electing employee ROA with his/her other eligible holdings on the PSS
platform, but not with all other eligible participant holdings in the plan.
Eligible shares held in plan accounts electing shareholder-level grouping will
not be available for purposes of ROA to plan accounts electing plan-level
grouping.
- ROA
is determined by calculating the higher of cost minus redemptions or current
market value (current shares x NAV).
Letter
of Intent (LOI)
- By
executing a LOI, shareholders can receive the sales charge and breakpoint
discounts for purchases shareholders intend to make on the PSS platform over a
13-month period, beginning from the date PSS receives the LOI. The purchase
price of the LOI is determined by calculating the higher of cost or market
value of qualifying holdings at LOI initiation in combination with the dollar
amount the shareholder intends to invest over a 13-month period to arrive at
total investment for purposes of determining any breakpoint discount and the
applicable front-end sales charge. Each purchase the shareholder makes during
that 13-month period will receive the sales charge and breakpoint discount
that applies to the projected total investment.
- Only
holdings of Fidelity Advisor®
funds on the PSS platform are eligible for inclusion in the LOI calculation
and the shareholder must notify PFSI of all eligible assets at the time of
calculation.
- Purchases
made before the LOI is received by PSS are not adjusted under the LOI, and the
LOI will not reduce any sales charge previously paid. Sales charges will be
automatically adjusted if the total purchases required by the LOI are not met.
- If
an employer maintaining a SEP IRA plan, SIMPLE IRA plan or non-IRA PDP on the
PSS platform has elected to establish or change ROA for the accounts
associated with the plan to a plan-level grouping, LOIs will also be at the
plan-level and may only be established by the employer. LOIs are not available
to PDP IRA plans on the PSS platform with plan-level grouping for purposes of
ROA but are available to any participating employee that elects
shareholder-level grouping for purposes of ROA.
Sales
Charge Waivers
Sales
charges are waived for the following shareholders and in the following
situations on the PSS platform:
- Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment.
- Shares
purchased with the proceeds of redeemed shares of the same fund family so long
as the following conditions are met: 1) the proceeds are from the sale of
shares within 90 days of the purchase, 2) the sale and purchase are made in
the same share class and the same account or the purchase is made in an
individual retirement account with proceeds from liquidations in a
non-retirement account, and 3) the redeemed shares were subject to a front-end
or deferred sales load. Automated transactions (i.e., systematic
purchases and withdrawals), full or partial transfers or rollovers of
retirement accounts, and purchases made after shares are automatically sold to
pay account maintenance fees are not eligible for this sales charge
waiver.
- Shares
exchanged into Class A shares from another share class so long as the exchange
is into the same fund and was initiated at the discretion of PFSI. PFSI is
responsible for any remaining CDSC due to the fund company, if applicable. Any
future purchases are subject to the applicable sales charge as disclosed in
the prospectus.
Raymond
James & Associates, Inc., Raymond James Financial
Services, Inc. and Each Entity's Affiliates (Raymond James)
Intermediary-Defined
Sales Charge Waiver Policies:
The
availability of certain initial or deferred sales charge waivers and discounts
may depend on the particular financial intermediary or type of account through
which you purchase or hold fund shares. Intermediaries may have different
policies and procedures regarding the availability of front-end sales load
waivers or CDSC waivers, which are discussed below. In all instances, it is the
purchaser's responsibility to notify the fund or the purchaser's financial
intermediary at the time of purchase of any relationship or other facts
qualifying the purchaser for sales charge waivers or discounts. For waivers and
discounts not available through a particular intermediary, shareholders will
have to purchase fund shares directly from the fund or through another
intermediary to receive these waivers or discounts.
Shareholders
purchasing fund shares through a Raymond James platform or account, or through
an introducing broker-dealer or independent registered investment adviser for
which Raymond James provides trade execution, clearance, and/or custody
services, will be eligible only for the following load waivers (front-end sales
charge waivers and CDSC waivers) and discounts, which may differ from those
disclosed elsewhere in a fund's prospectus or SAI.
Front-end
sales load waivers on Class A shares available at Raymond James:
- Shares
purchased in an investment advisory program.
- Shares
purchased within the same fund family through a systematic reinvestment of
capital gains and dividend distributions.
- Employees
and registered representatives of Raymond James or its affiliates and their
family members as designated by Raymond James.
- Shares
purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days following the redemption,
(2) the redemption and purchase occur in the same account, and (3) redeemed
shares were subject to a front-end or deferred sales load (known as Rights of
Reinstatement).
- A
shareholder in the fund's Class C shares will have their shares converted at
NAV to Class A shares (or the appropriate share class) of the fund if the
shares are no longer subject to a CDSC and the conversion is in line with the
policies and procedures of Raymond James.
CDSC
Waivers on Classes A, B and C shares available at Raymond James:
- Death
or disability of the shareholder.
- Shares
sold as part of a systematic withdrawal plan as described in the fund's
prospectus.
- Return
of excess contributions from an IRA Account.
- Shares
sold as part of a required minimum distribution for IRA and retirement
accounts due to the shareholder reaching the qualified age based on applicable
IRS regulations as described in the fund's prospectus.
- Shares
sold to pay Raymond James fees but only if the transaction is initiated by
Raymond James.
- Shares
acquired through a right of reinstatement.
Front-end
load discounts available at Raymond James: breakpoints, rights of accumulation,
and/or letters of intent:
- Breakpoints
as described in this prospectus.
- Rights
of accumulation which entitle shareholders to breakpoint discounts will be
automatically calculated based on the aggregated holding of fund family assets
held by accounts within the purchaser's household at Raymond James. Eligible
fund family assets not held at Raymond James may be included in the
calculation of rights of accumulation only if the shareholder notifies his or
her financial advisor about such assets.
- Letters
of intent which allow for breakpoint discounts based on anticipated purchases
within a fund family, over a 13-month time period. Eligible fund family assets
not held at Raymond James may be included in the calculation of letters of
intent only if the shareholder notifies his or her financial advisor about
such assets.
Robert
W. Baird & Co. (Baird)
Shareholders
purchasing fund shares through a Baird platform or account will only be eligible
for the following sales charge waivers (front-end sales charge waivers and CDSC
waivers) and discounts, which may differ from those disclosed elsewhere in this
prospectus or the SAI.
Front-End
Sales Charge Waivers on A-shares Available at Baird:
- Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same fund
- Shares
purchased by employees and registered representatives of Baird or its
affiliate and their family members as designated by Baird
- Shares
purchased from the proceeds of redemptions from a fund of the fund family,
provided (1) the repurchase occurs within 90 days following the redemption,
(2) the redemption and purchase occur in the same accounts, and (3) redeemed
shares were subject to a front-end or deferred sales charge (known as rights
of reinstatement)
- A
shareholder in a fund's C Shares will have their shares converted at NAV to A
shares of the fund if the shares are no longer subject to CDSC and the
conversion is in line with the policies and procedures of Baird
- Employer-sponsored
retirement plans or charitable accounts in a transactional brokerage account
at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans,
profit sharing and money purchase pension plans and defined benefit plans. For
purposes of this provision, employer-sponsored retirement plans do not include
SEP IRAs, Simple IRAs or SAR-SEPs
CDSC
Waivers on A and C shares Available at Baird:
- Shares
sold due to death or disability of the shareholder
- Shares
sold as part of a systematic withdrawal plan as described in a fund's
prospectus
- Shares
sold due to returns of excess contributions from an IRA Account
- Shares
sold as part of a required minimum distribution for IRA and retirement
accounts if the redemption is taken in or after the year the shareholder
reaches qualified age based on applicable IRS regulations
- Shares
sold to pay Baird fees but only if the transaction is initiated by
Baird
- Shares
acquired through a right of reinstatement
Front-End
Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of
Accumulations:
- Breakpoints
as described in this prospectus
- Rights
of accumulation which entitle shareholders to breakpoint discounts will be
automatically calculated based on the aggregated holding of Fidelity
Advisor®
funds held by accounts within the purchaser's household at Baird. Eligible
Fidelity Advisor®
funds not held at Baird may be included in the rights of accumulations
calculation only if the shareholder notifies his or her financial advisor
about such assets
- Letters
of Intent (LOI) allow for breakpoint discounts based on anticipated purchases
of Fidelity Advisor®
funds through Baird, over a 13-month period of time
Stifel,
Nicolaus & Company, Incorporated (Stifel)
Front-end
Sales Load Waiver on Class A Shares:
Shareholders
who purchase fund shares through a Stifel platform or account or who own shares
for which Stifel or an affiliate is the broker-dealer of record and who are
invested in Class C shares will have their shares converted at NAV to Class A
shares (or the appropriate share class) of the fund if the shares are no longer
subject to a CDSC and the conversion is in line with the policies and procedures
of Stifel.
US
Bancorp Investments, Inc. (USBI)
Front-end
Sales Load Waiver on Class A Shares:
Shareholders
who purchase fund shares through a USBI platform or account or who own shares
for which USBI or an affiliate is the broker-dealer of record, including shares
in an omnibus account, and who are invested in Class C shares will have their
shares converted at NAV to Class A shares (or the appropriate share class) of
the fund if the shares are no longer subject to a CDSC and the conversion is in
line with the policies and procedures of USBI.
IMPORTANT
INFORMATION ABOUT OPENING A NEW ACCOUNT
To
help the government fight the funding of terrorism and money laundering
activities, the Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA
PATRIOT ACT), requires all financial institutions to obtain, verify, and
record information that identifies each person or entity that opens an
account. For
individual investors opening an account: When
you open an account, you will be asked for your name, address, date of
birth, and other information that will allow Fidelity to identify you. You
may also be asked to provide documents that may help to establish your
identity, such as your driver's license. For
investors other than individuals: When
you open an account, you will be asked for the name of the entity, its
principal place of business and taxpayer identification number (TIN). You
will be asked to provide information about the entity's control person and
beneficial owners, and person(s) with authority over the account,
including name, address, date of birth and social security number. You may
also be asked to provide documents, such as drivers' licenses, articles of
incorporation, trust instruments or partnership agreements and other
information that will help Fidelity identify the
entity. |
You
can obtain additional information about the funds. A description of each fund's
policies and procedures for disclosing its holdings is available in its
Statement of Additional Information (SAI) and on Fidelity's web sites. The SAI
also includes more detailed information about each fund and its investments. The
SAI is incorporated herein by reference (legally forms a part of the
prospectus). Each fund's annual and semi-annual reports also include additional
information. Each fund's annual report includes a discussion of the fund's
holdings and recent market conditions and the fund's investment strategies that
affected performance.
For
a free copy of any of these documents or to request other information or ask
questions about a fund, call Fidelity at 1-877-208-0098. In addition, you may
visit Fidelity's web site at institutional.fidelity.com for a free copy of a
prospectus, SAI, or annual or semi-annual report or to request other
information.
The
SAI, the funds' annual and semi-annual reports and other related materials
are available from the Electronic Data Gathering, Analysis, and Retrieval
(EDGAR) Database on the SEC's web site (http://www.sec.gov). You can
obtain copies of this information, after paying a duplicating fee, by
sending a request by e-mail to [email protected] or by writing the Public
Reference Section of the SEC, Washington, D.C. 20549-1520. You can also
review and copy information about the funds, including the funds' SAI, at
the SEC's Public Reference Room in Washington, D.C. Call 1-202-551-8090
for information on the operation of the SEC's Public Reference
Room. |
Investment
Company Act of 1940, File Number(s), 811-04085 |
Fidelity
Distributors Company LLC (FDC) is a member of the Securities Investor Protection
Corporation (SIPC). You may obtain information about SIPC, including the SIPC
brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.
Fidelity,
the Fidelity Investments Logo and all other Fidelity trademarks or service marks
used herein are trademarks or service marks of FMR LLC. Any third-party marks
that are used herein are trademarks or service marks of their respective owners.
© 2023 FMR LLC. All rights reserved.
1.9881731.112 |
AMRI-PRO-0923 |