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:
|
1
year |
$ |
29 |
|
3
years |
$ |
90 |
|
5
years |
$ |
157 |
|
10
years |
$ |
356 |
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
Shares
generally are available only to 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. Plan participants may purchase shares only if shares are eligible
for sale and available through their plan.
You
may buy or sell shares in various ways:
Internet
www.401k.com
Phone
For
Individual Accounts (investing through a retirement plan sponsor or other
institution), refer to your plan materials or contact that institution
directly.
For
Retirement Plan Level Accounts:
Corporate
Clients 1-800-962-1375
"Not
for Profit" Clients 1-800-343-0860
Mail
|
Redemptions:
Fidelity
Investments
P.O.
Box 770001
Cincinnati,
OH 45277-0035 |
Overnight
Express:
Fidelity
Investments
100
Crosby Parkway
Covington,
KY 41015 |
TDD
- Service
for the Deaf and Hearing Impaired
1-800-544-0118
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.
The
price to buy one share is its net asset value per share (NAV). Shares will be
bought at the NAV next calculated after an order is received in proper
form.
The
price to sell one share is its NAV. Shares will be sold at the NAV next
calculated after an order is received in proper form.
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
by the fund to tax-advantaged retirement plan accounts are not taxable currently
(but 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. Currently, the Board of Trustees of the fund has not authorized such
payments for Class K6 shares of the fund. 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
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
generally are available only to 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. Please contact Fidelity for more information about Class K6
shares.
Investors
eligible to purchase Class K6 shares may also be eligible to purchase other
classes of shares of a fund that are not offered through this prospectus.
However, plan participants may purchase only the classes of shares that are
eligible for sale and available through their plan. Each class has different
expenses and features, as described in its prospectus, and may have higher
expenses than Class K6 shares.
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.
There
is no minimum balance or purchase minimum for fund shares.
Price
to Buy
The
price to buy one share is its NAV. Shares are sold without a sales
charge.
Shares
will be bought at the NAV next calculated after an order is received in proper
form.
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 NAV.
Each
fund may stop offering shares completely or may offer shares only on a limited
basis, for a period of time or permanently.
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 is its NAV.
Shares
will be sold at the NAV next calculated after an order is received in proper
form.
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.
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.
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 (including
Fidelity®
Investor Centers), 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.
A
fund will automatically convert your class of shares of the fund that is not
offered through this prospectus to Class K6 shares if Class K6 of the fund is
available under your plan.
A
fund may convert your Class K6 shares to another class of shares of the fund if
your plan is no longer eligible to offer Class K6. Information on the other
classes of shares of the fund can be found in that class's prospectus. Investors
will be notified in writing before any such conversion to another class of
shares of the fund.
A
conversion will be based on the respective NAVs of the two classes, without the
imposition of any fees, on the trade date of the conversion. A conversion
between share classes of the same fund is a non-taxable event.
An
exchange involves the redemption of all or a portion of the shares of one fund
and the purchase of shares of another fund.
Shares
may be exchanged into shares of any class of a Fidelity®
fund available through your plan.
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.
- 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.
- 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.
Class
K6 shares generally are not available to IRA rollover accounts. Assets from
retirement plans may be invested in other class(es) of shares of the fund
through an IRA rollover, including class(es) of shares not offered in this
prospectus. Each class of each fund has different expenses and features and may
have higher expenses than Class K6 shares. Information on the other class(es) of
shares of each fund, including any class expenses and features, can be found in
the applicable class's prospectus.
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 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 reinvestment
of distributions in the fund).
- Monthly
or quarterly account statements (detailing fund balances and all transactions
completed during the prior month or quarter).
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 |
Any
dividends and capital gain distributions paid to retirement plan participants
will be automatically reinvested.
Taxes
on Distributions
Distributions
by a fund to tax-advantaged retirement plan accounts are not taxable currently
(but you may be taxed later, upon withdrawal of your investment from such
account).
Taxes
on Transactions
Exchanges
within a tax-advantaged retirement plan account will not result in a capital
gain or loss for federal tax purposes. Please consult your tax advisor regarding
the tax treatment of distributions from a tax-advantaged retirement plan
account.
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. Such fee is subject to the expense contract arrangements discussed in
greater detail under "Management Contracts - Management-Related Expenses" in the
SAI. 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
net management fee, as a percentage of each class's average net assets, for the
fiscal year ended July 31, 2023, for each fund, after taking into effect an
expense contract for the class, is shown in the following table:
|
Fund |
Class
K6 |
|
Fidelity
Managed Retirement Income Fund℠ |
0.25% |
|
Fidelity
Managed Retirement 2010 Fund℠ |
0.26% |
|
Fidelity
Managed Retirement 2015 Fund℠ |
0.26% |
|
Fidelity
Managed Retirement 2020 Fund℠ |
0.27% |
|
Fidelity
Managed Retirement 2025 Fund℠ |
0.28% |
|
Fidelity
Managed Retirement 2030 Fund℠ |
0.28% |
|
Fidelity
Managed Retirement 2035 Fund℠ |
0.28% |
Effective
August 1, 2023, the net management fee, as a percentage of each class's average
net assets, for each fund, after taking into effect an expense contract for the
class, is set forth in the table below:
|
Fund |
Class
K6 |
|
Fidelity
Managed Retirement Income Fund℠ |
0.25% |
|
Fidelity
Managed Retirement 2010 Fund℠ |
0.25% |
|
Fidelity
Managed Retirement 2015 Fund℠ |
0.26% |
|
Fidelity
Managed Retirement 2020 Fund℠ |
0.27% |
|
Fidelity
Managed Retirement 2025 Fund℠ |
0.27% |
|
Fidelity
Managed Retirement 2030 Fund℠ |
0.28% |
|
Fidelity
Managed Retirement 2035 Fund℠ |
0.28% |
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 K6 shares.
Intermediaries
may receive from the Adviser, FDC, and/or their affiliates compensation for
providing recordkeeping and administrative services, as well as other retirement
plan expenses, and compensation for services intended to result in the sale of
Class K6 shares.
These
payments are described in more detail in this section and in the
SAI.
Distribution
and Service Plan(s)
Class
K6 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 K6, 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 K6
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 not authorized such payments
for Class K6.
If
payments made by the Adviser to FDC or to intermediaries under a Distribution
and Service Plan were considered to be paid out of a class'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.
From
time to time, FDC may offer special promotional programs to investors who
purchase shares of Fidelity® funds. For example, FDC may offer merchandise,
discounts, vouchers, or similar items to investors who purchase shares of
certain Fidelity® funds during certain periods. To determine if you qualify for
any such programs, contact Fidelity or visit our web site at
www.fidelity.com.
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
Managed Retirement Income Fund℠ Class K6 |
|
|
|
Years
ended July 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 A |
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
56.60 |
$ |
63.55 |
$ |
60.42 |
$ |
57.81 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
Net
investment income (loss) B,C |
|
2.164
|
|
1.583
|
|
.588
|
|
.941
|
|
Net
realized and unrealized gain (loss) |
|
(1.959)
|
|
(6.174)
|
|
4.005
|
|
3.151
|
|
Total
from investment operations |
|
.205
|
|
(4.591)
|
|
4.593
|
|
4.092
|
|
Distributions
from net investment income |
|
(2.110)
|
|
(1.524)
|
|
(.554)
|
|
(1.048)
|
|
Distributions
from net realized gain |
|
(.635)
|
|
(.835)
|
|
(.909)
|
|
(.434)
|
|
Total
distributions |
|
(2.745)
|
|
(2.359)
|
|
(1.463)
|
|
(1.482)
|
|
Net
asset value, end of period |
$ |
54.06 |
$ |
56.60 |
$ |
63.55 |
$ |
60.42 |
|
Total
Return D |
|
.57%
|
|
(7.48)%
|
|
7.69%
|
|
7.20%
|
|
Ratios
to Average Net Assets C,E,F |
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.25%
|
|
.25%
|
|
.25%
|
|
.25%
|
|
Expenses
net of fee waivers, if any |
|
.25%
|
|
.25%
|
|
.25%
|
|
.25%
|
|
Expenses
net of all reductions |
|
.25%
|
|
.25%
|
|
.25%
|
|
.25%
|
|
Net
investment income (loss) |
|
4.05%
|
|
2.65%
|
|
.95%
|
|
1.62%
|
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
494 |
$ |
711 |
$ |
539 |
$ |
434 |
|
Portfolio
turnover rate G |
|
25%
|
|
64%
|
|
31%
|
|
62%
H |
AFor
the period August 1, 2019 (commencement of sale of shares) 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.
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
Managed Retirement 2010 Fund℠ Class K6 |
|
|
|
Years
ended July 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 A |
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
54.10 |
$ |
62.46 |
$ |
58.82 |
$ |
56.39 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
Net
investment income (loss) B,C |
|
2.000
|
|
1.503
|
|
.615
|
|
1.029
|
|
Net
realized and unrealized gain (loss) |
|
(1.650)
|
|
(6.145)
|
|
5.120
|
|
3.191
|
|
Total
from investment operations |
|
.350
|
|
(4.642)
|
|
5.735
|
|
4.220
|
|
Distributions
from net investment income |
|
(1.960)
|
|
(1.492)
|
|
(.626)
|
|
(1.071)
|
|
Distributions
from net realized gain |
|
(.870)
|
|
(2.226)
|
|
(1.469)
|
|
(.719)
|
|
Total
distributions |
|
(2.830)
|
|
(3.718)
|
|
(2.095)
|
|
(1.790)
|
|
Net
asset value, end of period |
$ |
51.62 |
$ |
54.10 |
$ |
62.46 |
$ |
58.82 |
|
Total
Return D,E |
|
.90%
|
|
(7.90)%
|
|
9.94%
|
|
7.64%
|
|
Ratios
to Average Net Assets C,F,G |
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.26%
|
|
.26%
|
|
.26%
|
|
.26%
|
|
Expenses
net of fee waivers, if any |
|
.26%
|
|
.26%
|
|
.26%
|
|
.26%
|
|
Expenses
net of all reductions |
|
.26%
|
|
.26%
|
|
.26%
|
|
.26%
|
|
Net
investment income (loss) |
|
3.93%
|
|
2.65%
|
|
1.01%
|
|
1.82%
|
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
290 |
$ |
337 |
$ |
174 |
$ |
160 |
|
Portfolio
turnover rate H |
|
22%
|
|
54%
|
|
41%
|
|
45%
|
AFor
the period August 1, 2019 (commencement of sale of shares) 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 would have been lower if certain expenses had not been reduced during
the applicable periods shown.
ETotal
returns for periods of less than one year are not annualized.
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.
HAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
|
Fidelity
Managed Retirement 2015 Fund℠ Class K6 |
|
|
|
Years
ended July 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 A |
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
52.46 |
$ |
60.56 |
$ |
55.53 |
$ |
53.08 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
Net
investment income (loss) B,C |
|
1.920
|
|
1.434
|
|
.597
|
|
.932
|
|
Net
realized and unrealized gain (loss) |
|
(1.181)
|
|
(6.334)
|
|
6.391
|
|
3.274
|
|
Total
from investment operations |
|
.739
|
|
(4.900)
|
|
6.988
|
|
4.206
|
|
Distributions
from net investment income |
|
(1.849)
|
|
(1.471)
|
|
(.607)
|
|
(.971)
|
|
Distributions
from net realized gain |
|
(.800)
|
|
(1.729)
|
|
(1.351)
|
|
(.785)
|
|
Total
distributions |
|
(2.649)
|
|
(3.200)
|
|
(1.958)
|
|
(1.756)
|
|
Net
asset value, end of period |
$ |
50.55 |
$ |
52.46 |
$ |
60.56 |
$ |
55.53 |
|
Total
Return D,E |
|
1.70%
|
|
(8.54)%
|
|
12.82%
|
|
8.09%
|
|
Ratios
to Average Net Assets C,F,G |
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.26%
|
|
.26%
|
|
.27%
|
|
.27%
|
|
Expenses
net of fee waivers, if any |
|
.26%
|
|
.26%
|
|
.27%
|
|
.27%
|
|
Expenses
net of all reductions |
|
.25%
|
|
.26%
|
|
.27%
|
|
.27%
|
|
Net
investment income (loss) |
|
3.85%
|
|
2.65%
|
|
1.03%
|
|
1.75%
|
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
162 |
$ |
837 |
$ |
204 |
$ |
112 |
|
Portfolio
turnover rate H |
|
23%
|
|
60%
|
|
32%
|
|
61%
|
AFor
the period August 1, 2019 (commencement of sale of shares) 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 would have been lower if certain expenses had not been reduced during
the applicable periods shown.
ETotal
returns for periods of less than one year are not annualized.
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.
HAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
|
Fidelity
Managed Retirement 2020 Fund℠ Class K6 |
|
|
|
Years
ended July 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 A |
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
51.85 |
$ |
59.93 |
$ |
53.82 |
$ |
51.28 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
Net
investment income (loss) B,C |
|
1.856
|
|
1.458
|
|
.584
|
|
.869
|
|
Net
realized and unrealized gain (loss) |
|
(.707)
|
|
(6.709)
|
|
7.661
|
|
3.369
|
|
Total
from investment operations |
|
1.149
|
|
(5.251)
|
|
8.245
|
|
4.238
|
|
Distributions
from net investment income |
|
(1.815)
|
|
(1.477)
|
|
(.613)
|
|
(.961)
|
|
Distributions
from net realized gain |
|
(.174)
|
|
(1.352)
|
|
(1.522)
|
|
(.737)
|
|
Total
distributions |
|
(1.989)
|
|
(2.829)
|
|
(2.135)
|
|
(1.698)
|
|
Net
asset value, end of period |
$ |
51.01 |
$ |
51.85 |
$ |
59.93 |
$ |
53.82 |
|
Total
Return D,E |
|
2.50%
|
|
(9.21)%
|
|
15.65%
|
|
8.42%
|
|
Ratios
to Average Net Assets C,F,G |
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.27%
|
|
.27%
|
|
.27%
|
|
.27%
|
|
Expenses
net of fee waivers, if any |
|
.27%
|
|
.27%
|
|
.27%
|
|
.27%
|
|
Expenses
net of all reductions |
|
.27%
|
|
.27%
|
|
.27%
|
|
.27%
|
|
Net
investment income (loss) |
|
3.75%
|
|
2.67%
|
|
1.02%
|
|
1.71%
|
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
741 |
$ |
1,110 |
$ |
628 |
$ |
406 |
|
Portfolio
turnover rate H |
|
28%
|
|
67%
|
|
35%
|
|
69%
|
AFor
the period August 1, 2019 (commencement of sale of shares) through July 31,
2020.
