UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-4085
Fidelity Income Fund
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Marc Bryant, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | July 31 |
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Date of reporting period: | July 31, 2018 |
This report on Form N-CSR relates solely to the Registrant’s to Fidelity Managed Retirement 2005 Fund, Fidelity Managed Retirement 2010 Fund, Fidelity Managed Retirement 2015 Fund, Fidelity Managed Retirement 2020 Fund, Fidelity Managed Retirement 2025 Fund, Fidelity Managed Retirement Income Fund, Fidelity Simplicity RMD 2005 Fund, Fidelity Simplicity RMD 2010 Fund, Fidelity Simplicity RMD 2015 Fund, Fidelity Simplicity RMD 2020 Fund and Fidelity Simplicity RMD Income Fund series (each, a “Fund” and collectively, the “Funds”).
Item 1.
Reports to Stockholders
Fidelity Advisor Managed Retirement Income Fund℠ Annual Report July 31, 2018 Each Class A, Class M, Class C and Class I are classes of Fidelity Managed Retirement Funds℠ |
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Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Fidelity Managed Retirement Income Fund℠
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended July 31, 2018 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | (3.53)% | 2.80% | 4.11% |
Class M (incl. 3.50% sales charge) | (1.48)% | 3.03% | 4.10% |
Class C (incl. contingent deferred sales charge) | 0.64% | 3.25% | 3.94% |
Class I | 2.62% | 4.29% | 4.99% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Managed Retirement Income Fund℠ - Class A on July 31, 2008, and the current 5.75% sales charge was paid.
The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays U.S. Aggregate Bond Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-18-005014/img405575569_740.jpg)
Period Ending Values | ||
$14,960 | Fidelity Advisor Managed Retirement Income Fund℠ - Class A | |
$14,424 | Bloomberg Barclays U.S. Aggregate Bond Index |
Fidelity Managed Retirement 2005 Fund℠
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended July 31, 2018 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | (3.20)% | 3.73% | 4.77% |
Class M (incl. 3.50% sales charge) | (1.12)% | 3.96% | 4.76% |
Class C (incl. contingent deferred sales charge) | 1.04% | 4.19% | 4.61% |
Class I | 2.99% | 5.23% | 5.66% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Managed Retirement 2005 Fund℠ - Class A on July 31, 2008, and the current 5.75% sales charge was paid.
The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays U.S. Aggregate Bond Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-18-005014/img405575654_740.jpg)
Period Ending Values | ||
$15,935 | Fidelity Advisor Managed Retirement 2005 Fund℠ - Class A | |
$14,424 | Bloomberg Barclays U.S. Aggregate Bond Index |
Fidelity Managed Retirement 2010 Fund℠
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended July 31, 2018 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | (2.36)% | 4.37% | 5.20% |
Class M (incl. 3.50% sales charge) | (0.28)% | 4.61% | 5.18% |
Class C (incl. contingent deferred sales charge) | 1.93% | 4.83% | 5.03% |
Class I | 3.86% | 5.88% | 6.09% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Managed Retirement 2010 Fund℠ - Class A on July 31, 2008, and the current 5.75% sales charge was paid.
The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays U.S. Aggregate Bond Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-18-005014/img405575399_740.jpg)
Period Ending Values | ||
$16,595 | Fidelity Advisor Managed Retirement 2010 Fund℠ - Class A | |
$14,424 | Bloomberg Barclays U.S. Aggregate Bond Index |
Fidelity Managed Retirement 2015 Fund℠
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended July 31, 2018 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | (1.55)% | 4.84% | 5.45% |
Class M (incl. 3.50% sales charge) | 0.56% | 5.07% | 5.43% |
Class C (incl. contingent deferred sales charge) | 2.84% | 5.29% | 5.28% |
Class I | 4.73% | 6.35% | 6.34% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Managed Retirement 2015 Fund℠ - Class A on July 31, 2008, and the current 5.75% sales charge was paid.
The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays U.S. Aggregate Bond Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-18-005014/img405579564_740.jpg)
Period Ending Values | ||
$16,995 | Fidelity Advisor Managed Retirement 2015 Fund℠ - Class A | |
$14,424 | Bloomberg Barclays U.S. Aggregate Bond Index |
Fidelity Managed Retirement 2020 Fund℠
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended July 31, 2018 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | (0.76)% | 5.23% | 5.69% |
Class M (incl. 3.50% sales charge) | 1.38% | 5.47% | 5.68% |
Class C (incl. contingent deferred sales charge) | 3.68% | 5.69% | 5.53% |
Class I | 5.58% | 6.75% | 6.59% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Managed Retirement 2020 Fund℠ - Class A on July 31, 2008, and the current 5.75% sales charge was paid.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index and the Bloomberg Barclays U.S. Aggregate Bond Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-18-005014/img405578119_740.jpg)
Period Ending Values | ||
$17,397 | Fidelity Advisor Managed Retirement 2020 Fund℠ - Class A | |
$14,424 | Bloomberg Barclays U.S. Aggregate Bond Index | |
$27,551 | S&P 500® Index |
Going forward, the fund’s performance will be compared to the Bloomberg Barclays U.S. Aggregate Bond Index, rather than the S&P 500® Index. The Bloomberg Barclays U.S. Aggregate Bond Index more closely represents the fund’s investment strategy, as fixed-income and short-term funds currently represent the majority of the fund’s assets.
Fidelity Managed Retirement 2025 Fund℠
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended July 31, 2018 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | (0.34)% | 5.59% | 6.05% |
Class M (incl. 3.50% sales charge) | 1.80% | 5.82% | 6.04% |
Class C (incl. contingent deferred sales charge) | 4.12% | 6.05% | 5.88% |
Class I | 6.03% | 7.12% | 6.95% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Managed Retirement 2025 Fund℠ - Class A on July 31, 2008, and the current 5.75% sales charge was paid.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-18-005014/img405577779_740.jpg)
Period Ending Values | ||
$17,992 | Fidelity Advisor Managed Retirement 2025 Fund℠ - Class A | |
$27,551 | S&P 500® Index |
Management's Discussion of Fund Performance
Market Recap: Steady global economic expansion, along with increased concerns about trade protectionism, rising interest rates and higher volatility set the backdrop for global securities markets for much of the 12 months ending July 31, 2018. The U.S. equity bellwether S&P 500® index gained 16.24%, despite a resurgence in volatility. Stocks maintained their steady growth until a sharp reversal in February, as volatility spiked amid fear that rising inflation would prompt the U.S. Federal Reserve to pick up the pace of interest rate hikes. The index posted its first negative monthly result since October 2016, and then lost further ground in March on fear of a global trade war.The U.S. equity market stabilized in April and trended upward through July, boosted by strong corporate earnings that helped the S&P 500 rise 3.72% that month to cap the period. By sector, information technology (+28%) led the way, boosted by strong earnings growth, while consumer discretionary rose roughly 24%. Energy (+20%) gained alongside higher oil prices. Laggards were telecommunication services (-2%), consumer staples (0%) and utilities (+3%).
Looking abroad, the MSCI ACWI (All Country World Index) ex USA Index returned 6.13% for the 12 months. Manufacturing and export activity – plus a generally weak U.S. dollar – underpinned markets early on, as international stocks rose roughly 14% through the end of January. But the index reversed sharply in February and went on to return about -7% for the second half of the period, with much of the loss tied to foreign exchange as the dollar rebounded. For the full 12 months, Japan returned +9%, outperforming the rest of the Asia-Pacific region (+6%). Crude-oil commodity-price strength buoyed Canada (+8%). Europe (5%) lagged the index, while emerging markets posted a similarly moderate gain.
In U.S. fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index returned -0.80% this period. Global monetary policy tightened, with the Fed raising policy rates by a quarter percentage point in March and June. The Bank of England signaled a potential rate increase in coming months, and the European Central Bank made plans to end its bond-buying program. Sector performance was in a fairly tight range, with asset-backed securities eking out a gain, while most other index categories modestly declined.Comments from Co-Portfolio Managers Andrew Dierdorf and Brett Sumsion: For the fiscal year, returns for Fidelity Managed Retirement Funds’ share classes (excluding sales charges, if applicable) ranged from about 2.5% to about 6%, with performance trending higher along the vintage spectrum (i.e., horizon date). Funds with shorter-term horizons – those with more exposure to fixed-income and short-term securities and lower equity exposure – generated lower single-digit returns during the past year. Funds with longer time horizons – those that invest in a greater percentage of equities and less fixed-income and short-term exposure – generated increasingly higher single-digit returns. Versus Composites, each Fidelity Managed Retirement Fund underperformed this period. The Funds’ underweighting in U.S. equities was the biggest relative detractor. Performance among underlying U.S. equity fund investments also held back Fidelity Managed Retirement Funds’ relative results this period. Value and income-oriented fund strategies generally underperformed growth-oriented investments, due largely to a market environment that favored highly priced growth stocks over value stocks. Conversely, the Funds’ overweighting in non-U.S. equities added value relative to Composites. In addition, the Funds benefited from fixed-income positioning. In particular, outperformance and an underweighting in investment-grade debt was helpful.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report 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 Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Notes to Shareholders: At its May 2018 meeting, the Board of Trustees approved incremental updates to the strategic asset allocation (i.e., glide path) of Fidelity Managed Retirement Funds, adding U.S. Treasury Inflation-Protected Securities and long-term U.S. Treasury bonds as fixed exposures in the Funds’ bond allocations, while reducing the equity and short-term debt allocations for shorter-dated Portfolios. These glide path updates are expected to be fully implemented by the end of 2018.The Funds’ short-term benchmark changed from Bloomberg Barclays 3-Month Treasury Bellwether to the Bloomberg Barclays U.S. 3-6 Month Treasury Index. The new index has a similar risk/return profile but increased relative liquidity.
Fidelity Managed Retirement Income Fund℠
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.Top Holdings as of July 31, 2018
% of fund's net assets | |
Fidelity Series Investment Grade Bond Fund | 37.2 |
Fidelity Series Government Money Market Fund 1.98% | 20.2 |
Fidelity Series Inflation-Protected Bond Index Fund | 10.5 |
Fidelity Series Short-Term Credit Fund | 5.1 |
Fidelity Series Long-Term Treasury Bond Index Fund | 3.5 |
Fidelity Series Emerging Markets Opportunities Fund | 3.1 |
Fidelity Series International Value Fund | 2.3 |
Fidelity Series International Growth Fund | 2.2 |
Fidelity Series Commodity Strategy Fund | 2.0 |
Fidelity Series Intrinsic Opportunities Fund | 1.8 |
87.9 |
Asset Allocation (% of fund's net assets)
Period end | ||
Domestic Equity Funds | 12.5% | |
International Equity Funds | 8.3% | |
Bond Funds | 53.9% | |
Short-Term Funds | 25.3% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Managed Retirement Income Fund℠
Schedule of Investments July 31, 2018
Showing Percentage of Net Assets
Domestic Equity Funds - 12.5% | |||
Shares | Value | ||
Fidelity Series 100 Index Fund (a) | 20 | $363 | |
Fidelity Series All-Sector Equity Fund (a) | 3,730 | 49,054 | |
Fidelity Series Blue Chip Growth Fund (a) | 3,260 | 51,872 | |
Fidelity Series Commodity Strategy Fund (a) | 26,447 | 140,965 | |
Fidelity Series Growth & Income Fund (a) | 6,851 | 112,022 | |
Fidelity Series Growth Company Fund (a) | 5,557 | 104,920 | |
Fidelity Series Intrinsic Opportunities Fund (a) | 6,626 | 124,494 | |
Fidelity Series Large Cap Value Index Fund (a) | 2,409 | 31,263 | |
Fidelity Series Opportunistic Insights Fund (a) | 2,978 | 56,495 | |
Fidelity Series Small Cap Discovery Fund (a) | 1,250 | 15,239 | |
Fidelity Series Small Cap Opportunities Fund (a) | 3,029 | 46,830 | |
Fidelity Series Stock Selector Large Cap Value Fund (a) | 6,567 | 85,509 | |
Fidelity Series Value Discovery Fund (a) | 4,467 | 60,488 | |
TOTAL DOMESTIC EQUITY FUNDS | |||
(Cost $798,302) | 879,514 | ||
International Equity Funds - 8.3% | |||
Fidelity Series Canada Fund (a) | 1,484 | 16,098 | |
Fidelity Series Emerging Markets Opportunities Fund (a) | 10,696 | 216,061 | |
Fidelity Series International Growth Fund (a) | 9,684 | 158,436 | |
Fidelity Series International Small Cap Fund (a) | 2,100 | 37,953 | |
Fidelity Series International Value Fund (a) | 15,068 | 158,963 | |
TOTAL INTERNATIONAL EQUITY FUNDS | |||
(Cost $555,368) | 587,511 | ||
Bond Funds - 53.9% | |||
Fidelity Series Emerging Markets Debt Fund (a) | 4,217 | 40,866 | |
Fidelity Series Floating Rate High Income Fund (a) | 1,861 | 17,678 | |
Fidelity Series High Income Fund (a) | 9,633 | 92,089 | |
Fidelity Series Inflation-Protected Bond Index Fund (a) | 76,196 | 740,627 | |
Fidelity Series International Credit Fund (a) | 508 | 4,998 | |
Fidelity Series Investment Grade Bond Fund (a) | 239,887 | 2,621,965 | |
Fidelity Series Long-Term Treasury Bond Index Fund (a) | 29,862 | 251,140 | |
Fidelity Series Real Estate Income Fund (a) | 3,029 | 33,223 | |
TOTAL BOND FUNDS | |||
(Cost $3,902,679) | 3,802,586 | ||
Short-Term Funds - 25.3% | |||
Fidelity Series Government Money Market Fund 1.98% (a)(b) | 1,425,208 | 1,425,208 | |
Fidelity Series Short-Term Credit Fund (a) | 36,148 | 356,417 | |
TOTAL SHORT-TERM FUNDS | |||
(Cost $1,786,400) | 1,781,625 | ||
TOTAL INVESTMENT IN SECURITIES - 100.0% | |||
(Cost $7,042,749) | 7,051,236 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (2,834) | ||
NET ASSETS - 100% | $7,048,402 |
Legend
(a) Affiliated Fund
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds, excluding any Money Market Central Funds, is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur.
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Fidelity Series 100 Index Fund | $53,599 | $1,023 | $58,733 | $1,021 | $26,729 | $(22,255) | $363 |
Fidelity Series All-Sector Equity Fund | 100,754 | 13,782 | 65,586 | 12,758 | 1,106 | (1,002) | 49,054 |
Fidelity Series Blue Chip Growth Fund | 102,044 | 12,076 | 72,552 | 11,078 | 5,731 | 4,573 | 51,872 |
Fidelity Series Canada Fund | -- | 32,476 | 17,211 | 319 | 246 | 587 | 16,098 |
Fidelity Series Commodity Strategy Fund | 234,136 | 15,040 | 115,650 | 1,217 | 6,652 | 787 | 140,965 |
Fidelity Series Emerging Markets Debt Fund | 67,678 | 4,745 | 27,639 | 4,245 | (1,305) | (2,613) | 40,866 |
Fidelity Series Emerging Markets Opportunities Fund | 535,409 | 31,953 | 374,623 | 10,339 | 41,918 | (18,596) | 216,061 |
Fidelity Series Floating Rate High Income Fund | 28,257 | 1,297 | 11,767 | 1,296 | (24) | (85) | 17,678 |
Fidelity Series Government Money Market Fund 1.98% | 2,226,650 | 544,612 | 1,346,054 | 31,460 | -- | -- | 1,425,208 |
Fidelity Series Growth & Income Fund | 235,591 | 15,670 | 153,180 | 12,771 | 9,564 | 4,377 | 112,022 |
Fidelity Series Growth Company Fund | 202,742 | 18,294 | 141,395 | 17,815 | 17,817 | 7,462 | 104,920 |
Fidelity Series High Income Fund | 169,753 | 9,469 | 84,146 | 9,465 | (1,193) | (1,794) | 92,089 |
Fidelity Series Inflation-Protected Bond Index Fund | 430,047 | 498,072 | 179,332 | 8,763 | (3,427) | (4,733) | 740,627 |
Fidelity Series International Credit Fund | 5,663 | 174 | 741 | 137 | (8) | (53) | 4,998 |
Fidelity Series International Growth Fund | 327,958 | 8,907 | 195,095 | 8,894 | 12,015 | 4,651 | 158,436 |
Fidelity Series International Small Cap Fund | 75,432 | 4,212 | 45,266 | 4,206 | 3,748 | (173) | 37,953 |
Fidelity Series International Value Fund | 331,860 | 13,224 | 190,473 | 8,881 | 9,150 | (4,798) | 158,963 |
Fidelity Series Intrinsic Opportunities Fund | 240,891 | 11,102 | 145,595 | 11,098 | 11,555 | 6,541 | 124,494 |
Fidelity Series Investment Grade Bond Fund | 4,250,329 | 267,513 | 1,759,803 | 116,257 | (45,517) | (90,557) | 2,621,965 |
Fidelity Series Large Cap Value Index Fund | 65,482 | 3,682 | 40,533 | 2,470 | 2,156 | 476 | 31,263 |
Fidelity Series Long-Term Treasury Bond Index Fund | 106,209 | 292,015 | 136,622 | 5,013 | (5,561) | (4,901) | 251,140 |
Fidelity Series Opportunistic Insights Fund | 112,951 | 13,945 | 77,893 | 13,636 | 6,007 | 1,485 | 56,495 |
Fidelity Series Real Estate Equity Fund | 20,423 | 1,829 | 20,687 | 1,074 | (1,119) | (446) | -- |
Fidelity Series Real Estate Income Fund | 53,628 | 3,196 | 21,657 | 3,193 | (738) | (1,206) | 33,223 |
Fidelity Series Short-Term Credit Fund | 947,882 | 47,061 | 629,588 | 12,556 | (4,162) | (4,776) | 356,417 |
Fidelity Series Small Cap Discovery Fund | 30,163 | 1,310 | 17,850 | 1,249 | 1,424 | 192 | 15,239 |
Fidelity Series Small Cap Opportunities Fund | 91,011 | 9,593 | 58,809 | 9,529 | 4,512 | 523 | 46,830 |
Fidelity Series Stock Selector Large Cap Value Fund | 176,654 | 15,152 | 105,422 | 12,707 | 1,818 | (2,693) | 85,509 |
Fidelity Series Value Discovery Fund | 124,457 | 9,654 | 74,693 | 6,305 | 1,477 | (407) | 60,488 |
Total | $11,347,653 | $1,901,078 | $6,168,595 | $339,752 | $100,571 | $(129,434) | $7,051,236 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement Income Fund℠
Financial Statements
Statement of Assets and Liabilities
July 31, 2018 | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: | ||
Affiliated issuers (cost $7,042,749) | $7,051,236 | |
Total Investment in Securities (cost $7,042,749) | $7,051,236 | |
Cash | 1 | |
Receivable for investments sold | 345,076 | |
Total assets | 7,396,313 | |
Liabilities | ||
Payable for investments purchased | $344,323 | |
Payable for fund shares redeemed | 753 | |
Accrued management fee | 2,739 | |
Distribution and service plan fees payable | 96 | |
Total liabilities | 347,911 | |
Net Assets | $7,048,402 | |
Net Assets consist of: | ||
Paid in capital | $6,926,673 | |
Undistributed net investment income | 11,925 | |
Accumulated undistributed net realized gain (loss) on investments | 101,317 | |
Net unrealized appreciation (depreciation) on investments | 8,487 | |
Net Assets | $7,048,402 | |
Calculation of Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($147,063 ÷ 2,555.42 shares) | $57.55 | |
Maximum offering price per share (100/94.25 of $57.55) | $61.06 | |
Class M: | ||
Net Asset Value and redemption price per share ($54,845 ÷ 952.42 shares) | $57.58 | |
Maximum offering price per share (100/96.50 of $57.58) | $59.67 | |
Class C: | ||
Net Asset Value and offering price per share ($50,909 ÷ 887.53 shares)(a) | $57.36 | |
Fidelity Managed Retirement Income: | ||
Net Asset Value, offering price and redemption price per share ($6,734,095 ÷ 117,043.27 shares) | $57.54 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($61,490 ÷ 1,069.08 shares) | $57.52 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended July 31, 2018 | ||
Investment Income | ||
Dividends: | ||
Affiliated issuers | $220,606 | |
Expenses | ||
Management fee | $46,202 | |
Distribution and service plan fees | 1,333 | |
Independent trustees' fees and expenses | 41 | |
Total expenses before reductions | 47,576 | |
Expense reductions | (178) | |
Total expenses after reductions | 47,398 | |
Net investment income (loss) | 173,208 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Affiliated issuers | 100,571 | |
Capital gain distributions from underlying funds: | ||
Affiliated issuers | 119,146 | |
Total net realized gain (loss) | 219,717 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Affiliated issuers | (129,434) | |
Total change in net unrealized appreciation (depreciation) | (129,434) | |
Net gain (loss) | 90,283 | |
Net increase (decrease) in net assets resulting from operations | $263,491 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended July 31, 2018 | Year ended July 31, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $173,208 | $195,011 |
Net realized gain (loss) | 219,717 | 879,557 |
Change in net unrealized appreciation (depreciation) | (129,434) | (466,546) |
Net increase (decrease) in net assets resulting from operations | 263,491 | 608,022 |
Distributions to shareholders from net investment income | (174,936) | (184,761) |
Distributions to shareholders from net realized gain | (724,656) | (14,929) |
Total distributions | (899,592) | (199,690) |
Share transactions - net increase (decrease) | (3,658,643) | (2,860,773) |
Total increase (decrease) in net assets | (4,294,744) | (2,452,441) |
Net Assets | ||
Beginning of period | 11,343,146 | 13,795,587 |
End of period | $7,048,402 | $11,343,146 |
Other Information | ||
Undistributed net investment income end of period | $11,925 | $13,918 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Managed Retirement Income Fund Class A
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $61.00 | $59.02 | $58.61 | $57.41 | $54.16 |
Income from Investment Operations | |||||
Net investment income (loss)A | .884 | .756 | .758 | .686 | .708 |
Net realized and unrealized gain (loss) | .494 | 2.008 | .457 | 1.311 | 3.351 |
Total from investment operations | 1.378 | 2.764 | 1.215 | 1.997 | 4.059 |
Distributions from net investment income | (.853) | (.717) | (.754) | (.658) | (.686) |
Distributions from net realized gain | (3.975) | (.067) | (.051) | (.139) | (.123) |
Total distributions | (4.828) | (.784) | (.805) | (.797) | (.809) |
Net asset value, end of period | $57.55 | $61.00 | $59.02 | $58.61 | $57.41 |
Total ReturnB,C | 2.35% | 4.73% | 2.12% | 3.50% | 7.54% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .71%F | .32% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .71%F | .32% | .25% | .25% | .25% |
Expenses net of all reductions | .71%F | .32% | .25% | .25% | .25% |
Net investment income (loss) | 1.51% | 1.27% | 1.32% | 1.18% | 1.26% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $147 | $287 | $293 | $432 | $419 |
Portfolio turnover rateD | 19% | 111% | 47% | 33% | 26% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
F On certain classes, the size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement Income Fund Class M
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $61.04 | $59.07 | $58.67 | $57.46 | $54.24 |
Income from Investment Operations | |||||
Net investment income (loss)A | .734 | .608 | .615 | .540 | .581 |
Net realized and unrealized gain (loss) | .499 | 2.008 | .450 | 1.318 | 3.339 |
Total from investment operations | 1.233 | 2.616 | 1.065 | 1.858 | 3.920 |
Distributions from net investment income | (.718) | (.579) | (.614) | (.509) | (.577) |
Distributions from net realized gain | (3.975) | (.067) | (.051) | (.139) | (.123) |
Total distributions | (4.693) | (.646) | (.665) | (.648) | (.700) |
Net asset value, end of period | $57.58 | $61.04 | $59.07 | $58.67 | $57.46 |
Total ReturnB,C | 2.10% | 4.47% | 1.86% | 3.25% | 7.26% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .97% | .57% | .50% | .50% | .49%F |
Expenses net of fee waivers, if any | .97% | .57% | .50% | .50% | .49%F |
Expenses net of all reductions | .96% | .57% | .50% | .50% | .49%F |
Net investment income (loss) | 1.26% | 1.02% | 1.07% | .93% | 1.02% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $55 | $82 | $86 | $90 | $26 |
Portfolio turnover rateD | 19% | 111% | 47% | 33% | 26% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
F On certain classes, the size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement Income Fund Class C
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $60.85 | $58.91 | $58.53 | $57.34 | $54.13 |
Income from Investment Operations | |||||
Net investment income (loss)A | .439 | .310 | .328 | .245 | .293 |
Net realized and unrealized gain (loss) | .497 | 2.009 | .435 | 1.323 | 3.354 |
Total from investment operations | .936 | 2.319 | .763 | 1.568 | 3.647 |
Distributions from net investment income | (.451) | (.312) | (.332) | (.239) | (.314) |
Distributions from net realized gain | (3.975) | (.067) | (.051) | (.139) | (.123) |
Total distributions | (4.426) | (.379) | (.383) | (.378) | (.437) |
Net asset value, end of period | $57.36 | $60.85 | $58.91 | $58.53 | $57.34 |
Total ReturnB,C | 1.59% | 3.96% | 1.34% | 2.72% | 6.76% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.47% | 1.07% | 1.00% | 1.01%F | .99%F |
Expenses net of fee waivers, if any | 1.47% | 1.07% | 1.00% | 1.01%F | .99%F |
Expenses net of all reductions | 1.46% | 1.07% | 1.00% | 1.01%F | .99%F |
Net investment income (loss) | .76% | .52% | .57% | .42% | .52% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $51 | $52 | $58 | $60 | $325 |
Portfolio turnover rateD | 19% | 111% | 47% | 33% | 26% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the contingent deferred sales charge.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
F On certain classes, the size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement Income Fund
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $61.00 | $59.01 | $58.61 | $57.41 | $54.15 |
Income from Investment Operations | |||||
Net investment income (loss)A | 1.024 | .905 | .901 | .831 | .851 |
Net realized and unrealized gain (loss) | .512 | 2.003 | .452 | 1.313 | 3.358 |
Total from investment operations | 1.536 | 2.908 | 1.353 | 2.144 | 4.209 |
Distributions from net investment income | (1.021) | (.851) | (.902) | (.805) | (.826) |
Distributions from net realized gain | (3.975) | (.067) | (.051) | (.139) | (.123) |
Total distributions | (4.996) | (.918) | (.953) | (.944) | (.949) |
Net asset value, end of period | $57.54 | $61.00 | $59.01 | $58.61 | $57.41 |
Total ReturnB | 2.63% | 4.98% | 2.37% | 3.76% | 7.82% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .47% | .07% | - %E | - %E | - %E |
Expenses net of fee waivers, if any | .47% | .07% | -% | -% | -% |
Expenses net of all reductions | .46% | .07% | -% | -% | -% |
Net investment income (loss) | 1.76% | 1.52% | 1.57% | 1.43% | 1.51% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $6,734 | $10,828 | $13,227 | $14,208 | $9,774 |
Portfolio turnover rateC | 19% | 111% | 47% | 33% | 26% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Amounts do not include the activity of the Underlying Funds.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement Income Fund Class I
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $60.99 | $58.99 | $58.59 | $57.39 | $54.14 |
Income from Investment Operations | |||||
Net investment income (loss)A | 1.025 | .906 | .899 | .830 | .856 |
Net realized and unrealized gain (loss) | .500 | 2.013 | .454 | 1.314 | 3.343 |
Total from investment operations | 1.525 | 2.919 | 1.353 | 2.144 | 4.199 |
Distributions from net investment income | (1.020) | (.852) | (.902) | (.805) | (.826) |
Distributions from net realized gain | (3.975) | (.067) | (.051) | (.139) | (.123) |
Total distributions | (4.995) | (.919) | (.953) | (.944) | (.949) |
Net asset value, end of period | $57.52 | $60.99 | $58.99 | $58.59 | $57.39 |
Total ReturnB | 2.62% | 5.01% | 2.37% | 3.76% | 7.81% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .46%E | .07% | - %F | - %F | - %F |
Expenses net of fee waivers, if any | .46%E | .07% | -% | -% | -% |
Expenses net of all reductions | .46%E | .07% | -% | -% | -% |
Net investment income (loss) | 1.76% | 1.52% | 1.57% | 1.43% | 1.51% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $61 | $94 | $131 | $90 | $61 |
Portfolio turnover rateC | 19% | 111% | 47% | 33% | 26% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Amounts do not include the activity of the Underlying Funds.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E On certain classes, the size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
F Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2005 Fund℠
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.Top Holdings as of July 31, 2018
% of fund's net assets | |
Fidelity Series Investment Grade Bond Fund | 36.5 |
Fidelity Series Government Money Market Fund 1.98% | 19.2 |
Fidelity Series Inflation-Protected Bond Index Fund | 9.8 |
Fidelity Series Short-Term Credit Fund | 4.8 |
Fidelity Series Long-Term Treasury Bond Index Fund | 3.7 |
Fidelity Series Emerging Markets Opportunities Fund | 3.5 |
Fidelity Series International Value Fund | 2.5 |
Fidelity Series International Growth Fund | 2.4 |
Fidelity Series Intrinsic Opportunities Fund | 2.0 |
Fidelity Series Commodity Strategy Fund | 2.0 |
86.4 |
Asset Allocation (% of fund's net assets)
Period end | ||
Domestic Equity Funds | 14.1% | |
International Equity Funds | 9.2% | |
Bond Funds | 52.7% | |
Short-Term Funds | 24.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Managed Retirement 2005 Fund℠
Schedule of Investments July 31, 2018
Showing Percentage of Net Assets
Domestic Equity Funds - 14.1% | |||
Shares | Value | ||
Fidelity Series 100 Index Fund (a) | 15 | $277 | |
Fidelity Series All-Sector Equity Fund (a) | 3,878 | 50,997 | |
Fidelity Series Blue Chip Growth Fund (a) | 3,390 | 53,927 | |
Fidelity Series Commodity Strategy Fund (a) | 23,950 | 127,651 | |
Fidelity Series Growth & Income Fund (a) | 7,121 | 116,432 | |
Fidelity Series Growth Company Fund (a) | 5,776 | 109,053 | |
Fidelity Series Intrinsic Opportunities Fund (a) | 6,887 | 129,407 | |
Fidelity Series Large Cap Value Index Fund (a) | 2,505 | 32,511 | |
Fidelity Series Opportunistic Insights Fund (a) | 3,096 | 58,733 | |
Fidelity Series Small Cap Discovery Fund (a) | 1,301 | 15,858 | |
Fidelity Series Small Cap Opportunities Fund (a) | 3,149 | 48,683 | |
Fidelity Series Stock Selector Large Cap Value Fund (a) | 6,826 | 88,881 | |
Fidelity Series Value Discovery Fund (a) | 4,644 | 62,881 | |
TOTAL DOMESTIC EQUITY FUNDS | |||
(Cost $812,435) | 895,291 | ||
International Equity Funds - 9.2% | |||
Fidelity Series Canada Fund (a) | 1,472 | 15,975 | |
Fidelity Series Emerging Markets Opportunities Fund (a) | 10,961 | 221,403 | |
Fidelity Series International Growth Fund (a) | 9,588 | 156,867 | |
Fidelity Series International Small Cap Fund (a) | 2,081 | 37,609 | |
Fidelity Series International Value Fund (a) | 14,918 | 157,387 | |
TOTAL INTERNATIONAL EQUITY FUNDS | |||
(Cost $557,050) | 589,241 | ||
Bond Funds - 52.7% | |||
Fidelity Series Emerging Markets Debt Fund (a) | 3,853 | 37,340 | |
Fidelity Series Floating Rate High Income Fund (a) | 1,681 | 15,974 | |
Fidelity Series High Income Fund (a) | 8,724 | 83,403 | |
Fidelity Series Inflation-Protected Bond Index Fund (a) | 64,126 | 623,309 | |
Fidelity Series International Credit Fund (a) | 344 | 3,381 | |
Fidelity Series Investment Grade Bond Fund (a) | 213,032 | 2,328,440 | |
Fidelity Series Long-Term Treasury Bond Index Fund (a) | 28,305 | 238,049 | |
Fidelity Series Real Estate Income Fund (a) | 2,729 | 29,933 | |
TOTAL BOND FUNDS | |||
(Cost $3,447,874) | 3,359,829 | ||
Short-Term Funds - 24.0% | |||
Fidelity Series Government Money Market Fund 1.98% (a)(b) | 1,225,749 | 1,225,749 | |
Fidelity Series Short-Term Credit Fund (a) | 31,095 | 306,599 | |
TOTAL SHORT-TERM FUNDS | |||
(Cost $1,536,624) | 1,532,348 | ||
TOTAL INVESTMENT IN SECURITIES - 100.0% | |||
(Cost $6,353,983) | 6,376,709 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (2,878) | ||
NET ASSETS - 100% | $6,373,831 |
Legend
(a) Affiliated Fund
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds, excluding any Money Market Central Funds, is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur.
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Fidelity Series 100 Index Fund | $56,868 | $2,338 | $62,836 | $918 | $28,048 | $(24,141) | $277 |
Fidelity Series All-Sector Equity Fund | 106,903 | 13,786 | 70,349 | 11,127 | 1,765 | (1,108) | 50,997 |
Fidelity Series Blue Chip Growth Fund | 108,267 | 13,271 | 76,554 | 10,529 | 4,124 | 4,819 | 53,927 |
Fidelity Series Canada Fund | -- | 30,984 | 15,861 | 272 | 259 | 593 | 15,975 |
Fidelity Series Commodity Strategy Fund | 206,740 | 17,834 | 100,944 | 954 | 3,195 | 826 | 127,651 |
Fidelity Series Emerging Markets Debt Fund | 60,536 | 5,327 | 25,900 | 3,323 | (263) | (2,360) | 37,340 |
Fidelity Series Emerging Markets Opportunities Fund | 517,918 | 50,448 | 369,861 | 8,501 | 40,228 | (17,330) | 221,403 |
Fidelity Series Floating Rate High Income Fund | 25,278 | 1,654 | 10,862 | 1,009 | (22) | (74) | 15,974 |
Fidelity Series Government Money Market Fund 1.98% | 1,821,465 | 483,262 | 1,078,978 | 22,714 | -- | -- | 1,225,749 |
Fidelity Series Growth & Income Fund | 249,973 | 18,782 | 164,392 | 12,585 | 7,630 | 4,439 | 116,432 |
Fidelity Series Growth Company Fund | 215,087 | 21,602 | 150,162 | 16,131 | 14,978 | 7,548 | 109,053 |
Fidelity Series High Income Fund | 151,884 | 11,171 | 77,520 | 7,351 | (525) | (1,607) | 83,403 |
Fidelity Series Inflation-Protected Bond Index Fund | 367,711 | 424,565 | 163,504 | 6,482 | (1,443) | (4,020) | 623,309 |
Fidelity Series International Credit Fund | 5,101 | 146 | 1,780 | 114 | (18) | (35) | 3,381 |
Fidelity Series International Growth Fund | 331,436 | 15,654 | 205,410 | 7,629 | 10,704 | 4,483 | 156,867 |
Fidelity Series International Small Cap Fund | 76,229 | 5,547 | 47,148 | 3,612 | 3,205 | (224) | 37,609 |
Fidelity Series International Value Fund | 335,403 | 19,388 | 201,379 | 7,617 | 8,926 | (4,951) | 157,387 |
Fidelity Series Intrinsic Opportunities Fund | 249,469 | 18,037 | 155,982 | 11,019 | 11,066 | 6,817 | 129,407 |
Fidelity Series Investment Grade Bond Fund | 3,707,152 | 328,791 | 1,616,292 | 88,781 | (11,728) | (79,483) | 2,328,440 |
Fidelity Series Large Cap Value Index Fund | 69,477 | 3,935 | 43,493 | 2,205 | 2,138 | 454 | 32,511 |
Fidelity Series Long-Term Treasury Bond Index Fund | 93,409 | 265,076 | 113,351 | 3,929 | (2,549) | (4,536) | 238,049 |
Fidelity Series Opportunistic Insights Fund | 119,844 | 15,086 | 83,180 | 12,067 | 5,522 | 1,461 | 58,733 |
Fidelity Series Real Estate Equity Fund | 21,952 | 2,111 | 22,720 | 998 | (864) | (479) | -- |
Fidelity Series Real Estate Income Fund | 47,956 | 3,799 | 20,381 | 2,587 | (365) | (1,076) | 29,933 |
Fidelity Series Short-Term Credit Fund | 768,230 | 51,467 | 507,043 | 9,090 | (1,778) | (4,277) | 306,599 |
Fidelity Series Small Cap Discovery Fund | 32,002 | 2,335 | 19,727 | 1,308 | 1,063 | 185 | 15,858 |
Fidelity Series Small Cap Opportunities Fund | 96,562 | 11,361 | 63,128 | 8,951 | 4,159 | (271) | 48,683 |
Fidelity Series Stock Selector Large Cap Value Fund | 187,439 | 15,825 | 114,404 | 11,181 | 2,950 | (2,929) | 88,881 |
Fidelity Series Value Discovery Fund | 132,047 | 11,036 | 81,258 | 5,616 | 1,530 | (474) | 62,881 |
Total | $10,162,338 | $1,864,618 | $5,664,399 | $278,600 | $131,935 | $(117,750) | $6,376,709 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2005 Fund℠
Financial Statements
Statement of Assets and Liabilities
July 31, 2018 | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: | ||
Affiliated issuers (cost $6,353,983) | $6,376,709 | |
Total Investment in Securities (cost $6,353,983) | $6,376,709 | |
Cash | 2 | |
Receivable for investments sold | 300,261 | |
Total assets | 6,676,972 | |
Liabilities | ||
Payable for investments purchased | $299,343 | |
Payable for fund shares redeemed | 919 | |
Accrued management fee | 2,638 | |
Distribution and service plan fees payable | 241 | |
Total liabilities | 303,141 | |
Net Assets | $6,373,831 | |
Net Assets consist of: | ||
Paid in capital | $6,211,303 | |
Undistributed net investment income | 10,199 | |
Accumulated undistributed net realized gain (loss) on investments | 129,603 | |
Net unrealized appreciation (depreciation) on investments | 22,726 | |
Net Assets | $6,373,831 | |
Calculation of Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($279,344 ÷ 4,756.05 shares) | $58.73 | |
Maximum offering price per share (100/94.25 of $58.73) | $62.31 | |
Class M: | ||
Net Asset Value and redemption price per share ($242,089 ÷ 4,120.50 shares) | $58.75 | |
Maximum offering price per share (100/96.50 of $58.75) | $60.88 | |
Class C: | ||
Net Asset Value and offering price per share ($98,274 ÷ 1,681.44 shares)(a) | $58.45 | |
Fidelity Managed Retirement 2005: | ||
Net Asset Value, offering price and redemption price per share ($5,732,937 ÷ 97,579.22 shares) | $58.75 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($21,187 ÷ 360.78 shares) | $58.73 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended July 31, 2018 | ||
Investment Income | ||
Dividends: | ||
Affiliated issuers | $171,737 | |
Expenses | ||
Management fee | $38,114 | |
Distribution and service plan fees | 3,590 | |
Independent trustees' fees and expenses | 32 | |
Total expenses before reductions | 41,736 | |
Expense reductions | (171) | |
Total expenses after reductions | 41,565 | |
Net investment income (loss) | 130,172 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Affiliated issuers | 131,935 | |
Capital gain distributions from underlying funds: | ||
Affiliated issuers | 106,863 | |
Total net realized gain (loss) | 238,798 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Affiliated issuers | (117,750) | |
Total change in net unrealized appreciation (depreciation) | (117,750) | |
Net gain (loss) | 121,048 | |
Net increase (decrease) in net assets resulting from operations | $251,220 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended July 31, 2018 | Year ended July 31, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $130,172 | $148,140 |
Net realized gain (loss) | 238,798 | 862,246 |
Change in net unrealized appreciation (depreciation) | (117,750) | (260,347) |
Net increase (decrease) in net assets resulting from operations | 251,220 | 750,039 |
Distributions to shareholders from net investment income | (131,031) | (138,732) |
Distributions to shareholders from net realized gain | (786,025) | (48,306) |
Total distributions | (917,056) | (187,038) |
Share transactions - net increase (decrease) | (3,118,025) | 1,224,348 |
Total increase (decrease) in net assets | (3,783,861) | 1,787,349 |
Net Assets | ||
Beginning of period | 10,157,692 | 8,370,343 |
End of period | $6,373,831 | $10,157,692 |
Other Information | ||
Undistributed net investment income end of period | $10,199 | $11,426 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Managed Retirement 2005 Fund Class A
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $63.39 | $60.26 | $60.57 | $58.78 | $54.81 |
Income from Investment Operations | |||||
Net investment income (loss)A | .874 | .788 | .801 | .724 | .735 |
Net realized and unrealized gain (loss) | .747 | 3.402 | .274 | 1.910 | 4.084 |
Total from investment operations | 1.621 | 4.190 | 1.075 | 2.634 | 4.819 |
Distributions from net investment income | (.861) | (.733) | (.785) | (.698) | (.708) |
Distributions from net realized gain | (5.420) | (.327) | (.600) | (.146) | (.141) |
Total distributions | (6.281) | (1.060) | (1.385) | (.844) | (.849) |
Net asset value, end of period | $58.73 | $63.39 | $60.26 | $60.57 | $58.78 |
Total ReturnB,C | 2.71% | 7.05% | 1.88% | 4.50% | 8.84% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .74% | .34% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .74% | .34% | .25% | .25% | .25% |
Expenses net of all reductions | .74% | .34% | .25% | .25% | .25% |
Net investment income (loss) | 1.47% | 1.29% | 1.38% | 1.21% | 1.28% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $279 | $338 | $577 | $727 | $526 |
Portfolio turnover rateD | 24% | 136% | 45% | 35% | 27% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2005 Fund Class M
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $63.41 | $60.30 | $60.61 | $58.83 | $54.82 |
Income from Investment Operations | |||||
Net investment income (loss)A | .726 | .635 | .655 | .574 | .587 |
Net realized and unrealized gain (loss) | .752 | 3.399 | .276 | 1.910 | 4.098 |
Total from investment operations | 1.478 | 4.034 | .931 | 2.484 | 4.685 |
Distributions from net investment income | (.718) | (.597) | (.641) | (.558) | (.534) |
Distributions from net realized gain | (5.420) | (.327) | (.600) | (.146) | (.141) |
Total distributions | (6.138) | (.924) | (1.241) | (.704) | (.675) |
Net asset value, end of period | $58.75 | $63.41 | $60.30 | $60.61 | $58.83 |
Total ReturnB,C | 2.46% | 6.78% | 1.63% | 4.24% | 8.58% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .99% | .59% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .99% | .59% | .50% | .50% | .50% |
Expenses net of all reductions | .99% | .59% | .50% | .50% | .50% |
Net investment income (loss) | 1.22% | 1.04% | 1.13% | .96% | 1.03% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $242 | $297 | $308 | $328 | $39 |
Portfolio turnover rateD | 24% | 136% | 45% | 35% | 27% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2005 Fund Class C
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $63.07 | $60.03 | $60.40 | $58.69 | $54.76 |
Income from Investment Operations | |||||
Net investment income (loss)A | .433 | .327 | .360 | .278 | .303 |
Net realized and unrealized gain (loss) | .751 | 3.383 | .276 | 1.899 | 4.086 |
Total from investment operations | 1.184 | 3.710 | .636 | 2.177 | 4.389 |
Distributions from net investment income | (.384) | (.343) | (.406) | (.321) | (.318) |
Distributions from net realized gain | (5.420) | (.327) | (.600) | (.146) | (.141) |
Total distributions | (5.804) | (.670) | (1.006) | (.467) | (.459) |
Net asset value, end of period | $58.45 | $63.07 | $60.03 | $60.40 | $58.69 |
Total ReturnB,C | 1.97% | 6.24% | 1.12% | 3.72% | 8.04% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.49% | 1.09% | 1.00% | .99%F | 1.00% |
Expenses net of fee waivers, if any | 1.49% | 1.09% | 1.00% | .99%F | 1.00% |
Expenses net of all reductions | 1.48% | 1.09% | 1.00% | .99%F | 1.00% |
Net investment income (loss) | .72% | .54% | .62% | .47% | .53% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $98 | $254 | $250 | $86 | $33 |
Portfolio turnover rateD | 24% | 136% | 45% | 35% | 27% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the contingent deferred sales charge.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
F On certain classes, the size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2005 Fund
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $63.41 | $60.27 | $60.58 | $58.79 | $54.81 |
Income from Investment Operations | |||||
Net investment income (loss)A | 1.027 | .942 | .945 | .874 | .878 |
Net realized and unrealized gain (loss) | .746 | 3.403 | .277 | 1.909 | 4.094 |
Total from investment operations | 1.773 | 4.345 | 1.222 | 2.783 | 4.972 |
Distributions from net investment income | (1.013) | (.878) | (.932) | (.847) | (.851) |
Distributions from net realized gain | (5.420) | (.327) | (.600) | (.146) | (.141) |
Total distributions | (6.433) | (1.205) | (1.532) | (.993) | (.992) |
Net asset value, end of period | $58.75 | $63.41 | $60.27 | $60.58 | $58.79 |
Total ReturnB | 2.97% | 7.32% | 2.14% | 4.76% | 9.13% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .49% | .09% | - %E | - %E | - %E |
Expenses net of fee waivers, if any | .49% | .09% | -% | -% | -% |
Expenses net of all reductions | .49% | .09% | -% | -% | -% |
Net investment income (loss) | 1.72% | 1.54% | 1.63% | 1.46% | 1.53% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $5,733 | $9,236 | $7,205 | $6,160 | $3,677 |
Portfolio turnover rateC | 24% | 136% | 45% | 35% | 27% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Amounts do not include the activity of the Underlying Funds.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2005 Fund Class I
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $63.40 | $60.27 | $60.58 | $58.79 | $54.81 |
Income from Investment Operations | |||||
Net investment income (loss)A | 1.015 | .942 | .945 | .875 | .877 |
Net realized and unrealized gain (loss) | .769 | 3.394 | .277 | 1.908 | 4.095 |
Total from investment operations | 1.784 | 4.336 | 1.222 | 2.783 | 4.972 |
Distributions from net investment income | (1.034) | (.879) | (.932) | (.847) | (.851) |
Distributions from net realized gain | (5.420) | (.327) | (.600) | (.146) | (.141) |
Total distributions | (6.454) | (1.206) | (1.532) | (.993) | (.992) |
Net asset value, end of period | $58.73 | $63.40 | $60.27 | $60.58 | $58.79 |
Total ReturnB | 2.99% | 7.31% | 2.14% | 4.76% | 9.13% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .50%E | .09% | - %F | - %F | - %F |
Expenses net of fee waivers, if any | .50%E | .09% | -% | -% | -% |
Expenses net of all reductions | .50%E | .09% | -% | -% | -% |
Net investment income (loss) | 1.71% | 1.54% | 1.63% | 1.46% | 1.53% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $21 | $32 | $30 | $31 | $30 |
Portfolio turnover rateC | 24% | 136% | 45% | 35% | 27% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Amounts do not include the activity of the Underlying Funds.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E On certain classes, the size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
F Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2010 Fund℠
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.Top Holdings as of July 31, 2018
% of fund's net assets | |
Fidelity Series Investment Grade Bond Fund | 33.9 |
Fidelity Series Government Money Market Fund 1.98% | 15.8 |
Fidelity Series Inflation-Protected Bond Index Fund | 8.2 |
Fidelity Series Emerging Markets Opportunities Fund | 4.3 |
Fidelity Series Short-Term Credit Fund | 3.9 |
Fidelity Series Long-Term Treasury Bond Index Fund | 3.9 |
Fidelity Series International Value Fund | 3.3 |
Fidelity Series International Growth Fund | 3.2 |
Fidelity Series Intrinsic Opportunities Fund | 3.0 |
Fidelity Series Growth & Income Fund | 2.7 |
82.2 |
Asset Allocation (% of fund's net assets)
Period end | ||
Domestic Equity Funds | 19.7% | |
International Equity Funds | 11.9% | |
Bond Funds | 48.7% | |
Short-Term Funds | 19.7% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Managed Retirement 2010 Fund℠
Schedule of Investments July 31, 2018
Showing Percentage of Net Assets
Domestic Equity Funds - 19.7% | |||
Shares | Value | ||
Fidelity Series 100 Index Fund (a) | 40 | $731 | |
Fidelity Series All-Sector Equity Fund (a) | 8,369 | 110,047 | |
Fidelity Series Blue Chip Growth Fund (a) | 7,315 | 116,386 | |
Fidelity Series Commodity Strategy Fund (a) | 35,172 | 187,465 | |
Fidelity Series Growth & Income Fund (a) | 15,370 | 251,300 | |
Fidelity Series Growth Company Fund (a) | 12,467 | 235,372 | |
Fidelity Series Intrinsic Opportunities Fund (a) | 14,881 | 279,619 | |
Fidelity Series Large Cap Value Index Fund (a) | 5,405 | 70,160 | |
Fidelity Series Opportunistic Insights Fund (a) | 6,683 | 126,769 | |
Fidelity Series Small Cap Discovery Fund (a) | 2,806 | 34,207 | |
Fidelity Series Small Cap Opportunities Fund (a) | 6,794 | 105,032 | |
Fidelity Series Stock Selector Large Cap Value Fund (a) | 14,733 | 191,829 | |
Fidelity Series Value Discovery Fund (a) | 10,024 | 135,723 | |
TOTAL DOMESTIC EQUITY FUNDS | |||
(Cost $1,661,791) | 1,844,640 | ||
International Equity Funds - 11.9% | |||
Fidelity Series Canada Fund (a) | 2,845 | 30,864 | |
Fidelity Series Emerging Markets Opportunities Fund (a) | 20,009 | 404,175 | |
Fidelity Series International Growth Fund (a) | 18,526 | 303,082 | |
Fidelity Series International Small Cap Fund (a) | 4,022 | 72,673 | |
Fidelity Series International Value Fund (a) | 28,821 | 304,063 | |
TOTAL INTERNATIONAL EQUITY FUNDS | |||
(Cost $1,053,805) | 1,114,857 | ||
Bond Funds - 48.7% | |||
Fidelity Series Emerging Markets Debt Fund (a) | 5,638 | 54,635 | |
Fidelity Series Floating Rate High Income Fund (a) | 2,447 | 23,248 | |
Fidelity Series High Income Fund (a) | 12,819 | 122,552 | |
Fidelity Series Inflation-Protected Bond Index Fund (a) | 78,942 | 767,313 | |
Fidelity Series International Credit Fund (a) | 506 | 4,978 | |
Fidelity Series Investment Grade Bond Fund (a) | 290,385 | 3,173,905 | |
Fidelity Series Long-Term Treasury Bond Index Fund (a) | 43,789 | 368,267 | |
Fidelity Series Real Estate Income Fund (a) | 3,963 | 43,474 | |
TOTAL BOND FUNDS | |||
(Cost $4,682,057) | 4,558,372 | ||
Short-Term Funds - 19.7% | |||
Fidelity Series Government Money Market Fund 1.98% (a)(b) | 1,473,828 | 1,473,828 | |
Fidelity Series Short-Term Credit Fund (a) | 37,394 | 368,705 | |
TOTAL SHORT-TERM FUNDS | |||
(Cost $1,847,731) | 1,842,533 | ||
TOTAL INVESTMENT IN SECURITIES - 100.0% | |||
(Cost $9,245,384) | 9,360,402 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (4,347) | ||
NET ASSETS - 100% | $9,356,055 |
Legend
(a) Affiliated Fund
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds, excluding any Money Market Central Funds, is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur.
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Fidelity Series 100 Index Fund | $85,581 | $1,643 | $93,331 | $1,639 | $51,289 | $(44,451) | $731 |
Fidelity Series All-Sector Equity Fund | 160,873 | 21,637 | 73,678 | 20,341 | 1,963 | (748) | 110,047 |
Fidelity Series Blue Chip Growth Fund | 162,928 | 19,303 | 83,607 | 17,941 | 5,757 | 12,005 | 116,386 |
Fidelity Series Canada Fund | -- | 45,747 | 16,496 | 449 | 353 | 1,260 | 30,864 |
Fidelity Series Commodity Strategy Fund | 223,293 | 27,350 | 67,905 | 1,205 | 2,003 | 2,724 | 187,465 |
Fidelity Series Emerging Markets Debt Fund | 67,994 | 5,861 | 15,338 | 4,425 | (341) | (3,541) | 54,635 |
Fidelity Series Emerging Markets Opportunities Fund | 658,745 | 69,019 | 349,882 | 13,734 | 40,516 | (14,223) | 404,175 |
Fidelity Series Floating Rate High Income Fund | 28,393 | 1,360 | 6,390 | 1,360 | (13) | (102) | 23,248 |
Fidelity Series Government Money Market Fund 1.98% | 1,633,490 | 522,584 | 682,246 | 25,381 | -- | -- | 1,473,828 |
Fidelity Series Growth & Income Fund | 376,168 | 21,369 | 170,162 | 20,902 | 10,112 | 13,813 | 251,300 |
Fidelity Series Growth Company Fund | 323,699 | 30,859 | 161,003 | 28,600 | 18,834 | 22,983 | 235,372 |
Fidelity Series High Income Fund | 170,506 | 9,810 | 54,830 | 9,808 | (619) | (2,315) | 122,552 |
Fidelity Series Inflation-Protected Bond Index Fund | 371,207 | 496,645 | 93,833 | 7,736 | (1,194) | (5,512) | 767,313 |
Fidelity Series International Credit Fund | 5,750 | 177 | 849 | 144 | (15) | (53) | 4,978 |
Fidelity Series International Growth Fund | 463,530 | 12,684 | 196,317 | 12,665 | 11,338 | 11,847 | 303,082 |
Fidelity Series International Small Cap Fund | 106,614 | 5,998 | 44,408 | 5,990 | 3,460 | 1,009 | 72,673 |
Fidelity Series International Value Fund | 469,054 | 20,881 | 189,795 | 12,645 | 8,221 | (4,298) | 304,063 |
Fidelity Series Intrinsic Opportunities Fund | 406,502 | 18,413 | 175,005 | 18,408 | 11,065 | 18,644 | 279,619 |
Fidelity Series Investment Grade Bond Fund | 3,905,037 | 342,453 | 950,713 | 112,346 | (14,757) | (108,115) | 3,173,905 |
Fidelity Series Large Cap Value Index Fund | 104,555 | 3,965 | 43,058 | 3,958 | 2,395 | 2,303 | 70,160 |
Fidelity Series Long-Term Treasury Bond Index Fund | 100,842 | 367,262 | 88,765 | 5,545 | (3,006) | (8,066) | 368,267 |
Fidelity Series Opportunistic Insights Fund | 180,350 | 23,251 | 89,504 | 21,911 | 6,831 | 5,841 | 126,769 |
Fidelity Series Real Estate Equity Fund | 32,781 | 2,372 | 32,768 | 1,772 | (1,669) | (716) | -- |
Fidelity Series Real Estate Income Fund | 53,920 | 3,396 | 12,016 | 3,393 | (339) | (1,487) | 43,474 |
Fidelity Series Short-Term Credit Fund | 683,122 | 54,447 | 362,145 | 9,933 | (1,520) | (5,199) | 368,705 |
Fidelity Series Small Cap Discovery Fund | 48,158 | 2,542 | 18,533 | 2,541 | 1,126 | 914 | 34,207 |
Fidelity Series Small Cap Opportunities Fund | 145,314 | 15,404 | 64,120 | 15,401 | 3,584 | 4,850 | 105,032 |
Fidelity Series Stock Selector Large Cap Value Fund | 282,066 | 20,327 | 110,309 | 20,304 | 2,592 | (2,847) | 191,829 |
Fidelity Series Value Discovery Fund | 198,719 | 10,655 | 75,895 | 10,111 | 1,652 | 592 | 135,723 |
Total | $11,449,191 | $2,177,414 | $4,322,901 | $410,588 | $159,618 | $(102,888) | $9,360,402 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2010 Fund℠
Financial Statements
Statement of Assets and Liabilities
July 31, 2018 | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: | ||
Affiliated issuers (cost $9,245,384) | $9,360,402 | |
Total Investment in Securities (cost $9,245,384) | $9,360,402 | |
Cash | 2 | |
Receivable for investments sold | 401,124 | |
Total assets | 9,761,528 | |
Liabilities | ||
Payable for investments purchased | $393,156 | |
Payable for fund shares redeemed | 7,968 | |
Accrued management fee | 4,216 | |
Distribution and service plan fees payable | 133 | |
Total liabilities | 405,473 | |
Net Assets | $9,356,055 | |
Net Assets consist of: | ||
Paid in capital | $9,016,716 | |
Undistributed net investment income | 13,606 | |
Accumulated undistributed net realized gain (loss) on investments | 210,715 | |
Net unrealized appreciation (depreciation) on investments | 115,018 | |
Net Assets | $9,356,055 | |
Calculation of Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($132,689 ÷ 2,336.84 shares) | $56.78 | |
Maximum offering price per share (100/94.25 of $56.78) | $60.24 | |
Class M: | ||
Net Asset Value and redemption price per share ($17,778 ÷ 312.50 shares) | $56.89 | |
Maximum offering price per share (100/96.50 of $56.89) | $58.95 | |
Class C: | ||
Net Asset Value and offering price per share ($117,298 ÷ 2,082.69 shares)(a) | $56.32 | |
Fidelity Managed Retirement 2010: | ||
Net Asset Value, offering price and redemption price per share ($9,053,610 ÷ 159,398.47 shares) | $56.80 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($34,680 ÷ 610.64 shares) | $56.79 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended July 31, 2018 | ||
Investment Income | ||
Dividends: | ||
Affiliated issuers | $229,906 | |
Expenses | ||
Management fee | $56,077 | |
Distribution and service plan fees | 1,599 | |
Independent trustees' fees and expenses | 43 | |
Total expenses before reductions | 57,719 | |
Expense reductions | (178) | |
Total expenses after reductions | 57,541 | |
Net investment income (loss) | 172,365 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Affiliated issuers | 159,618 | |
Capital gain distributions from underlying funds: | ||
Affiliated issuers | 180,682 | |
Total net realized gain (loss) | 340,300 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Affiliated issuers | (102,888) | |
Total change in net unrealized appreciation (depreciation) | (102,888) | |
Net gain (loss) | 237,412 | |
Net increase (decrease) in net assets resulting from operations | $409,777 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended July 31, 2018 | Year ended July 31, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $172,365 | $201,706 |
Net realized gain (loss) | 340,300 | 1,743,316 |
Change in net unrealized appreciation (depreciation) | (102,888) | (849,139) |
Net increase (decrease) in net assets resulting from operations | 409,777 | 1,095,883 |
Distributions to shareholders from net investment income | (170,513) | (192,757) |
Distributions to shareholders from net realized gain | (1,501,816) | (107,778) |
Total distributions | (1,672,329) | (300,535) |
Share transactions - net increase (decrease) | (825,258) | (3,572,918) |
Total increase (decrease) in net assets | (2,087,810) | (2,777,570) |
Net Assets | ||
Beginning of period | 11,443,865 | 14,221,435 |
End of period | $9,356,055 | $11,443,865 |
Other Information | ||
Undistributed net investment income end of period | $13,606 | $12,285 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Managed Retirement 2010 Fund Class A
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $63.87 | $60.07 | $61.33 | $59.84 | $55.45 |
Income from Investment Operations | |||||
Net investment income (loss)A | .808 | .789 | .799 | .747 | .740 |
Net realized and unrealized gain (loss) | 1.278 | 4.240 | .112 | 2.210 | 4.505 |
Total from investment operations | 2.086 | 5.029 | .911 | 2.957 | 5.245 |
Distributions from net investment income | (.794) | (.754) | (.794) | (.746) | (.700) |
Distributions from net realized gain | (8.382) | (.475) | (1.377) | (.721) | (.155) |
Total distributions | (9.176) | (1.229) | (2.171) | (1.467) | (.855) |
Net asset value, end of period | $56.78 | $63.87 | $60.07 | $61.33 | $59.84 |
Total ReturnB,C | 3.60% | 8.51% | 1.67% | 5.00% | 9.51% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .78% | .33% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .78% | .33% | .25% | .25% | .25% |
Expenses net of all reductions | .78% | .33% | .25% | .25% | .25% |
Net investment income (loss) | 1.40% | 1.29% | 1.38% | 1.23% | 1.27% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $133 | $136 | $156 | $285 | $257 |
Portfolio turnover rateD | 21% | 117% | 26% | 26% | 27% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2010 Fund Class M
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $63.98 | $60.19 | $61.44 | $59.95 | $55.55 |
Income from Investment Operations | |||||
Net investment income (loss)A | .664 | .637 | .658 | .600 | .597 |
Net realized and unrealized gain (loss) | 1.280 | 4.245 | .118 | 2.211 | 4.507 |
Total from investment operations | 1.944 | 4.882 | .776 | 2.811 | 5.104 |
Distributions from net investment income | (.652) | (.617) | (.649) | (.600) | (.549) |
Distributions from net realized gain | (8.382) | (.475) | (1.377) | (.721) | (.155) |
Total distributions | (9.034) | (1.092) | (2.026) | (1.321) | (.704) |
Net asset value, end of period | $56.89 | $63.98 | $60.19 | $61.44 | $59.95 |
Total ReturnB,C | 3.34% | 8.24% | 1.43% | 4.74% | 9.23% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.03% | .58% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | 1.03% | .58% | .50% | .50% | .50% |
Expenses net of all reductions | 1.03% | .58% | .50% | .50% | .50% |
Net investment income (loss) | 1.15% | 1.04% | 1.13% | .99% | 1.03% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $18 | $17 | $16 | $21 | $17 |
Portfolio turnover rateD | 21% | 117% | 26% | 26% | 27% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2010 Fund Class C
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $63.46 | $59.76 | $61.06 | $59.64 | $55.33 |
Income from Investment Operations | |||||
Net investment income (loss)A | .373 | .327 | .361 | .291 | .303 |
Net realized and unrealized gain (loss) | 1.262 | 4.218 | .115 | 2.202 | 4.486 |
Total from investment operations | 1.635 | 4.545 | .476 | 2.493 | 4.789 |
Distributions from net investment income | (.393) | (.370) | (.399) | (.352) | (.324) |
Distributions from net realized gain | (8.382) | (.475) | (1.377) | (.721) | (.155) |
Total distributions | (8.775) | (.845) | (1.776) | (1.073) | (.479) |
Net asset value, end of period | $56.32 | $63.46 | $59.76 | $61.06 | $59.64 |
Total ReturnB,C | 2.82% | 7.71% | .92% | 4.22% | 8.68% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.53% | 1.08% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.53% | 1.08% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.53% | 1.08% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .65% | .54% | .63% | .48% | .52% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $117 | $117 | $200 | $345 | $353 |
Portfolio turnover rateD | 21% | 117% | 26% | 26% | 27% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the contingent deferred sales charge.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2010 Fund
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $63.88 | $60.07 | $61.33 | $59.84 | $55.45 |
Income from Investment Operations | |||||
Net investment income (loss)A | .955 | .942 | .944 | .900 | .888 |
Net realized and unrealized gain (loss) | 1.280 | 4.236 | .116 | 2.209 | 4.502 |
Total from investment operations | 2.235 | 5.178 | 1.060 | 3.109 | 5.390 |
Distributions from net investment income | (.933) | (.893) | (.943) | (.898) | (.845) |
Distributions from net realized gain | (8.382) | (.475) | (1.377) | (.721) | (.155) |
Total distributions | (9.315) | (1.368) | (2.320) | (1.619) | (1.000) |
Net asset value, end of period | $56.80 | $63.88 | $60.07 | $61.33 | $59.84 |
Total ReturnB | 3.87% | 8.78% | 1.93% | 5.27% | 9.78% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .53% | .08% | - %E | - %E | - %E |
Expenses net of fee waivers, if any | .53% | .08% | -% | -% | -% |
Expenses net of all reductions | .53% | .08% | -% | -% | -% |
Net investment income (loss) | 1.65% | 1.54% | 1.63% | 1.48% | 1.52% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $9,054 | $11,140 | $13,819 | $17,079 | $15,175 |
Portfolio turnover rateC | 21% | 117% | 26% | 26% | 27% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Amounts do not include the activity of the Underlying Funds.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2010 Fund Class I
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $63.88 | $60.07 | $61.33 | $59.84 | $55.45 |
Income from Investment Operations | |||||
Net investment income (loss)A | .950 | .942 | .942 | .902 | .885 |
Net realized and unrealized gain (loss) | 1.280 | 4.238 | .118 | 2.207 | 4.505 |
Total from investment operations | 2.230 | 5.180 | 1.060 | 3.109 | 5.390 |
Distributions from net investment income | (.938) | (.895) | (.943) | (.898) | (.845) |
Distributions from net realized gain | (8.382) | (.475) | (1.377) | (.721) | (.155) |
Total distributions | (9.320) | (1.370) | (2.320) | (1.619) | (1.000) |
Net asset value, end of period | $56.79 | $63.88 | $60.07 | $61.33 | $59.84 |
Total ReturnB | 3.86% | 8.78% | 1.93% | 5.26% | 9.78% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .53% | .08% | - %E | - %E | - %E |
Expenses net of fee waivers, if any | .53% | .08% | -% | -% | -% |
Expenses net of all reductions | .53% | .08% | -% | -% | -% |
Net investment income (loss) | 1.65% | 1.54% | 1.63% | 1.48% | 1.52% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $35 | $33 | $31 | $32 | $63 |
Portfolio turnover rateC | 21% | 117% | 26% | 26% | 27% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Amounts do not include the activity of the Underlying Funds.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2015 Fund℠
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.Top Holdings as of July 31, 2018
% of fund's net assets | |
Fidelity Series Investment Grade Bond Fund | 31.3 |
Fidelity Series Government Money Market Fund 1.98% | 12.6 |
Fidelity Series Inflation-Protected Bond Index Fund | 6.6 |
Fidelity Series Emerging Markets Opportunities Fund | 4.9 |
Fidelity Series Long-Term Treasury Bond Index Fund | 4.0 |
Fidelity Series International Value Fund | 4.0 |
Fidelity Series International Growth Fund | 4.0 |
Fidelity Series Intrinsic Opportunities Fund | 3.9 |
Fidelity Series Growth & Income Fund | 3.5 |
Fidelity Series Growth Company Fund | 3.3 |
78.1 |
Asset Allocation (% of fund's net assets)
Period end | ||
Domestic Equity Funds | 25.4% | |
International Equity Funds | 14.3% | |
Bond Funds | 44.6% | |
Short-Term Funds | 15.8% | |
Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Managed Retirement 2015 Fund℠
Schedule of Investments July 31, 2018
Showing Percentage of Net Assets
Domestic Equity Funds - 25.4% | |||
Shares | Value | ||
Fidelity Series 100 Index Fund (a) | 20 | $367 | |
Fidelity Series All-Sector Equity Fund (a) | 4,993 | 65,654 | |
Fidelity Series Blue Chip Growth Fund (a) | 4,365 | 69,440 | |
Fidelity Series Commodity Strategy Fund (a) | 15,950 | 85,015 | |
Fidelity Series Growth & Income Fund (a) | 9,170 | 149,922 | |
Fidelity Series Growth Company Fund (a) | 7,438 | 140,421 | |
Fidelity Series Intrinsic Opportunities Fund (a) | 8,870 | 166,669 | |
Fidelity Series Large Cap Value Index Fund (a) | 3,225 | 41,863 | |
Fidelity Series Opportunistic Insights Fund (a) | 3,987 | 75,636 | |
Fidelity Series Small Cap Discovery Fund (a) | 1,675 | 20,413 | |
Fidelity Series Small Cap Opportunities Fund (a) | 4,053 | 62,657 | |
Fidelity Series Stock Selector Large Cap Value Fund (a) | 8,790 | 114,445 | |
Fidelity Series Value Discovery Fund (a) | 5,981 | 80,978 | |
TOTAL DOMESTIC EQUITY FUNDS | |||
(Cost $959,169) | 1,073,480 | ||
International Equity Funds - 14.3% | |||
Fidelity Series Canada Fund (a) | 1,594 | 17,295 | |
Fidelity Series Emerging Markets Opportunities Fund (a) | 10,358 | 209,224 | |
Fidelity Series International Growth Fund (a) | 10,376 | 169,750 | |
Fidelity Series International Small Cap Fund (a) | 2,253 | 40,713 | |
Fidelity Series International Value Fund (a) | 16,141 | 170,291 | |
TOTAL INTERNATIONAL EQUITY FUNDS | |||
(Cost $573,923) | 607,273 | ||
Bond Funds - 44.6% | |||
Fidelity Series Emerging Markets Debt Fund (a) | 2,550 | 24,711 | |
Fidelity Series Floating Rate High Income Fund (a) | 1,099 | 10,438 | |
Fidelity Series High Income Fund (a) | 5,816 | 55,599 | |
Fidelity Series Inflation-Protected Bond Index Fund (a) | 28,791 | 279,847 | |
Fidelity Series International Credit Fund (a) | 220 | 2,164 | |
Fidelity Series Investment Grade Bond Fund (a) | 121,337 | 1,326,218 | |
Fidelity Series Long-Term Treasury Bond Index Fund (a) | 20,343 | 171,087 | |
Fidelity Series Real Estate Income Fund (a) | 1,769 | 19,406 | |
TOTAL BOND FUNDS | |||
(Cost $1,940,717) | 1,889,470 | ||
Short-Term Funds - 15.8% | |||
Fidelity Series Government Money Market Fund 1.98% (a)(b) | 535,787 | 535,787 | |
Fidelity Series Short-Term Credit Fund (a) | 13,598 | 134,079 | |
TOTAL SHORT-TERM FUNDS | |||
(Cost $671,630) | 669,866 | ||
TOTAL INVESTMENT IN SECURITIES - 100.1% | |||
(Cost $4,145,439) | 4,240,089 | ||
NET OTHER ASSETS (LIABILITIES) - (0.1)% | (2,133) | ||
NET ASSETS - 100% | $4,237,956 |
Legend
(a) Affiliated Fund
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds, excluding any Money Market Central Funds, is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur.
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Fidelity Series 100 Index Fund | $52,269 | $915 | $56,756 | $914 | $36,798 | $(32,859) | $367 |
Fidelity Series All-Sector Equity Fund | 98,245 | 12,175 | 45,658 | 11,247 | 1,392 | (500) | 65,654 |
Fidelity Series Blue Chip Growth Fund | 99,489 | 11,589 | 50,815 | 10,736 | 2,195 | 6,982 | 69,440 |
Fidelity Series Canada Fund | -- | 26,879 | 10,350 | 237 | 140 | 626 | 17,295 |
Fidelity Series Commodity Strategy Fund | 113,961 | 8,908 | 39,996 | 556 | 1,146 | 996 | 85,015 |
Fidelity Series Emerging Markets Debt Fund | 33,243 | 2,862 | 9,766 | 1,961 | (59) | (1,569) | 24,711 |
Fidelity Series Emerging Markets Opportunities Fund | 370,928 | 27,927 | 204,106 | 7,196 | 23,325 | (8,850) | 209,224 |
Fidelity Series Floating Rate High Income Fund | 13,880 | 602 | 3,987 | 602 | (10) | (47) | 10,438 |
Fidelity Series Government Money Market Fund 1.98% | 604,340 | 201,584 | 270,137 | 8,630 | -- | -- | 535,787 |
Fidelity Series Growth & Income Fund | 229,739 | 13,979 | 107,458 | 12,095 | 5,346 | 8,316 | 149,922 |
Fidelity Series Growth Company Fund | 197,669 | 16,195 | 96,512 | 15,942 | 9,574 | 13,495 | 140,421 |
Fidelity Series High Income Fund | 83,398 | 4,360 | 30,927 | 4,357 | (173) | (1,059) | 55,599 |
Fidelity Series Inflation-Protected Bond Index Fund | 150,836 | 178,143 | 46,850 | 2,815 | (369) | (1,913) | 279,847 |
Fidelity Series International Credit Fund | 2,837 | 85 | 709 | 66 | (7) | (23) | 2,164 |
Fidelity Series International Growth Fund | 271,259 | 7,182 | 121,592 | 6,713 | 6,476 | 6,425 | 169,750 |
Fidelity Series International Small Cap Fund | 62,394 | 3,180 | 27,230 | 3,178 | 1,898 | 471 | 40,713 |
Fidelity Series International Value Fund | 274,515 | 12,216 | 119,460 | 6,717 | 5,775 | (2,755) | 170,291 |
Fidelity Series Intrinsic Opportunities Fund | 226,932 | 10,263 | 87,050 | 10,257 | 4,988 | 11,536 | 166,669 |
Fidelity Series Investment Grade Bond Fund | 1,787,242 | 162,994 | 575,307 | 46,586 | (4,112) | (44,599) | 1,326,218 |
Fidelity Series Large Cap Value Index Fund | 63,856 | 2,396 | 27,171 | 2,202 | 1,450 | 1,332 | 41,863 |
Fidelity Series Long-Term Treasury Bond Index Fund | 51,804 | 160,092 | 35,994 | 2,509 | (904) | (3,911) | 171,087 |
Fidelity Series Opportunistic Insights Fund | 110,142 | 12,427 | 53,954 | 12,108 | 3,623 | 3,398 | 75,636 |
Fidelity Series Real Estate Equity Fund | 20,045 | 1,542 | 20,257 | 1,033 | (892) | (438) | -- |
Fidelity Series Real Estate Income Fund | 26,338 | 1,551 | 7,650 | 1,549 | (143) | (690) | 19,406 |
Fidelity Series Short-Term Credit Fund | 252,449 | 21,387 | 137,545 | 3,394 | (446) | (1,766) | 134,079 |
Fidelity Series Small Cap Discovery Fund | 29,410 | 1,436 | 11,564 | 1,435 | 602 | 529 | 20,413 |
Fidelity Series Small Cap Opportunities Fund | 88,740 | 9,124 | 39,511 | 9,120 | 720 | 3,584 | 62,657 |
Fidelity Series Stock Selector Large Cap Value Fund | 172,272 | 11,265 | 69,569 | 11,259 | 2,289 | (1,812) | 114,445 |
Fidelity Series Value Discovery Fund | 121,363 | 7,977 | 49,728 | 5,631 | 1,065 | 301 | 80,978 |
Total | $5,609,595 | $931,235 | $2,357,609 | $201,045 | $101,687 | $(44,800) | $4,240,089 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2015 Fund℠
Financial Statements
Statement of Assets and Liabilities
July 31, 2018 | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: | ||
Affiliated issuers (cost $4,145,439) | $4,240,089 | |
Total Investment in Securities (cost $4,145,439) | $4,240,089 | |
Cash | 1 | |
Receivable for investments sold | 160,179 | |
Total assets | 4,400,269 | |
Liabilities | ||
Payable for investments purchased | $160,179 | |
Accrued management fee | 2,017 | |
Distribution and service plan fees payable | 117 | |
Total liabilities | 162,313 | |
Net Assets | $4,237,956 | |
Net Assets consist of: | ||
Paid in capital | $4,020,875 | |
Undistributed net investment income | 5,254 | |
Accumulated undistributed net realized gain (loss) on investments | 117,177 | |
Net unrealized appreciation (depreciation) on investments | 94,650 | |
Net Assets | $4,237,956 | |
Calculation of Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($245,562 ÷ 4,548.81 shares) | $53.98 | |
Maximum offering price per share (100/94.25 of $53.98) | $57.27 | |
Class M: | ||
Net Asset Value and redemption price per share ($25,761 ÷ 476.43 shares) | $54.07 | |
Maximum offering price per share (100/96.50 of $54.07) | $56.03 | |
Class C: | ||
Net Asset Value and offering price per share ($67,435 ÷ 1,255.98 shares)(a) | $53.69 | |
Fidelity Managed Retirement 2015: | ||
Net Asset Value, offering price and redemption price per share ($3,713,963 ÷ 68,810.56 shares) | $53.97 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($185,235 ÷ 3,431.74 shares) | $53.98 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended July 31, 2018 | ||
Investment Income | ||
Dividends: | ||
Affiliated issuers | $101,293 | |
Expenses | ||
Management fee | $26,985 | |
Distribution and service plan fees | 1,767 | |
Independent trustees' fees and expenses | 19 | |
Total expenses before reductions | 28,771 | |
Expense reductions | (180) | |
Total expenses after reductions | 28,591 | |
Net investment income (loss) | 72,702 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Affiliated issuers | 101,687 | |
Capital gain distributions from underlying funds: | ||
Affiliated issuers | 99,752 | |
Total net realized gain (loss) | 201,439 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Affiliated issuers | (44,800) | |
Total change in net unrealized appreciation (depreciation) | (44,800) | |
Net gain (loss) | 156,639 | |
Net increase (decrease) in net assets resulting from operations | $229,341 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended July 31, 2018 | Year ended July 31, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $72,702 | $101,585 |
Net realized gain (loss) | 201,439 | 1,181,902 |
Change in net unrealized appreciation (depreciation) | (44,800) | (689,674) |
Net increase (decrease) in net assets resulting from operations | 229,341 | 593,813 |
Distributions to shareholders from net investment income | (72,474) | (98,005) |
Distributions to shareholders from net realized gain | (1,056,365) | (26,704) |
Total distributions | (1,128,839) | (124,709) |
Share transactions - net increase (decrease) | (469,197) | (2,608,458) |
Total increase (decrease) in net assets | (1,368,695) | (2,139,354) |
Net Assets | ||
Beginning of period | 5,606,651 | 7,746,005 |
End of period | $4,237,956 | $5,606,651 |
Other Information | ||
Undistributed net investment income end of period | $5,254 | $5,292 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Managed Retirement 2015 Fund Class A
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.42 | $59.82 | $61.43 | $59.85 | $55.44 |
Income from Investment Operations | |||||
Net investment income (loss)A | .739 | .798 | .797 | .753 | .741 |
Net realized and unrealized gain (loss) | 1.737 | 4.786 | (.018) | 2.384 | 4.748 |
Total from investment operations | 2.476 | 5.584 | .779 | 3.137 | 5.489 |
Distributions from net investment income | (.726) | (.755) | (.795) | (.751) | (.723) |
Distributions from net realized gain | (12.190) | (.229) | (1.594) | (.806) | (.356) |
Total distributions | (12.916) | (.984) | (2.389) | (1.557) | (1.079) |
Net asset value, end of period | $53.98 | $64.42 | $59.82 | $61.43 | $59.85 |
Total ReturnB,C | 4.46% | 9.45% | 1.47% | 5.31% | 9.97% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .83% | .33% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .83% | .33% | .25% | .25% | .25% |
Expenses net of all reductions | .82% | .33% | .25% | .25% | .25% |
Net investment income (loss) | 1.34% | 1.30% | 1.38% | 1.24% | 1.27% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $246 | $289 | $280 | $300 | $126 |
Portfolio turnover rateD | 20% | 106% | 33% | 24% | 19% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2015 Fund Class M
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.50 | $59.85 | $61.44 | $59.85 | $55.44 |
Income from Investment Operations | |||||
Net investment income (loss)A | .598 | .642 | .647 | .602 | .592 |
Net realized and unrealized gain (loss) | 1.750 | 4.794 | (.008) | 2.387 | 4.742 |
Total from investment operations | 2.348 | 5.436 | .639 | 2.989 | 5.334 |
Distributions from net investment income | (.588) | (.557) | (.635) | (.593) | (.568) |
Distributions from net realized gain | (12.190) | (.229) | (1.594) | (.806) | (.356) |
Total distributions | (12.778) | (.786) | (2.229) | (1.399) | (.924) |
Net asset value, end of period | $54.07 | $64.50 | $59.85 | $61.44 | $59.85 |
Total ReturnB,C | 4.21% | 9.18% | 1.23% | 5.06% | 9.68% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.08% | .58% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | 1.08% | .58% | .50% | .50% | .50% |
Expenses net of all reductions | 1.07% | .58% | .50% | .50% | .50% |
Net investment income (loss) | 1.09% | 1.05% | 1.13% | .99% | 1.02% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $26 | $25 | $94 | $101 | $96 |
Portfolio turnover rateD | 20% | 106% | 33% | 24% | 19% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2015 Fund Class C
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.05 | $59.58 | $61.23 | $59.74 | $55.39 |
Income from Investment Operations | |||||
Net investment income (loss)A | .331 | .335 | .363 | .298 | .300 |
Net realized and unrealized gain (loss) | 1.719 | 4.758 | (.014) | 2.370 | 4.746 |
Total from investment operations | 2.050 | 5.093 | .349 | 2.668 | 5.046 |
Distributions from net investment income | (.220) | (.394) | (.405) | (.372) | (.340) |
Distributions from net realized gain | (12.190) | (.229) | (1.594) | (.806) | (.356) |
Total distributions | (12.410) | (.623) | (1.999) | (1.178) | (.696) |
Net asset value, end of period | $53.69 | $64.05 | $59.58 | $61.23 | $59.74 |
Total ReturnB,C | 3.68% | 8.62% | .73% | 4.52% | 9.15% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.57%F | 1.08% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.57%F | 1.08% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.56%F | 1.08% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .60% | .55% | .63% | .49% | .52% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $67 | $156 | $144 | $132 | $54 |
Portfolio turnover rateD | 20% | 106% | 33% | 24% | 19% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the contingent deferred sales charge.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
F On certain classes, the size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2015 Fund
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.41 | $59.81 | $61.42 | $59.82 | $55.41 |
Income from Investment Operations | |||||
Net investment income (loss)A | .879 | .950 | .940 | .905 | .885 |
Net realized and unrealized gain (loss) | 1.740 | 4.778 | (.017) | 2.396 | 4.738 |
Total from investment operations | 2.619 | 5.728 | .923 | 3.301 | 5.623 |
Distributions from net investment income | (.869) | (.899) | (.939) | (.895) | (.857) |
Distributions from net realized gain | (12.190) | (.229) | (1.594) | (.806) | (.356) |
Total distributions | (13.059) | (1.128) | (2.533) | (1.701) | (1.213) |
Net asset value, end of period | $53.97 | $64.41 | $59.81 | $61.42 | $59.82 |
Total ReturnB | 4.73% | 9.71% | 1.73% | 5.60% | 10.23% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .58% | .08% | - %E | - %E | - %E |
Expenses net of fee waivers, if any | .58% | .08% | -% | -% | -% |
Expenses net of all reductions | .57% | .08% | -% | -% | -% |
Net investment income (loss) | 1.59% | 1.55% | 1.63% | 1.49% | 1.52% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $3,714 | $4,885 | $6,996 | $8,622 | $8,313 |
Portfolio turnover rateC | 20% | 106% | 33% | 24% | 19% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Amounts do not include the activity of the Underlying Funds.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2015 Fund Class I
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.42 | $59.81 | $61.42 | $59.83 | $55.42 |
Income from Investment Operations | |||||
Net investment income (loss)A | .877 | .951 | .940 | .906 | .884 |
Net realized and unrealized gain (loss) | 1.742 | 4.788 | (.017) | 2.385 | 4.739 |
Total from investment operations | 2.619 | 5.739 | .923 | 3.291 | 5.623 |
Distributions from net investment income | (.869) | (.900) | (.939) | (.895) | (.857) |
Distributions from net realized gain | (12.190) | (.229) | (1.594) | (.806) | (.356) |
Total distributions | (13.059) | (1.129) | (2.533) | (1.701) | (1.213) |
Net asset value, end of period | $53.98 | $64.42 | $59.81 | $61.42 | $59.83 |
Total ReturnB | 4.73% | 9.73% | 1.73% | 5.58% | 10.23% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .58% | .08% | - %E | - %E | - %E |
Expenses net of fee waivers, if any | .58% | .08% | -% | -% | -% |
Expenses net of all reductions | .57% | .08% | -% | -% | -% |
Net investment income (loss) | 1.59% | 1.55% | 1.63% | 1.49% | 1.52% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $185 | $252 | $232 | $228 | $217 |
Portfolio turnover rateC | 20% | 106% | 33% | 24% | 19% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Amounts do not include the activity of the Underlying Funds.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2020 Fund℠
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.Top Holdings as of July 31, 2018
% of fund's net assets | |
Fidelity Series Investment Grade Bond Fund | 28.9 |
Fidelity Series Government Money Market Fund 1.98% | 9.5 |
Fidelity Series Emerging Markets Opportunities Fund | 5.6 |
Fidelity Series Inflation-Protected Bond Index Fund | 5.1 |
Fidelity Series Intrinsic Opportunities Fund | 4.9 |
Fidelity Series International Value Fund | 4.8 |
Fidelity Series International Growth Fund | 4.7 |
Fidelity Series Growth & Income Fund | 4.4 |
Fidelity Series Long-Term Treasury Bond Index Fund | 4.1 |
Fidelity Series Growth Company Fund | 4.1 |
76.1 |
Asset Allocation (% of fund's net assets)
Period end | ||
Domestic Equity Funds | 30.8% | |
International Equity Funds | 16.7% | |
Bond Funds | 40.7% | |
Short-Term Funds | 11.9% | |
Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Managed Retirement 2020 Fund℠
Schedule of Investments July 31, 2018
Showing Percentage of Net Assets
Domestic Equity Funds - 30.8% | |||
Shares | Value | ||
Fidelity Series 100 Index Fund (a) | 28 | $524 | |
Fidelity Series All-Sector Equity Fund (a) | 5,015 | 65,947 | |
Fidelity Series Blue Chip Growth Fund (a) | 4,384 | 69,753 | |
Fidelity Series Commodity Strategy Fund (a) | 13,020 | 69,399 | |
Fidelity Series Growth & Income Fund (a) | 9,212 | 150,612 | |
Fidelity Series Growth Company Fund (a) | 7,472 | 141,066 | |
Fidelity Series Intrinsic Opportunities Fund (a) | 8,912 | 167,450 | |
Fidelity Series Large Cap Value Index Fund (a) | 3,239 | 42,046 | |
Fidelity Series Opportunistic Insights Fund (a) | 4,005 | 75,980 | |
Fidelity Series Small Cap Discovery Fund (a) | 1,681 | 20,495 | |
Fidelity Series Small Cap Opportunities Fund (a) | 4,071 | 62,933 | |
Fidelity Series Stock Selector Large Cap Value Fund (a) | 8,830 | 114,965 | |
Fidelity Series Value Discovery Fund (a) | 6,008 | 81,347 | |
TOTAL DOMESTIC EQUITY FUNDS | |||
(Cost $955,271) | 1,062,517 | ||
International Equity Funds - 16.7% | |||
Fidelity Series Canada Fund (a) | 1,541 | 16,716 | |
Fidelity Series Emerging Markets Opportunities Fund (a) | 9,520 | 192,304 | |
Fidelity Series International Growth Fund (a) | 10,026 | 164,025 | |
Fidelity Series International Small Cap Fund (a) | 2,177 | 39,346 | |
Fidelity Series International Value Fund (a) | 15,597 | 164,543 | |
TOTAL INTERNATIONAL EQUITY FUNDS | |||
(Cost $545,161) | 576,934 | ||
Bond Funds - 40.7% | |||
Fidelity Series Emerging Markets Debt Fund (a) | 2,076 | 20,116 | |
Fidelity Series Floating Rate High Income Fund (a) | 882 | 8,375 | |
Fidelity Series High Income Fund (a) | 4,749 | 45,405 | |
Fidelity Series Inflation-Protected Bond Index Fund (a) | 18,080 | 175,741 | |
Fidelity Series International Credit Fund (a) | 176 | 1,734 | |
Fidelity Series Investment Grade Bond Fund (a) | 91,237 | 997,223 | |
Fidelity Series Long-Term Treasury Bond Index Fund (a) | 17,046 | 143,357 | |
Fidelity Series Real Estate Income Fund (a) | 1,426 | 15,649 | |
TOTAL BOND FUNDS | |||
(Cost $1,446,859) | 1,407,600 | ||
Short-Term Funds - 11.9% | |||
Fidelity Series Government Money Market Fund 1.98% (a)(b) | 328,607 | 328,607 | |
Fidelity Series Short-Term Credit Fund (a) | 8,344 | 82,275 | |
TOTAL SHORT-TERM FUNDS | |||
(Cost $411,954) | 410,882 | ||
TOTAL INVESTMENT IN SECURITIES - 100.1% | |||
(Cost $3,359,245) | 3,457,933 | ||
NET OTHER ASSETS (LIABILITIES) - (0.1)% | (1,930) | ||
NET ASSETS - 100% | $3,456,003 |
Legend
(a) Affiliated Fund
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds, excluding any Money Market Central Funds, is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur.
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Fidelity Series 100 Index Fund | $51,511 | $876 | $55,600 | $874 | $33,593 | $(29,856) | $524 |
Fidelity Series All-Sector Equity Fund | 96,829 | 11,629 | 43,092 | 10,910 | 1,051 | (470) | 65,947 |
Fidelity Series Blue Chip Growth Fund | 98,067 | 10,340 | 47,933 | 9,610 | 2,071 | 7,208 | 69,753 |
Fidelity Series Canada Fund | -- | 23,061 | 7,512 | 221 | 257 | 910 | 16,716 |
Fidelity Series Commodity Strategy Fund | 96,456 | 7,029 | 35,610 | 454 | 766 | 758 | 69,399 |
Fidelity Series Emerging Markets Debt Fund | 27,467 | 2,495 | 8,529 | 1,577 | (54) | (1,263) | 20,116 |
Fidelity Series Emerging Markets Opportunities Fund | 331,585 | 27,422 | 178,240 | 6,413 | 19,237 | (7,700) | 192,304 |
Fidelity Series Floating Rate High Income Fund | 11,471 | 481 | 3,529 | 481 | (10) | (38) | 8,375 |
Fidelity Series Government Money Market Fund 1.98% | 349,035 | 134,208 | 154,636 | 4,974 | -- | -- | 328,607 |
Fidelity Series Growth & Income Fund | 226,413 | 13,764 | 101,731 | 11,802 | 3,589 | 8,577 | 150,612 |
Fidelity Series Growth Company Fund | 196,164 | 15,530 | 92,180 | 15,523 | 7,880 | 13,672 | 141,066 |
Fidelity Series High Income Fund | 68,921 | 3,497 | 25,938 | 3,493 | (205) | (870) | 45,405 |
Fidelity Series Inflation-Protected Bond Index Fund | 95,667 | 114,636 | 33,162 | 1,734 | (238) | (1,162) | 175,741 |
Fidelity Series International Credit Fund | 2,318 | 69 | 613 | 54 | (7) | (18) | 1,734 |
Fidelity Series International Growth Fund | 258,866 | 8,312 | 114,367 | 6,227 | 4,947 | 6,267 | 164,025 |
Fidelity Series International Small Cap Fund | 59,541 | 2,985 | 25,279 | 2,983 | 1,617 | 482 | 39,346 |
Fidelity Series International Value Fund | 261,940 | 11,962 | 111,029 | 6,217 | 4,235 | (2,565) | 164,543 |
Fidelity Series Intrinsic Opportunities Fund | 215,054 | 9,754 | 74,184 | 9,747 | 4,818 | 12,008 | 167,450 |
Fidelity Series Investment Grade Bond Fund | 1,387,095 | 132,330 | 485,577 | 35,207 | (2,649) | (33,976) | 997,223 |
Fidelity Series Large Cap Value Index Fund | 62,931 | 2,112 | 25,447 | 2,108 | 1,078 | 1,372 | 42,046 |
Fidelity Series Long-Term Treasury Bond Index Fund | 43,079 | 132,810 | 28,604 | 2,043 | (538) | (3,390) | 143,357 |
Fidelity Series Opportunistic Insights Fund | 109,875 | 12,202 | 52,732 | 11,604 | 3,202 | 3,433 | 75,980 |
Fidelity Series Real Estate Equity Fund | 19,662 | 926 | 19,353 | 926 | (806) | (429) | -- |
Fidelity Series Real Estate Income Fund | 21,759 | 1,211 | 6,680 | 1,211 | (101) | (540) | 15,649 |
Fidelity Series Short-Term Credit Fund | 146,777 | 15,085 | 78,300 | 1,976 | (214) | (1,073) | 82,275 |
Fidelity Series Small Cap Discovery Fund | 28,987 | 1,408 | 10,833 | 1,407 | 411 | 522 | 20,495 |
Fidelity Series Small Cap Opportunities Fund | 87,465 | 8,225 | 36,936 | 8,221 | 441 | 3,738 | 62,933 |
Fidelity Series Stock Selector Large Cap Value Fund | 169,772 | 10,702 | 65,371 | 10,695 | 1,589 | (1,727) | 114,965 |
Fidelity Series Value Discovery Fund | 119,608 | 6,962 | 46,252 | 5,234 | 684 | 345 | 81,347 |
Total | $4,644,315 | $722,023 | $1,969,249 | $173,926 | $86,644 | $(25,785) | $3,457,933 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2020 Fund℠
Financial Statements
Statement of Assets and Liabilities
July 31, 2018 | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: | ||
Affiliated issuers (cost $3,359,245) | $3,457,933 | |
Total Investment in Securities (cost $3,359,245) | $3,457,933 | |
Cash | 2 | |
Receivable for investments sold | 117,417 | |
Total assets | 3,575,352 | |
Liabilities | ||
Payable for investments purchased | $117,416 | |
Accrued management fee | 1,775 | |
Distribution and service plan fees payable | 158 | |
Total liabilities | 119,349 | |
Net Assets | $3,456,003 | |
Net Assets consist of: | ||
Paid in capital | $3,245,759 | |
Undistributed net investment income | 3,287 | |
Accumulated undistributed net realized gain (loss) on investments | 108,269 | |
Net unrealized appreciation (depreciation) on investments | 98,688 | |
Net Assets | $3,456,003 | |
Calculation of Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($17,332 ÷ 330.02 shares) | $52.52 | |
Maximum offering price per share (100/94.25 of $52.52) | $55.72 | |
Class M: | ||
Net Asset Value and redemption price per share ($173,080 ÷ 3,298.23 shares) | $52.48 | |
Maximum offering price per share (100/96.50 of $52.48) | $54.38 | |
Class C: | ||
Net Asset Value and offering price per share ($98,527 ÷ 1,898.02 shares)(a) | $51.91 | |
Fidelity Managed Retirement 2020: | ||
Net Asset Value, offering price and redemption price per share ($3,139,154 ÷ 59,758.31 shares) | $52.53 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($27,910 ÷ 531.35 shares) | $52.53 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended July 31, 2018 | ||
Investment Income | ||
Dividends: | ||
Affiliated issuers | $80,830 | |
Expenses | ||
Management fee | $23,369 | |
Distribution and service plan fees | 1,920 | |
Independent trustees' fees and expenses | 15 | |
Total expenses before reductions | 25,304 | |
Expense reductions | (178) | |
Total expenses after reductions | 25,126 | |
Net investment income (loss) | 55,704 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Affiliated issuers | 86,644 | |
Capital gain distributions from underlying funds: | ||
Affiliated issuers | 93,096 | |
Total net realized gain (loss) | 179,740 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Affiliated issuers | (25,785) | |
Total change in net unrealized appreciation (depreciation) | (25,785) | |
Net gain (loss) | 153,955 | |
Net increase (decrease) in net assets resulting from operations | $209,659 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended July 31, 2018 | Year ended July 31, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $55,704 | $70,651 |
Net realized gain (loss) | 179,740 | 835,130 |
Change in net unrealized appreciation (depreciation) | (25,785) | (436,984) |
Net increase (decrease) in net assets resulting from operations | 209,659 | 468,797 |
Distributions to shareholders from net investment income | (56,168) | (67,773) |
Distributions to shareholders from net realized gain | (829,320) | (29,677) |
Total distributions | (885,488) | (97,450) |
Share transactions - net increase (decrease) | (509,902) | (697,811) |
Total increase (decrease) in net assets | (1,185,731) | (326,464) |
Net Assets | ||
Beginning of period | 4,641,734 | 4,968,198 |
End of period | $3,456,003 | $4,641,734 |
Other Information | ||
Undistributed net investment income end of period | $3,287 | $3,959 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Managed Retirement 2020 Fund Class A
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $62.67 | $57.92 | $59.57 | $57.74 | $54.44 |
Income from Investment Operations | |||||
Net investment income (loss)A | .676 | .776 | .774 | .718 | .738 |
Net realized and unrealized gain (loss) | 2.152 | 5.041 | (.138) | 2.463 | 4.763 |
Total from investment operations | 2.828 | 5.817 | .636 | 3.181 | 5.501 |
Distributions from net investment income | (.685) | (.706) | (.766) | (.712) | (.688) |
Distributions from net realized gain | (12.293) | (.361) | (1.520) | (.639) | (1.513) |
Total distributions | (12.978) | (1.067) | (2.286) | (1.351) | (2.201) |
Net asset value, end of period | $52.52 | $62.67 | $57.92 | $59.57 | $57.74 |
Total ReturnB,C | 5.29% | 10.19% | 1.27% | 5.58% | 10.39% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .87% | .34% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .87% | .34% | .25% | .25% | .25% |
Expenses net of all reductions | .87% | .34% | .25% | .25% | .25% |
Net investment income (loss) | 1.26% | 1.29% | 1.39% | 1.22% | 1.31% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $17 | $17 | $62 | $172 | $178 |
Portfolio turnover rateD | 19% | 115% | 23% | 41% | 39% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2020 Fund Class M
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $62.61 | $57.90 | $59.56 | $57.74 | $54.44 |
Income from Investment Operations | |||||
Net investment income (loss)A | .545 | .611 | .635 | .571 | .599 |
Net realized and unrealized gain (loss) | 2.159 | 5.045 | (.140) | 2.456 | 4.761 |
Total from investment operations | 2.704 | 5.656 | .495 | 3.027 | 5.360 |
Distributions from net investment income | (.541) | (.585) | (.635) | (.568) | (.547) |
Distributions from net realized gain | (12.293) | (.361) | (1.520) | (.639) | (1.513) |
Total distributions | (12.834) | (.946) | (2.155) | (1.207) | (2.060) |
Net asset value, end of period | $52.48 | $62.61 | $57.90 | $59.56 | $57.74 |
Total ReturnB,C | 5.05% | 9.90% | 1.02% | 5.30% | 10.11% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.12% | .60% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | 1.12% | .60% | .50% | .50% | .50% |
Expenses net of all reductions | 1.11% | .60% | .50% | .50% | .50% |
Net investment income (loss) | 1.02% | 1.03% | 1.14% | .97% | 1.07% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $173 | $186 | $183 | $191 | $190 |
Portfolio turnover rateD | 19% | 115% | 23% | 41% | 39% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2020 Fund Class C
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $62.16 | $57.58 | $59.30 | $57.56 | $54.33 |
Income from Investment Operations | |||||
Net investment income (loss)A | .275 | .312 | .355 | .276 | .315 |
Net realized and unrealized gain (loss) | 2.133 | 5.021 | (.151) | 2.444 | 4.755 |
Total from investment operations | 2.408 | 5.333 | .204 | 2.720 | 5.070 |
Distributions from net investment income | (.365) | (.392) | (.404) | (.341) | (.327) |
Distributions from net realized gain | (12.293) | (.361) | (1.520) | (.639) | (1.513) |
Total distributions | (12.658) | (.753) | (1.924) | (.980) | (1.840) |
Net asset value, end of period | $51.91 | $62.16 | $57.58 | $59.30 | $57.56 |
Total ReturnB,C | 4.52% | 9.37% | .50% | 4.77% | 9.57% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.62% | 1.10% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.62% | 1.10% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.61% | 1.10% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .52% | .53% | .64% | .47% | .56% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $99 | $98 | $93 | $104 | $110 |
Portfolio turnover rateD | 19% | 115% | 23% | 41% | 39% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the contingent deferred sales charge.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2020 Fund
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $62.67 | $57.92 | $59.58 | $57.75 | $54.45 |
Income from Investment Operations | |||||
Net investment income (loss)A | .818 | .909 | .915 | .865 | .881 |
Net realized and unrealized gain (loss) | 2.145 | 5.058 | (.145) | 2.464 | 4.759 |
Total from investment operations | 2.963 | 5.967 | .770 | 3.329 | 5.640 |
Distributions from net investment income | (.810) | (.856) | (.910) | (.860) | (.827) |
Distributions from net realized gain | (12.293) | (.361) | (1.520) | (.639) | (1.513) |
Total distributions | (13.103) | (1.217) | (2.430) | (1.499) | (2.340) |
Net asset value, end of period | $52.53 | $62.67 | $57.92 | $59.58 | $57.75 |
Total ReturnB | 5.56% | 10.47% | 1.52% | 5.84% | 10.66% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .62% | .10% | - %E | - %E | - %E |
Expenses net of fee waivers, if any | .62% | .10% | -% | -% | -% |
Expenses net of all reductions | .61% | .10% | -% | -% | -% |
Net investment income (loss) | 1.52% | 1.53% | 1.64% | 1.47% | 1.56% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $3,139 | $4,314 | $4,597 | $6,181 | $6,017 |
Portfolio turnover rateC | 19% | 115% | 23% | 41% | 39% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Amounts do not include the activity of the Underlying Funds.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2020 Fund Class I
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $62.67 | $57.92 | $59.58 | $57.75 | $54.45 |
Income from Investment Operations | |||||
Net investment income (loss)A | .812 | .909 | .913 | .865 | .879 |
Net realized and unrealized gain (loss) | 2.161 | 5.048 | (.143) | 2.464 | 4.761 |
Total from investment operations | 2.973 | 5.957 | .770 | 3.329 | 5.640 |
Distributions from net investment income | (.820) | (.846) | (.910) | (.860) | (.827) |
Distributions from net realized gain | (12.293) | (.361) | (1.520) | (.639) | (1.513) |
Total distributions | (13.113) | (1.207) | (2.430) | (1.499) | (2.340) |
Net asset value, end of period | $52.53 | $62.67 | $57.92 | $59.58 | $57.75 |
Total ReturnB | 5.58% | 10.45% | 1.52% | 5.84% | 10.66% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .62% | .10% | - %E | - %E | - %E |
Expenses net of fee waivers, if any | .62% | .10% | -% | -% | -% |
Expenses net of all reductions | .61% | .10% | -% | -% | -% |
Net investment income (loss) | 1.52% | 1.53% | 1.64% | 1.47% | 1.56% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $28 | $26 | $33 | $34 | $32 |
Portfolio turnover rateC | 19% | 115% | 23% | 41% | 39% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Amounts do not include the activity of the Underlying Funds.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2025 Fund℠
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.Top Holdings as of July 31, 2018
% of fund's net assets | |
Fidelity Series Investment Grade Bond Fund | 26.7 |
Fidelity Series Government Money Market Fund 1.98% | 7.4 |
Fidelity Series Emerging Markets Opportunities Fund | 6.0 |
Fidelity Series Intrinsic Opportunities Fund | 5.5 |
Fidelity Series International Value Fund | 5.2 |
Fidelity Series International Growth Fund | 5.2 |
Fidelity Series Growth & Income Fund | 4.9 |
Fidelity Series Long-Term Treasury Bond Index Fund | 4.7 |
Fidelity Series Growth Company Fund | 4.6 |
Fidelity Series Inflation-Protected Bond Index Fund | 4.2 |
74.4 |
Asset Allocation (% of fund's net assets)
Period end | ||
Domestic Equity Funds | 34.5% | |
International Equity Funds | 18.2% | |
Bond Funds | 38.2% | |
Short-Term Funds | 9.2% | |
Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Managed Retirement 2025 Fund℠
Schedule of Investments July 31, 2018
Showing Percentage of Net Assets
Domestic Equity Funds - 34.5% | |||
Shares | Value | ||
Fidelity Series 100 Index Fund (a) | 176 | $3,246 | |
Fidelity Series All-Sector Equity Fund (a) | 29,800 | 391,864 | |
Fidelity Series Blue Chip Growth Fund (a) | 26,052 | 414,489 | |
Fidelity Series Commodity Strategy Fund (a) | 68,544 | 365,338 | |
Fidelity Series Growth & Income Fund (a) | 54,738 | 894,968 | |
Fidelity Series Growth Company Fund (a) | 44,397 | 838,220 | |
Fidelity Series Intrinsic Opportunities Fund (a) | 52,963 | 995,166 | |
Fidelity Series Large Cap Value Index Fund (a) | 19,247 | 249,826 | |
Fidelity Series Opportunistic Insights Fund (a) | 23,801 | 451,501 | |
Fidelity Series Small Cap Discovery Fund (a) | 9,979 | 121,640 | |
Fidelity Series Small Cap Opportunities Fund (a) | 24,187 | 373,930 | |
Fidelity Series Stock Selector Large Cap Value Fund (a) | 52,467 | 683,114 | |
Fidelity Series Value Discovery Fund (a) | 35,701 | 483,387 | |
TOTAL DOMESTIC EQUITY FUNDS | |||
(Cost $5,643,007) | 6,266,689 | ||
International Equity Funds - 18.2% | |||
Fidelity Series Canada Fund (a) | 8,921 | 96,796 | |
Fidelity Series Emerging Markets Opportunities Fund (a) | 53,730 | 1,085,348 | |
Fidelity Series International Growth Fund (a) | 58,104 | 950,575 | |
Fidelity Series International Small Cap Fund (a) | 12,616 | 227,964 | |
Fidelity Series International Value Fund (a) | 90,384 | 953,555 | |
TOTAL INTERNATIONAL EQUITY FUNDS | |||
(Cost $3,133,285) | 3,314,238 | ||
Bond Funds - 38.2% | |||
Fidelity Series Emerging Markets Debt Fund (a) | 10,912 | 105,737 | |
Fidelity Series Floating Rate High Income Fund (a) | 4,602 | 43,719 | |
Fidelity Series High Income Fund (a) | 24,999 | 238,992 | |
Fidelity Series Inflation-Protected Bond Index Fund (a) | 79,138 | 769,222 | |
Fidelity Series International Credit Fund (a) | 1,177 | 11,566 | |
Fidelity Series Investment Grade Bond Fund (a) | 444,186 | 4,854,952 | |
Fidelity Series Long-Term Treasury Bond Index Fund (a) | 100,891 | 848,495 | |
Fidelity Series Real Estate Income Fund (a) | 7,449 | 81,720 | |
TOTAL BOND FUNDS | |||
(Cost $7,144,817) | 6,954,403 | ||
Short-Term Funds - 9.2% | |||
Fidelity Series Government Money Market Fund 1.98% (a)(b) | 1,341,884 | 1,341,884 | |
Fidelity Series Short-Term Credit Fund (a) | 34,079 | 336,016 | |
TOTAL SHORT-TERM FUNDS | |||
(Cost $1,682,034) | 1,677,900 | ||
TOTAL INVESTMENT IN SECURITIES - 100.1% | |||
(Cost $17,603,143) | 18,213,230 | ||
NET OTHER ASSETS (LIABILITIES) - (0.1)% | (10,528) | ||
NET ASSETS - 100% | $18,202,702 |
Legend
(a) Affiliated Fund
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds, excluding any Money Market Central Funds, is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur.
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Fidelity Series 100 Index Fund | $283,878 | $5,134 | $310,534 | $5,132 | $177,002 | $(152,234) | $3,246 |
Fidelity Series All-Sector Equity Fund | 533,638 | 72,659 | 218,035 | 63,753 | 5,525 | (1,923) | 391,864 |
Fidelity Series Blue Chip Growth Fund | 540,491 | 60,523 | 241,863 | 55,086 | 11,321 | 44,017 | 414,489 |
Fidelity Series Canada Fund | -- | 133,629 | 41,910 | 1,264 | 702 | 4,375 | 96,796 |
Fidelity Series Commodity Strategy Fund | 472,418 | 47,694 | 163,585 | 2,318 | 4,190 | 4,621 | 365,338 |
Fidelity Series Emerging Markets Debt Fund | 138,878 | 13,885 | 39,967 | 8,326 | (339) | (6,720) | 105,737 |
Fidelity Series Emerging Markets Opportunities Fund | 1,760,859 | 162,479 | 900,010 | 36,522 | 99,267 | (37,247) | 1,085,348 |
Fidelity Series Floating Rate High Income Fund | 57,981 | 2,539 | 16,578 | 2,537 | (29) | (194) | 43,719 |
Fidelity Series Government Money Market Fund 1.98% | 1,285,321 | 585,188 | 528,625 | 19,745 | -- | -- | 1,341,884 |
Fidelity Series Growth & Income Fund | 1,247,824 | 87,192 | 515,695 | 65,464 | 22,236 | 53,411 | 894,968 |
Fidelity Series Growth Company Fund | 1,073,827 | 90,126 | 451,068 | 89,362 | 39,726 | 85,609 | 838,220 |
Fidelity Series High Income Fund | 348,435 | 18,541 | 122,577 | 18,537 | (879) | (4,528) | 238,992 |
Fidelity Series Inflation-Protected Bond Index Fund | 380,397 | 530,710 | 136,040 | 7,362 | (1,584) | (4,261) | 769,222 |
Fidelity Series International Credit Fund | 11,922 | 359 | 520 | 285 | 2 | (122) | 11,566 |
Fidelity Series International Growth Fund | 1,410,808 | 57,164 | 582,554 | 35,965 | 27,228 | 37,929 | 950,575 |
Fidelity Series International Small Cap Fund | 324,488 | 17,030 | 125,737 | 17,027 | 8,667 | 3,516 | 227,964 |
Fidelity Series International Value Fund | 1,427,603 | 71,273 | 557,679 | 35,905 | 24,559 | (12,201) | 953,555 |
Fidelity Series Intrinsic Opportunities Fund | 1,224,498 | 55,928 | 382,353 | 55,918 | 24,593 | 72,500 | 995,166 |
Fidelity Series Investment Grade Bond Fund | 6,850,449 | 705,543 | 2,509,555 | 181,426 | (28,859) | (162,626) | 4,854,952 |
Fidelity Series Large Cap Value Index Fund | 346,809 | 16,126 | 127,851 | 12,394 | 5,797 | 8,945 | 249,826 |
Fidelity Series Long-Term Treasury Bond Index Fund | 219,389 | 804,365 | 152,696 | 11,278 | (3,025) | (19,538) | 848,495 |
Fidelity Series Opportunistic Insights Fund | 598,299 | 70,200 | 255,093 | 68,054 | 15,780 | 22,315 | 451,501 |
Fidelity Series Real Estate Equity Fund | 108,752 | 10,220 | 111,648 | 5,643 | (4,949) | (2,375) | -- |
Fidelity Series Real Estate Income Fund | 110,026 | 6,377 | 31,308 | 6,375 | (513) | (2,862) | 81,720 |
Fidelity Series Short-Term Credit Fund | 526,317 | 71,563 | 256,937 | 7,636 | (792) | (4,135) | 336,016 |
Fidelity Series Small Cap Discovery Fund | 159,754 | 10,739 | 54,930 | 8,093 | 2,941 | 3,136 | 121,640 |
Fidelity Series Small Cap Opportunities Fund | 482,038 | 47,248 | 181,994 | 47,245 | 3,639 | 22,999 | 373,930 |
Fidelity Series Stock Selector Large Cap Value Fund | 935,649 | 66,778 | 318,858 | 63,161 | 7,730 | (8,185) | 683,114 |
Fidelity Series Value Discovery Fund | 659,173 | 55,955 | 238,484 | 31,470 | 3,727 | 3,016 | 483,387 |
Total | $23,519,921 | $3,877,167 | $9,574,684 | $963,283 | $443,663 | $(52,762) | $18,213,230 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2025 Fund℠
Financial Statements
Statement of Assets and Liabilities
July 31, 2018 | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: | ||
Affiliated issuers (cost $17,603,143) | $18,213,230 | |
Total Investment in Securities (cost $17,603,143) | $18,213,230 | |
Cash | 1 | |
Receivable for investments sold | 576,163 | |
Total assets | 18,789,394 | |
Liabilities | ||
Payable for investments purchased | $575,472 | |
Payable for fund shares redeemed | 692 | |
Accrued management fee | 10,073 | |
Distribution and service plan fees payable | 455 | |
Total liabilities | 586,692 | |
Net Assets | $18,202,702 | |
Net Assets consist of: | ||
Paid in capital | $16,977,807 | |
Undistributed net investment income | 17,719 | |
Accumulated undistributed net realized gain (loss) on investments | 597,089 | |
Net unrealized appreciation (depreciation) on investments | 610,087 | |
Net Assets | $18,202,702 | |
Calculation of Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($576,575 ÷ 10,624.80 shares) | $54.27 | |
Maximum offering price per share (100/94.25 of $54.27) | $57.58 | |
Class M: | ||
Net Asset Value and redemption price per share ($499,561 ÷ 9,207.41 shares) | $54.26 | |
Maximum offering price per share (100/96.50 of $54.26) | $56.23 | |
Class C: | ||
Net Asset Value and offering price per share ($145,115 ÷ 2,706.91 shares)(a) | $53.61 | |
Fidelity Managed Retirement 2025: | ||
Net Asset Value, offering price and redemption price per share ($16,953,016 ÷ 312,177.42 shares) | $54.31 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($28,435 ÷ 522.94 shares) | $54.38 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended July 31, 2018 | ||
Investment Income | ||
Dividends: | ||
Affiliated issuers | $429,648 | |
Expenses | ||
Management fee | $132,549 | |
Distribution and service plan fees | 5,954 | |
Independent trustees' fees and expenses | 82 | |
Total expenses before reductions | 138,585 | |
Expense reductions | (179) | |
Total expenses after reductions | 138,406 | |
Net investment income (loss) | 291,242 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Affiliated issuers | 443,663 | |
Capital gain distributions from underlying funds: | ||
Affiliated issuers | 533,635 | |
Total net realized gain (loss) | 977,298 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Affiliated issuers | (52,762) | |
Total change in net unrealized appreciation (depreciation) | (52,762) | |
Net gain (loss) | 924,536 | |
Net increase (decrease) in net assets resulting from operations | $1,215,778 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended July 31, 2018 | Year ended July 31, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $291,242 | $419,391 |
Net realized gain (loss) | 977,298 | 4,586,705 |
Change in net unrealized appreciation (depreciation) | (52,762) | (2,164,787) |
Net increase (decrease) in net assets resulting from operations | 1,215,778 | 2,841,309 |
Distributions to shareholders from net investment income | (289,736) | (407,945) |
Distributions to shareholders from net realized gain | (4,301,071) | (227,253) |
Total distributions | (4,590,807) | (635,198) |
Share transactions - net increase (decrease) | (1,928,667) | (8,063,965) |
Total increase (decrease) in net assets | (5,303,696) | (5,857,854) |
Net Assets | ||
Beginning of period | 23,506,398 | 29,364,252 |
End of period | $18,202,702 | $23,506,398 |
Other Information | ||
Undistributed net investment income end of period | $17,719 | $17,466 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Managed Retirement 2025 Fund Class A
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.30 | $59.20 | $61.04 | $59.16 | $55.32 |
Income from Investment Operations | |||||
Net investment income (loss)A | .678 | .800 | .798 | .756 | .755 |
Net realized and unrealized gain (loss) | 2.470 | 5.517 | (.292) | 2.687 | 5.194 |
Total from investment operations | 3.148 | 6.317 | .506 | 3.443 | 5.949 |
Distributions from net investment income | (.654) | (.749) | (.802) | (.750) | (.747) |
Distributions from net realized gain | (12.524) | (.468) | (1.544) | (.813) | (1.362) |
Total distributions | (13.178) | (1.217) | (2.346) | (1.563) | (2.109) |
Net asset value, end of period | $54.27 | $64.30 | $59.20 | $61.04 | $59.16 |
Total ReturnB,C | 5.74% | 10.85% | 1.03% | 5.90% | 11.01% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .91% | .35% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .91% | .35% | .25% | .25% | .25% |
Expenses net of all reductions | .91% | .35% | .25% | .25% | .25% |
Net investment income (loss) | 1.23% | 1.31% | 1.40% | 1.26% | 1.30% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $577 | $592 | $536 | $636 | $565 |
Portfolio turnover rateD | 19% | 108% | 29% | 39% | 16% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2025 Fund Class M
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.30 | $59.21 | $61.05 | $59.18 | $55.33 |
Income from Investment Operations | |||||
Net investment income (loss)A | .540 | .648 | .655 | .605 | .605 |
Net realized and unrealized gain (loss) | 2.477 | 5.517 | (.294) | 2.677 | 5.216 |
Total from investment operations | 3.017 | 6.165 | .361 | 3.282 | 5.821 |
Distributions from net investment income | (.533) | (.607) | (.657) | (.599) | (.609) |
Distributions from net realized gain | (12.524) | (.468) | (1.544) | (.813) | (1.362) |
Total distributions | (13.057) | (1.075) | (2.201) | (1.412) | (1.971) |
Net asset value, end of period | $54.26 | $64.30 | $59.21 | $61.05 | $59.18 |
Total ReturnB,C | 5.49% | 10.58% | .78% | 5.62% | 10.77% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.16% | .60% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | 1.16% | .60% | .50% | .50% | .50% |
Expenses net of all reductions | 1.16% | .60% | .50% | .50% | .50% |
Net investment income (loss) | .98% | 1.07% | 1.15% | 1.01% | 1.05% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $500 | $497 | $479 | $543 | $482 |
Portfolio turnover rateD | 19% | 108% | 29% | 39% | 16% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2025 Fund Class C
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $63.81 | $58.87 | $60.79 | $59.00 | $55.21 |
Income from Investment Operations | |||||
Net investment income (loss)A | .263 | .342 | .368 | .306 | .317 |
Net realized and unrealized gain (loss) | 2.445 | 5.478 | (.293) | 2.673 | 5.194 |
Total from investment operations | 2.708 | 5.820 | .075 | 2.979 | 5.511 |
Distributions from net investment income | (.384) | (.412) | (.451) | (.376) | (.359) |
Distributions from net realized gain | (12.524) | (.468) | (1.544) | (.813) | (1.362) |
Total distributions | (12.908) | (.880) | (1.995) | (1.189) | (1.721) |
Net asset value, end of period | $53.61 | $63.81 | $58.87 | $60.79 | $59.00 |
Total ReturnB,C | 4.96% | 10.02% | .28% | 5.11% | 10.19% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.66% | 1.10% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.66% | 1.09% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.66% | 1.09% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .48% | .57% | .65% | .51% | .55% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $145 | $216 | $498 | $594 | $366 |
Portfolio turnover rateD | 19% | 108% | 29% | 39% | 16% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the contingent deferred sales charge.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2025 Fund
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.34 | $59.22 | $61.06 | $59.18 | $55.32 |
Income from Investment Operations | |||||
Net investment income (loss)A | .820 | .951 | .941 | .906 | .896 |
Net realized and unrealized gain (loss) | 2.468 | 5.523 | (.293) | 2.687 | 5.202 |
Total from investment operations | 3.288 | 6.474 | .648 | 3.593 | 6.098 |
Distributions from net investment income | (.794) | (.886) | (.944) | (.900) | (.876) |
Distributions from net realized gain | (12.524) | (.468) | (1.544) | (.813) | (1.362) |
Total distributions | (13.318) | (1.354) | (2.488) | (1.713) | (2.238) |
Net asset value, end of period | $54.31 | $64.34 | $59.22 | $61.06 | $59.18 |
Total ReturnB | 6.01% | 11.13% | 1.29% | 6.17% | 11.30% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .66% | .10% | - %E | - %E | - %E |
Expenses net of fee waivers, if any | .66% | .10% | -% | -% | -% |
Expenses net of all reductions | .66% | .10% | -% | -% | -% |
Net investment income (loss) | 1.48% | 1.56% | 1.65% | 1.51% | 1.55% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $16,953 | $22,122 | $27,774 | $34,087 | $32,313 |
Portfolio turnover rateC | 19% | 108% | 29% | 39% | 16% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Amounts do not include the activity of the Underlying Funds.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2025 Fund Class I
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.33 | $59.21 | $61.06 | $59.18 | $55.31 |
Income from Investment Operations | |||||
Net investment income (loss)A | .835 | .953 | .943 | .906 | .897 |
Net realized and unrealized gain (loss) | 2.466 | 5.521 | (.305) | 2.687 | 5.211 |
Total from investment operations | 3.301 | 6.474 | .638 | 3.593 | 6.108 |
Distributions from net investment income | (.727) | (.886) | (.944) | (.900) | (.876) |
Distributions from net realized gain | (12.524) | (.468) | (1.544) | (.813) | (1.362) |
Total distributions | (13.251) | (1.354) | (2.488) | (1.713) | (2.238) |
Net asset value, end of period | $54.38 | $64.33 | $59.21 | $61.06 | $59.18 |
Total ReturnB | 6.03% | 11.14% | 1.27% | 6.17% | 11.32% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .66% | .10% | - %E | - %E | - %E |
Expenses net of fee waivers, if any | .66% | .10% | -% | -% | -% |
Expenses net of all reductions | .65% | .10% | -% | -% | -% |
Net investment income (loss) | 1.49% | 1.56% | 1.65% | 1.51% | 1.55% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $28 | $79 | $78 | $148 | $109 |
Portfolio turnover rateC | 19% | 108% | 29% | 39% | 16% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Amounts do not include the activity of the Underlying Funds.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended July 31, 2018
1. Organization.
Fidelity Managed Retirement Income Fund, Fidelity Managed Retirement 2005 Fund, Fidelity Managed Retirement 2010 Fund, Fidelity Managed Retirement 2015 Fund, Fidelity Managed Retirement 2020 Fund and Fidelity Managed Retirement 2025 Fund (the Funds) are funds of Fidelity Income Fund (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each Fund is authorized to issue an unlimited number of shares. The Funds invest primarily in a combination of other Fidelity equity, bond, and short-term funds (the Underlying Funds) managed by Fidelity Management & Research Company (FMR). Certain Underlying Funds incurred name changes since their most recent shareholder report. The names of the Underlying Funds are those in effect at period end. In the prior year, the Funds transitioned their portfolios to invest exclusively in classes of the Fidelity Series funds, offered only to certain other Fidelity funds advised by FMR or its affiliates.
The Funds are designed for investors who seek to convert accumulated assets into regular payments over a defined period of time. The payment strategy for each Fund is designed to be implemented through a shareholder's voluntary participation in a systematic withdrawal plan, starting after the horizon date indicated by its name, resulting in the gradual liquidation of the shareholder's investment in the Fund.
Class A, Class M, Class C, Fidelity Managed Retirement shares and Class I of each Fund are closed to new accounts and additional purchases, except for reinvestments. Each class has equal rights as to assets and voting privileges, except for matters affecting a single class.
2. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists each of the Underlying Funds as an investment of the Fund but does not include the underlying holdings of each Underlying Fund. The following summarizes the significant accounting policies of the Funds:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows. Investments in the Underlying Funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date. Distributions from the Underlying Funds that are deemed to be return of capital are recorded as a reduction of cost of investments.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of each Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund. Each class differs with respect to distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds. Although not included in each Fund's expenses, each Fund indirectly bears its proportionate share of the Underlying Funds' expenses through the impact of these expenses on each Underlying Fund's NAV. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of July 31, 2018, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to the short-term gain distributions from the Underlying Funds, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) | |
Fidelity Managed Retirement Income Fund | $7,044,608 | $113,128 | $(106,500) | $6,628 |
Fidelity Managed Retirement 2005 Fund | 6,355,928 | 114,715 | (93,934) | 20,781 |
Fidelity Managed Retirement 2010 Fund | 9,247,553 | 243,092 | (130,243) | 112,849 |
Fidelity Managed Retirement 2015 Fund | 4,148,078 | 146,400 | (54,389) | 92,011 |
Fidelity Managed Retirement 2020 Fund | 3,360,787 | 138,082 | (40,936) | 97,146 |
Fidelity Managed Retirement 2025 Fund | 17,611,161 | 802,185 | (200,116) | 602,069 |
The tax-based components of distributable earnings as of period end were as follows for each Fund:
Undistributed ordinary income | Undistributed long-term capital gain | Net unrealized appreciation (depreciation) on securities and other investments | |
Fidelity Managed Retirement Income Fund | $11,924 | $103,176 | $6,628 |
Fidelity Managed Retirement 2005 Fund | 34,200 | 107,547 | 20,781 |
Fidelity Managed Retirement 2010 Fund | 42,348 | 184,145 | 112,849 |
Fidelity Managed Retirement 2015 Fund | 24,266 | 100,802 | 92,011 |
Fidelity Managed Retirement 2020 Fund | 20,988 | 92,110 | 97,146 |
Fidelity Managed Retirement 2025 Fund | 114,093 | 508,734 | 602,069 |
The tax character of distributions paid was as follows:
July 31, 2018 | |||
Ordinary Income | Long-term Capital Gains | Total | |
Fidelity Managed Retirement Income Fund | $216,337 | $683,255 | $899,592 |
Fidelity Managed Retirement 2005 Fund | 164,158 | 752,898 | 917,056 |
Fidelity Managed Retirement 2010 Fund | 215,705 | 1,456,624 | 1,672,329 |
Fidelity Managed Retirement 2015 Fund | 101,777 | 1,027,062 | 1,128,839 |
Fidelity Managed Retirement 2020 Fund | 79,692 | 805,796 | 885,488 |
Fidelity Managed Retirement 2025 Fund | 419,294 | 4,171,513 | 4,590,807 |
July 31, 2017 | |||
Ordinary Income | Long-term Capital Gains | Total | |
Fidelity Managed Retirement Income Fund | $199,690 | $– | $199,690 |
Fidelity Managed Retirement 2005 Fund | 150,243 | 36,795 | 187,038 |
Fidelity Managed Retirement 2010 Fund | 208,005 | 92,530 | 300,535 |
Fidelity Managed Retirement 2015 Fund | 106,333 | 18,376 | 124,709 |
Fidelity Managed Retirement 2020 Fund | 73,942 | 23,508 | 97,450 |
Fidelity Managed Retirement 2025 Fund | 446,373 | 188,825 | 635,198 |
3. Purchases and Redemptions of Underlying Fund Shares.
Purchases and redemptions of the Underlying Fund shares are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Managed Retirement Income Fund | 1,901,078 | 6,168,595 |
Fidelity Managed Retirement 2005 Fund | 1,864,618 | 5,664,399 |
Fidelity Managed Retirement 2010 Fund | 2,177,414 | 4,322,901 |
Fidelity Managed Retirement 2015 Fund | 931,235 | 2,357,609 |
Fidelity Managed Retirement 2020 Fund | 722,023 | 1,969,249 |
Fidelity Managed Retirement 2025 Fund | 3,877,167 | 9,574,684 |
4. Fees and Other Transactions with Affiliates.
Management Fee. FMR Co., Inc. (the investment adviser), an affiliate of FMR, and its affiliates provide the Funds with investment management related services. Under the management contract effective June 1, 2017, each Class of each Fund pays a monthly management fee that is set at an annual rate by referring to each Fund's horizon date indicated by its name, such that the management fee rate applicable to each Class of each Fund is reduced as the fund approaches, and then passes, its horizon date. In addition, the investment adviser pays all ordinary operating expenses of each Fund, except distribution and service plan fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses. Prior to June 1, 2017, the investment adviser provided the Funds with investment management related services. The Funds did not pay any fees for these services.
For the reporting period, the total annual management fee rate for each Class of each Fund was as follows:
Annual % of Class-Level Average Net Assets (Classes A, M, C, Retail and I) | |
Fidelity Managed Retirement Income Fund | .465% |
Fidelity Managed Retirement 2005 Fund | .491% |
Fidelity Managed Retirement 2010 Fund | .533% |
Fidelity Managed Retirement 2015 Fund | .576% |
Fidelity Managed Retirement 2020 Fund | .618% |
Fidelity Managed Retirement 2025 Fund | .661% |
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, each Fund has adopted separate Distribution and Service Plans for each class of shares, except for the Class I. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of each Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Fidelity Managed Retirement Income Fund | ||||
Class A | -% | .25% | $501 | $– |
Class M | .25% | .25% | 320 | – |
Class C | .75% | .25% | 512 | – |
$1,333 | $– | |||
Fidelity Managed Retirement 2005 Fund | ||||
Class A | -% | .25% | $779 | $– |
Class M | .25% | .25% | 1,310 | – |
Class C | .75% | .25% | 1,501 | – |
$3,590 | $– | |||
Fidelity Managed Retirement 2010 Fund | ||||
Class A | -% | .25% | $332 | $– |
Class M | .25% | .25% | 88 | – |
Class C | .75% | .25% | 1,179 | – |
$1,599 | $– | |||
Fidelity Managed Retirement 2015 Fund | ||||
Class A | -% | .25% | $628 | $– |
Class M | .25% | .25% | 128 | 128 |
Class C | .75% | .25% | 1,011 | – |
$1,767 | $128 | |||
Fidelity Managed Retirement 2020 Fund | ||||
Class A | -% | .25% | $43 | $26 |
Class M | .25% | .25% | 894 | – |
Class C | .75% | .25% | 983 | – |
$1,920 | $26 | |||
Fidelity Managed Retirement 2025 Fund | ||||
Class A | -% | .25% | $1,517 | $– |
Class M | .25% | .25% | 2,506 | – |
Class C | .75% | .25% | 1,931 | – |
$5,954 | $– |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of each Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares. For the period, there were no sales charge amounts retained by FDC.
5. Expense Reductions.
Through arrangements with each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. All of the applicable expense reductions are noted in the table below.
Fidelity Managed Retirement Income Fund | |
Class A | $4 |
Class M | 1 |
Class C | 1 |
Fidelity Managed Retirement Income | 171 |
Class I | 1 |
Fidelity Managed Retirement 2005 Fund | |
Class A | $3 |
Class M | 3 |
Class C | 2 |
Fidelity Managed Retirement 2005 | 162 |
Class I | 1 |
Fidelity Managed Retirement 2010 Fund | |
Class A | $2 |
Class C | 1 |
Fidelity Managed Retirement 2010 | 175 |
Fidelity Managed Retirement 2015 Fund | |
Class A | $9 |
Class M | 1 |
Class C | 5 |
Fidelity Managed Retirement 2015 | 157 |
Class I | 8 |
Fidelity Managed Retirement 2020 Fund | |
Class M | $6 |
Class C | 4 |
Fidelity Managed Retirement 2020 | 167 |
Class I | 1 |
Fidelity Managed Retirement 2025 Fund | |
Class A | $4 |
Class M | 3 |
Class C | 2 |
Fidelity Managed Retirement 2025 | 169 |
Class I | 1 |
6. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Year ended July 31, 2018 | Year ended July 31, 2017 | |
Fidelity Managed Retirement Income Fund | ||
From net investment income | ||
Class A | $2,802 | $3,521 |
Class M | 760 | 806 |
Class C | 398 | 301 |
Fidelity Managed Retirement Income | 169,830 | 178,749 |
Class I | 1,146 | 1,384 |
Total | $174,936 | $184,761 |
From net realized gain | ||
Class A | $18,004 | $331 |
Class M | 4,923 | 97 |
Class C | 3,422 | 66 |
Fidelity Managed Retirement Income | 693,468 | 14,332 |
Class I | 4,839 | 103 |
Total | $724,656 | $14,929 |
Fidelity Managed Retirement 2005 Fund | ||
From net investment income | ||
Class A | $4,642 | $6,520 |
Class M | 3,151 | 2,936 |
Class C | 968 | 1,437 |
Fidelity Managed Retirement 2005 | 120,677 | 127,393 |
Class I | 1,593 | 446 |
Total | $131,031 | $138,732 |
From net realized gain | ||
Class A | $28,834 | $3,090 |
Class M | 24,902 | 1,636 |
Class C | 21,222 | 1,365 |
Fidelity Managed Retirement 2005 | 707,660 | 42,050 |
Class I | 3,407 | 165 |
Total | $786,025 | $48,306 |
Fidelity Managed Retirement 2010 Fund | ||
From net investment income | ||
Class A | $1,828 | $1,685 |
Class M | 199 | 165 |
Class C | 819 | 1,227 |
Fidelity Managed Retirement 2010 | 167,110 | 189,217 |
Class I | 557 | 463 |
Total | $170,513 | $192,757 |
From net realized gain | ||
Class A | $17,987 | $1,079 |
Class M | 2,275 | 126 |
Class C | 15,519 | 1,579 |
Fidelity Managed Retirement 2010 | 1,461,609 | 104,750 |
Class I | 4,426 | 244 |
Total | $1,501,816 | $107,778 |
Fidelity Managed Retirement 2015 Fund | ||
From net investment income | ||
Class A | $3,297 | $3,411 |
Class M | 273 | 370 |
Class C | 324 | 954 |
Fidelity Managed Retirement 2015 | 64,928 | 89,768 |
Class I | 3,652 | 3,502 |
Total | $72,474 | $98,005 |
From net realized gain | ||
Class A | $54,663 | $1,036 |
Class M | 4,734 | 157 |
Class C | 28,815 | 553 |
Fidelity Managed Retirement 2015 | 920,185 | 24,070 |
Class I | 47,968 | 888 |
Total | $1,056,365 | $26,704 |
Fidelity Managed Retirement 2020 Fund | ||
From net investment income | ||
Class A | $219 | $84 |
Class M | 1,823 | 1,827 |
Class C | 681 | 616 |
Fidelity Managed Retirement 2020 | 53,026 | 64,760 |
Class I | 419 | 486 |
Total | $56,168 | $67,773 |
From net realized gain | ||
Class A | $3,378 | $39 |
Class M | 36,645 | 1,133 |
Class C | 19,556 | 573 |
Fidelity Managed Retirement 2020 | 764,479 | 27,725 |
Class I | 5,262 | 207 |
Total | $829,320 | $29,677 |
Fidelity Managed Retirement 2025 Fund | ||
From net investment income | ||
Class A | $7,261 | $6,851 |
Class M | 4,900 | 4,888 |
Class C | 1,458 | 3,052 |
Fidelity Managed Retirement 2025 | 275,607 | 392,080 |
Class I | 510 | 1,074 |
Total | $289,736 | $407,945 |
From net realized gain | ||
Class A | $116,723 | $4,246 |
Class M | 97,805 | 3,780 |
Class C | 42,709 | 3,773 |
Fidelity Managed Retirement 2025 | 4,029,042 | 214,892 |
Class I | 14,792 | 562 |
Total | $4,301,071 | $227,253 |
7. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Year ended July 31, 2018 | Year ended July 31, 2017 | Year ended July 31, 2018 | Year ended July 31, 2017 | |
Fidelity Managed Retirement Income Fund | ||||
Class A | ||||
Reinvestment of distributions | 354 | 57 | $20,485 | $3,382 |
Shares redeemed | (2,503) | (312) | (145,342) | (18,706) |
Net increase (decrease) | (2,149) | (255) | $(124,857) | $(15,324) |
Class M | ||||
Reinvestment of distributions | 98 | 15 | $5,683 | $903 |
Shares redeemed | (489) | (134) | (28,633) | (7,936) |
Net increase (decrease) | (391) | (119) | $(22,950) | $(7,033) |
Class C | ||||
Reinvestment of distributions | 66 | 4 | $3,820 | $212 |
Shares redeemed | (36) | (129) | (2,132) | (7,652) |
Net increase (decrease) | 30 | (125) | $1,688 | $(7,440) |
Fidelity Managed Retirement Income | ||||
Shares sold | – | 13,088 | $– | $771,337 |
Reinvestment of distributions | 13,701 | 2,091 | 792,820 | 123,783 |
Shares redeemed | (74,152) | (61,841) | (4,276,867) | (3,685,675) |
Net increase (decrease) | (60,451) | (46,662) | $(3,484,047) | $(2,790,555) |
Class I | ||||
Reinvestment of distributions | 103 | 25 | $5,985 | $1,487 |
Shares redeemed | (578) | (709) | (34,462) | (41,908) |
Net increase (decrease) | (475) | (684) | $(28,477) | $(40,421) |
Fidelity Managed Retirement 2005 Fund | ||||
Class A | ||||
Reinvestment of distributions | 553 | 146 | $32,577 | $8,821 |
Shares redeemed | (1,126) | (4,391) | (66,847) | (273,579) |
Net increase (decrease) | (573) | (4,245) | $(34,270) | $(264,758) |
Class M | ||||
Reinvestment of distributions | 476 | 76 | $28,053 | $4,571 |
Shares redeemed | (1,044) | (491) | (61,981) | (30,000) |
Net increase (decrease) | (568) | (415) | $(33,928) | $(25,429) |
Class C | ||||
Reinvestment of distributions | 379 | 47 | $22,190 | $2,802 |
Shares redeemed | (2,727) | (188) | (159,482) | (11,737) |
Net increase (decrease) | (2,348) | (141) | $(137,292) | $(8,935) |
Fidelity Managed Retirement 2005 | ||||
Shares sold | – | 60,758 | $– | $3,652,284 |
Reinvestment of distributions | 12,861 | 1,871 | 757,849 | 113,299 |
Shares redeemed | (60,941) | (36,512) | (3,661,552) | (2,242,724) |
Net increase (decrease) | (48,080) | 26,117 | $(2,903,703) | $1,522,859 |
Class I | ||||
Shares sold | 1,585 | – | $93,293 | $– |
Reinvestment of distributions | 85 | 10 | 5,000 | 611 |
Shares redeemed | (1,821) | – | (107,125) | – |
Net increase (decrease) | (151) | 10 | $(8,832) | $611 |
Fidelity Managed Retirement 2010 Fund | ||||
Class A | ||||
Reinvestment of distributions | 350 | 30 | $19,815 | $1,831 |
Shares redeemed | (147) | (496) | (8,328) | (29,871) |
Net increase (decrease) | 203 | (466) | $11,487 | $(28,040) |
Class M | ||||
Reinvestment of distributions | 44 | 5 | $2,474 | $289 |
Shares redeemed | – | – | – | – |
Net increase (decrease) | 44 | 5 | $2,474 | $289 |
Class C | ||||
Shares sold | – | 9 | $– | $538 |
Reinvestment of distributions | 291 | 38 | 16,338 | 2,266 |
Shares redeemed | (52) | (1,542) | (3,001) | (96,370) |
Net increase (decrease) | 239 | (1,495) | $13,337 | $(93,566) |
Fidelity Managed Retirement 2010 | ||||
Shares sold | – | 10,502 | $– | $634,856 |
Reinvestment of distributions | 25,931 | 3,546 | 1,468,531 | 213,604 |
Shares redeemed | (40,909) | (69,721) | (2,326,070) | (4,300,768) |
Net increase (decrease) | (14,978) | (55,673) | $(857,539) | $(3,452,308) |
Class I | ||||
Reinvestment of distributions | 88 | 12 | $4,983 | $707 |
Net increase (decrease) | 88 | 12 | $4,983 | $707 |
Fidelity Managed Retirement 2015 Fund | ||||
Class A | ||||
Shares sold | – | 3,337 | $– | $204,257 |
Reinvestment of distributions | 1,080 | 29 | 57,960 | 1,777 |
Shares redeemed | (1,012) | (3,574) | (54,399) | (218,329) |
Net increase (decrease) | 68 | (208) | $3,561 | $(12,295) |
Class M | ||||
Reinvestment of distributions | 93 | 9 | $5,007 | $527 |
Shares redeemed | – | (1,201) | – | (72,678) |
Net increase (decrease) | 93 | (1,192) | $5,007 | $(72,151) |
Class C | ||||
Reinvestment of distributions | 547 | 25 | $29,139 | $1,507 |
Shares redeemed | (1,727) | – | (93,628) | – |
Net increase (decrease) | (1,180) | 25 | $(64,489) | $1,507 |
Fidelity Managed Retirement 2015 | ||||
Shares sold | – | 1,825 | $– | $109,468 |
Reinvestment of distributions | 17,638 | 1,170 | 946,134 | 70,768 |
Shares redeemed | (24,672) | (44,125) | (1,333,473) | (2,707,652) |
Net increase (decrease) | (7,034) | (41,130) | $(387,339) | $(2,527,416) |
Class I | ||||
Reinvestment of distributions | 962 | 72 | $51,620 | $4,390 |
Shares redeemed | (1,438) | (41) | (77,557) | (2,493) |
Net increase (decrease) | (476) | 31 | $(25,937) | $1,897 |
Fidelity Managed Retirement 2020 Fund | ||||
Class A | ||||
Shares sold | – | 161 | $– | $10,000 |
Reinvestment of distributions | 69 | 1 | 3,597 | 85 |
Shares redeemed | (11) | (968) | (563) | (56,479) |
Net increase (decrease) | 58 | (806) | $3,034 | $(46,394) |
Class M | ||||
Reinvestment of distributions | 721 | 35 | $37,329 | $2,012 |
Shares redeemed | (396) | (226) | (20,846) | (13,512) |
Net increase (decrease) | 325 | (191) | $16,483 | $(11,500) |
Class C | ||||
Reinvestment of distributions | 394 | 21 | $20,237 | $1,189 |
Shares redeemed | (70) | (59) | (3,626) | (3,382) |
Net increase (decrease) | 324 | (38) | $16,611 | $(2,193) |
Fidelity Managed Retirement 2020 | ||||
Shares sold | – | 1,316 | $– | $76,478 |
Reinvestment of distributions | 14,765 | 1,312 | 765,746 | 76,684 |
Shares redeemed | (23,852) | (13,144) | (1,317,457) | (781,579) |
Net increase (decrease) | (9,087) | (10,516) | $(551,711) | $(628,417) |
Class I | ||||
Reinvestment of distributions | 109 | 12 | $5,681 | $693 |
Shares redeemed | – | (162) | – | (10,000) |
Net increase (decrease) | 109 | (150) | $5,681 | $(9,307) |
Fidelity Managed Retirement 2025 Fund | ||||
Class A | ||||
Reinvestment of distributions | 2,323 | 186 | $123,984 | $11,058 |
Shares redeemed | (908) | (22) | (49,294) | (1,353) |
Net increase (decrease) | 1,415 | 164 | $74,690 | $9,705 |
Class M | ||||
Reinvestment of distributions | 1,873 | 110 | $99,923 | $6,489 |
Shares redeemed | (401) | (470) | (21,798) | (28,648) |
Net increase (decrease) | 1,472 | (360) | $78,125 | $(22,159) |
Class C | ||||
Reinvestment of distributions | 836 | 96 | $44,167 | $5,616 |
Shares redeemed | (1,515) | (5,171) | (80,340) | (320,334) |
Net increase (decrease) | (679) | (5,075) | $(36,173) | $(314,718) |
Fidelity Managed Retirement 2025 | ||||
Shares sold | – | 17,285 | $– | $1,029,554 |
Reinvestment of distributions | 76,797 | 7,350 | 4,100,679 | 436,774 |
Shares redeemed | (108,469) | (149,785) | (6,107,488) | (9,197,756) |
Net increase (decrease) | (31,672) | (125,150) | $(2,006,809) | $(7,731,428) |
Class I | ||||
Reinvestment of distributions | 287 | 27 | $15,302 | $1,635 |
Shares redeemed | (988) | (117) | (53,802) | (7,000) |
Net increase (decrease) | (701) | (90) | $(38,500) | $(5,365) |
8. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Income Fund and the Shareholders of Fidelity Managed Retirement Income Fund, Fidelity Managed Retirement 2005 Fund, Fidelity Managed Retirement 2010 Fund, Fidelity Managed Retirement 2015 Fund, Fidelity Managed Retirement 2020 Fund and Fidelity Managed Retirement 2025 Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of Fidelity Managed Retirement Income Fund, Fidelity Managed Retirement 2005 Fund, Fidelity Managed Retirement 2010 Fund, Fidelity Managed Retirement 2015 Fund, Fidelity Managed Retirement 2020 Fund and Fidelity Managed Retirement 2025 Fund (the "Funds"), each a fund of Fidelity Income Fund, including the schedules of investments, as of July 31, 2018, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2018, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2018, by correspondence with the custodians. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
September 18, 2018
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. If the interests of a fund and an underlying Fidelity® fund were to diverge, a conflict of interest could arise and affect how the Trustees and Members of the Advisory Board fulfill their fiduciary duties to the affected funds. FMRC has structured the funds to avoid these potential conflicts, although there may be situations where a conflict of interest is unavoidable. In such instances, FMRC, the Trustees, and Members of the Advisory Board would take reasonable steps to minimize and, if possible, eliminate the conflict. Each of the Trustees oversees 257 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Each fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Marie L. Knowles serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present) and Chairman and Director of FMR (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds. Ms. McAuliffe previously served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. He serves on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a Member of the Advisory Board of certain Fidelity® funds (2014-2016), president of the Business Roundtable (2011-2017), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Albert R. Gamper, Jr. (1942)
Year of Election or Appointment: 2006
Trustee
Mr. Gamper also serves as Trustee of other Fidelity® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007), and Chase Manhattan Bank (1975-1978).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Vice Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008), AGL Resources, Inc. (holding company, 2002-2016), and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Chairman of the Independent Trustees
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Member of the Advisory Board
General Dunwoody also serves as a Member of the Advisory Board of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). She is the President of First to Four LLC (leadership and mentoring services, 2012-present). She also serves as a member of the Board of Directors and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor, and aerospace systems, 2013-present), Board of Directors and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and Board of Directors of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Board of Directors and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board of Directors, Chair of the Nomination and Governance Committee and member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Board of Directors of the Army Historical Foundation (2015-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present) and a member of the Board of Trustees of Florida Institute of Technology (2015-present) and ThanksUSA (military family education non-profit, 2014-present).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
Marc R. Bryant (1966)
Year of Election or Appointment: 2015
Secretary and Chief Legal Officer (CLO)
Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (UK) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John B. McGinty, Jr. (1962)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).
Rieco E. Mello (1969)
Year of Election or Appointment: 2017
Assistant Treasurer
Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as President Fixed Income, High Income/Emerging Market Debt and Multi Asset Class Strategies of FIAM LLC (2018-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice Chairman of FIAM LLC (investment adviser firm, 2014-2018), a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-2018), President Multi-Asset Class Strategies of FMR's Global Asset Allocation Division (2017-2018), Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity® funds (2008-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Deputy Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).
Renee Stagnone (1975)
Year of Election or Appointment: 2016
Assistant Treasurer
Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity® funds (2013-2016).
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2018 to July 31, 2018).
Actual Expenses
The first line of the accompanying table for each Class of each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a Class of the fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, each Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each Class of each fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, each Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annualized Expense Ratio-A | Beginning Account Value February 1, 2018 | Ending Account Value July 31, 2018 | Expenses Paid During Period-B February 1, 2018 to July 31, 2018 | |
Fidelity Managed Retirement Income Fund | ||||
Class A | .72% | |||
Actual | $1,000.00 | $989.70 | $3.55 | |
Hypothetical-C | $1,000.00 | $1,021.22 | $3.61 | |
Class M | .97% | |||
Actual | $1,000.00 | $988.40 | $4.78 | |
Hypothetical-C | $1,000.00 | $1,019.98 | $4.86 | |
Class C | 1.47% | |||
Actual | $1,000.00 | $986.10 | $7.24 | |
Hypothetical-C | $1,000.00 | $1,017.50 | $7.35 | |
Fidelity Managed Retirement Income | .47% | |||
Actual | $1,000.00 | $991.00 | $2.32 | |
Hypothetical-C | $1,000.00 | $1,022.46 | $2.36 | |
Class I | .47% | |||
Actual | $1,000.00 | $991.00 | $2.32 | |
Hypothetical-C | $1,000.00 | $1,022.46 | $2.36 | |
Fidelity Managed Retirement 2005 Fund | ||||
Class A | .74% | |||
Actual | $1,000.00 | $988.80 | $3.65 | |
Hypothetical-C | $1,000.00 | $1,021.12 | $3.71 | |
Class M | .99% | |||
Actual | $1,000.00 | $987.50 | $4.88 | |
Hypothetical-C | $1,000.00 | $1,019.89 | $4.96 | |
Class C | 1.50% | |||
Actual | $1,000.00 | $985.30 | $7.38 | |
Hypothetical-C | $1,000.00 | $1,017.36 | $7.50 | |
Fidelity Managed Retirement 2005 | .49% | |||
Actual | $1,000.00 | $990.00 | $2.42 | |
Hypothetical-C | $1,000.00 | $1,022.36 | $2.46 | |
Class I | .50% | |||
Actual | $1,000.00 | $990.20 | $2.47 | |
Hypothetical-C | $1,000.00 | $1,022.32 | $2.51 | |
Fidelity Managed Retirement 2010 Fund | ||||
Class A | .79% | |||
Actual | $1,000.00 | $986.90 | $3.89 | |
Hypothetical-C | $1,000.00 | $1,020.88 | $3.96 | |
Class M | 1.03% | |||
Actual | $1,000.00 | $985.70 | $5.07 | |
Hypothetical-C | $1,000.00 | $1,019.69 | $5.16 | |
Class C | 1.53% | |||
Actual | $1,000.00 | $983.20 | $7.52 | |
Hypothetical-C | $1,000.00 | $1,017.21 | $7.65 | |
Fidelity Managed Retirement 2010 | .53% | |||
Actual | $1,000.00 | $988.20 | $2.61 | |
Hypothetical-C | $1,000.00 | $1,022.17 | $2.66 | |
Class I | .53% | |||
Actual | $1,000.00 | $988.00 | $2.61 | |
Hypothetical-C | $1,000.00 | $1,022.17 | $2.66 | |
Fidelity Managed Retirement 2015 Fund | ||||
Class A | .83% | |||
Actual | $1,000.00 | $984.80 | $4.08 | |
Hypothetical-C | $1,000.00 | $1,020.68 | $4.16 | |
Class M | 1.08% | |||
Actual | $1,000.00 | $983.60 | $5.31 | |
Hypothetical-C | $1,000.00 | $1,019.44 | $5.41 | |
Class C | 1.57% | |||
Actual | $1,000.00 | $981.10 | $7.71 | |
Hypothetical-C | $1,000.00 | $1,017.01 | $7.85 | |
Fidelity Managed Retirement 2015 | .58% | |||
Actual | $1,000.00 | $985.90 | $2.86 | |
Hypothetical-C | $1,000.00 | $1,021.92 | $2.91 | |
Class I | .58% | |||
Actual | $1,000.00 | $986.00 | $2.86 | |
Hypothetical-C | $1,000.00 | $1,021.92 | $2.91 | |
Fidelity Managed Retirement 2020 Fund | ||||
Class A | .87% | |||
Actual | $1,000.00 | $983.00 | $4.28 | |
Hypothetical-C | $1,000.00 | $1,020.48 | $4.36 | |
Class M | 1.12% | |||
Actual | $1,000.00 | $981.80 | $5.50 | |
Hypothetical-C | $1,000.00 | $1,019.24 | $5.61 | |
Class C | 1.62% | |||
Actual | $1,000.00 | $979.30 | $7.95 | |
Hypothetical-C | $1,000.00 | $1,016.76 | $8.10 | |
Fidelity Managed Retirement 2020 | .62% | |||
Actual | $1,000.00 | $984.20 | $3.05 | |
Hypothetical-C | $1,000.00 | $1,021.72 | $3.11 | |
Class I | .61% | |||
Actual | $1,000.00 | $984.30 | $3.00 | |
Hypothetical-C | $1,000.00 | $1,021.77 | $3.06 | |
Fidelity Managed Retirement 2025 Fund | ||||
Class A | .91% | |||
Actual | $1,000.00 | $982.00 | $4.47 | |
Hypothetical-C | $1,000.00 | $1,020.28 | $4.56 | |
Class M | 1.16% | |||
Actual | $1,000.00 | $980.80 | $5.70 | |
Hypothetical-C | $1,000.00 | $1,019.04 | $5.81 | |
Class C | 1.67% | |||
Actual | $1,000.00 | $978.30 | $8.19 | |
Hypothetical-C | $1,000.00 | $1,016.51 | $8.35 | |
Fidelity Managed Retirement 2025 | .66% | |||
Actual | $1,000.00 | $983.40 | $3.25 | |
Hypothetical-C | $1,000.00 | $1,021.52 | $3.31 | |
Class I | .67% | |||
Actual | $1,000.00 | $983.30 | $3.29 | |
Hypothetical-C | $1,000.00 | $1,021.47 | $3.36 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Funds in which each Fund invests are not included in each Fund's annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities:
Pay Date | Record Date | Capital Gains | |
Fidelity Managed Retirement Income Fund | |||
Class A | 09/17/18 | 09/14/18 | $0.962 |
Class M | 09/17/18 | 09/14/18 | $0.962 |
Class C | 09/17/18 | 09/14/18 | $0.962 |
Fidelity Managed Retirement Income | 09/17/18 | 09/14/18 | $0.962 |
Class I | 09/17/18 | 09/14/18 | $0.962 |
Fidelity Managed Retirement 2005 Fund | |||
Class A | 09/17/18 | 09/14/18 | $1.241 |
Class M | 09/17/18 | 09/14/18 | $1.241 |
Class C | 09/17/18 | 09/14/18 | $1.241 |
Fidelity Managed Retirement 2005 | 09/17/18 | 09/14/18 | $1.241 |
Class I | 09/17/18 | 09/14/18 | $1.241 |
Fidelity Managed Retirement 2010 Fund | |||
Class A | 09/17/18 | 09/14/18 | $1.316 |
Class M | 09/17/18 | 09/14/18 | $1.316 |
Class C | 09/17/18 | 09/14/18 | $1.316 |
Fidelity Managed Retirement 2010 | 09/17/18 | 09/14/18 | $1.316 |
Class I | 09/17/18 | 09/14/18 | $1.316 |
Fidelity Managed Retirement 2015 Fund | |||
Class A | 09/17/18 | 09/14/18 | $1.565 |
Class M | 09/17/18 | 09/14/18 | $1.565 |
Class C | 09/17/18 | 09/14/18 | $1.565 |
Fidelity Managed Retirement 2015 | 09/17/18 | 09/14/18 | $1.565 |
Class I | 09/17/18 | 09/14/18 | $1.565 |
Fidelity Managed Retirement 2020 Fund | |||
Class A | 09/17/18 | 09/14/18 | $1.697 |
Class M | 09/17/18 | 09/14/18 | $1.697 |
Class C | 09/17/18 | 09/14/18 | $1.697 |
Fidelity Managed Retirement 2020 | 09/17/18 | 09/14/18 | $1.697 |
Class I | 09/17/18 | 09/14/18 | $1.697 |
Fidelity Managed Retirement 2025 Fund | |||
Class A | 09/17/18 | 09/14/18 | $1.830 |
Class M | 09/17/18 | 09/14/18 | $1.830 |
Class C | 09/17/18 | 09/14/18 | $1.830 |
Fidelity Managed Retirement 2025 | 09/17/18 | 09/14/18 | $1.830 |
Class I | 09/17/18 | 09/14/18 | $1.830 |
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended July 31, 2018, or, if subsequently determined to be different, the net capital gain of such year.
Fidelity Managed Retirement Income Fund | $150,335 |
Fidelity Managed Retirement 2005 Fund | $140,828 |
Fidelity Managed Retirement 2010 Fund | $235,347 |
Fidelity Managed Retirement 2015 Fund | $133,778 |
Fidelity Managed Retirement 2020 Fund | $121,403 |
Fidelity Managed Retirement 2025 Fund | $670,465 |
A percentage of the dividends distributed during the fiscal year for the following funds were derived from interest on U.S. Government securities which is generally exempt from state income tax
Fidelity Managed Retirement Income Fund | |
Class A | 23.31% |
Class M | 23.31% |
Class C | 23.31% |
Fidelity Managed Retirement Income | 23.31% |
Class I | 23.31% |
Fidelity Managed Retirement 2005 Fund | |
Class A | 21.19% |
Class M | 21.19% |
Class C | 21.19% |
Fidelity Managed Retirement 2005 | 21.19% |
Class I | 21.19% |
Fidelity Managed Retirement 2010 Fund | |
Class A | 17.36% |
Class M | 17.36% |
Class C | 17.36% |
Fidelity Managed Retirement 2010 | 17.36% |
Class I | 17.36% |
Fidelity Managed Retirement 2015 Fund | |
Class A | 13.65% |
Class M | 13.65% |
Class C | 13.65% |
Fidelity Managed Retirement 2015 | 13.65% |
Class I | 13.65% |
Fidelity Managed Retirement 2020 Fund | |
Class A | 10.86% |
Class M | 10.86% |
Class C | 10.86% |
Fidelity Managed Retirement 2020 | 10.86% |
Class I | 10.86% |
Fidelity Managed Retirement 2025 Fund | |
Class A | 9.39% |
Class M | 9.39% |
Class C | 9.39% |
Fidelity Managed Retirement 2025 | 9.39% |
Class I | 9.39% |
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
Class A | Class M | Class C | Retail Class | Class I | |
Fidelity Managed Retirement Income Fund | |||||
August, 2017 | 0% | 0% | 0% | 0% | 0% |
September, 2017 | 23% | 38% | 100% | 17% | 19% |
October, 2017 | 30% | 42% | 71% | 25% | 25% |
November, 2017 | 32% | 46% | 100% | 25% | 25% |
December, 2017 | 28% | 28% | 31% | 26% | 26% |
February, 2018 | 3% | 4% | 12% | 3% | 3% |
March, 2018 | 4% | 5% | 18% | 3% | 3% |
April, 2018 | 4% | 5% | – | 3% | 3% |
May, 2018 | 3% | 4% | 6% | 3% | 3% |
June, 2018 | 3% | 3% | 5% | 3% | 3% |
July, 2018 | 3% | 4% | 7% | 3% | 3% |
Fidelity Managed Retirement 2005 Fund | |||||
August, 2017 | 0% | 0% | 0% | 0% | 0% |
September, 2017 | 17% | 17% | 17% | 17% | 17% |
October, 2017 | 37% | 47% | – | 31% | 25% |
November, 2017 | 36% | 53% | 100% | 30% | 30% |
December, 2017 | 33% | 34% | 38% | 31% | 31% |
February, 2018 | 4% | 5% | 18% | 3% | 3% |
March, 2018 | 4% | 6% | – | 3% | 3% |
April, 2018 | 5% | 6% | 100% | 3% | 3% |
May, 2018 | 4% | 5% | 9% | 3% | 3% |
June, 2018 | 4% | 5% | 13% | 3% | 3% |
July, 2018 | 4% | 5% | 58% | 3% | 3% |
Fidelity Managed Retirement 2010 Fund | |||||
August, 2017 | 0% | 0% | 0% | 0% | 0% |
September, 2017 | 39% | 74% | – | 25% | 26% |
October, 2017 | 45% | 53% | 97% | 38% | 38% |
November, 2017 | 48% | 74% | 100% | 38% | 38% |
December, 2017 | 40% | 42% | 46% | 38% | 38% |
February, 2018 | 5% | 5% | 7% | 4% | 4% |
March, 2018 | 6% | 9% | – | 4% | 4% |
April, 2018 | 6% | 10% | – | 4% | 4% |
May, 2018 | 5% | 6% | 16% | 4% | 4% |
June, 2018 | 5% | 7% | 23% | 4% | 4% |
July, 2018 | 5% | 7% | 25% | 4% | 4% |
Fidelity Managed Retirement 2015 Fund | |||||
August, 2017 | 0% | 0% | 0% | 0% | 0% |
September, 2017 | 67% | 0% | – | 26% | 25% |
October, 2017 | 45% | 53% | 88% | 39% | 37% |
November, 2017 | 53% | 94% | – | 39% | 39% |
December, 2017 | 41% | 42% | 66% | 40% | 40% |
February, 2018 | 7% | 8% | 6% | 6% | 6% |
March, 2018 | 9% | 17% | – | 6% | 6% |
April, 2018 | 9% | 25% | – | 6% | 6% |
May, 2018 | 8% | 10% | 37% | 6% | 6% |
June, 2018 | 9% | 16% | – | 6% | 6% |
July, 2018 | 8% | 12% | 100% | 6% | 7% |
Fidelity Managed Retirement 2020 Fund | |||||
August, 2017 | 0% | 0% | – | 0% | 0% |
September, 2017 | 52% | 100% | – | 29% | 25% |
October, 2017 | 54% | 70% | 100% | 44% | 44% |
November, 2017 | 58% | 100% | – | 44% | 44% |
December, 2017 | 47% | 48% | 52% | 45% | 45% |
February, 2018 | 10% | 12% | 19% | 9% | 9% |
March, 2018 | 16% | 37% | – | 9% | 8% |
April, 2018 | 14% | 100% | – | 9% | 9% |
May, 2018 | 12% | 19% | – | 9% | 9% |
June, 2018 | 16% | 36% | – | 9% | 9% |
July, 2018 | 12% | 22% | – | 9% | 9% |
Fidelity Managed Retirement 2025 Fund | |||||
August, 2017 | 0% | 0% | – | 0% | 0% |
September, 2017 | 100% | 0% | – | 31% | 26% |
October, 2017 | 60% | 81% | 100% | 47% | 47% |
November, 2017 | 60% | 100% | – | 47% | 45% |
December, 2017 | 50% | 51% | 55% | 48% | 53% |
February, 2018 | 13% | 15% | 24% | 11% | 11% |
March, 2018 | 26% | 0% | – | 11% | 12% |
April, 2018 | 26% | 0% | – | 11% | 11% |
May, 2018 | 16% | 24% | – | 11% | 11% |
June, 2018 | 20% | 100% | – | 11% | 11% |
July, 2018 | 18% | 44% | – | 11% | 11% |
The funds will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.
AMRI-ANN-0918
1.9881733.101
Fidelity Managed Retirement Income Fund℠ Fidelity Managed Retirement 2005 Fund℠ Fidelity Managed Retirement 2010 Fund℠ Fidelity Managed Retirement 2015 Fund℠ Fidelity Managed Retirement 2020 Fund℠ Fidelity Managed Retirement 2025 Fund℠ Annual Report July 31, 2018 |
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Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Fidelity Managed Retirement Income Fund℠
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended July 31, 2018 | Past 1 year | Past 5 years | Past 10 years |
Fidelity Managed Retirement Income Fund℠ | 2.63% | 4.30% | 4.99% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Managed Retirement Income Fund℠, a class of the fund, on July 31, 2008.
The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays U.S. Aggregate Bond Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-18-005014/img405575824_740.jpg)
Period Ending Values | ||
$16,277 | Fidelity Managed Retirement Income Fund℠ | |
$14,424 | Bloomberg Barclays U.S. Aggregate Bond Index |
Fidelity Managed Retirement 2005 Fund℠
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended July 31, 2018 | Past 1 year | Past 5 years | Past 10 years |
Fidelity Managed Retirement 2005 Fund℠ | 2.97% | 5.23% | 5.66% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Managed Retirement 2005 Fund℠, a class of the fund, on July 31, 2008.
The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays U.S. Aggregate Bond Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-18-005014/img405575229_740.jpg)
Period Ending Values | ||
$17,335 | Fidelity Managed Retirement 2005 Fund℠ | |
$14,424 | Bloomberg Barclays U.S. Aggregate Bond Index |
Fidelity Managed Retirement 2010 Fund℠
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended July 31, 2018 | Past 1 year | Past 5 years | Past 10 years |
Fidelity Managed Retirement 2010 Fund℠ | 3.87% | 5.88% | 6.09% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Managed Retirement 2010 Fund℠, a class of the fund, on July 31, 2008.
The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays U.S. Aggregate Bond Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-18-005014/img405575059_740.jpg)
Period Ending Values | ||
$18,055 | Fidelity Managed Retirement 2010 Fund℠ | |
$14,424 | Bloomberg Barclays U.S. Aggregate Bond Index |
Fidelity Managed Retirement 2015 Fund℠
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended July 31, 2018 | Past 1 year | Past 5 years | Past 10 years |
Fidelity Managed Retirement 2015 Fund℠ | 4.73% | 6.35% | 6.34% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Managed Retirement 2015 Fund℠, a class of the fund, on July 31, 2008.
The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays U.S. Aggregate Bond Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-18-005014/img405576164_740.jpg)
Period Ending Values | ||
$18,491 | Fidelity Managed Retirement 2015 Fund℠ | |
$14,424 | Bloomberg Barclays U.S. Aggregate Bond Index |
Fidelity Managed Retirement 2020 Fund℠
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended July 31, 2018 | Past 1 year | Past 5 years | Past 10 years |
Fidelity Managed Retirement 2020 Fund℠ | 5.56% | 6.75% | 6.59% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Managed Retirement 2020 Fund℠, a class of the fund, on July 31, 2008.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index and the Bloomberg Barclays U.S. Aggregate Bond Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-18-005014/img405581944_740.jpg)
Period Ending Values | ||
$18,927 | Fidelity Managed Retirement 2020 Fund℠ | |
$14,424 | Bloomberg Barclays U.S. Aggregate Bond Index | |
$27,551 | S&P 500® Index |
Going forward, the fund’s performance will be compared to the Bloomberg Barclays U.S. Aggregate Bond Index, rather than the S&P 500® Index. The Bloomberg Barclays U.S. Aggregate Bond Index more closely represents the fund’s investment strategy, as fixed-income and short-term funds currently represent the majority of the fund’s assets.
Fidelity Managed Retirement 2025 Fund℠
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended July 31, 2018 | Past 1 year | Past 5 years | Past 10 years |
Fidelity Managed Retirement 2025 Fund℠ | 6.01% | 7.11% | 6.95% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Managed Retirement 2025 Fund℠, a class of the fund, on July 31, 2008.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-18-005014/img405577864_740.jpg)
Period Ending Values | ||
$19,575 | Fidelity Managed Retirement 2025 Fund℠ | |
$27,551 | S&P 500® Index |
Management's Discussion of Fund Performance
Market Recap: Steady global economic expansion, along with increased concerns about trade protectionism, rising interest rates and higher volatility set the backdrop for global securities markets for much of the 12 months ending July 31, 2018. The U.S. equity bellwether S&P 500® index gained 16.24%, despite a resurgence in volatility. Stocks maintained their steady growth until a sharp reversal in February, as volatility spiked amid fear that rising inflation would prompt the U.S. Federal Reserve to pick up the pace of interest rate hikes. The index posted its first negative monthly result since October 2016, and then lost further ground in March on fear of a global trade war.The U.S. equity market stabilized in April and trended upward through July, boosted by strong corporate earnings that helped the S&P 500 rise 3.72% that month to cap the period. By sector, information technology (+28%) led the way, boosted by strong earnings growth, while consumer discretionary rose roughly 24%. Energy (+20%) gained alongside higher oil prices. Laggards were telecommunication services (-2%), consumer staples (0%) and utilities (+3%).
Looking abroad, the MSCI ACWI (All Country World Index) ex USA Index returned 6.13% for the 12 months. Manufacturing and export activity – plus a generally weak U.S. dollar – underpinned markets early on, as international stocks rose roughly 14% through the end of January. But the index reversed sharply in February and went on to return about -7% for the second half of the period, with much of the loss tied to foreign exchange as the dollar rebounded. For the full 12 months, Japan returned +9%, outperforming the rest of the Asia-Pacific region (+6%). Crude-oil commodity-price strength buoyed Canada (+8%). Europe (5%) lagged the index, while emerging markets posted a similarly moderate gain.
In U.S. fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index returned -0.80% this period. Global monetary policy tightened, with the Fed raising policy rates by a quarter percentage point in March and June. The Bank of England signaled a potential rate increase in coming months, and the European Central Bank made plans to end its bond-buying program. Sector performance was in a fairly tight range, with asset-backed securities eking out a gain, while most other index categories modestly declined.Comments from Co-Portfolio Managers Andrew Dierdorf and Brett Sumsion: For the fiscal year, returns for Fidelity Managed Retirement Funds’ share classes (excluding sales charges, if applicable) ranged from about 2.5% to about 6%, with performance trending higher along the vintage spectrum (i.e., horizon date). Funds with shorter-term horizons – those with more exposure to fixed-income and short-term securities and lower equity exposure – generated lower single-digit returns during the past year. Funds with longer time horizons – those that invest in a greater percentage of equities and less fixed-income and short-term exposure – generated increasingly higher single-digit returns. Versus Composites, each Fidelity Managed Retirement Fund underperformed this period. The Funds’ underweighting in U.S. equities was the biggest relative detractor. Performance among underlying U.S. equity fund investments also held back Fidelity Managed Retirement Funds’ relative results this period. Value and income-oriented fund strategies generally underperformed growth-oriented investments, due largely to a market environment that favored highly priced growth stocks over value stocks. Conversely, the Funds’ overweighting in non-U.S. equities added value relative to Composites. In addition, the Funds benefited from fixed-income positioning. In particular, outperformance and an underweighting in investment-grade debt was helpful.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report 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 Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Notes to Shareholders: At its May 2018 meeting, the Board of Trustees approved incremental updates to the strategic asset allocation (i.e., glide path) of Fidelity Managed Retirement Funds, adding U.S. Treasury Inflation-Protected Securities and long-term U.S. Treasury bonds as fixed exposures in the Funds’ bond allocations, while reducing the equity and short-term debt allocations for shorter-dated Portfolios. These glide path updates are expected to be fully implemented by the end of 2018.The Funds’ short-term benchmark changed from Bloomberg Barclays 3-Month Treasury Bellwether to the Bloomberg Barclays U.S. 3-6 Month Treasury Index. The new index has a similar risk/return profile but increased relative liquidity.
Fidelity Managed Retirement Income Fund℠
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.Top Holdings as of July 31, 2018
% of fund's net assets | |
Fidelity Series Investment Grade Bond Fund | 37.2 |
Fidelity Series Government Money Market Fund 1.98% | 20.2 |
Fidelity Series Inflation-Protected Bond Index Fund | 10.5 |
Fidelity Series Short-Term Credit Fund | 5.1 |
Fidelity Series Long-Term Treasury Bond Index Fund | 3.5 |
Fidelity Series Emerging Markets Opportunities Fund | 3.1 |
Fidelity Series International Value Fund | 2.3 |
Fidelity Series International Growth Fund | 2.2 |
Fidelity Series Commodity Strategy Fund | 2.0 |
Fidelity Series Intrinsic Opportunities Fund | 1.8 |
87.9 |
Asset Allocation (% of fund's net assets)
Period end | ||
Domestic Equity Funds | 12.5% | |
International Equity Funds | 8.3% | |
Bond Funds | 53.9% | |
Short-Term Funds | 25.3% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Managed Retirement Income Fund℠
Schedule of Investments July 31, 2018
Showing Percentage of Net Assets
Domestic Equity Funds - 12.5% | |||
Shares | Value | ||
Fidelity Series 100 Index Fund (a) | 20 | $363 | |
Fidelity Series All-Sector Equity Fund (a) | 3,730 | 49,054 | |
Fidelity Series Blue Chip Growth Fund (a) | 3,260 | 51,872 | |
Fidelity Series Commodity Strategy Fund (a) | 26,447 | 140,965 | |
Fidelity Series Growth & Income Fund (a) | 6,851 | 112,022 | |
Fidelity Series Growth Company Fund (a) | 5,557 | 104,920 | |
Fidelity Series Intrinsic Opportunities Fund (a) | 6,626 | 124,494 | |
Fidelity Series Large Cap Value Index Fund (a) | 2,409 | 31,263 | |
Fidelity Series Opportunistic Insights Fund (a) | 2,978 | 56,495 | |
Fidelity Series Small Cap Discovery Fund (a) | 1,250 | 15,239 | |
Fidelity Series Small Cap Opportunities Fund (a) | 3,029 | 46,830 | |
Fidelity Series Stock Selector Large Cap Value Fund (a) | 6,567 | 85,509 | |
Fidelity Series Value Discovery Fund (a) | 4,467 | 60,488 | |
TOTAL DOMESTIC EQUITY FUNDS | |||
(Cost $798,302) | 879,514 | ||
International Equity Funds - 8.3% | |||
Fidelity Series Canada Fund (a) | 1,484 | 16,098 | |
Fidelity Series Emerging Markets Opportunities Fund (a) | 10,696 | 216,061 | |
Fidelity Series International Growth Fund (a) | 9,684 | 158,436 | |
Fidelity Series International Small Cap Fund (a) | 2,100 | 37,953 | |
Fidelity Series International Value Fund (a) | 15,068 | 158,963 | |
TOTAL INTERNATIONAL EQUITY FUNDS | |||
(Cost $555,368) | 587,511 | ||
Bond Funds - 53.9% | |||
Fidelity Series Emerging Markets Debt Fund (a) | 4,217 | 40,866 | |
Fidelity Series Floating Rate High Income Fund (a) | 1,861 | 17,678 | |
Fidelity Series High Income Fund (a) | 9,633 | 92,089 | |
Fidelity Series Inflation-Protected Bond Index Fund (a) | 76,196 | 740,627 | |
Fidelity Series International Credit Fund (a) | 508 | 4,998 | |
Fidelity Series Investment Grade Bond Fund (a) | 239,887 | 2,621,965 | |
Fidelity Series Long-Term Treasury Bond Index Fund (a) | 29,862 | 251,140 | |
Fidelity Series Real Estate Income Fund (a) | 3,029 | 33,223 | |
TOTAL BOND FUNDS | |||
(Cost $3,902,679) | 3,802,586 | ||
Short-Term Funds - 25.3% | |||
Fidelity Series Government Money Market Fund 1.98% (a)(b) | 1,425,208 | 1,425,208 | |
Fidelity Series Short-Term Credit Fund (a) | 36,148 | 356,417 | |
TOTAL SHORT-TERM FUNDS | |||
(Cost $1,786,400) | 1,781,625 | ||
TOTAL INVESTMENT IN SECURITIES - 100.0% | |||
(Cost $7,042,749) | 7,051,236 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (2,834) | ||
NET ASSETS - 100% | $7,048,402 |
Legend
(a) Affiliated Fund
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds, excluding any Money Market Central Funds, is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur.
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Fidelity Series 100 Index Fund | $53,599 | $1,023 | $58,733 | $1,021 | $26,729 | $(22,255) | $363 |
Fidelity Series All-Sector Equity Fund | 100,754 | 13,782 | 65,586 | 12,758 | 1,106 | (1,002) | 49,054 |
Fidelity Series Blue Chip Growth Fund | 102,044 | 12,076 | 72,552 | 11,078 | 5,731 | 4,573 | 51,872 |
Fidelity Series Canada Fund | -- | 32,476 | 17,211 | 319 | 246 | 587 | 16,098 |
Fidelity Series Commodity Strategy Fund | 234,136 | 15,040 | 115,650 | 1,217 | 6,652 | 787 | 140,965 |
Fidelity Series Emerging Markets Debt Fund | 67,678 | 4,745 | 27,639 | 4,245 | (1,305) | (2,613) | 40,866 |
Fidelity Series Emerging Markets Opportunities Fund | 535,409 | 31,953 | 374,623 | 10,339 | 41,918 | (18,596) | 216,061 |
Fidelity Series Floating Rate High Income Fund | 28,257 | 1,297 | 11,767 | 1,296 | (24) | (85) | 17,678 |
Fidelity Series Government Money Market Fund 1.98% | 2,226,650 | 544,612 | 1,346,054 | 31,460 | -- | -- | 1,425,208 |
Fidelity Series Growth & Income Fund | 235,591 | 15,670 | 153,180 | 12,771 | 9,564 | 4,377 | 112,022 |
Fidelity Series Growth Company Fund | 202,742 | 18,294 | 141,395 | 17,815 | 17,817 | 7,462 | 104,920 |
Fidelity Series High Income Fund | 169,753 | 9,469 | 84,146 | 9,465 | (1,193) | (1,794) | 92,089 |
Fidelity Series Inflation-Protected Bond Index Fund | 430,047 | 498,072 | 179,332 | 8,763 | (3,427) | (4,733) | 740,627 |
Fidelity Series International Credit Fund | 5,663 | 174 | 741 | 137 | (8) | (53) | 4,998 |
Fidelity Series International Growth Fund | 327,958 | 8,907 | 195,095 | 8,894 | 12,015 | 4,651 | 158,436 |
Fidelity Series International Small Cap Fund | 75,432 | 4,212 | 45,266 | 4,206 | 3,748 | (173) | 37,953 |
Fidelity Series International Value Fund | 331,860 | 13,224 | 190,473 | 8,881 | 9,150 | (4,798) | 158,963 |
Fidelity Series Intrinsic Opportunities Fund | 240,891 | 11,102 | 145,595 | 11,098 | 11,555 | 6,541 | 124,494 |
Fidelity Series Investment Grade Bond Fund | 4,250,329 | 267,513 | 1,759,803 | 116,257 | (45,517) | (90,557) | 2,621,965 |
Fidelity Series Large Cap Value Index Fund | 65,482 | 3,682 | 40,533 | 2,470 | 2,156 | 476 | 31,263 |
Fidelity Series Long-Term Treasury Bond Index Fund | 106,209 | 292,015 | 136,622 | 5,013 | (5,561) | (4,901) | 251,140 |
Fidelity Series Opportunistic Insights Fund | 112,951 | 13,945 | 77,893 | 13,636 | 6,007 | 1,485 | 56,495 |
Fidelity Series Real Estate Equity Fund | 20,423 | 1,829 | 20,687 | 1,074 | (1,119) | (446) | -- |
Fidelity Series Real Estate Income Fund | 53,628 | 3,196 | 21,657 | 3,193 | (738) | (1,206) | 33,223 |
Fidelity Series Short-Term Credit Fund | 947,882 | 47,061 | 629,588 | 12,556 | (4,162) | (4,776) | 356,417 |
Fidelity Series Small Cap Discovery Fund | 30,163 | 1,310 | 17,850 | 1,249 | 1,424 | 192 | 15,239 |
Fidelity Series Small Cap Opportunities Fund | 91,011 | 9,593 | 58,809 | 9,529 | 4,512 | 523 | 46,830 |
Fidelity Series Stock Selector Large Cap Value Fund | 176,654 | 15,152 | 105,422 | 12,707 | 1,818 | (2,693) | 85,509 |
Fidelity Series Value Discovery Fund | 124,457 | 9,654 | 74,693 | 6,305 | 1,477 | (407) | 60,488 |
Total | $11,347,653 | $1,901,078 | $6,168,595 | $339,752 | $100,571 | $(129,434) | $7,051,236 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement Income Fund℠
Financial Statements
Statement of Assets and Liabilities
July 31, 2018 | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: | ||
Affiliated issuers (cost $7,042,749) | $7,051,236 | |
Total Investment in Securities (cost $7,042,749) | $7,051,236 | |
Cash | 1 | |
Receivable for investments sold | 345,076 | |
Total assets | 7,396,313 | |
Liabilities | ||
Payable for investments purchased | $344,323 | |
Payable for fund shares redeemed | 753 | |
Accrued management fee | 2,739 | |
Distribution and service plan fees payable | 96 | |
Total liabilities | 347,911 | |
Net Assets | $7,048,402 | |
Net Assets consist of: | ||
Paid in capital | $6,926,673 | |
Undistributed net investment income | 11,925 | |
Accumulated undistributed net realized gain (loss) on investments | 101,317 | |
Net unrealized appreciation (depreciation) on investments | 8,487 | |
Net Assets | $7,048,402 | |
Calculation of Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($147,063 ÷ 2,555.42 shares) | $57.55 | |
Maximum offering price per share (100/94.25 of $57.55) | $61.06 | |
Class M: | ||
Net Asset Value and redemption price per share ($54,845 ÷ 952.42 shares) | $57.58 | |
Maximum offering price per share (100/96.50 of $57.58) | $59.67 | |
Class C: | ||
Net Asset Value and offering price per share ($50,909 ÷ 887.53 shares)(a) | $57.36 | |
Fidelity Managed Retirement Income: | ||
Net Asset Value, offering price and redemption price per share ($6,734,095 ÷ 117,043.27 shares) | $57.54 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($61,490 ÷ 1,069.08 shares) | $57.52 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended July 31, 2018 | ||
Investment Income | ||
Dividends: | ||
Affiliated issuers | $220,606 | |
Expenses | ||
Management fee | $46,202 | |
Distribution and service plan fees | 1,333 | |
Independent trustees' fees and expenses | 41 | |
Total expenses before reductions | 47,576 | |
Expense reductions | (178) | |
Total expenses after reductions | 47,398 | |
Net investment income (loss) | 173,208 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Affiliated issuers | 100,571 | |
Capital gain distributions from underlying funds: | ||
Affiliated issuers | 119,146 | |
Total net realized gain (loss) | 219,717 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Affiliated issuers | (129,434) | |
Total change in net unrealized appreciation (depreciation) | (129,434) | |
Net gain (loss) | 90,283 | |
Net increase (decrease) in net assets resulting from operations | $263,491 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended July 31, 2018 | Year ended July 31, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $173,208 | $195,011 |
Net realized gain (loss) | 219,717 | 879,557 |
Change in net unrealized appreciation (depreciation) | (129,434) | (466,546) |
Net increase (decrease) in net assets resulting from operations | 263,491 | 608,022 |
Distributions to shareholders from net investment income | (174,936) | (184,761) |
Distributions to shareholders from net realized gain | (724,656) | (14,929) |
Total distributions | (899,592) | (199,690) |
Share transactions - net increase (decrease) | (3,658,643) | (2,860,773) |
Total increase (decrease) in net assets | (4,294,744) | (2,452,441) |
Net Assets | ||
Beginning of period | 11,343,146 | 13,795,587 |
End of period | $7,048,402 | $11,343,146 |
Other Information | ||
Undistributed net investment income end of period | $11,925 | $13,918 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Managed Retirement Income Fund Class A
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $61.00 | $59.02 | $58.61 | $57.41 | $54.16 |
Income from Investment Operations | |||||
Net investment income (loss)A | .884 | .756 | .758 | .686 | .708 |
Net realized and unrealized gain (loss) | .494 | 2.008 | .457 | 1.311 | 3.351 |
Total from investment operations | 1.378 | 2.764 | 1.215 | 1.997 | 4.059 |
Distributions from net investment income | (.853) | (.717) | (.754) | (.658) | (.686) |
Distributions from net realized gain | (3.975) | (.067) | (.051) | (.139) | (.123) |
Total distributions | (4.828) | (.784) | (.805) | (.797) | (.809) |
Net asset value, end of period | $57.55 | $61.00 | $59.02 | $58.61 | $57.41 |
Total ReturnB,C | 2.35% | 4.73% | 2.12% | 3.50% | 7.54% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .71%F | .32% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .71%F | .32% | .25% | .25% | .25% |
Expenses net of all reductions | .71%F | .32% | .25% | .25% | .25% |
Net investment income (loss) | 1.51% | 1.27% | 1.32% | 1.18% | 1.26% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $147 | $287 | $293 | $432 | $419 |
Portfolio turnover rateD | 19% | 111% | 47% | 33% | 26% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
F On certain classes, the size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement Income Fund Class M
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $61.04 | $59.07 | $58.67 | $57.46 | $54.24 |
Income from Investment Operations | |||||
Net investment income (loss)A | .734 | .608 | .615 | .540 | .581 |
Net realized and unrealized gain (loss) | .499 | 2.008 | .450 | 1.318 | 3.339 |
Total from investment operations | 1.233 | 2.616 | 1.065 | 1.858 | 3.920 |
Distributions from net investment income | (.718) | (.579) | (.614) | (.509) | (.577) |
Distributions from net realized gain | (3.975) | (.067) | (.051) | (.139) | (.123) |
Total distributions | (4.693) | (.646) | (.665) | (.648) | (.700) |
Net asset value, end of period | $57.58 | $61.04 | $59.07 | $58.67 | $57.46 |
Total ReturnB,C | 2.10% | 4.47% | 1.86% | 3.25% | 7.26% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .97% | .57% | .50% | .50% | .49%F |
Expenses net of fee waivers, if any | .97% | .57% | .50% | .50% | .49%F |
Expenses net of all reductions | .96% | .57% | .50% | .50% | .49%F |
Net investment income (loss) | 1.26% | 1.02% | 1.07% | .93% | 1.02% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $55 | $82 | $86 | $90 | $26 |
Portfolio turnover rateD | 19% | 111% | 47% | 33% | 26% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
F On certain classes, the size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement Income Fund Class C
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $60.85 | $58.91 | $58.53 | $57.34 | $54.13 |
Income from Investment Operations | |||||
Net investment income (loss)A | .439 | .310 | .328 | .245 | .293 |
Net realized and unrealized gain (loss) | .497 | 2.009 | .435 | 1.323 | 3.354 |
Total from investment operations | .936 | 2.319 | .763 | 1.568 | 3.647 |
Distributions from net investment income | (.451) | (.312) | (.332) | (.239) | (.314) |
Distributions from net realized gain | (3.975) | (.067) | (.051) | (.139) | (.123) |
Total distributions | (4.426) | (.379) | (.383) | (.378) | (.437) |
Net asset value, end of period | $57.36 | $60.85 | $58.91 | $58.53 | $57.34 |
Total ReturnB,C | 1.59% | 3.96% | 1.34% | 2.72% | 6.76% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.47% | 1.07% | 1.00% | 1.01%F | .99%F |
Expenses net of fee waivers, if any | 1.47% | 1.07% | 1.00% | 1.01%F | .99%F |
Expenses net of all reductions | 1.46% | 1.07% | 1.00% | 1.01%F | .99%F |
Net investment income (loss) | .76% | .52% | .57% | .42% | .52% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $51 | $52 | $58 | $60 | $325 |
Portfolio turnover rateD | 19% | 111% | 47% | 33% | 26% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the contingent deferred sales charge.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
F On certain classes, the size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement Income Fund
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $61.00 | $59.01 | $58.61 | $57.41 | $54.15 |
Income from Investment Operations | |||||
Net investment income (loss)A | 1.024 | .905 | .901 | .831 | .851 |
Net realized and unrealized gain (loss) | .512 | 2.003 | .452 | 1.313 | 3.358 |
Total from investment operations | 1.536 | 2.908 | 1.353 | 2.144 | 4.209 |
Distributions from net investment income | (1.021) | (.851) | (.902) | (.805) | (.826) |
Distributions from net realized gain | (3.975) | (.067) | (.051) | (.139) | (.123) |
Total distributions | (4.996) | (.918) | (.953) | (.944) | (.949) |
Net asset value, end of period | $57.54 | $61.00 | $59.01 | $58.61 | $57.41 |
Total ReturnB | 2.63% | 4.98% | 2.37% | 3.76% | 7.82% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .47% | .07% | - %E | - %E | - %E |
Expenses net of fee waivers, if any | .47% | .07% | -% | -% | -% |
Expenses net of all reductions | .46% | .07% | -% | -% | -% |
Net investment income (loss) | 1.76% | 1.52% | 1.57% | 1.43% | 1.51% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $6,734 | $10,828 | $13,227 | $14,208 | $9,774 |
Portfolio turnover rateC | 19% | 111% | 47% | 33% | 26% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Amounts do not include the activity of the Underlying Funds.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement Income Fund Class I
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $60.99 | $58.99 | $58.59 | $57.39 | $54.14 |
Income from Investment Operations | |||||
Net investment income (loss)A | 1.025 | .906 | .899 | .830 | .856 |
Net realized and unrealized gain (loss) | .500 | 2.013 | .454 | 1.314 | 3.343 |
Total from investment operations | 1.525 | 2.919 | 1.353 | 2.144 | 4.199 |
Distributions from net investment income | (1.020) | (.852) | (.902) | (.805) | (.826) |
Distributions from net realized gain | (3.975) | (.067) | (.051) | (.139) | (.123) |
Total distributions | (4.995) | (.919) | (.953) | (.944) | (.949) |
Net asset value, end of period | $57.52 | $60.99 | $58.99 | $58.59 | $57.39 |
Total ReturnB | 2.62% | 5.01% | 2.37% | 3.76% | 7.81% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .46%E | .07% | - %F | - %F | - %F |
Expenses net of fee waivers, if any | .46%E | .07% | -% | -% | -% |
Expenses net of all reductions | .46%E | .07% | -% | -% | -% |
Net investment income (loss) | 1.76% | 1.52% | 1.57% | 1.43% | 1.51% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $61 | $94 | $131 | $90 | $61 |
Portfolio turnover rateC | 19% | 111% | 47% | 33% | 26% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Amounts do not include the activity of the Underlying Funds.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E On certain classes, the size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
F Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2005 Fund℠
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.Top Holdings as of July 31, 2018
% of fund's net assets | |
Fidelity Series Investment Grade Bond Fund | 36.5 |
Fidelity Series Government Money Market Fund 1.98% | 19.2 |
Fidelity Series Inflation-Protected Bond Index Fund | 9.8 |
Fidelity Series Short-Term Credit Fund | 4.8 |
Fidelity Series Long-Term Treasury Bond Index Fund | 3.7 |
Fidelity Series Emerging Markets Opportunities Fund | 3.5 |
Fidelity Series International Value Fund | 2.5 |
Fidelity Series International Growth Fund | 2.4 |
Fidelity Series Intrinsic Opportunities Fund | 2.0 |
Fidelity Series Commodity Strategy Fund | 2.0 |
86.4 |
Asset Allocation (% of fund's net assets)
Period end | ||
Domestic Equity Funds | 14.1% | |
International Equity Funds | 9.2% | |
Bond Funds | 52.7% | |
Short-Term Funds | 24.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Managed Retirement 2005 Fund℠
Schedule of Investments July 31, 2018
Showing Percentage of Net Assets
Domestic Equity Funds - 14.1% | |||
Shares | Value | ||
Fidelity Series 100 Index Fund (a) | 15 | $277 | |
Fidelity Series All-Sector Equity Fund (a) | 3,878 | 50,997 | |
Fidelity Series Blue Chip Growth Fund (a) | 3,390 | 53,927 | |
Fidelity Series Commodity Strategy Fund (a) | 23,950 | 127,651 | |
Fidelity Series Growth & Income Fund (a) | 7,121 | 116,432 | |
Fidelity Series Growth Company Fund (a) | 5,776 | 109,053 | |
Fidelity Series Intrinsic Opportunities Fund (a) | 6,887 | 129,407 | |
Fidelity Series Large Cap Value Index Fund (a) | 2,505 | 32,511 | |
Fidelity Series Opportunistic Insights Fund (a) | 3,096 | 58,733 | |
Fidelity Series Small Cap Discovery Fund (a) | 1,301 | 15,858 | |
Fidelity Series Small Cap Opportunities Fund (a) | 3,149 | 48,683 | |
Fidelity Series Stock Selector Large Cap Value Fund (a) | 6,826 | 88,881 | |
Fidelity Series Value Discovery Fund (a) | 4,644 | 62,881 | |
TOTAL DOMESTIC EQUITY FUNDS | |||
(Cost $812,435) | 895,291 | ||
International Equity Funds - 9.2% | |||
Fidelity Series Canada Fund (a) | 1,472 | 15,975 | |
Fidelity Series Emerging Markets Opportunities Fund (a) | 10,961 | 221,403 | |
Fidelity Series International Growth Fund (a) | 9,588 | 156,867 | |
Fidelity Series International Small Cap Fund (a) | 2,081 | 37,609 | |
Fidelity Series International Value Fund (a) | 14,918 | 157,387 | |
TOTAL INTERNATIONAL EQUITY FUNDS | |||
(Cost $557,050) | 589,241 | ||
Bond Funds - 52.7% | |||
Fidelity Series Emerging Markets Debt Fund (a) | 3,853 | 37,340 | |
Fidelity Series Floating Rate High Income Fund (a) | 1,681 | 15,974 | |
Fidelity Series High Income Fund (a) | 8,724 | 83,403 | |
Fidelity Series Inflation-Protected Bond Index Fund (a) | 64,126 | 623,309 | |
Fidelity Series International Credit Fund (a) | 344 | 3,381 | |
Fidelity Series Investment Grade Bond Fund (a) | 213,032 | 2,328,440 | |
Fidelity Series Long-Term Treasury Bond Index Fund (a) | 28,305 | 238,049 | |
Fidelity Series Real Estate Income Fund (a) | 2,729 | 29,933 | |
TOTAL BOND FUNDS | |||
(Cost $3,447,874) | 3,359,829 | ||
Short-Term Funds - 24.0% | |||
Fidelity Series Government Money Market Fund 1.98% (a)(b) | 1,225,749 | 1,225,749 | |
Fidelity Series Short-Term Credit Fund (a) | 31,095 | 306,599 | |
TOTAL SHORT-TERM FUNDS | |||
(Cost $1,536,624) | 1,532,348 | ||
TOTAL INVESTMENT IN SECURITIES - 100.0% | |||
(Cost $6,353,983) | 6,376,709 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (2,878) | ||
NET ASSETS - 100% | $6,373,831 |
Legend
(a) Affiliated Fund
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds, excluding any Money Market Central Funds, is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur.
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Fidelity Series 100 Index Fund | $56,868 | $2,338 | $62,836 | $918 | $28,048 | $(24,141) | $277 |
Fidelity Series All-Sector Equity Fund | 106,903 | 13,786 | 70,349 | 11,127 | 1,765 | (1,108) | 50,997 |
Fidelity Series Blue Chip Growth Fund | 108,267 | 13,271 | 76,554 | 10,529 | 4,124 | 4,819 | 53,927 |
Fidelity Series Canada Fund | -- | 30,984 | 15,861 | 272 | 259 | 593 | 15,975 |
Fidelity Series Commodity Strategy Fund | 206,740 | 17,834 | 100,944 | 954 | 3,195 | 826 | 127,651 |
Fidelity Series Emerging Markets Debt Fund | 60,536 | 5,327 | 25,900 | 3,323 | (263) | (2,360) | 37,340 |
Fidelity Series Emerging Markets Opportunities Fund | 517,918 | 50,448 | 369,861 | 8,501 | 40,228 | (17,330) | 221,403 |
Fidelity Series Floating Rate High Income Fund | 25,278 | 1,654 | 10,862 | 1,009 | (22) | (74) | 15,974 |
Fidelity Series Government Money Market Fund 1.98% | 1,821,465 | 483,262 | 1,078,978 | 22,714 | -- | -- | 1,225,749 |
Fidelity Series Growth & Income Fund | 249,973 | 18,782 | 164,392 | 12,585 | 7,630 | 4,439 | 116,432 |
Fidelity Series Growth Company Fund | 215,087 | 21,602 | 150,162 | 16,131 | 14,978 | 7,548 | 109,053 |
Fidelity Series High Income Fund | 151,884 | 11,171 | 77,520 | 7,351 | (525) | (1,607) | 83,403 |
Fidelity Series Inflation-Protected Bond Index Fund | 367,711 | 424,565 | 163,504 | 6,482 | (1,443) | (4,020) | 623,309 |
Fidelity Series International Credit Fund | 5,101 | 146 | 1,780 | 114 | (18) | (35) | 3,381 |
Fidelity Series International Growth Fund | 331,436 | 15,654 | 205,410 | 7,629 | 10,704 | 4,483 | 156,867 |
Fidelity Series International Small Cap Fund | 76,229 | 5,547 | 47,148 | 3,612 | 3,205 | (224) | 37,609 |
Fidelity Series International Value Fund | 335,403 | 19,388 | 201,379 | 7,617 | 8,926 | (4,951) | 157,387 |
Fidelity Series Intrinsic Opportunities Fund | 249,469 | 18,037 | 155,982 | 11,019 | 11,066 | 6,817 | 129,407 |
Fidelity Series Investment Grade Bond Fund | 3,707,152 | 328,791 | 1,616,292 | 88,781 | (11,728) | (79,483) | 2,328,440 |
Fidelity Series Large Cap Value Index Fund | 69,477 | 3,935 | 43,493 | 2,205 | 2,138 | 454 | 32,511 |
Fidelity Series Long-Term Treasury Bond Index Fund | 93,409 | 265,076 | 113,351 | 3,929 | (2,549) | (4,536) | 238,049 |
Fidelity Series Opportunistic Insights Fund | 119,844 | 15,086 | 83,180 | 12,067 | 5,522 | 1,461 | 58,733 |
Fidelity Series Real Estate Equity Fund | 21,952 | 2,111 | 22,720 | 998 | (864) | (479) | -- |
Fidelity Series Real Estate Income Fund | 47,956 | 3,799 | 20,381 | 2,587 | (365) | (1,076) | 29,933 |
Fidelity Series Short-Term Credit Fund | 768,230 | 51,467 | 507,043 | 9,090 | (1,778) | (4,277) | 306,599 |
Fidelity Series Small Cap Discovery Fund | 32,002 | 2,335 | 19,727 | 1,308 | 1,063 | 185 | 15,858 |
Fidelity Series Small Cap Opportunities Fund | 96,562 | 11,361 | 63,128 | 8,951 | 4,159 | (271) | 48,683 |
Fidelity Series Stock Selector Large Cap Value Fund | 187,439 | 15,825 | 114,404 | 11,181 | 2,950 | (2,929) | 88,881 |
Fidelity Series Value Discovery Fund | 132,047 | 11,036 | 81,258 | 5,616 | 1,530 | (474) | 62,881 |
Total | $10,162,338 | $1,864,618 | $5,664,399 | $278,600 | $131,935 | $(117,750) | $6,376,709 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2005 Fund℠
Financial Statements
Statement of Assets and Liabilities
July 31, 2018 | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: | ||
Affiliated issuers (cost $6,353,983) | $6,376,709 | |
Total Investment in Securities (cost $6,353,983) | $6,376,709 | |
Cash | 2 | |
Receivable for investments sold | 300,261 | |
Total assets | 6,676,972 | |
Liabilities | ||
Payable for investments purchased | $299,343 | |
Payable for fund shares redeemed | 919 | |
Accrued management fee | 2,638 | |
Distribution and service plan fees payable | 241 | |
Total liabilities | 303,141 | |
Net Assets | $6,373,831 | |
Net Assets consist of: | ||
Paid in capital | $6,211,303 | |
Undistributed net investment income | 10,199 | |
Accumulated undistributed net realized gain (loss) on investments | 129,603 | |
Net unrealized appreciation (depreciation) on investments | 22,726 | |
Net Assets | $6,373,831 | |
Calculation of Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($279,344 ÷ 4,756.05 shares) | $58.73 | |
Maximum offering price per share (100/94.25 of $58.73) | $62.31 | |
Class M: | ||
Net Asset Value and redemption price per share ($242,089 ÷ 4,120.50 shares) | $58.75 | |
Maximum offering price per share (100/96.50 of $58.75) | $60.88 | |
Class C: | ||
Net Asset Value and offering price per share ($98,274 ÷ 1,681.44 shares)(a) | $58.45 | |
Fidelity Managed Retirement 2005: | ||
Net Asset Value, offering price and redemption price per share ($5,732,937 ÷ 97,579.22 shares) | $58.75 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($21,187 ÷ 360.78 shares) | $58.73 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended July 31, 2018 | ||
Investment Income | ||
Dividends: | ||
Affiliated issuers | $171,737 | |
Expenses | ||
Management fee | $38,114 | |
Distribution and service plan fees | 3,590 | |
Independent trustees' fees and expenses | 32 | |
Total expenses before reductions | 41,736 | |
Expense reductions | (171) | |
Total expenses after reductions | 41,565 | |
Net investment income (loss) | 130,172 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Affiliated issuers | 131,935 | |
Capital gain distributions from underlying funds: | ||
Affiliated issuers | 106,863 | |
Total net realized gain (loss) | 238,798 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Affiliated issuers | (117,750) | |
Total change in net unrealized appreciation (depreciation) | (117,750) | |
Net gain (loss) | 121,048 | |
Net increase (decrease) in net assets resulting from operations | $251,220 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended July 31, 2018 | Year ended July 31, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $130,172 | $148,140 |
Net realized gain (loss) | 238,798 | 862,246 |
Change in net unrealized appreciation (depreciation) | (117,750) | (260,347) |
Net increase (decrease) in net assets resulting from operations | 251,220 | 750,039 |
Distributions to shareholders from net investment income | (131,031) | (138,732) |
Distributions to shareholders from net realized gain | (786,025) | (48,306) |
Total distributions | (917,056) | (187,038) |
Share transactions - net increase (decrease) | (3,118,025) | 1,224,348 |
Total increase (decrease) in net assets | (3,783,861) | 1,787,349 |
Net Assets | ||
Beginning of period | 10,157,692 | 8,370,343 |
End of period | $6,373,831 | $10,157,692 |
Other Information | ||
Undistributed net investment income end of period | $10,199 | $11,426 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Managed Retirement 2005 Fund Class A
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $63.39 | $60.26 | $60.57 | $58.78 | $54.81 |
Income from Investment Operations | |||||
Net investment income (loss)A | .874 | .788 | .801 | .724 | .735 |
Net realized and unrealized gain (loss) | .747 | 3.402 | .274 | 1.910 | 4.084 |
Total from investment operations | 1.621 | 4.190 | 1.075 | 2.634 | 4.819 |
Distributions from net investment income | (.861) | (.733) | (.785) | (.698) | (.708) |
Distributions from net realized gain | (5.420) | (.327) | (.600) | (.146) | (.141) |
Total distributions | (6.281) | (1.060) | (1.385) | (.844) | (.849) |
Net asset value, end of period | $58.73 | $63.39 | $60.26 | $60.57 | $58.78 |
Total ReturnB,C | 2.71% | 7.05% | 1.88% | 4.50% | 8.84% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .74% | .34% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .74% | .34% | .25% | .25% | .25% |
Expenses net of all reductions | .74% | .34% | .25% | .25% | .25% |
Net investment income (loss) | 1.47% | 1.29% | 1.38% | 1.21% | 1.28% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $279 | $338 | $577 | $727 | $526 |
Portfolio turnover rateD | 24% | 136% | 45% | 35% | 27% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2005 Fund Class M
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $63.41 | $60.30 | $60.61 | $58.83 | $54.82 |
Income from Investment Operations | |||||
Net investment income (loss)A | .726 | .635 | .655 | .574 | .587 |
Net realized and unrealized gain (loss) | .752 | 3.399 | .276 | 1.910 | 4.098 |
Total from investment operations | 1.478 | 4.034 | .931 | 2.484 | 4.685 |
Distributions from net investment income | (.718) | (.597) | (.641) | (.558) | (.534) |
Distributions from net realized gain | (5.420) | (.327) | (.600) | (.146) | (.141) |
Total distributions | (6.138) | (.924) | (1.241) | (.704) | (.675) |
Net asset value, end of period | $58.75 | $63.41 | $60.30 | $60.61 | $58.83 |
Total ReturnB,C�� | 2.46% | 6.78% | 1.63% | 4.24% | 8.58% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .99% | .59% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .99% | .59% | .50% | .50% | .50% |
Expenses net of all reductions | .99% | .59% | .50% | .50% | .50% |
Net investment income (loss) | 1.22% | 1.04% | 1.13% | .96% | 1.03% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $242 | $297 | $308 | $328 | $39 |
Portfolio turnover rateD | 24% | 136% | 45% | 35% | 27% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2005 Fund Class C
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $63.07 | $60.03 | $60.40 | $58.69 | $54.76 |
Income from Investment Operations | |||||
Net investment income (loss)A | .433 | .327 | .360 | .278 | .303 |
Net realized and unrealized gain (loss) | .751 | 3.383 | .276 | 1.899 | 4.086 |
Total from investment operations | 1.184 | 3.710 | .636 | 2.177 | 4.389 |
Distributions from net investment income | (.384) | (.343) | (.406) | (.321) | (.318) |
Distributions from net realized gain | (5.420) | (.327) | (.600) | (.146) | (.141) |
Total distributions | (5.804) | (.670) | (1.006) | (.467) | (.459) |
Net asset value, end of period | $58.45 | $63.07 | $60.03 | $60.40 | $58.69 |
Total ReturnB,C | 1.97% | 6.24% | 1.12% | 3.72% | 8.04% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.49% | 1.09% | 1.00% | .99%F | 1.00% |
Expenses net of fee waivers, if any | 1.49% | 1.09% | 1.00% | .99%F | 1.00% |
Expenses net of all reductions | 1.48% | 1.09% | 1.00% | .99%F | 1.00% |
Net investment income (loss) | .72% | .54% | .62% | .47% | .53% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $98 | $254 | $250 | $86 | $33 |
Portfolio turnover rateD | 24% | 136% | 45% | 35% | 27% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the contingent deferred sales charge.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
F On certain classes, the size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2005 Fund
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $63.41 | $60.27 | $60.58 | $58.79 | $54.81 |
Income from Investment Operations | |||||
Net investment income (loss)A | 1.027 | .942 | .945 | .874 | .878 |
Net realized and unrealized gain (loss) | .746 | 3.403 | .277 | 1.909 | 4.094 |
Total from investment operations | 1.773 | 4.345 | 1.222 | 2.783 | 4.972 |
Distributions from net investment income | (1.013) | (.878) | (.932) | (.847) | (.851) |
Distributions from net realized gain | (5.420) | (.327) | (.600) | (.146) | (.141) |
Total distributions | (6.433) | (1.205) | (1.532) | (.993) | (.992) |
Net asset value, end of period | $58.75 | $63.41 | $60.27 | $60.58 | $58.79 |
Total ReturnB | 2.97% | 7.32% | 2.14% | 4.76% | 9.13% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .49% | .09% | - %E | - %E | - %E |
Expenses net of fee waivers, if any | .49% | .09% | -% | -% | -% |
Expenses net of all reductions | .49% | .09% | -% | -% | -% |
Net investment income (loss) | 1.72% | 1.54% | 1.63% | 1.46% | 1.53% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $5,733 | $9,236 | $7,205 | $6,160 | $3,677 |
Portfolio turnover rateC | 24% | 136% | 45% | 35% | 27% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Amounts do not include the activity of the Underlying Funds.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2005 Fund Class I
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $63.40 | $60.27 | $60.58 | $58.79 | $54.81 |
Income from Investment Operations | |||||
Net investment income (loss)A | 1.015 | .942 | .945 | .875 | .877 |
Net realized and unrealized gain (loss) | .769 | 3.394 | .277 | 1.908 | 4.095 |
Total from investment operations | 1.784 | 4.336 | 1.222 | 2.783 | 4.972 |
Distributions from net investment income | (1.034) | (.879) | (.932) | (.847) | (.851) |
Distributions from net realized gain | (5.420) | (.327) | (.600) | (.146) | (.141) |
Total distributions | (6.454) | (1.206) | (1.532) | (.993) | (.992) |
Net asset value, end of period | $58.73 | $63.40 | $60.27 | $60.58 | $58.79 |
Total ReturnB | 2.99% | 7.31% | 2.14% | 4.76% | 9.13% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .50%E | .09% | - %F | - %F | - %F |
Expenses net of fee waivers, if any | .50%E | .09% | -% | -% | -% |
Expenses net of all reductions | .50%E | .09% | -% | -% | -% |
Net investment income (loss) | 1.71% | 1.54% | 1.63% | 1.46% | 1.53% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $21 | $32 | $30 | $31 | $30 |
Portfolio turnover rateC | 24% | 136% | 45% | 35% | 27% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Amounts do not include the activity of the Underlying Funds.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E On certain classes, the size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
F Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2010 Fund℠
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.Top Holdings as of July 31, 2018
% of fund's net assets | |
Fidelity Series Investment Grade Bond Fund | 33.9 |
Fidelity Series Government Money Market Fund 1.98% | 15.8 |
Fidelity Series Inflation-Protected Bond Index Fund | 8.2 |
Fidelity Series Emerging Markets Opportunities Fund | 4.3 |
Fidelity Series Short-Term Credit Fund | 3.9 |
Fidelity Series Long-Term Treasury Bond Index Fund | 3.9 |
Fidelity Series International Value Fund | 3.3 |
Fidelity Series International Growth Fund | 3.2 |
Fidelity Series Intrinsic Opportunities Fund | 3.0 |
Fidelity Series Growth & Income Fund | 2.7 |
82.2 |
Asset Allocation (% of fund's net assets)
Period end | ||
Domestic Equity Funds | 19.7% | |
International Equity Funds | 11.9% | |
Bond Funds | 48.7% | |
Short-Term Funds | 19.7% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Managed Retirement 2010 Fund℠
Schedule of Investments July 31, 2018
Showing Percentage of Net Assets
Domestic Equity Funds - 19.7% | |||
Shares | Value | ||
Fidelity Series 100 Index Fund (a) | 40 | $731 | |
Fidelity Series All-Sector Equity Fund (a) | 8,369 | 110,047 | |
Fidelity Series Blue Chip Growth Fund (a) | 7,315 | 116,386 | |
Fidelity Series Commodity Strategy Fund (a) | 35,172 | 187,465 | |
Fidelity Series Growth & Income Fund (a) | 15,370 | 251,300 | |
Fidelity Series Growth Company Fund (a) | 12,467 | 235,372 | |
Fidelity Series Intrinsic Opportunities Fund (a) | 14,881 | 279,619 | |
Fidelity Series Large Cap Value Index Fund (a) | 5,405 | 70,160 | |
Fidelity Series Opportunistic Insights Fund (a) | 6,683 | 126,769 | |
Fidelity Series Small Cap Discovery Fund (a) | 2,806 | 34,207 | |
Fidelity Series Small Cap Opportunities Fund (a) | 6,794 | 105,032 | |
Fidelity Series Stock Selector Large Cap Value Fund (a) | 14,733 | 191,829 | |
Fidelity Series Value Discovery Fund (a) | 10,024 | 135,723 | |
TOTAL DOMESTIC EQUITY FUNDS | |||
(Cost $1,661,791) | 1,844,640 | ||
International Equity Funds - 11.9% | |||
Fidelity Series Canada Fund (a) | 2,845 | 30,864 | |
Fidelity Series Emerging Markets Opportunities Fund (a) | 20,009 | 404,175 | |
Fidelity Series International Growth Fund (a) | 18,526 | 303,082 | |
Fidelity Series International Small Cap Fund (a) | 4,022 | 72,673 | |
Fidelity Series International Value Fund (a) | 28,821 | 304,063 | |
TOTAL INTERNATIONAL EQUITY FUNDS | |||
(Cost $1,053,805) | 1,114,857 | ||
Bond Funds - 48.7% | |||
Fidelity Series Emerging Markets Debt Fund (a) | 5,638 | 54,635 | |
Fidelity Series Floating Rate High Income Fund (a) | 2,447 | 23,248 | |
Fidelity Series High Income Fund (a) | 12,819 | 122,552 | |
Fidelity Series Inflation-Protected Bond Index Fund (a) | 78,942 | 767,313 | |
Fidelity Series International Credit Fund (a) | 506 | 4,978 | |
Fidelity Series Investment Grade Bond Fund (a) | 290,385 | 3,173,905 | |
Fidelity Series Long-Term Treasury Bond Index Fund (a) | 43,789 | 368,267 | |
Fidelity Series Real Estate Income Fund (a) | 3,963 | 43,474 | |
TOTAL BOND FUNDS | |||
(Cost $4,682,057) | 4,558,372 | ||
Short-Term Funds - 19.7% | |||
Fidelity Series Government Money Market Fund 1.98% (a)(b) | 1,473,828 | 1,473,828 | |
Fidelity Series Short-Term Credit Fund (a) | 37,394 | 368,705 | |
TOTAL SHORT-TERM FUNDS | |||
(Cost $1,847,731) | 1,842,533 | ||
TOTAL INVESTMENT IN SECURITIES - 100.0% | |||
(Cost $9,245,384) | 9,360,402 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (4,347) | ||
NET ASSETS - 100% | $9,356,055 |
Legend
(a) Affiliated Fund
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds, excluding any Money Market Central Funds, is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur.
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Fidelity Series 100 Index Fund | $85,581 | $1,643 | $93,331 | $1,639 | $51,289 | $(44,451) | $731 |
Fidelity Series All-Sector Equity Fund | 160,873 | 21,637 | 73,678 | 20,341 | 1,963 | (748) | 110,047 |
Fidelity Series Blue Chip Growth Fund | 162,928 | 19,303 | 83,607 | 17,941 | 5,757 | 12,005 | 116,386 |
Fidelity Series Canada Fund | -- | 45,747 | 16,496 | 449 | 353 | 1,260 | 30,864 |
Fidelity Series Commodity Strategy Fund | 223,293 | 27,350 | 67,905 | 1,205 | 2,003 | 2,724 | 187,465 |
Fidelity Series Emerging Markets Debt Fund | 67,994 | 5,861 | 15,338 | 4,425 | (341) | (3,541) | 54,635 |
Fidelity Series Emerging Markets Opportunities Fund | 658,745 | 69,019 | 349,882 | 13,734 | 40,516 | (14,223) | 404,175 |
Fidelity Series Floating Rate High Income Fund | 28,393 | 1,360 | 6,390 | 1,360 | (13) | (102) | 23,248 |
Fidelity Series Government Money Market Fund 1.98% | 1,633,490 | 522,584 | 682,246 | 25,381 | -- | -- | 1,473,828 |
Fidelity Series Growth & Income Fund | 376,168 | 21,369 | 170,162 | 20,902 | 10,112 | 13,813 | 251,300 |
Fidelity Series Growth Company Fund | 323,699 | 30,859 | 161,003 | 28,600 | 18,834 | 22,983 | 235,372 |
Fidelity Series High Income Fund | 170,506 | 9,810 | 54,830 | 9,808 | (619) | (2,315) | 122,552 |
Fidelity Series Inflation-Protected Bond Index Fund | 371,207 | 496,645 | 93,833 | 7,736 | (1,194) | (5,512) | 767,313 |
Fidelity Series International Credit Fund | 5,750 | 177 | 849 | 144 | (15) | (53) | 4,978 |
Fidelity Series International Growth Fund | 463,530 | 12,684 | 196,317 | 12,665 | 11,338 | 11,847 | 303,082 |
Fidelity Series International Small Cap Fund | 106,614 | 5,998 | 44,408 | 5,990 | 3,460 | 1,009 | 72,673 |
Fidelity Series International Value Fund | 469,054 | 20,881 | 189,795 | 12,645 | 8,221 | (4,298) | 304,063 |
Fidelity Series Intrinsic Opportunities Fund | 406,502 | 18,413 | 175,005 | 18,408 | 11,065 | 18,644 | 279,619 |
Fidelity Series Investment Grade Bond Fund | 3,905,037 | 342,453 | 950,713 | 112,346 | (14,757) | (108,115) | 3,173,905 |
Fidelity Series Large Cap Value Index Fund | 104,555 | 3,965 | 43,058 | 3,958 | 2,395 | 2,303 | 70,160 |
Fidelity Series Long-Term Treasury Bond Index Fund | 100,842 | 367,262 | 88,765 | 5,545 | (3,006) | (8,066) | 368,267 |
Fidelity Series Opportunistic Insights Fund | 180,350 | 23,251 | 89,504 | 21,911 | 6,831 | 5,841 | 126,769 |
Fidelity Series Real Estate Equity Fund | 32,781 | 2,372 | 32,768 | 1,772 | (1,669) | (716) | -- |
Fidelity Series Real Estate Income Fund | 53,920 | 3,396 | 12,016 | 3,393 | (339) | (1,487) | 43,474 |
Fidelity Series Short-Term Credit Fund | 683,122 | 54,447 | 362,145 | 9,933 | (1,520) | (5,199) | 368,705 |
Fidelity Series Small Cap Discovery Fund | 48,158 | 2,542 | 18,533 | 2,541 | 1,126 | 914 | 34,207 |
Fidelity Series Small Cap Opportunities Fund | 145,314 | 15,404 | 64,120 | 15,401 | 3,584 | 4,850 | 105,032 |
Fidelity Series Stock Selector Large Cap Value Fund | 282,066 | 20,327 | 110,309 | 20,304 | 2,592 | (2,847) | 191,829 |
Fidelity Series Value Discovery Fund | 198,719 | 10,655 | 75,895 | 10,111 | 1,652 | 592 | 135,723 |
Total | $11,449,191 | $2,177,414 | $4,322,901 | $410,588 | $159,618 | $(102,888) | $9,360,402 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2010 Fund℠
Financial Statements
Statement of Assets and Liabilities
July 31, 2018 | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: | ||
Affiliated issuers (cost $9,245,384) | $9,360,402 | |
Total Investment in Securities (cost $9,245,384) | $9,360,402 | |
Cash | 2 | |
Receivable for investments sold | 401,124 | |
Total assets | 9,761,528 | |
Liabilities | ||
Payable for investments purchased | $393,156 | |
Payable for fund shares redeemed | 7,968 | |
Accrued management fee | 4,216 | |
Distribution and service plan fees payable | 133 | |
Total liabilities | 405,473 | |
Net Assets | $9,356,055 | |
Net Assets consist of: | ||
Paid in capital | $9,016,716 | |
Undistributed net investment income | 13,606 | |
Accumulated undistributed net realized gain (loss) on investments | 210,715 | |
Net unrealized appreciation (depreciation) on investments | 115,018 | |
Net Assets | $9,356,055 | |
Calculation of Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($132,689 ÷ 2,336.84 shares) | $56.78 | |
Maximum offering price per share (100/94.25 of $56.78) | $60.24 | |
Class M: | ||
Net Asset Value and redemption price per share ($17,778 ÷ 312.50 shares) | $56.89 | |
Maximum offering price per share (100/96.50 of $56.89) | $58.95 | |
Class C: | ||
Net Asset Value and offering price per share ($117,298 ÷ 2,082.69 shares)(a) | $56.32 | |
Fidelity Managed Retirement 2010: | ||
Net Asset Value, offering price and redemption price per share ($9,053,610 ÷ 159,398.47 shares) | $56.80 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($34,680 ÷ 610.64 shares) | $56.79 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended July 31, 2018 | ||
Investment Income | ||
Dividends: | ||
Affiliated issuers | $229,906 | |
Expenses | ||
Management fee | $56,077 | |
Distribution and service plan fees | 1,599 | |
Independent trustees' fees and expenses | 43 | |
Total expenses before reductions | 57,719 | |
Expense reductions | (178) | |
Total expenses after reductions | 57,541 | |
Net investment income (loss) | 172,365 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Affiliated issuers | 159,618 | |
Capital gain distributions from underlying funds: | ||
Affiliated issuers | 180,682 | |
Total net realized gain (loss) | 340,300 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Affiliated issuers | (102,888) | |
Total change in net unrealized appreciation (depreciation) | (102,888) | |
Net gain (loss) | 237,412 | |
Net increase (decrease) in net assets resulting from operations | $409,777 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended July 31, 2018 | Year ended July 31, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $172,365 | $201,706 |
Net realized gain (loss) | 340,300 | 1,743,316 |
Change in net unrealized appreciation (depreciation) | (102,888) | (849,139) |
Net increase (decrease) in net assets resulting from operations | 409,777 | 1,095,883 |
Distributions to shareholders from net investment income | (170,513) | (192,757) |
Distributions to shareholders from net realized gain | (1,501,816) | (107,778) |
Total distributions | (1,672,329) | (300,535) |
Share transactions - net increase (decrease) | (825,258) | (3,572,918) |
Total increase (decrease) in net assets | (2,087,810) | (2,777,570) |
Net Assets | ||
Beginning of period | 11,443,865 | 14,221,435 |
End of period | $9,356,055 | $11,443,865 |
Other Information | ||
Undistributed net investment income end of period | $13,606 | $12,285 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Managed Retirement 2010 Fund Class A
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $63.87 | $60.07 | $61.33 | $59.84 | $55.45 |
Income from Investment Operations | |||||
Net investment income (loss)A | .808 | .789 | .799 | .747 | .740 |
Net realized and unrealized gain (loss) | 1.278 | 4.240 | .112 | 2.210 | 4.505 |
Total from investment operations | 2.086 | 5.029 | .911 | 2.957 | 5.245 |
Distributions from net investment income | (.794) | (.754) | (.794) | (.746) | (.700) |
Distributions from net realized gain | (8.382) | (.475) | (1.377) | (.721) | (.155) |
Total distributions | (9.176) | (1.229) | (2.171) | (1.467) | (.855) |
Net asset value, end of period | $56.78 | $63.87 | $60.07 | $61.33 | $59.84 |
Total ReturnB,C | 3.60% | 8.51% | 1.67% | 5.00% | 9.51% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .78% | .33% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .78% | .33% | .25% | .25% | .25% |
Expenses net of all reductions | .78% | .33% | .25% | .25% | .25% |
Net investment income (loss) | 1.40% | 1.29% | 1.38% | 1.23% | 1.27% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $133 | $136 | $156 | $285 | $257 |
Portfolio turnover rateD | 21% | 117% | 26% | 26% | 27% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2010 Fund Class M
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $63.98 | $60.19 | $61.44 | $59.95 | $55.55 |
Income from Investment Operations | |||||
Net investment income (loss)A | .664 | .637 | .658 | .600 | .597 |
Net realized and unrealized gain (loss) | 1.280 | 4.245 | .118 | 2.211 | 4.507 |
Total from investment operations | 1.944 | 4.882 | .776 | 2.811 | 5.104 |
Distributions from net investment income | (.652) | (.617) | (.649) | (.600) | (.549) |
Distributions from net realized gain | (8.382) | (.475) | (1.377) | (.721) | (.155) |
Total distributions | (9.034) | (1.092) | (2.026) | (1.321) | (.704) |
Net asset value, end of period | $56.89 | $63.98 | $60.19 | $61.44 | $59.95 |
Total ReturnB,C | 3.34% | 8.24% | 1.43% | 4.74% | 9.23% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.03% | .58% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | 1.03% | .58% | .50% | .50% | .50% |
Expenses net of all reductions | 1.03% | .58% | .50% | .50% | .50% |
Net investment income (loss) | 1.15% | 1.04% | 1.13% | .99% | 1.03% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $18 | $17 | $16 | $21 | $17 |
Portfolio turnover rateD | 21% | 117% | 26% | 26% | 27% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2010 Fund Class C
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $63.46 | $59.76 | $61.06 | $59.64 | $55.33 |
Income from Investment Operations | |||||
Net investment income (loss)A | .373 | .327 | .361 | .291 | .303 |
Net realized and unrealized gain (loss) | 1.262 | 4.218 | .115 | 2.202 | 4.486 |
Total from investment operations | 1.635 | 4.545 | .476 | 2.493 | 4.789 |
Distributions from net investment income | (.393) | (.370) | (.399) | (.352) | (.324) |
Distributions from net realized gain | (8.382) | (.475) | (1.377) | (.721) | (.155) |
Total distributions | (8.775) | (.845) | (1.776) | (1.073) | (.479) |
Net asset value, end of period | $56.32 | $63.46 | $59.76 | $61.06 | $59.64 |
Total ReturnB,C | 2.82% | 7.71% | .92% | 4.22% | 8.68% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.53% | 1.08% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.53% | 1.08% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.53% | 1.08% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .65% | .54% | .63% | .48% | .52% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $117 | $117 | $200 | $345 | $353 |
Portfolio turnover rateD | 21% | 117% | 26% | 26% | 27% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the contingent deferred sales charge.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2010 Fund
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $63.88 | $60.07 | $61.33 | $59.84 | $55.45 |
Income from Investment Operations | |||||
Net investment income (loss)A | .955 | .942 | .944 | .900 | .888 |
Net realized and unrealized gain (loss) | 1.280 | 4.236 | .116 | 2.209 | 4.502 |
Total from investment operations | 2.235 | 5.178 | 1.060 | 3.109 | 5.390 |
Distributions from net investment income | (.933) | (.893) | (.943) | (.898) | (.845) |
Distributions from net realized gain | (8.382) | (.475) | (1.377) | (.721) | (.155) |
Total distributions | (9.315) | (1.368) | (2.320) | (1.619) | (1.000) |
Net asset value, end of period | $56.80 | $63.88 | $60.07 | $61.33 | $59.84 |
Total ReturnB | 3.87% | 8.78% | 1.93% | 5.27% | 9.78% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .53% | .08% | - %E | - %E | - %E |
Expenses net of fee waivers, if any | .53% | .08% | -% | -% | -% |
Expenses net of all reductions | .53% | .08% | -% | -% | -% |
Net investment income (loss) | 1.65% | 1.54% | 1.63% | 1.48% | 1.52% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $9,054 | $11,140 | $13,819 | $17,079 | $15,175 |
Portfolio turnover rateC | 21% | 117% | 26% | 26% | 27% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Amounts do not include the activity of the Underlying Funds.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2010 Fund Class I
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $63.88 | $60.07 | $61.33 | $59.84 | $55.45 |
Income from Investment Operations | |||||
Net investment income (loss)A | .950 | .942 | .942 | .902 | .885 |
Net realized and unrealized gain (loss) | 1.280 | 4.238 | .118 | 2.207 | 4.505 |
Total from investment operations | 2.230 | 5.180 | 1.060 | 3.109 | 5.390 |
Distributions from net investment income | (.938) | (.895) | (.943) | (.898) | (.845) |
Distributions from net realized gain | (8.382) | (.475) | (1.377) | (.721) | (.155) |
Total distributions | (9.320) | (1.370) | (2.320) | (1.619) | (1.000) |
Net asset value, end of period | $56.79 | $63.88 | $60.07 | $61.33 | $59.84 |
Total ReturnB | 3.86% | 8.78% | 1.93% | 5.26% | 9.78% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .53% | .08% | - %E | - %E | - %E |
Expenses net of fee waivers, if any | .53% | .08% | -% | -% | -% |
Expenses net of all reductions | .53% | .08% | -% | -% | -% |
Net investment income (loss) | 1.65% | 1.54% | 1.63% | 1.48% | 1.52% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $35 | $33 | $31 | $32 | $63 |
Portfolio turnover rateC | 21% | 117% | 26% | 26% | 27% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Amounts do not include the activity of the Underlying Funds.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2015 Fund℠
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.Top Holdings as of July 31, 2018
% of fund's net assets | |
Fidelity Series Investment Grade Bond Fund | 31.3 |
Fidelity Series Government Money Market Fund 1.98% | 12.6 |
Fidelity Series Inflation-Protected Bond Index Fund | 6.6 |
Fidelity Series Emerging Markets Opportunities Fund | 4.9 |
Fidelity Series Long-Term Treasury Bond Index Fund | 4.0 |
Fidelity Series International Value Fund | 4.0 |
Fidelity Series International Growth Fund | 4.0 |
Fidelity Series Intrinsic Opportunities Fund | 3.9 |
Fidelity Series Growth & Income Fund | 3.5 |
Fidelity Series Growth Company Fund | 3.3 |
78.1 |
Asset Allocation (% of fund's net assets)
Period end | ||
Domestic Equity Funds | 25.4% | |
International Equity Funds | 14.3% | |
Bond Funds | 44.6% | |
Short-Term Funds | 15.8% | |
Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Managed Retirement 2015 Fund℠
Schedule of Investments July 31, 2018
Showing Percentage of Net Assets
Domestic Equity Funds - 25.4% | |||
Shares | Value | ||
Fidelity Series 100 Index Fund (a) | 20 | $367 | |
Fidelity Series All-Sector Equity Fund (a) | 4,993 | 65,654 | |
Fidelity Series Blue Chip Growth Fund (a) | 4,365 | 69,440 | |
Fidelity Series Commodity Strategy Fund (a) | 15,950 | 85,015 | |
Fidelity Series Growth & Income Fund (a) | 9,170 | 149,922 | |
Fidelity Series Growth Company Fund (a) | 7,438 | 140,421 | |
Fidelity Series Intrinsic Opportunities Fund (a) | 8,870 | 166,669 | |
Fidelity Series Large Cap Value Index Fund (a) | 3,225 | 41,863 | |
Fidelity Series Opportunistic Insights Fund (a) | 3,987 | 75,636 | |
Fidelity Series Small Cap Discovery Fund (a) | 1,675 | 20,413 | |
Fidelity Series Small Cap Opportunities Fund (a) | 4,053 | 62,657 | |
Fidelity Series Stock Selector Large Cap Value Fund (a) | 8,790 | 114,445 | |
Fidelity Series Value Discovery Fund (a) | 5,981 | 80,978 | |
TOTAL DOMESTIC EQUITY FUNDS | |||
(Cost $959,169) | 1,073,480 | ||
International Equity Funds - 14.3% | |||
Fidelity Series Canada Fund (a) | 1,594 | 17,295 | |
Fidelity Series Emerging Markets Opportunities Fund (a) | 10,358 | 209,224 | |
Fidelity Series International Growth Fund (a) | 10,376 | 169,750 | |
Fidelity Series International Small Cap Fund (a) | 2,253 | 40,713 | |
Fidelity Series International Value Fund (a) | 16,141 | 170,291 | |
TOTAL INTERNATIONAL EQUITY FUNDS | |||
(Cost $573,923) | 607,273 | ||
Bond Funds - 44.6% | |||
Fidelity Series Emerging Markets Debt Fund (a) | 2,550 | 24,711 | |
Fidelity Series Floating Rate High Income Fund (a) | 1,099 | 10,438 | |
Fidelity Series High Income Fund (a) | 5,816 | 55,599 | |
Fidelity Series Inflation-Protected Bond Index Fund (a) | 28,791 | 279,847 | |
Fidelity Series International Credit Fund (a) | 220 | 2,164 | |
Fidelity Series Investment Grade Bond Fund (a) | 121,337 | 1,326,218 | |
Fidelity Series Long-Term Treasury Bond Index Fund (a) | 20,343 | 171,087 | |
Fidelity Series Real Estate Income Fund (a) | 1,769 | 19,406 | |
TOTAL BOND FUNDS | |||
(Cost $1,940,717) | 1,889,470 | ||
Short-Term Funds - 15.8% | |||
Fidelity Series Government Money Market Fund 1.98% (a)(b) | 535,787 | 535,787 | |
Fidelity Series Short-Term Credit Fund (a) | 13,598 | 134,079 | |
TOTAL SHORT-TERM FUNDS | |||
(Cost $671,630) | 669,866 | ||
TOTAL INVESTMENT IN SECURITIES - 100.1% | |||
(Cost $4,145,439) | 4,240,089 | ||
NET OTHER ASSETS (LIABILITIES) - (0.1)% | (2,133) | ||
NET ASSETS - 100% | $4,237,956 |
Legend
(a) Affiliated Fund
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds, excluding any Money Market Central Funds, is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur.
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Fidelity Series 100 Index Fund | $52,269 | $915 | $56,756 | $914 | $36,798 | $(32,859) | $367 |
Fidelity Series All-Sector Equity Fund | 98,245 | 12,175 | 45,658 | 11,247 | 1,392 | (500) | 65,654 |
Fidelity Series Blue Chip Growth Fund | 99,489 | 11,589 | 50,815 | 10,736 | 2,195 | 6,982 | 69,440 |
Fidelity Series Canada Fund | -- | 26,879 | 10,350 | 237 | 140 | 626 | 17,295 |
Fidelity Series Commodity Strategy Fund | 113,961 | 8,908 | 39,996 | 556 | 1,146 | 996 | 85,015 |
Fidelity Series Emerging Markets Debt Fund | 33,243 | 2,862 | 9,766 | 1,961 | (59) | (1,569) | 24,711 |
Fidelity Series Emerging Markets Opportunities Fund | 370,928 | 27,927 | 204,106 | 7,196 | 23,325 | (8,850) | 209,224 |
Fidelity Series Floating Rate High Income Fund | 13,880 | 602 | 3,987 | 602 | (10) | (47) | 10,438 |
Fidelity Series Government Money Market Fund 1.98% | 604,340 | 201,584 | 270,137 | 8,630 | -- | -- | 535,787 |
Fidelity Series Growth & Income Fund | 229,739 | 13,979 | 107,458 | 12,095 | 5,346 | 8,316 | 149,922 |
Fidelity Series Growth Company Fund | 197,669 | 16,195 | 96,512 | 15,942 | 9,574 | 13,495 | 140,421 |
Fidelity Series High Income Fund | 83,398 | 4,360 | 30,927 | 4,357 | (173) | (1,059) | 55,599 |
Fidelity Series Inflation-Protected Bond Index Fund | 150,836 | 178,143 | 46,850 | 2,815 | (369) | (1,913) | 279,847 |
Fidelity Series International Credit Fund | 2,837 | 85 | 709 | 66 | (7) | (23) | 2,164 |
Fidelity Series International Growth Fund | 271,259 | 7,182 | 121,592 | 6,713 | 6,476 | 6,425 | 169,750 |
Fidelity Series International Small Cap Fund | 62,394 | 3,180 | 27,230 | 3,178 | 1,898 | 471 | 40,713 |
Fidelity Series International Value Fund | 274,515 | 12,216 | 119,460 | 6,717 | 5,775 | (2,755) | 170,291 |
Fidelity Series Intrinsic Opportunities Fund | 226,932 | 10,263 | 87,050 | 10,257 | 4,988 | 11,536 | 166,669 |
Fidelity Series Investment Grade Bond Fund | 1,787,242 | 162,994 | 575,307 | 46,586 | (4,112) | (44,599) | 1,326,218 |
Fidelity Series Large Cap Value Index Fund | 63,856 | 2,396 | 27,171 | 2,202 | 1,450 | 1,332 | 41,863 |
Fidelity Series Long-Term Treasury Bond Index Fund | 51,804 | 160,092 | 35,994 | 2,509 | (904) | (3,911) | 171,087 |
Fidelity Series Opportunistic Insights Fund | 110,142 | 12,427 | 53,954 | 12,108 | 3,623 | 3,398 | 75,636 |
Fidelity Series Real Estate Equity Fund | 20,045 | 1,542 | 20,257 | 1,033 | (892) | (438) | -- |
Fidelity Series Real Estate Income Fund | 26,338 | 1,551 | 7,650 | 1,549 | (143) | (690) | 19,406 |
Fidelity Series Short-Term Credit Fund | 252,449 | 21,387 | 137,545 | 3,394 | (446) | (1,766) | 134,079 |
Fidelity Series Small Cap Discovery Fund | 29,410 | 1,436 | 11,564 | 1,435 | 602 | 529 | 20,413 |
Fidelity Series Small Cap Opportunities Fund | 88,740 | 9,124 | 39,511 | 9,120 | 720 | 3,584 | 62,657 |
Fidelity Series Stock Selector Large Cap Value Fund | 172,272 | 11,265 | 69,569 | 11,259 | 2,289 | (1,812) | 114,445 |
Fidelity Series Value Discovery Fund | 121,363 | 7,977 | 49,728 | 5,631 | 1,065 | 301 | 80,978 |
Total | $5,609,595 | $931,235 | $2,357,609 | $201,045 | $101,687 | $(44,800) | $4,240,089 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2015 Fund℠
Financial Statements
Statement of Assets and Liabilities
July 31, 2018 | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: | ||
Affiliated issuers (cost $4,145,439) | $4,240,089 | |
Total Investment in Securities (cost $4,145,439) | $4,240,089 | |
Cash | 1 | |
Receivable for investments sold | 160,179 | |
Total assets | 4,400,269 | |
Liabilities | ||
Payable for investments purchased | $160,179 | |
Accrued management fee | 2,017 | |
Distribution and service plan fees payable | 117 | |
Total liabilities | 162,313 | |
Net Assets | $4,237,956 | |
Net Assets consist of: | ||
Paid in capital | $4,020,875 | |
Undistributed net investment income | 5,254 | |
Accumulated undistributed net realized gain (loss) on investments | 117,177 | |
Net unrealized appreciation (depreciation) on investments | �� | 94,650 |
Net Assets | $4,237,956 | |
Calculation of Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($245,562 ÷ 4,548.81 shares) | $53.98 | |
Maximum offering price per share (100/94.25 of $53.98) | $57.27 | |
Class M: | ||
Net Asset Value and redemption price per share ($25,761 ÷ 476.43 shares) | $54.07 | |
Maximum offering price per share (100/96.50 of $54.07) | $56.03 | |
Class C: | ||
Net Asset Value and offering price per share ($67,435 ÷ 1,255.98 shares)(a) | $53.69 | |
Fidelity Managed Retirement 2015: | ||
Net Asset Value, offering price and redemption price per share ($3,713,963 ÷ 68,810.56 shares) | $53.97 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($185,235 ÷ 3,431.74 shares) | $53.98 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended July 31, 2018 | ||
Investment Income | ||
Dividends: | ||
Affiliated issuers | $101,293 | |
Expenses | ||
Management fee | $26,985 | |
Distribution and service plan fees | 1,767 | |
Independent trustees' fees and expenses | 19 | |
Total expenses before reductions | 28,771 | |
Expense reductions | (180) | |
Total expenses after reductions | 28,591 | |
Net investment income (loss) | 72,702 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Affiliated issuers | 101,687 | |
Capital gain distributions from underlying funds: | ||
Affiliated issuers | 99,752 | |
Total net realized gain (loss) | 201,439 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Affiliated issuers | (44,800) | |
Total change in net unrealized appreciation (depreciation) | (44,800) | |
Net gain (loss) | 156,639 | |
Net increase (decrease) in net assets resulting from operations | $229,341 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended July 31, 2018 | Year ended July 31, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $72,702 | $101,585 |
Net realized gain (loss) | 201,439 | 1,181,902 |
Change in net unrealized appreciation (depreciation) | (44,800) | (689,674) |
Net increase (decrease) in net assets resulting from operations | 229,341 | 593,813 |
Distributions to shareholders from net investment income | (72,474) | (98,005) |
Distributions to shareholders from net realized gain | (1,056,365) | (26,704) |
Total distributions | (1,128,839) | (124,709) |
Share transactions - net increase (decrease) | (469,197) | (2,608,458) |
Total increase (decrease) in net assets | (1,368,695) | (2,139,354) |
Net Assets | ||
Beginning of period | 5,606,651 | 7,746,005 |
End of period | $4,237,956 | $5,606,651 |
Other Information | ||
Undistributed net investment income end of period | $5,254 | $5,292 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Managed Retirement 2015 Fund Class A
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.42 | $59.82 | $61.43 | $59.85 | $55.44 |
Income from Investment Operations | |||||
Net investment income (loss)A | .739 | .798 | .797 | .753 | .741 |
Net realized and unrealized gain (loss) | 1.737 | 4.786 | (.018) | 2.384 | 4.748 |
Total from investment operations | 2.476 | 5.584 | .779 | 3.137 | 5.489 |
Distributions from net investment income | (.726) | (.755) | (.795) | (.751) | (.723) |
Distributions from net realized gain | (12.190) | (.229) | (1.594) | (.806) | (.356) |
Total distributions | (12.916) | (.984) | (2.389) | (1.557) | (1.079) |
Net asset value, end of period | $53.98 | $64.42 | $59.82 | $61.43 | $59.85 |
Total ReturnB,C | 4.46% | 9.45% | 1.47% | 5.31% | 9.97% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .83% | .33% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .83% | .33% | .25% | .25% | .25% |
Expenses net of all reductions | .82% | .33% | .25% | .25% | .25% |
Net investment income (loss) | 1.34% | 1.30% | 1.38% | 1.24% | 1.27% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $246 | $289 | $280 | $300 | $126 |
Portfolio turnover rateD | 20% | 106% | 33% | 24% | 19% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2015 Fund Class M
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.50 | $59.85 | $61.44 | $59.85 | $55.44 |
Income from Investment Operations | |||||
Net investment income (loss)A | .598 | .642 | .647 | .602 | .592 |
Net realized and unrealized gain (loss) | 1.750 | 4.794 | (.008) | 2.387 | 4.742 |
Total from investment operations | 2.348 | 5.436 | .639 | 2.989 | 5.334 |
Distributions from net investment income | (.588) | (.557) | (.635) | (.593) | (.568) |
Distributions from net realized gain | (12.190) | (.229) | (1.594) | (.806) | (.356) |
Total distributions | (12.778) | (.786) | (2.229) | (1.399) | (.924) |
Net asset value, end of period | $54.07 | $64.50 | $59.85 | $61.44 | $59.85 |
Total ReturnB,C | 4.21% | 9.18% | 1.23% | 5.06% | 9.68% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.08% | .58% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | 1.08% | .58% | .50% | .50% | .50% |
Expenses net of all reductions | 1.07% | .58% | .50% | .50% | .50% |
Net investment income (loss) | 1.09% | 1.05% | 1.13% | .99% | 1.02% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $26 | $25 | $94 | $101 | $96 |
Portfolio turnover rateD | 20% | 106% | 33% | 24% | 19% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2015 Fund Class C
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.05 | $59.58 | $61.23 | $59.74 | $55.39 |
Income from Investment Operations | |||||
Net investment income (loss)A | .331 | .335 | .363 | .298 | .300 |
Net realized and unrealized gain (loss) | 1.719 | 4.758 | (.014) | 2.370 | 4.746 |
Total from investment operations | 2.050 | 5.093 | .349 | 2.668 | 5.046 |
Distributions from net investment income | (.220) | (.394) | (.405) | (.372) | (.340) |
Distributions from net realized gain | (12.190) | (.229) | (1.594) | (.806) | (.356) |
Total distributions | (12.410) | (.623) | (1.999) | (1.178) | (.696) |
Net asset value, end of period | $53.69 | $64.05 | $59.58 | $61.23 | $59.74 |
Total ReturnB,C | 3.68% | 8.62% | .73% | 4.52% | 9.15% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.57%F | 1.08% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.57%F | 1.08% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.56%F | 1.08% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .60% | .55% | .63% | .49% | .52% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $67 | $156 | $144 | $132 | $54 |
Portfolio turnover rateD | 20% | 106% | 33% | 24% | 19% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the contingent deferred sales charge.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
F On certain classes, the size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2015 Fund
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.41 | $59.81 | $61.42 | $59.82 | $55.41 |
Income from Investment Operations | |||||
Net investment income (loss)A | .879 | .950 | .940 | .905 | .885 |
Net realized and unrealized gain (loss) | 1.740 | 4.778 | (.017) | 2.396 | 4.738 |
Total from investment operations | 2.619 | 5.728 | .923 | 3.301 | 5.623 |
Distributions from net investment income | (.869) | (.899) | (.939) | (.895) | (.857) |
Distributions from net realized gain | (12.190) | (.229) | (1.594) | (.806) | (.356) |
Total distributions | (13.059) | (1.128) | (2.533) | (1.701) | (1.213) |
Net asset value, end of period | $53.97 | $64.41 | $59.81 | $61.42 | $59.82 |
Total ReturnB | 4.73% | 9.71% | 1.73% | 5.60% | 10.23% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .58% | .08% | - %E | - %E | - %E |
Expenses net of fee waivers, if any | .58% | .08% | -% | -% | -% |
Expenses net of all reductions | .57% | .08% | -% | -% | -% |
Net investment income (loss) | 1.59% | 1.55% | 1.63% | 1.49% | 1.52% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $3,714 | $4,885 | $6,996 | $8,622 | $8,313 |
Portfolio turnover rateC | 20% | 106% | 33% | 24% | 19% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Amounts do not include the activity of the Underlying Funds.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2015 Fund Class I
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.42 | $59.81 | $61.42 | $59.83 | $55.42 |
Income from Investment Operations | |||||
Net investment income (loss)A | .877 | .951 | .940 | .906 | .884 |
Net realized and unrealized gain (loss) | 1.742 | 4.788 | (.017) | 2.385 | 4.739 |
Total from investment operations | 2.619 | 5.739 | .923 | 3.291 | 5.623 |
Distributions from net investment income | (.869) | (.900) | (.939) | (.895) | (.857) |
Distributions from net realized gain | (12.190) | (.229) | (1.594) | (.806) | (.356) |
Total distributions | (13.059) | (1.129) | (2.533) | (1.701) | (1.213) |
Net asset value, end of period | $53.98 | $64.42 | $59.81 | $61.42 | $59.83 |
Total ReturnB | 4.73% | 9.73% | 1.73% | 5.58% | 10.23% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .58% | .08% | - %E | - %E | - %E |
Expenses net of fee waivers, if any | .58% | .08% | -% | -% | -% |
Expenses net of all reductions | .57% | .08% | -% | -% | -% |
Net investment income (loss) | 1.59% | 1.55% | 1.63% | 1.49% | 1.52% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $185 | $252 | $232 | $228 | $217 |
Portfolio turnover rateC | 20% | 106% | 33% | 24% | 19% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Amounts do not include the activity of the Underlying Funds.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2020 Fund℠
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.Top Holdings as of July 31, 2018
% of fund's net assets | |
Fidelity Series Investment Grade Bond Fund | 28.9 |
Fidelity Series Government Money Market Fund 1.98% | 9.5 |
Fidelity Series Emerging Markets Opportunities Fund | 5.6 |
Fidelity Series Inflation-Protected Bond Index Fund | 5.1 |
Fidelity Series Intrinsic Opportunities Fund | 4.9 |
Fidelity Series International Value Fund | 4.8 |
Fidelity Series International Growth Fund | 4.7 |
Fidelity Series Growth & Income Fund | 4.4 |
Fidelity Series Long-Term Treasury Bond Index Fund | 4.1 |
Fidelity Series Growth Company Fund | 4.1 |
76.1 |
Asset Allocation (% of fund's net assets)
Period end | ||
Domestic Equity Funds | 30.8% | |
International Equity Funds | 16.7% | |
Bond Funds | 40.7% | |
Short-Term Funds | 11.9% | |
Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Managed Retirement 2020 Fund℠
Schedule of Investments July 31, 2018
Showing Percentage of Net Assets
Domestic Equity Funds - 30.8% | |||
Shares | Value | ||
Fidelity Series 100 Index Fund (a) | 28 | $524 | |
Fidelity Series All-Sector Equity Fund (a) | 5,015 | 65,947 | |
Fidelity Series Blue Chip Growth Fund (a) | 4,384 | 69,753 | |
Fidelity Series Commodity Strategy Fund (a) | 13,020 | 69,399 | |
Fidelity Series Growth & Income Fund (a) | 9,212 | 150,612 | |
Fidelity Series Growth Company Fund (a) | 7,472 | 141,066 | |
Fidelity Series Intrinsic Opportunities Fund (a) | 8,912 | 167,450 | |
Fidelity Series Large Cap Value Index Fund (a) | 3,239 | 42,046 | |
Fidelity Series Opportunistic Insights Fund (a) | 4,005 | 75,980 | |
Fidelity Series Small Cap Discovery Fund (a) | 1,681 | 20,495 | |
Fidelity Series Small Cap Opportunities Fund (a) | 4,071 | 62,933 | |
Fidelity Series Stock Selector Large Cap Value Fund (a) | 8,830 | 114,965 | |
Fidelity Series Value Discovery Fund (a) | 6,008 | 81,347 | |
TOTAL DOMESTIC EQUITY FUNDS | |||
(Cost $955,271) | 1,062,517 | ||
International Equity Funds - 16.7% | |||
Fidelity Series Canada Fund (a) | 1,541 | 16,716 | |
Fidelity Series Emerging Markets Opportunities Fund (a) | 9,520 | 192,304 | |
Fidelity Series International Growth Fund (a) | 10,026 | 164,025 | |
Fidelity Series International Small Cap Fund (a) | 2,177 | 39,346 | |
Fidelity Series International Value Fund (a) | 15,597 | 164,543 | |
TOTAL INTERNATIONAL EQUITY FUNDS | |||
(Cost $545,161) | 576,934 | ||
Bond Funds - 40.7% | |||
Fidelity Series Emerging Markets Debt Fund (a) | 2,076 | 20,116 | |
Fidelity Series Floating Rate High Income Fund (a) | 882 | 8,375 | |
Fidelity Series High Income Fund (a) | 4,749 | 45,405 | |
Fidelity Series Inflation-Protected Bond Index Fund (a) | 18,080 | 175,741 | |
Fidelity Series International Credit Fund (a) | 176 | 1,734 | |
Fidelity Series Investment Grade Bond Fund (a) | 91,237 | 997,223 | |
Fidelity Series Long-Term Treasury Bond Index Fund (a) | 17,046 | 143,357 | |
Fidelity Series Real Estate Income Fund (a) | 1,426 | 15,649 | |
TOTAL BOND FUNDS | |||
(Cost $1,446,859) | 1,407,600 | ||
Short-Term Funds - 11.9% | |||
Fidelity Series Government Money Market Fund 1.98% (a)(b) | 328,607 | 328,607 | |
Fidelity Series Short-Term Credit Fund (a) | 8,344 | 82,275 | |
TOTAL SHORT-TERM FUNDS | |||
(Cost $411,954) | 410,882 | ||
TOTAL INVESTMENT IN SECURITIES - 100.1% | |||
(Cost $3,359,245) | 3,457,933 | ||
NET OTHER ASSETS (LIABILITIES) - (0.1)% | (1,930) | ||
NET ASSETS - 100% | $3,456,003 |
Legend
(a) Affiliated Fund
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds, excluding any Money Market Central Funds, is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur.
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Fidelity Series 100 Index Fund | $51,511 | $876 | $55,600 | $874 | $33,593 | $(29,856) | $524 |
Fidelity Series All-Sector Equity Fund | 96,829 | 11,629 | 43,092 | 10,910 | 1,051 | (470) | 65,947 |
Fidelity Series Blue Chip Growth Fund | 98,067 | 10,340 | 47,933 | 9,610 | 2,071 | 7,208 | 69,753 |
Fidelity Series Canada Fund | -- | 23,061 | 7,512 | 221 | 257 | 910 | 16,716 |
Fidelity Series Commodity Strategy Fund | 96,456 | 7,029 | 35,610 | 454 | 766 | 758 | 69,399 |
Fidelity Series Emerging Markets Debt Fund | 27,467 | 2,495 | 8,529 | 1,577 | (54) | (1,263) | 20,116 |
Fidelity Series Emerging Markets Opportunities Fund | 331,585 | 27,422 | 178,240 | 6,413 | 19,237 | (7,700) | 192,304 |
Fidelity Series Floating Rate High Income Fund | 11,471 | 481 | 3,529 | 481 | (10) | (38) | 8,375 |
Fidelity Series Government Money Market Fund 1.98% | 349,035 | 134,208 | 154,636 | 4,974 | -- | -- | 328,607 |
Fidelity Series Growth & Income Fund | 226,413 | 13,764 | 101,731 | 11,802 | 3,589 | 8,577 | 150,612 |
Fidelity Series Growth Company Fund | 196,164 | 15,530 | 92,180 | 15,523 | 7,880 | 13,672 | 141,066 |
Fidelity Series High Income Fund | 68,921 | 3,497 | 25,938 | 3,493 | (205) | (870) | 45,405 |
Fidelity Series Inflation-Protected Bond Index Fund | 95,667 | 114,636 | 33,162 | 1,734 | (238) | (1,162) | 175,741 |
Fidelity Series International Credit Fund | 2,318 | 69 | 613 | 54 | (7) | (18) | 1,734 |
Fidelity Series International Growth Fund | 258,866 | 8,312 | 114,367 | 6,227 | 4,947 | 6,267 | 164,025 |
Fidelity Series International Small Cap Fund | 59,541 | 2,985 | 25,279 | 2,983 | 1,617 | 482 | 39,346 |
Fidelity Series International Value Fund | 261,940 | 11,962 | 111,029 | 6,217 | 4,235 | (2,565) | 164,543 |
Fidelity Series Intrinsic Opportunities Fund | 215,054 | 9,754 | 74,184 | 9,747 | 4,818 | 12,008 | 167,450 |
Fidelity Series Investment Grade Bond Fund | 1,387,095 | 132,330 | 485,577 | 35,207 | (2,649) | (33,976) | 997,223 |
Fidelity Series Large Cap Value Index Fund | 62,931 | 2,112 | 25,447 | 2,108 | 1,078 | 1,372 | 42,046 |
Fidelity Series Long-Term Treasury Bond Index Fund | 43,079 | 132,810 | 28,604 | 2,043 | (538) | (3,390) | 143,357 |
Fidelity Series Opportunistic Insights Fund | 109,875 | 12,202 | 52,732 | 11,604 | 3,202 | 3,433 | 75,980 |
Fidelity Series Real Estate Equity Fund | 19,662 | 926 | 19,353 | 926 | (806) | (429) | -- |
Fidelity Series Real Estate Income Fund | 21,759 | 1,211 | 6,680 | 1,211 | (101) | (540) | 15,649 |
Fidelity Series Short-Term Credit Fund | 146,777 | 15,085 | 78,300 | 1,976 | (214) | (1,073) | 82,275 |
Fidelity Series Small Cap Discovery Fund | 28,987 | 1,408 | 10,833 | 1,407 | 411 | 522 | 20,495 |
Fidelity Series Small Cap Opportunities Fund | 87,465 | 8,225 | 36,936 | 8,221 | 441 | 3,738 | 62,933 |
Fidelity Series Stock Selector Large Cap Value Fund | 169,772 | 10,702 | 65,371 | 10,695 | 1,589 | (1,727) | 114,965 |
Fidelity Series Value Discovery Fund | 119,608 | 6,962 | 46,252 | 5,234 | 684 | 345 | 81,347 |
Total | $4,644,315 | $722,023 | $1,969,249 | $173,926 | $86,644 | $(25,785) | $3,457,933 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2020 Fund℠
Financial Statements
Statement of Assets and Liabilities
July 31, 2018 | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: | ||
Affiliated issuers (cost $3,359,245) | $3,457,933 | |
Total Investment in Securities (cost $3,359,245) | $3,457,933 | |
Cash | 2 | |
Receivable for investments sold | 117,417 | |
Total assets | 3,575,352 | |
Liabilities | ||
Payable for investments purchased | $117,416 | |
Accrued management fee | 1,775 | |
Distribution and service plan fees payable | 158 | |
Total liabilities | 119,349 | |
Net Assets | $3,456,003 | |
Net Assets consist of: | ||
Paid in capital | $3,245,759 | |
Undistributed net investment income | 3,287 | |
Accumulated undistributed net realized gain (loss) on investments | 108,269 | |
Net unrealized appreciation (depreciation) on investments | 98,688 | |
Net Assets | $3,456,003 | |
Calculation of Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($17,332 ÷ 330.02 shares) | $52.52 | |
Maximum offering price per share (100/94.25 of $52.52) | $55.72 | |
Class M: | ||
Net Asset Value and redemption price per share ($173,080 ÷ 3,298.23 shares) | $52.48 | |
Maximum offering price per share (100/96.50 of $52.48) | $54.38 | |
Class C: | ||
Net Asset Value and offering price per share ($98,527 ÷ 1,898.02 shares)(a) | $51.91 | |
Fidelity Managed Retirement 2020: | ||
Net Asset Value, offering price and redemption price per share ($3,139,154 ÷ 59,758.31 shares) | $52.53 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($27,910 ÷ 531.35 shares) | $52.53 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended July 31, 2018 | ||
Investment Income | ||
Dividends: | ||
Affiliated issuers | $80,830 | |
Expenses | ||
Management fee | $23,369 | |
Distribution and service plan fees | 1,920 | |
Independent trustees' fees and expenses | 15 | |
Total expenses before reductions | 25,304 | |
Expense reductions | (178) | |
Total expenses after reductions | 25,126 | |
Net investment income (loss) | 55,704 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Affiliated issuers | 86,644 | |
Capital gain distributions from underlying funds: | ||
Affiliated issuers | 93,096 | |
Total net realized gain (loss) | 179,740 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Affiliated issuers | (25,785) | |
Total change in net unrealized appreciation (depreciation) | (25,785) | |
Net gain (loss) | 153,955 | |
Net increase (decrease) in net assets resulting from operations | $209,659 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended July 31, 2018 | Year ended July 31, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $55,704 | $70,651 |
Net realized gain (loss) | 179,740 | 835,130 |
Change in net unrealized appreciation (depreciation) | (25,785) | (436,984) |
Net increase (decrease) in net assets resulting from operations | 209,659 | 468,797 |
Distributions to shareholders from net investment income | (56,168) | (67,773) |
Distributions to shareholders from net realized gain | (829,320) | (29,677) |
Total distributions | (885,488) | (97,450) |
Share transactions - net increase (decrease) | (509,902) | (697,811) |
Total increase (decrease) in net assets | (1,185,731) | (326,464) |
Net Assets | ||
Beginning of period | 4,641,734 | 4,968,198 |
End of period | $3,456,003 | $4,641,734 |
Other Information | ||
Undistributed net investment income end of period | $3,287 | $3,959 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Managed Retirement 2020 Fund Class A
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $62.67 | $57.92 | $59.57 | $57.74 | $54.44 |
Income from Investment Operations | |||||
Net investment income (loss)A | .676 | .776 | .774 | .718 | .738 |
Net realized and unrealized gain (loss) | 2.152 | 5.041 | (.138) | 2.463 | 4.763 |
Total from investment operations | 2.828 | 5.817 | .636 | 3.181 | 5.501 |
Distributions from net investment income | (.685) | (.706) | (.766) | (.712) | (.688) |
Distributions from net realized gain | (12.293) | (.361) | (1.520) | (.639) | (1.513) |
Total distributions | (12.978) | (1.067) | (2.286) | (1.351) | (2.201) |
Net asset value, end of period | $52.52 | $62.67 | $57.92 | $59.57 | $57.74 |
Total ReturnB,C | 5.29% | 10.19% | 1.27% | 5.58% | 10.39% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .87% | .34% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .87% | .34% | .25% | .25% | .25% |
Expenses net of all reductions | .87% | .34% | .25% | .25% | .25% |
Net investment income (loss) | 1.26% | 1.29% | 1.39% | 1.22% | 1.31% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $17 | $17 | $62 | $172 | $178 |
Portfolio turnover rateD | 19% | 115% | 23% | 41% | 39% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2020 Fund Class M
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $62.61 | $57.90 | $59.56 | $57.74 | $54.44 |
Income from Investment Operations | |||||
Net investment income (loss)A | .545 | .611 | .635 | .571 | .599 |
Net realized and unrealized gain (loss) | 2.159 | 5.045 | (.140) | 2.456 | 4.761 |
Total from investment operations | 2.704 | 5.656 | .495 | 3.027 | 5.360 |
Distributions from net investment income | (.541) | (.585) | (.635) | (.568) | (.547) |
Distributions from net realized gain | (12.293) | (.361) | (1.520) | (.639) | (1.513) |
Total distributions | (12.834) | (.946) | (2.155) | (1.207) | (2.060) |
Net asset value, end of period | $52.48 | $62.61 | $57.90 | $59.56 | $57.74 |
Total ReturnB,C | 5.05% | 9.90% | 1.02% | 5.30% | 10.11% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.12% | .60% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | 1.12% | .60% | .50% | .50% | .50% |
Expenses net of all reductions | 1.11% | .60% | .50% | .50% | .50% |
Net investment income (loss) | 1.02% | 1.03% | 1.14% | .97% | 1.07% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $173 | $186 | $183 | $191 | $190 |
Portfolio turnover rateD | 19% | 115% | 23% | 41% | 39% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2020 Fund Class C
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $62.16 | $57.58 | $59.30 | $57.56 | $54.33 |
Income from Investment Operations | |||||
Net investment income (loss)A | .275 | .312 | .355 | .276 | .315 |
Net realized and unrealized gain (loss) | 2.133 | 5.021 | (.151) | 2.444 | 4.755 |
Total from investment operations | 2.408 | 5.333 | .204 | 2.720 | 5.070 |
Distributions from net investment income | (.365) | (.392) | (.404) | (.341) | (.327) |
Distributions from net realized gain | (12.293) | (.361) | (1.520) | (.639) | (1.513) |
Total distributions | (12.658) | (.753) | (1.924) | (.980) | (1.840) |
Net asset value, end of period | $51.91 | $62.16 | $57.58 | $59.30 | $57.56 |
Total ReturnB,C | 4.52% | 9.37% | .50% | 4.77% | 9.57% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.62% | 1.10% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.62% | 1.10% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.61% | 1.10% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .52% | .53% | .64% | .47% | .56% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $99 | $98 | $93 | $104 | $110 |
Portfolio turnover rateD | 19% | 115% | 23% | 41% | 39% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the contingent deferred sales charge.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2020 Fund
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $62.67 | $57.92 | $59.58 | $57.75 | $54.45 |
Income from Investment Operations | |||||
Net investment income (loss)A | .818 | .909 | .915 | .865 | .881 |
Net realized and unrealized gain (loss) | 2.145 | 5.058 | (.145) | 2.464 | 4.759 |
Total from investment operations | 2.963 | 5.967 | .770 | 3.329 | 5.640 |
Distributions from net investment income | (.810) | (.856) | (.910) | (.860) | (.827) |
Distributions from net realized gain | (12.293) | (.361) | (1.520) | (.639) | (1.513) |
Total distributions | (13.103) | (1.217) | (2.430) | (1.499) | (2.340) |
Net asset value, end of period | $52.53 | $62.67 | $57.92 | $59.58 | $57.75 |
Total ReturnB | 5.56% | 10.47% | 1.52% | 5.84% | 10.66% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .62% | .10% | - %E | - %E | - %E |
Expenses net of fee waivers, if any | .62% | .10% | -% | -% | -% |
Expenses net of all reductions | .61% | .10% | -% | -% | -% |
Net investment income (loss) | 1.52% | 1.53% | 1.64% | 1.47% | 1.56% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $3,139 | $4,314 | $4,597 | $6,181 | $6,017 |
Portfolio turnover rateC | 19% | 115% | 23% | 41% | 39% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Amounts do not include the activity of the Underlying Funds.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2020 Fund Class I
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $62.67 | $57.92 | $59.58 | $57.75 | $54.45 |
Income from Investment Operations | |||||
Net investment income (loss)A | .812 | .909 | .913 | .865 | .879 |
Net realized and unrealized gain (loss) | 2.161 | 5.048 | (.143) | 2.464 | 4.761 |
Total from investment operations | 2.973 | 5.957 | .770 | 3.329 | 5.640 |
Distributions from net investment income | (.820) | (.846) | (.910) | (.860) | (.827) |
Distributions from net realized gain | (12.293) | (.361) | (1.520) | (.639) | (1.513) |
Total distributions | (13.113) | (1.207) | (2.430) | (1.499) | (2.340) |
Net asset value, end of period | $52.53 | $62.67 | $57.92 | $59.58 | $57.75 |
Total ReturnB | 5.58% | 10.45% | 1.52% | 5.84% | 10.66% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .62% | .10% | - %E | - %E | - %E |
Expenses net of fee waivers, if any | .62% | .10% | -% | -% | -% |
Expenses net of all reductions | .61% | .10% | -% | -% | -% |
Net investment income (loss) | 1.52% | 1.53% | 1.64% | 1.47% | 1.56% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $28 | $26 | $33 | $34 | $32 |
Portfolio turnover rateC | 19% | 115% | 23% | 41% | 39% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Amounts do not include the activity of the Underlying Funds.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2025 Fund℠
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.Top Holdings as of July 31, 2018
% of fund's net assets | |
Fidelity Series Investment Grade Bond Fund | 26.7 |
Fidelity Series Government Money Market Fund 1.98% | 7.4 |
Fidelity Series Emerging Markets Opportunities Fund | 6.0 |
Fidelity Series Intrinsic Opportunities Fund | 5.5 |
Fidelity Series International Value Fund | 5.2 |
Fidelity Series International Growth Fund | 5.2 |
Fidelity Series Growth & Income Fund | 4.9 |
Fidelity Series Long-Term Treasury Bond Index Fund | 4.7 |
Fidelity Series Growth Company Fund | 4.6 |
Fidelity Series Inflation-Protected Bond Index Fund | 4.2 |
74.4 |
Asset Allocation (% of fund's net assets)
Period end | ||
Domestic Equity Funds | 34.5% | |
International Equity Funds | 18.2% | |
Bond Funds | 38.2% | |
Short-Term Funds | 9.2% | |
Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Managed Retirement 2025 Fund℠
Schedule of Investments July 31, 2018
Showing Percentage of Net Assets
Domestic Equity Funds - 34.5% | |||
Shares | Value | ||
Fidelity Series 100 Index Fund (a) | 176 | $3,246 | |
Fidelity Series All-Sector Equity Fund (a) | 29,800 | 391,864 | |
Fidelity Series Blue Chip Growth Fund (a) | 26,052 | 414,489 | |
Fidelity Series Commodity Strategy Fund (a) | 68,544 | 365,338 | |
Fidelity Series Growth & Income Fund (a) | 54,738 | 894,968 | |
Fidelity Series Growth Company Fund (a) | 44,397 | 838,220 | |
Fidelity Series Intrinsic Opportunities Fund (a) | 52,963 | 995,166 | |
Fidelity Series Large Cap Value Index Fund (a) | 19,247 | 249,826 | |
Fidelity Series Opportunistic Insights Fund (a) | 23,801 | 451,501 | |
Fidelity Series Small Cap Discovery Fund (a) | 9,979 | 121,640 | |
Fidelity Series Small Cap Opportunities Fund (a) | 24,187 | 373,930 | |
Fidelity Series Stock Selector Large Cap Value Fund (a) | 52,467 | 683,114 | |
Fidelity Series Value Discovery Fund (a) | 35,701 | 483,387 | |
TOTAL DOMESTIC EQUITY FUNDS | |||
(Cost $5,643,007) | 6,266,689 | ||
International Equity Funds - 18.2% | |||
Fidelity Series Canada Fund (a) | 8,921 | 96,796 | |
Fidelity Series Emerging Markets Opportunities Fund (a) | 53,730 | 1,085,348 | |
Fidelity Series International Growth Fund (a) | 58,104 | 950,575 | |
Fidelity Series International Small Cap Fund (a) | 12,616 | 227,964 | |
Fidelity Series International Value Fund (a) | 90,384 | 953,555 | |
TOTAL INTERNATIONAL EQUITY FUNDS | |||
(Cost $3,133,285) | 3,314,238 | ||
Bond Funds - 38.2% | |||
Fidelity Series Emerging Markets Debt Fund (a) | 10,912 | 105,737 | |
Fidelity Series Floating Rate High Income Fund (a) | 4,602 | 43,719 | |
Fidelity Series High Income Fund (a) | 24,999 | 238,992 | |
Fidelity Series Inflation-Protected Bond Index Fund (a) | 79,138 | 769,222 | |
Fidelity Series International Credit Fund (a) | 1,177 | 11,566 | |
Fidelity Series Investment Grade Bond Fund (a) | 444,186 | 4,854,952 | |
Fidelity Series Long-Term Treasury Bond Index Fund (a) | 100,891 | 848,495 | |
Fidelity Series Real Estate Income Fund (a) | 7,449 | 81,720 | |
TOTAL BOND FUNDS | |||
(Cost $7,144,817) | 6,954,403 | ||
Short-Term Funds - 9.2% | |||
Fidelity Series Government Money Market Fund 1.98% (a)(b) | 1,341,884 | 1,341,884 | |
Fidelity Series Short-Term Credit Fund (a) | 34,079 | 336,016 | |
TOTAL SHORT-TERM FUNDS | |||
(Cost $1,682,034) | 1,677,900 | ||
TOTAL INVESTMENT IN SECURITIES - 100.1% | |||
(Cost $17,603,143) | 18,213,230 | ||
NET OTHER ASSETS (LIABILITIES) - (0.1)% | (10,528) | ||
NET ASSETS - 100% | $18,202,702 |
Legend
(a) Affiliated Fund
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds, excluding any Money Market Central Funds, is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur.
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Fidelity Series 100 Index Fund | $283,878 | $5,134 | $310,534 | $5,132 | $177,002 | $(152,234) | $3,246 |
Fidelity Series All-Sector Equity Fund | 533,638 | 72,659 | 218,035 | 63,753 | 5,525 | (1,923) | 391,864 |
Fidelity Series Blue Chip Growth Fund | 540,491 | 60,523 | 241,863 | 55,086 | 11,321 | 44,017 | 414,489 |
Fidelity Series Canada Fund | -- | 133,629 | 41,910 | 1,264 | 702 | 4,375 | 96,796 |
Fidelity Series Commodity Strategy Fund | 472,418 | 47,694 | 163,585 | 2,318 | 4,190 | 4,621 | 365,338 |
Fidelity Series Emerging Markets Debt Fund | 138,878 | 13,885 | 39,967 | 8,326 | (339) | (6,720) | 105,737 |
Fidelity Series Emerging Markets Opportunities Fund | 1,760,859 | 162,479 | 900,010 | 36,522 | 99,267 | (37,247) | 1,085,348 |
Fidelity Series Floating Rate High Income Fund | 57,981 | 2,539 | 16,578 | 2,537 | (29) | (194) | 43,719 |
Fidelity Series Government Money Market Fund 1.98% | 1,285,321 | 585,188 | 528,625 | 19,745 | -- | -- | 1,341,884 |
Fidelity Series Growth & Income Fund | 1,247,824 | 87,192 | 515,695 | 65,464 | 22,236 | 53,411 | 894,968 |
Fidelity Series Growth Company Fund | 1,073,827 | 90,126 | 451,068 | 89,362 | 39,726 | 85,609 | 838,220 |
Fidelity Series High Income Fund | 348,435 | 18,541 | 122,577 | 18,537 | (879) | (4,528) | 238,992 |
Fidelity Series Inflation-Protected Bond Index Fund | 380,397 | 530,710 | 136,040 | 7,362 | (1,584) | (4,261) | 769,222 |
Fidelity Series International Credit Fund | 11,922 | 359 | 520 | 285 | 2 | (122) | 11,566 |
Fidelity Series International Growth Fund | 1,410,808 | 57,164 | 582,554 | 35,965 | 27,228 | 37,929 | 950,575 |
Fidelity Series International Small Cap Fund | 324,488 | 17,030 | 125,737 | 17,027 | 8,667 | 3,516 | 227,964 |
Fidelity Series International Value Fund | 1,427,603 | 71,273 | 557,679 | 35,905 | 24,559 | (12,201) | 953,555 |
Fidelity Series Intrinsic Opportunities Fund | 1,224,498 | 55,928 | 382,353 | 55,918 | 24,593 | 72,500 | 995,166 |
Fidelity Series Investment Grade Bond Fund | 6,850,449 | 705,543 | 2,509,555 | 181,426 | (28,859) | (162,626) | 4,854,952 |
Fidelity Series Large Cap Value Index Fund | 346,809 | 16,126 | 127,851 | 12,394 | 5,797 | 8,945 | 249,826 |
Fidelity Series Long-Term Treasury Bond Index Fund | 219,389 | 804,365 | 152,696 | 11,278 | (3,025) | (19,538) | 848,495 |
Fidelity Series Opportunistic Insights Fund | 598,299 | 70,200 | 255,093 | 68,054 | 15,780 | 22,315 | 451,501 |
Fidelity Series Real Estate Equity Fund | 108,752 | 10,220 | 111,648 | 5,643 | (4,949) | (2,375) | -- |
Fidelity Series Real Estate Income Fund | 110,026 | 6,377 | 31,308 | 6,375 | (513) | (2,862) | 81,720 |
Fidelity Series Short-Term Credit Fund | 526,317 | 71,563 | 256,937 | 7,636 | (792) | (4,135) | 336,016 |
Fidelity Series Small Cap Discovery Fund | 159,754 | 10,739 | 54,930 | 8,093 | 2,941 | 3,136 | 121,640 |
Fidelity Series Small Cap Opportunities Fund | 482,038 | 47,248 | 181,994 | 47,245 | 3,639 | 22,999 | 373,930 |
Fidelity Series Stock Selector Large Cap Value Fund | 935,649 | 66,778 | 318,858 | 63,161 | 7,730 | (8,185) | 683,114 |
Fidelity Series Value Discovery Fund | 659,173 | 55,955 | 238,484 | 31,470 | 3,727 | 3,016 | 483,387 |
Total | $23,519,921 | $3,877,167 | $9,574,684 | $963,283 | $443,663 | $(52,762) | $18,213,230 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2025 Fund℠
Financial Statements
Statement of Assets and Liabilities
July 31, 2018 | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: | ||
Affiliated issuers (cost $17,603,143) | $18,213,230 | |
Total Investment in Securities (cost $17,603,143) | $18,213,230 | |
Cash | 1 | |
Receivable for investments sold | 576,163 | |
Total assets | 18,789,394 | |
Liabilities | ||
Payable for investments purchased | $575,472 | |
Payable for fund shares redeemed | 692 | |
Accrued management fee | 10,073 | |
Distribution and service plan fees payable | 455 | |
Total liabilities | 586,692 | |
Net Assets | $18,202,702 | |
Net Assets consist of: | ||
Paid in capital | $16,977,807 | |
Undistributed net investment income | 17,719 | |
Accumulated undistributed net realized gain (loss) on investments | 597,089 | |
Net unrealized appreciation (depreciation) on investments | 610,087 | |
Net Assets | $18,202,702 | |
Calculation of Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($576,575 ÷ 10,624.80 shares) | $54.27 | |
Maximum offering price per share (100/94.25 of $54.27) | $57.58 | |
Class M: | ||
Net Asset Value and redemption price per share ($499,561 ÷ 9,207.41 shares) | $54.26 | |
Maximum offering price per share (100/96.50 of $54.26) | $56.23 | |
Class C: | ||
Net Asset Value and offering price per share ($145,115 ÷ 2,706.91 shares)(a) | $53.61 | |
Fidelity Managed Retirement 2025: | ||
Net Asset Value, offering price and redemption price per share ($16,953,016 ÷ 312,177.42 shares) | $54.31 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($28,435 ÷ 522.94 shares) | $54.38 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended July 31, 2018 | ||
Investment Income | ||
Dividends: | ||
Affiliated issuers | $429,648 | |
Expenses | ||
Management fee | $132,549 | |
Distribution and service plan fees | 5,954 | |
Independent trustees' fees and expenses | 82 | |
Total expenses before reductions | 138,585 | |
Expense reductions | (179) | |
Total expenses after reductions | 138,406 | |
Net investment income (loss) | 291,242 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Affiliated issuers | 443,663 | |
Capital gain distributions from underlying funds: | ||
Affiliated issuers | 533,635 | |
Total net realized gain (loss) | 977,298 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Affiliated issuers | (52,762) | |
Total change in net unrealized appreciation (depreciation) | (52,762) | |
Net gain (loss) | 924,536 | |
Net increase (decrease) in net assets resulting from operations | $1,215,778 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended July 31, 2018 | Year ended July 31, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $291,242 | $419,391 |
Net realized gain (loss) | 977,298 | 4,586,705 |
Change in net unrealized appreciation (depreciation) | (52,762) | (2,164,787) |
Net increase (decrease) in net assets resulting from operations | 1,215,778 | 2,841,309 |
Distributions to shareholders from net investment income | (289,736) | (407,945) |
Distributions to shareholders from net realized gain | (4,301,071) | (227,253) |
Total distributions | (4,590,807) | (635,198) |
Share transactions - net increase (decrease) | (1,928,667) | (8,063,965) |
Total increase (decrease) in net assets | (5,303,696) | (5,857,854) |
Net Assets | ||
Beginning of period | 23,506,398 | 29,364,252 |
End of period | $18,202,702 | $23,506,398 |
Other Information | ||
Undistributed net investment income end of period | $17,719 | $17,466 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Managed Retirement 2025 Fund Class A
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.30 | $59.20 | $61.04 | $59.16 | $55.32 |
Income from Investment Operations | |||||
Net investment income (loss)A | .678 | .800 | .798 | .756 | .755 |
Net realized and unrealized gain (loss) | 2.470 | 5.517 | (.292) | 2.687 | 5.194 |
Total from investment operations | 3.148 | 6.317 | .506 | 3.443 | 5.949 |
Distributions from net investment income | (.654) | (.749) | (.802) | (.750) | (.747) |
Distributions from net realized gain | (12.524) | (.468) | (1.544) | (.813) | (1.362) |
Total distributions | (13.178) | (1.217) | (2.346) | (1.563) | (2.109) |
Net asset value, end of period | $54.27 | $64.30 | $59.20 | $61.04 | $59.16 |
Total ReturnB,C | 5.74% | 10.85% | 1.03% | 5.90% | 11.01% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .91% | .35% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .91% | .35% | .25% | .25% | .25% |
Expenses net of all reductions | .91% | .35% | .25% | .25% | .25% |
Net investment income (loss) | 1.23% | 1.31% | 1.40% | 1.26% | 1.30% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $577 | $592 | $536 | $636 | $565 |
Portfolio turnover rateD | 19% | 108% | 29% | 39% | 16% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2025 Fund Class M
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.30 | $59.21 | $61.05 | $59.18 | $55.33 |
Income from Investment Operations | |||||
Net investment income (loss)A | .540 | .648 | .655 | .605 | .605 |
Net realized and unrealized gain (loss) | 2.477 | 5.517 | (.294) | 2.677 | 5.216 |
Total from investment operations | 3.017 | 6.165 | .361 | 3.282 | 5.821 |
Distributions from net investment income | (.533) | (.607) | (.657) | (.599) | (.609) |
Distributions from net realized gain | (12.524) | (.468) | (1.544) | (.813) | (1.362) |
Total distributions | (13.057) | (1.075) | (2.201) | (1.412) | (1.971) |
Net asset value, end of period | $54.26 | $64.30 | $59.21 | $61.05 | $59.18 |
Total ReturnB,C | 5.49% | 10.58% | .78% | 5.62% | 10.77% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.16% | .60% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | 1.16% | .60% | .50% | .50% | .50% |
Expenses net of all reductions | 1.16% | .60% | .50% | .50% | .50% |
Net investment income (loss) | .98% | 1.07% | 1.15% | 1.01% | 1.05% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $500 | $497 | $479 | $543 | $482 |
Portfolio turnover rateD | 19% | 108% | 29% | 39% | 16% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2025 Fund Class C
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $63.81 | $58.87 | $60.79 | $59.00 | $55.21 |
Income from Investment Operations | |||||
Net investment income (loss)A | .263 | .342 | .368 | .306 | .317 |
Net realized and unrealized gain (loss) | 2.445 | 5.478 | (.293) | 2.673 | 5.194 |
Total from investment operations | 2.708 | 5.820 | .075 | 2.979 | 5.511 |
Distributions from net investment income | (.384) | (.412) | (.451) | (.376) | (.359) |
Distributions from net realized gain | (12.524) | (.468) | (1.544) | (.813) | (1.362) |
Total distributions | (12.908) | (.880) | (1.995) | (1.189) | (1.721) |
Net asset value, end of period | $53.61 | $63.81 | $58.87 | $60.79 | $59.00 |
Total ReturnB,C | 4.96% | 10.02% | .28% | 5.11% | 10.19% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.66% | 1.10% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.66% | 1.09% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.66% | 1.09% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .48% | .57% | .65% | .51% | .55% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $145 | $216 | $498 | $594 | $366 |
Portfolio turnover rateD | 19% | 108% | 29% | 39% | 16% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the contingent deferred sales charge.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2025 Fund
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.34 | $59.22 | $61.06 | $59.18 | $55.32 |
Income from Investment Operations | |||||
Net investment income (loss)A | .820 | .951 | .941 | .906 | .896 |
Net realized and unrealized gain (loss) | 2.468 | 5.523 | (.293) | 2.687 | 5.202 |
Total from investment operations | 3.288 | 6.474 | .648 | 3.593 | 6.098 |
Distributions from net investment income | (.794) | (.886) | (.944) | (.900) | (.876) |
Distributions from net realized gain | (12.524) | (.468) | (1.544) | (.813) | (1.362) |
Total distributions | (13.318) | (1.354) | (2.488) | (1.713) | (2.238) |
Net asset value, end of period | $54.31 | $64.34 | $59.22 | $61.06 | $59.18 |
Total ReturnB | 6.01% | 11.13% | 1.29% | 6.17% | 11.30% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .66% | .10% | - %E | - %E | - %E |
Expenses net of fee waivers, if any | .66% | .10% | -% | -% | -% |
Expenses net of all reductions | .66% | .10% | -% | -% | -% |
Net investment income (loss) | 1.48% | 1.56% | 1.65% | 1.51% | 1.55% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $16,953 | $22,122 | $27,774 | $34,087 | $32,313 |
Portfolio turnover rateC | 19% | 108% | 29% | 39% | 16% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Amounts do not include the activity of the Underlying Funds.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Managed Retirement 2025 Fund Class I
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.33 | $59.21 | $61.06 | $59.18 | $55.31 |
Income from Investment Operations | |||||
Net investment income (loss)A | .835 | .953 | .943 | .906 | .897 |
Net realized and unrealized gain (loss) | 2.466 | 5.521 | (.305) | 2.687 | 5.211 |
Total from investment operations | 3.301 | 6.474 | .638 | 3.593 | 6.108 |
Distributions from net investment income | (.727) | (.886) | (.944) | (.900) | (.876) |
Distributions from net realized gain | (12.524) | (.468) | (1.544) | (.813) | (1.362) |
Total distributions | (13.251) | (1.354) | (2.488) | (1.713) | (2.238) |
Net asset value, end of period | $54.38 | $64.33 | $59.21 | $61.06 | $59.18 |
Total ReturnB | 6.03% | 11.14% | 1.27% | 6.17% | 11.32% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .66% | .10% | - %E | - %E | - %E |
Expenses net of fee waivers, if any | .66% | .10% | -% | -% | -% |
Expenses net of all reductions | .65% | .10% | -% | -% | -% |
Net investment income (loss) | 1.49% | 1.56% | 1.65% | 1.51% | 1.55% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $28 | $79 | $78 | $148 | $109 |
Portfolio turnover rateC | 19% | 108% | 29% | 39% | 16% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Amounts do not include the activity of the Underlying Funds.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended July 31, 2018
1. Organization.
Fidelity Managed Retirement Income Fund, Fidelity Managed Retirement 2005 Fund, Fidelity Managed Retirement 2010 Fund, Fidelity Managed Retirement 2015 Fund, Fidelity Managed Retirement 2020 Fund and Fidelity Managed Retirement 2025 Fund (the Funds) are funds of Fidelity Income Fund (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each Fund is authorized to issue an unlimited number of shares. The Funds invest primarily in a combination of other Fidelity equity, bond, and short-term funds (the Underlying Funds) managed by Fidelity Management & Research Company (FMR). Certain Underlying Funds incurred name changes since their most recent shareholder report. The names of the Underlying Funds are those in effect at period end. In the prior year, the Funds transitioned their portfolios to invest exclusively in classes of the Fidelity Series funds, offered only to certain other Fidelity funds advised by FMR or its affiliates.
The Funds are designed for investors who seek to convert accumulated assets into regular payments over a defined period of time. The payment strategy for each Fund is designed to be implemented through a shareholder's voluntary participation in a systematic withdrawal plan, starting after the horizon date indicated by its name, resulting in the gradual liquidation of the shareholder's investment in the Fund.
Class A, Class M, Class C, Fidelity Managed Retirement shares and Class I of each Fund are closed to new accounts and additional purchases, except for reinvestments. Each class has equal rights as to assets and voting privileges, except for matters affecting a single class.
2. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists each of the Underlying Funds as an investment of the Fund but does not include the underlying holdings of each Underlying Fund. The following summarizes the significant accounting policies of the Funds:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows. Investments in the Underlying Funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date. Distributions from the Underlying Funds that are deemed to be return of capital are recorded as a reduction of cost of investments.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of each Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund. Each class differs with respect to distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds. Although not included in each Fund's expenses, each Fund indirectly bears its proportionate share of the Underlying Funds' expenses through the impact of these expenses on each Underlying Fund's NAV. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of July 31, 2018, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to the short-term gain distributions from the Underlying Funds, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) | |
Fidelity Managed Retirement Income Fund | $7,044,608 | $113,128 | $(106,500) | $6,628 |
Fidelity Managed Retirement 2005 Fund | 6,355,928 | 114,715 | (93,934) | 20,781 |
Fidelity Managed Retirement 2010 Fund | 9,247,553 | 243,092 | (130,243) | 112,849 |
Fidelity Managed Retirement 2015 Fund | 4,148,078 | 146,400 | (54,389) | 92,011 |
Fidelity Managed Retirement 2020 Fund | 3,360,787 | 138,082 | (40,936) | 97,146 |
Fidelity Managed Retirement 2025 Fund | 17,611,161 | 802,185 | (200,116) | 602,069 |
The tax-based components of distributable earnings as of period end were as follows for each Fund:
Undistributed ordinary income | Undistributed long-term capital gain | Net unrealized appreciation (depreciation) on securities and other investments | |
Fidelity Managed Retirement Income Fund | $11,924 | $103,176 | $6,628 |
Fidelity Managed Retirement 2005 Fund | 34,200 | 107,547 | 20,781 |
Fidelity Managed Retirement 2010 Fund | 42,348 | 184,145 | 112,849 |
Fidelity Managed Retirement 2015 Fund | 24,266 | 100,802 | 92,011 |
Fidelity Managed Retirement 2020 Fund | 20,988 | 92,110 | 97,146 |
Fidelity Managed Retirement 2025 Fund | 114,093 | 508,734 | 602,069 |
The tax character of distributions paid was as follows:
July 31, 2018 | |||
Ordinary Income | Long-term Capital Gains | Total | |
Fidelity Managed Retirement Income Fund | $216,337 | $683,255 | $899,592 |
Fidelity Managed Retirement 2005 Fund | 164,158 | 752,898 | 917,056 |
Fidelity Managed Retirement 2010 Fund | 215,705 | 1,456,624 | 1,672,329 |
Fidelity Managed Retirement 2015 Fund | 101,777 | 1,027,062 | 1,128,839 |
Fidelity Managed Retirement 2020 Fund | 79,692 | 805,796 | 885,488 |
Fidelity Managed Retirement 2025 Fund | 419,294 | 4,171,513 | 4,590,807 |
July 31, 2017 | |||
Ordinary Income | Long-term Capital Gains | Total | |
Fidelity Managed Retirement Income Fund | $199,690 | $– | $199,690 |
Fidelity Managed Retirement 2005 Fund | 150,243 | 36,795 | 187,038 |
Fidelity Managed Retirement 2010 Fund | 208,005 | 92,530 | 300,535 |
Fidelity Managed Retirement 2015 Fund | 106,333 | 18,376 | 124,709 |
Fidelity Managed Retirement 2020 Fund | 73,942 | 23,508 | 97,450 |
Fidelity Managed Retirement 2025 Fund | 446,373 | 188,825 | 635,198 |
3. Purchases and Redemptions of Underlying Fund Shares.
Purchases and redemptions of the Underlying Fund shares are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Managed Retirement Income Fund | 1,901,078 | 6,168,595 |
Fidelity Managed Retirement 2005 Fund | 1,864,618 | 5,664,399 |
Fidelity Managed Retirement 2010 Fund | 2,177,414 | 4,322,901 |
Fidelity Managed Retirement 2015 Fund | 931,235 | 2,357,609 |
Fidelity Managed Retirement 2020 Fund | 722,023 | 1,969,249 |
Fidelity Managed Retirement 2025 Fund | 3,877,167 | 9,574,684 |
4. Fees and Other Transactions with Affiliates.
Management Fee. FMR Co., Inc. (the investment adviser), an affiliate of FMR, and its affiliates provide the Funds with investment management related services. Under the management contract effective June 1, 2017, each Class of each Fund pays a monthly management fee that is set at an annual rate by referring to each Fund's horizon date indicated by its name, such that the management fee rate applicable to each Class of each Fund is reduced as the fund approaches, and then passes, its horizon date. In addition, the investment adviser pays all ordinary operating expenses of each Fund, except distribution and service plan fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses. Prior to June 1, 2017, the investment adviser provided the Funds with investment management related services. The Funds did not pay any fees for these services.
For the reporting period, the total annual management fee rate for each Class of each Fund was as follows:
Annual % of Class-Level Average Net Assets (Classes A, M, C, Retail and I) | |
Fidelity Managed Retirement Income Fund | .465% |
Fidelity Managed Retirement 2005 Fund | .491% |
Fidelity Managed Retirement 2010 Fund | .533% |
Fidelity Managed Retirement 2015 Fund | .576% |
Fidelity Managed Retirement 2020 Fund | .618% |
Fidelity Managed Retirement 2025 Fund | .661% |
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, each Fund has adopted separate Distribution and Service Plans for each class of shares, except for the Class I. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of each Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Fidelity Managed Retirement Income Fund | ||||
Class A | -% | .25% | $501 | $– |
Class M | .25% | .25% | 320 | – |
Class C | .75% | .25% | 512 | – |
$1,333 | $– | |||
Fidelity Managed Retirement 2005 Fund | ||||
Class A | -% | .25% | $779 | $– |
Class M | .25% | .25% | 1,310 | – |
Class C | .75% | .25% | 1,501 | – |
$3,590 | $– | |||
Fidelity Managed Retirement 2010 Fund | ||||
Class A | -% | .25% | $332 | $– |
Class M | .25% | .25% | 88 | – |
Class C | .75% | .25% | 1,179 | – |
$1,599 | $– | |||
Fidelity Managed Retirement 2015 Fund | ||||
Class A | -% | .25% | $628 | $– |
Class M | .25% | .25% | 128 | 128 |
Class C | .75% | .25% | 1,011 | – |
$1,767 | $128 | |||
Fidelity Managed Retirement 2020 Fund | ||||
Class A | -% | .25% | $43 | $26 |
Class M | .25% | .25% | 894 | – |
Class C | .75% | .25% | 983 | – |
$1,920 | $26 | |||
Fidelity Managed Retirement 2025 Fund | ||||
Class A | -% | .25% | $1,517 | $– |
Class M | .25% | .25% | 2,506 | – |
Class C | .75% | .25% | 1,931 | – |
$5,954 | $– |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of each Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares. For the period, there were no sales charge amounts retained by FDC.
5. Expense Reductions.
Through arrangements with each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. All of the applicable expense reductions are noted in the table below.
Fidelity Managed Retirement Income Fund | |
Class A | $4 |
Class M | 1 |
Class C | 1 |
Fidelity Managed Retirement Income | 171 |
Class I | 1 |
Fidelity Managed Retirement 2005 Fund | |
Class A | $3 |
Class M | 3 |
Class C | 2 |
Fidelity Managed Retirement 2005 | 162 |
Class I | 1 |
Fidelity Managed Retirement 2010 Fund | |
Class A | $2 |
Class C | 1 |
Fidelity Managed Retirement 2010 | 175 |
Fidelity Managed Retirement 2015 Fund | |
Class A | $9 |
Class M | 1 |
Class C | 5 |
Fidelity Managed Retirement 2015 | 157 |
Class I | 8 |
Fidelity Managed Retirement 2020 Fund | |
Class M | $6 |
Class C | 4 |
Fidelity Managed Retirement 2020 | 167 |
Class I | 1 |
Fidelity Managed Retirement 2025 Fund | |
Class A | $4 |
Class M | 3 |
Class C | 2 |
Fidelity Managed Retirement 2025 | 169 |
Class I | 1 |
6. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Year ended July 31, 2018 | Year ended July 31, 2017 | |
Fidelity Managed Retirement Income Fund | ||
From net investment income | ||
Class A | $2,802 | $3,521 |
Class M | 760 | 806 |
Class C | 398 | 301 |
Fidelity Managed Retirement Income | 169,830 | 178,749 |
Class I | 1,146 | 1,384 |
Total | $174,936 | $184,761 |
From net realized gain | ||
Class A | $18,004 | $331 |
Class M | 4,923 | 97 |
Class C | 3,422 | 66 |
Fidelity Managed Retirement Income | 693,468 | 14,332 |
Class I | 4,839 | 103 |
Total | $724,656 | $14,929 |
Fidelity Managed Retirement 2005 Fund | ||
From net investment income | ||
Class A | $4,642 | $6,520 |
Class M | 3,151 | 2,936 |
Class C | 968 | 1,437 |
Fidelity Managed Retirement 2005 | 120,677 | 127,393 |
Class I | 1,593 | 446 |
Total | $131,031 | $138,732 |
From net realized gain | ||
Class A | $28,834 | $3,090 |
Class M | 24,902 | 1,636 |
Class C | 21,222 | 1,365 |
Fidelity Managed Retirement 2005 | 707,660 | 42,050 |
Class I | 3,407 | 165 |
Total | $786,025 | $48,306 |
Fidelity Managed Retirement 2010 Fund | ||
From net investment income | ||
Class A | $1,828 | $1,685 |
Class M | 199 | 165 |
Class C | 819 | 1,227 |
Fidelity Managed Retirement 2010 | 167,110 | 189,217 |
Class I | 557 | 463 |
Total | $170,513 | $192,757 |
From net realized gain | ||
Class A | $17,987 | $1,079 |
Class M | 2,275 | 126 |
Class C | 15,519 | 1,579 |
Fidelity Managed Retirement 2010 | 1,461,609 | 104,750 |
Class I | 4,426 | 244 |
Total | $1,501,816 | $107,778 |
Fidelity Managed Retirement 2015 Fund | ||
From net investment income | ||
Class A | $3,297 | $3,411 |
Class M | 273 | 370 |
Class C | 324 | 954 |
Fidelity Managed Retirement 2015 | 64,928 | 89,768 |
Class I | 3,652 | 3,502 |
Total | $72,474 | $98,005 |
From net realized gain | ||
Class A | $54,663 | $1,036 |
Class M | 4,734 | 157 |
Class C | 28,815 | 553 |
Fidelity Managed Retirement 2015 | 920,185 | 24,070 |
Class I | 47,968 | 888 |
Total | $1,056,365 | $26,704 |
Fidelity Managed Retirement 2020 Fund | ||
From net investment income | ||
Class A | $219 | $84 |
Class M | 1,823 | 1,827 |
Class C | 681 | 616 |
Fidelity Managed Retirement 2020 | 53,026 | 64,760 |
Class I | 419 | 486 |
Total | $56,168 | $67,773 |
From net realized gain | ||
Class A | $3,378 | $39 |
Class M | 36,645 | 1,133 |
Class C | 19,556 | 573 |
Fidelity Managed Retirement 2020 | 764,479 | 27,725 |
Class I | 5,262 | 207 |
Total | $829,320 | $29,677 |
Fidelity Managed Retirement 2025 Fund | ||
From net investment income | ||
Class A | $7,261 | $6,851 |
Class M | 4,900 | 4,888 |
Class C | 1,458 | 3,052 |
Fidelity Managed Retirement 2025 | 275,607 | 392,080 |
Class I | 510 | 1,074 |
Total | $289,736 | $407,945 |
From net realized gain | ||
Class A | $116,723 | $4,246 |
Class M | 97,805 | 3,780 |
Class C | 42,709 | 3,773 |
Fidelity Managed Retirement 2025 | 4,029,042 | 214,892 |
Class I | 14,792 | 562 |
Total | $4,301,071 | $227,253 |
7. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Year ended July 31, 2018 | Year ended July 31, 2017 | Year ended July 31, 2018 | Year ended July 31, 2017 | |
Fidelity Managed Retirement Income Fund | ||||
Class A | ||||
Reinvestment of distributions | 354 | 57 | $20,485 | $3,382 |
Shares redeemed | (2,503) | (312) | (145,342) | (18,706) |
Net increase (decrease) | (2,149) | (255) | $(124,857) | $(15,324) |
Class M | ||||
Reinvestment of distributions | 98 | 15 | $5,683 | $903 |
Shares redeemed | (489) | (134) | (28,633) | (7,936) |
Net increase (decrease) | (391) | (119) | $(22,950) | $(7,033) |
Class C | ||||
Reinvestment of distributions | 66 | 4 | $3,820 | $212 |
Shares redeemed | (36) | (129) | (2,132) | (7,652) |
Net increase (decrease) | 30 | (125) | $1,688 | $(7,440) |
Fidelity Managed Retirement Income | ||||
Shares sold | – | 13,088 | $– | $771,337 |
Reinvestment of distributions | 13,701 | 2,091 | 792,820 | 123,783 |
Shares redeemed | (74,152) | (61,841) | (4,276,867) | (3,685,675) |
Net increase (decrease) | (60,451) | (46,662) | $(3,484,047) | $(2,790,555) |
Class I | ||||
Reinvestment of distributions | 103 | 25 | $5,985 | $1,487 |
Shares redeemed | (578) | (709) | (34,462) | (41,908) |
Net increase (decrease) | (475) | (684) | $(28,477) | $(40,421) |
Fidelity Managed Retirement 2005 Fund | ||||
Class A | ||||
Reinvestment of distributions | 553 | 146 | $32,577 | $8,821 |
Shares redeemed | (1,126) | (4,391) | (66,847) | (273,579) |
Net increase (decrease) | (573) | (4,245) | $(34,270) | $(264,758) |
Class M | ||||
Reinvestment of distributions | 476 | 76 | $28,053 | $4,571 |
Shares redeemed | (1,044) | (491) | (61,981) | (30,000) |
Net increase (decrease) | (568) | (415) | $(33,928) | $(25,429) |
Class C | ||||
Reinvestment of distributions | 379 | 47 | $22,190 | $2,802 |
Shares redeemed | (2,727) | (188) | (159,482) | (11,737) |
Net increase (decrease) | (2,348) | (141) | $(137,292) | $(8,935) |
Fidelity Managed Retirement 2005 | ||||
Shares sold | – | 60,758 | $– | $3,652,284 |
Reinvestment of distributions | 12,861 | 1,871 | 757,849 | 113,299 |
Shares redeemed | (60,941) | (36,512) | (3,661,552) | (2,242,724) |
Net increase (decrease) | (48,080) | 26,117 | $(2,903,703) | $1,522,859 |
Class I | ||||
Shares sold | 1,585 | – | $93,293 | $– |
Reinvestment of distributions | 85 | 10 | 5,000 | 611 |
Shares redeemed | (1,821) | – | (107,125) | – |
Net increase (decrease) | (151) | 10 | $(8,832) | $611 |
Fidelity Managed Retirement 2010 Fund | ||||
Class A | ||||
Reinvestment of distributions | 350 | 30 | $19,815 | $1,831 |
Shares redeemed | (147) | (496) | (8,328) | (29,871) |
Net increase (decrease) | 203 | (466) | $11,487 | $(28,040) |
Class M | ||||
Reinvestment of distributions | 44 | 5 | $2,474 | $289 |
Shares redeemed | – | – | – | – |
Net increase (decrease) | 44 | 5 | $2,474 | $289 |
Class C | ||||
Shares sold | – | 9 | $– | $538 |
Reinvestment of distributions | 291 | 38 | 16,338 | 2,266 |
Shares redeemed | (52) | (1,542) | (3,001) | (96,370) |
Net increase (decrease) | 239 | (1,495) | $13,337 | $(93,566) |
Fidelity Managed Retirement 2010 | ||||
Shares sold | – | 10,502 | $– | $634,856 |
Reinvestment of distributions | 25,931 | 3,546 | 1,468,531 | 213,604 |
Shares redeemed | (40,909) | (69,721) | (2,326,070) | (4,300,768) |
Net increase (decrease) | (14,978) | (55,673) | $(857,539) | $(3,452,308) |
Class I | ||||
Reinvestment of distributions | 88 | 12 | $4,983 | $707 |
Net increase (decrease) | 88 | 12 | $4,983 | $707 |
Fidelity Managed Retirement 2015 Fund | ||||
Class A | ||||
Shares sold | – | 3,337 | $– | $204,257 |
Reinvestment of distributions | 1,080 | 29 | 57,960 | 1,777 |
Shares redeemed | (1,012) | (3,574) | (54,399) | (218,329) |
Net increase (decrease) | 68 | (208) | $3,561 | $(12,295) |
Class M | ||||
Reinvestment of distributions | 93 | 9 | $5,007 | $527 |
Shares redeemed | – | (1,201) | – | (72,678) |
Net increase (decrease) | 93 | (1,192) | $5,007 | $(72,151) |
Class C | ||||
Reinvestment of distributions | 547 | 25 | $29,139 | $1,507 |
Shares redeemed | (1,727) | – | (93,628) | – |
Net increase (decrease) | (1,180) | 25 | $(64,489) | $1,507 |
Fidelity Managed Retirement 2015 | ||||
Shares sold | – | 1,825 | $– | $109,468 |
Reinvestment of distributions | 17,638 | 1,170 | 946,134 | 70,768 |
Shares redeemed | (24,672) | (44,125) | (1,333,473) | (2,707,652) |
Net increase (decrease) | (7,034) | (41,130) | $(387,339) | $(2,527,416) |
Class I | ||||
Reinvestment of distributions | 962 | 72 | $51,620 | $4,390 |
Shares redeemed | (1,438) | (41) | (77,557) | (2,493) |
Net increase (decrease) | (476) | 31 | $(25,937) | $1,897 |
Fidelity Managed Retirement 2020 Fund | ||||
Class A | ||||
Shares sold | – | 161 | $– | $10,000 |
Reinvestment of distributions | 69 | 1 | 3,597 | 85 |
Shares redeemed | (11) | (968) | (563) | (56,479) |
Net increase (decrease) | 58 | (806) | $3,034 | $(46,394) |
Class M | ||||
Reinvestment of distributions | 721 | 35 | $37,329 | $2,012 |
Shares redeemed | (396) | (226) | (20,846) | (13,512) |
Net increase (decrease) | 325 | (191) | $16,483 | $(11,500) |
Class C | ||||
Reinvestment of distributions | 394 | 21 | $20,237 | $1,189 |
Shares redeemed | (70) | (59) | (3,626) | (3,382) |
Net increase (decrease) | 324 | (38) | $16,611 | $(2,193) |
Fidelity Managed Retirement 2020 | ||||
Shares sold | – | 1,316 | $– | $76,478 |
Reinvestment of distributions | 14,765 | 1,312 | 765,746 | 76,684 |
Shares redeemed | (23,852) | (13,144) | (1,317,457) | (781,579) |
Net increase (decrease) | (9,087) | (10,516) | $(551,711) | $(628,417) |
Class I | ||||
Reinvestment of distributions | 109 | 12 | $5,681 | $693 |
Shares redeemed | – | (162) | – | (10,000) |
Net increase (decrease) | 109 | (150) | $5,681 | $(9,307) |
Fidelity Managed Retirement 2025 Fund | ||||
Class A | ||||
Reinvestment of distributions | 2,323 | 186 | $123,984 | $11,058 |
Shares redeemed | (908) | (22) | (49,294) | (1,353) |
Net increase (decrease) | 1,415 | 164 | $74,690 | $9,705 |
Class M | ||||
Reinvestment of distributions | 1,873 | 110 | $99,923 | $6,489 |
Shares redeemed | (401) | (470) | (21,798) | (28,648) |
Net increase (decrease) | 1,472 | (360) | $78,125 | $(22,159) |
Class C | ||||
Reinvestment of distributions | 836 | 96 | $44,167 | $5,616 |
Shares redeemed | (1,515) | (5,171) | (80,340) | (320,334) |
Net increase (decrease) | (679) | (5,075) | $(36,173) | $(314,718) |
Fidelity Managed Retirement 2025 | ||||
Shares sold | – | 17,285 | $– | $1,029,554 |
Reinvestment of distributions | 76,797 | 7,350 | 4,100,679 | 436,774 |
Shares redeemed | (108,469) | (149,785) | (6,107,488) | (9,197,756) |
Net increase (decrease) | (31,672) | (125,150) | $(2,006,809) | $(7,731,428) |
Class I | ||||
Reinvestment of distributions | 287 | 27 | $15,302 | $1,635 |
Shares redeemed | (988) | (117) | (53,802) | (7,000) |
Net increase (decrease) | (701) | (90) | $(38,500) | $(5,365) |
8. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Income Fund and the Shareholders of Fidelity Managed Retirement Income Fund, Fidelity Managed Retirement 2005 Fund, Fidelity Managed Retirement 2010 Fund, Fidelity Managed Retirement 2015 Fund, Fidelity Managed Retirement 2020 Fund and Fidelity Managed Retirement 2025 Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of Fidelity Managed Retirement Income Fund, Fidelity Managed Retirement 2005 Fund, Fidelity Managed Retirement 2010 Fund, Fidelity Managed Retirement 2015 Fund, Fidelity Managed Retirement 2020 Fund and Fidelity Managed Retirement 2025 Fund (the "Funds"), each a fund of Fidelity Income Fund, including the schedules of investments, as of July 31, 2018, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2018, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2018, by correspondence with the custodians. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
September 18, 2018
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. If the interests of a fund and an underlying Fidelity® fund were to diverge, a conflict of interest could arise and affect how the Trustees and Members of the Advisory Board fulfill their fiduciary duties to the affected funds. FMRC has structured the funds to avoid these potential conflicts, although there may be situations where a conflict of interest is unavoidable. In such instances, FMRC, the Trustees, and Members of the Advisory Board would take reasonable steps to minimize and, if possible, eliminate the conflict. Each of the Trustees oversees 257 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Each fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Marie L. Knowles serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present) and Chairman and Director of FMR (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds. Ms. McAuliffe previously served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. He serves on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a Member of the Advisory Board of certain Fidelity® funds (2014-2016), president of the Business Roundtable (2011-2017), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Albert R. Gamper, Jr. (1942)
Year of Election or Appointment: 2006
Trustee
Mr. Gamper also serves as Trustee of other Fidelity® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007), and Chase Manhattan Bank (1975-1978).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Vice Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008), AGL Resources, Inc. (holding company, 2002-2016), and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Chairman of the Independent Trustees
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Member of the Advisory Board
General Dunwoody also serves as a Member of the Advisory Board of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). She is the President of First to Four LLC (leadership and mentoring services, 2012-present). She also serves as a member of the Board of Directors and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor, and aerospace systems, 2013-present), Board of Directors and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and Board of Directors of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Board of Directors and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board of Directors, Chair of the Nomination and Governance Committee and member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Board of Directors of the Army Historical Foundation (2015-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present) and a member of the Board of Trustees of Florida Institute of Technology (2015-present) and ThanksUSA (military family education non-profit, 2014-present).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
Marc R. Bryant (1966)
Year of Election or Appointment: 2015
Secretary and Chief Legal Officer (CLO)
Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (UK) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John B. McGinty, Jr. (1962)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).
Rieco E. Mello (1969)
Year of Election or Appointment: 2017
Assistant Treasurer
Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as President Fixed Income, High Income/Emerging Market Debt and Multi Asset Class Strategies of FIAM LLC (2018-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice Chairman of FIAM LLC (investment adviser firm, 2014-2018), a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-2018), President Multi-Asset Class Strategies of FMR's Global Asset Allocation Division (2017-2018), Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity® funds (2008-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Deputy Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).
Renee Stagnone (1975)
Year of Election or Appointment: 2016
Assistant Treasurer
Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity® funds (2013-2016).
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2018 to July 31, 2018).
Actual Expenses
The first line of the accompanying table for each Class of each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a Class of the fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, each Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each Class of each fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, each Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annualized Expense Ratio-A | Beginning Account Value February 1, 2018 | Ending Account Value July 31, 2018 | Expenses Paid During Period-B February 1, 2018 to July 31, 2018 | |
Fidelity Managed Retirement Income Fund | ||||
Class A | .72% | |||
Actual | $1,000.00 | $989.70 | $3.55 | |
Hypothetical-C | $1,000.00 | $1,021.22 | $3.61 | |
Class M | .97% | |||
Actual | $1,000.00 | $988.40 | $4.78 | |
Hypothetical-C | $1,000.00 | $1,019.98 | $4.86 | |
Class C | 1.47% | |||
Actual | $1,000.00 | $986.10 | $7.24 | |
Hypothetical-C | $1,000.00 | $1,017.50 | $7.35 | |
Fidelity Managed Retirement Income | .47% | |||
Actual | $1,000.00 | $991.00 | $2.32 | |
Hypothetical-C | $1,000.00 | $1,022.46 | $2.36 | |
Class I | .47% | |||
Actual | $1,000.00 | $991.00 | $2.32 | |
Hypothetical-C | $1,000.00 | $1,022.46 | $2.36 | |
Fidelity Managed Retirement 2005 Fund | ||||
Class A | .74% | |||
Actual | $1,000.00 | $988.80 | $3.65 | |
Hypothetical-C | $1,000.00 | $1,021.12 | $3.71 | |
Class M | .99% | |||
Actual | $1,000.00 | $987.50 | $4.88 | |
Hypothetical-C | $1,000.00 | $1,019.89 | $4.96 | |
Class C | 1.50% | |||
Actual | $1,000.00 | $985.30 | $7.38 | |
Hypothetical-C | $1,000.00 | $1,017.36 | $7.50 | |
Fidelity Managed Retirement 2005 | .49% | |||
Actual | $1,000.00 | $990.00 | $2.42 | |
Hypothetical-C | $1,000.00 | $1,022.36 | $2.46 | |
Class I | .50% | |||
Actual | $1,000.00 | $990.20 | $2.47 | |
Hypothetical-C | $1,000.00 | $1,022.32 | $2.51 | |
Fidelity Managed Retirement 2010 Fund | ||||
Class A | .79% | |||
Actual | $1,000.00 | $986.90 | $3.89 | |
Hypothetical-C | $1,000.00 | $1,020.88 | $3.96 | |
Class M | 1.03% | |||
Actual | $1,000.00 | $985.70 | $5.07 | |
Hypothetical-C | $1,000.00 | $1,019.69 | $5.16 | |
Class C | 1.53% | |||
Actual | $1,000.00 | $983.20 | $7.52 | |
Hypothetical-C | $1,000.00 | $1,017.21 | $7.65 | |
Fidelity Managed Retirement 2010 | .53% | |||
Actual | $1,000.00 | $988.20 | $2.61 | |
Hypothetical-C | $1,000.00 | $1,022.17 | $2.66 | |
Class I | .53% | |||
Actual | $1,000.00 | $988.00 | $2.61 | |
Hypothetical-C | $1,000.00 | $1,022.17 | $2.66 | |
Fidelity Managed Retirement 2015 Fund | ||||
Class A | .83% | |||
Actual | $1,000.00 | $984.80 | $4.08 | |
Hypothetical-C | $1,000.00 | $1,020.68 | $4.16 | |
Class M | 1.08% | |||
Actual | $1,000.00 | $983.60 | $5.31 | |
Hypothetical-C | $1,000.00 | $1,019.44 | $5.41 | |
Class C | 1.57% | |||
Actual | $1,000.00 | $981.10 | $7.71 | |
Hypothetical-C | $1,000.00 | $1,017.01 | $7.85 | |
Fidelity Managed Retirement 2015 | .58% | |||
Actual | $1,000.00 | $985.90 | $2.86 | |
Hypothetical-C | $1,000.00 | $1,021.92 | $2.91 | |
Class I | .58% | |||
Actual | $1,000.00 | $986.00 | $2.86 | |
Hypothetical-C | $1,000.00 | $1,021.92 | $2.91 | |
Fidelity Managed Retirement 2020 Fund | ||||
Class A | .87% | |||
Actual | $1,000.00 | $983.00 | $4.28 | |
Hypothetical-C | $1,000.00 | $1,020.48 | $4.36 | |
Class M | 1.12% | |||
Actual | $1,000.00 | $981.80 | $5.50 | |
Hypothetical-C | $1,000.00 | $1,019.24 | $5.61 | |
Class C | 1.62% | |||
Actual | $1,000.00 | $979.30 | $7.95 | |
Hypothetical-C | $1,000.00 | $1,016.76 | $8.10 | |
Fidelity Managed Retirement 2020 | .62% | |||
Actual | $1,000.00 | $984.20 | $3.05 | |
Hypothetical-C | $1,000.00 | $1,021.72 | $3.11 | |
Class I | .61% | |||
Actual | $1,000.00 | $984.30 | $3.00 | |
Hypothetical-C | $1,000.00 | $1,021.77 | $3.06 | |
Fidelity Managed Retirement 2025 Fund | ||||
Class A | .91% | |||
Actual | $1,000.00 | $982.00 | $4.47 | |
Hypothetical-C | $1,000.00 | $1,020.28 | $4.56 | |
Class M | 1.16% | |||
Actual | $1,000.00 | $980.80 | $5.70 | |
Hypothetical-C | $1,000.00 | $1,019.04 | $5.81 | |
Class C | 1.67% | |||
Actual | $1,000.00 | $978.30 | $8.19 | |
Hypothetical-C | $1,000.00 | $1,016.51 | $8.35 | |
Fidelity Managed Retirement 2025 | .66% | |||
Actual | $1,000.00 | $983.40 | $3.25 | |
Hypothetical-C | $1,000.00 | $1,021.52 | $3.31 | |
Class I | .67% | |||
Actual | $1,000.00 | $983.30 | $3.29 | |
Hypothetical-C | $1,000.00 | $1,021.47 | $3.36 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Funds in which each Fund invests are not included in each Fund's annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities:
Pay Date | Record Date | Capital Gains | |
Fidelity Managed Retirement Income Fund | |||
Class A | 09/17/18 | 09/14/18 | $0.962 |
Class M | 09/17/18 | 09/14/18 | $0.962 |
Class C | 09/17/18 | 09/14/18 | $0.962 |
Fidelity Managed Retirement Income | 09/17/18 | 09/14/18 | $0.962 |
Class I | 09/17/18 | 09/14/18 | $0.962 |
Fidelity Managed Retirement 2005 Fund | |||
Class A | 09/17/18 | 09/14/18 | $1.241 |
Class M | 09/17/18 | 09/14/18 | $1.241 |
Class C | 09/17/18 | 09/14/18 | $1.241 |
Fidelity Managed Retirement 2005 | 09/17/18 | 09/14/18 | $1.241 |
Class I | 09/17/18 | 09/14/18 | $1.241 |
Fidelity Managed Retirement 2010 Fund | |||
Class A | 09/17/18 | 09/14/18 | $1.316 |
Class M | 09/17/18 | 09/14/18 | $1.316 |
Class C | 09/17/18 | 09/14/18 | $1.316 |
Fidelity Managed Retirement 2010 | 09/17/18 | 09/14/18 | $1.316 |
Class I | 09/17/18 | 09/14/18 | $1.316 |
Fidelity Managed Retirement 2015 Fund | |||
Class A | 09/17/18 | 09/14/18 | $1.565 |
Class M | 09/17/18 | 09/14/18 | $1.565 |
Class C | 09/17/18 | 09/14/18 | $1.565 |
Fidelity Managed Retirement 2015 | 09/17/18 | 09/14/18 | $1.565 |
Class I | 09/17/18 | 09/14/18 | $1.565 |
Fidelity Managed Retirement 2020 Fund | |||
Class A | 09/17/18 | 09/14/18 | $1.697 |
Class M | 09/17/18 | 09/14/18 | $1.697 |
Class C | 09/17/18 | 09/14/18 | $1.697 |
Fidelity Managed Retirement 2020 | 09/17/18 | 09/14/18 | $1.697 |
Class I | 09/17/18 | 09/14/18 | $1.697 |
Fidelity Managed Retirement 2025 Fund | |||
Class A | 09/17/18 | 09/14/18 | $1.830 |
Class M | 09/17/18 | 09/14/18 | $1.830 |
Class C | 09/17/18 | 09/14/18 | $1.830 |
Fidelity Managed Retirement 2025 | 09/17/18 | 09/14/18 | $1.830 |
Class I | 09/17/18 | 09/14/18 | $1.830 |
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended July 31, 2018, or, if subsequently determined to be different, the net capital gain of such year.
Fidelity Managed Retirement Income Fund | $150,335 |
Fidelity Managed Retirement 2005 Fund | $140,828 |
Fidelity Managed Retirement 2010 Fund | $235,347 |
Fidelity Managed Retirement 2015 Fund | $133,778 |
Fidelity Managed Retirement 2020 Fund | $121,403 |
Fidelity Managed Retirement 2025 Fund | $670,465 |
A percentage of the dividends distributed during the fiscal year for the following funds were derived from interest on U.S. Government securities which is generally exempt from state income tax
Fidelity Managed Retirement Income Fund | |
Class A | 23.31% |
Class M | 23.31% |
Class C | 23.31% |
Fidelity Managed Retirement Income | 23.31% |
Class I | 23.31% |
Fidelity Managed Retirement 2005 Fund | |
Class A | 21.19% |
Class M | 21.19% |
Class C | 21.19% |
Fidelity Managed Retirement 2005 | 21.19% |
Class I | 21.19% |
Fidelity Managed Retirement 2010 Fund | |
Class A | 17.36% |
Class M | 17.36% |
Class C | 17.36% |
Fidelity Managed Retirement 2010 | 17.36% |
Class I | 17.36% |
Fidelity Managed Retirement 2015 Fund | |
Class A | 13.65% |
Class M | 13.65% |
Class C | 13.65% |
Fidelity Managed Retirement 2015 | 13.65% |
Class I | 13.65% |
Fidelity Managed Retirement 2020 Fund | |
Class A | 10.86% |
Class M | 10.86% |
Class C | 10.86% |
Fidelity Managed Retirement 2020 | 10.86% |
Class I | 10.86% |
Fidelity Managed Retirement 2025 Fund | |
Class A | 9.39% |
Class M | 9.39% |
Class C | 9.39% |
Fidelity Managed Retirement 2025 | 9.39% |
Class I | 9.39% |
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
Class A | Class M | Class C | Retail Class | Class I | |
Fidelity Managed Retirement Income Fund | |||||
August, 2017 | 0% | 0% | 0% | 0% | 0% |
September, 2017 | 23% | 38% | 100% | 17% | 19% |
October, 2017 | 30% | 42% | 71% | 25% | 25% |
November, 2017 | 32% | 46% | 100% | 25% | 25% |
December, 2017 | 28% | 28% | 31% | 26% | 26% |
February, 2018 | 3% | 4% | 12% | 3% | 3% |
March, 2018 | 4% | 5% | 18% | 3% | 3% |
April, 2018 | 4% | 5% | – | 3% | 3% |
May, 2018 | 3% | 4% | 6% | 3% | 3% |
June, 2018 | 3% | 3% | 5% | 3% | 3% |
July, 2018 | 3% | 4% | 7% | 3% | 3% |
Fidelity Managed Retirement 2005 Fund | |||||
August, 2017 | 0% | 0% | 0% | 0% | 0% |
September, 2017 | 17% | 17% | 17% | 17% | 17% |
October, 2017 | 37% | 47% | – | 31% | 25% |
November, 2017 | 36% | 53% | 100% | 30% | 30% |
December, 2017 | 33% | 34% | 38% | 31% | 31% |
February, 2018 | 4% | 5% | 18% | 3% | 3% |
March, 2018 | 4% | 6% | – | 3% | 3% |
April, 2018 | 5% | 6% | 100% | 3% | 3% |
May, 2018 | 4% | 5% | 9% | 3% | 3% |
June, 2018 | 4% | 5% | 13% | 3% | 3% |
July, 2018 | 4% | 5% | 58% | 3% | 3% |
Fidelity Managed Retirement 2010 Fund | |||||
August, 2017 | 0% | 0% | 0% | 0% | 0% |
September, 2017 | 39% | 74% | – | 25% | 26% |
October, 2017 | 45% | 53% | 97% | 38% | 38% |
November, 2017 | 48% | 74% | 100% | 38% | 38% |
December, 2017 | 40% | 42% | 46% | 38% | 38% |
February, 2018 | 5% | 5% | 7% | 4% | 4% |
March, 2018 | 6% | 9% | – | 4% | 4% |
April, 2018 | 6% | 10% | – | 4% | 4% |
May, 2018 | 5% | 6% | 16% | 4% | 4% |
June, 2018 | 5% | 7% | 23% | 4% | 4% |
July, 2018 | 5% | 7% | 25% | 4% | 4% |
Fidelity Managed Retirement 2015 Fund | |||||
August, 2017 | 0% | 0% | 0% | 0% | 0% |
September, 2017 | 67% | 0% | – | 26% | 25% |
October, 2017 | 45% | 53% | 88% | 39% | 37% |
November, 2017 | 53% | 94% | – | 39% | 39% |
December, 2017 | 41% | 42% | 66% | 40% | 40% |
February, 2018 | 7% | 8% | 6% | 6% | 6% |
March, 2018 | 9% | 17% | – | 6% | 6% |
April, 2018 | 9% | 25% | – | 6% | 6% |
May, 2018 | 8% | 10% | 37% | 6% | 6% |
June, 2018 | 9% | 16% | – | 6% | 6% |
July, 2018 | 8% | 12% | 100% | 6% | 7% |
Fidelity Managed Retirement 2020 Fund | |||||
August, 2017 | 0% | 0% | – | 0% | 0% |
September, 2017 | 52% | 100% | – | 29% | 25% |
October, 2017 | 54% | 70% | 100% | 44% | 44% |
November, 2017 | 58% | 100% | – | 44% | 44% |
December, 2017 | 47% | 48% | 52% | 45% | 45% |
February, 2018 | 10% | 12% | 19% | 9% | 9% |
March, 2018 | 16% | 37% | – | 9% | 8% |
April, 2018 | 14% | 100% | – | 9% | 9% |
May, 2018 | 12% | 19% | – | 9% | 9% |
June, 2018 | 16% | 36% | – | 9% | 9% |
July, 2018 | 12% | 22% | – | 9% | 9% |
Fidelity Managed Retirement 2025 Fund | |||||
August, 2017 | 0% | 0% | – | 0% | 0% |
September, 2017 | 100% | 0% | – | 31% | 26% |
October, 2017 | 60% | 81% | 100% | 47% | 47% |
November, 2017 | 60% | 100% | – | 47% | 45% |
December, 2017 | 50% | 51% | 55% | 48% | 53% |
February, 2018 | 13% | 15% | 24% | 11% | 11% |
March, 2018 | 26% | 0% | – | 11% | 12% |
April, 2018 | 26% | 0% | – | 11% | 11% |
May, 2018 | 16% | 24% | – | 11% | 11% |
June, 2018 | 20% | 100% | – | 11% | 11% |
July, 2018 | 18% | 44% | – | 11% | 11% |
The funds will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.
MRI-ANN-0918
1.9881729.101
Fidelity Advisor Simplicity RMD Income Fund℠ Annual Report July 31, 2018 Each Class A, Class M, Class C and Class I are classes of Fidelity Simplicity RMD Funds℠ |
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Contents
Fidelity Simplicity RMD Income Fund℠ | |
Fidelity Simplicity RMD 2005 Fund℠ | |
Fidelity Simplicity RMD 2010 Fund℠ | |
Fidelity Simplicity RMD 2015 Fund℠ | |
Fidelity Simplicity RMD 2020 Fund℠ | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Fidelity Simplicity RMD Income Fund℠
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended July 31, 2018 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | (3.53)% | 3.29% | 4.48% |
Class M (incl. 3.50% sales charge) | (1.46)% | 3.52% | 4.46% |
Class C (incl. contingent deferred sales charge) | 0.66% | 3.74% | 4.31% |
Class I | 2.62% | 4.78% | 5.36% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Simplicity RMD Income Fund℠ - Class A on July 31, 2008, and the current 5.75% sales charge was paid.
The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays U.S. Aggregate Bond Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-18-005014/img405574804_740.jpg)
Period Ending Values | ||
$15,493 | Fidelity Advisor Simplicity RMD Income Fund℠ - Class A | |
$14,424 | Bloomberg Barclays U.S. Aggregate Bond Index |
Fidelity Simplicity RMD 2005 Fund℠
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended July 31, 2018 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | (3.14)% | 3.99% | 4.95% |
Class M (incl. 3.50% sales charge) | (1.09)% | 4.22% | 4.94% |
Class C (incl. contingent deferred sales charge) | 1.08% | 4.44% | 4.79% |
Class I | 3.00% | 5.49% | 5.84% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Simplicity RMD 2005 Fund℠ - Class A on July 31, 2008, and the current 5.75% sales charge was paid.
The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays U.S. Aggregate Bond Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-18-005014/img405575739_740.jpg)
Period Ending Values | ||
$16,216 | Fidelity Advisor Simplicity RMD 2005 Fund℠ - Class A | |
$14,424 | Bloomberg Barclays U.S. Aggregate Bond Index |
Fidelity Simplicity RMD 2010 Fund℠
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended July 31, 2018 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | (2.24)% | 4.55% | 5.30% |
Class M (incl. 3.50% sales charge) | (0.15)% | 4.78% | 5.29% |
Class C (incl. contingent deferred sales charge) | 2.07% | 5.01% | 5.13% |
Class I | 3.97% | 6.06% | 6.19% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Simplicity RMD 2010 Fund℠ - Class A on July 31, 2008, and the current 5.75% sales charge was paid.
The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays U.S. Aggregate Bond Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-18-005014/img405581604_740.jpg)
Period Ending Values | ||
$16,761 | Fidelity Advisor Simplicity RMD 2010 Fund℠ - Class A | |
$14,424 | Bloomberg Barclays U.S. Aggregate Bond Index |
Fidelity Simplicity RMD 2015 Fund℠
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended July 31, 2018 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | (1.28)% | 5.00% | 5.55% |
Class M (incl. 3.50% sales charge) | 0.82% | 5.23% | 5.53% |
Class C (incl. contingent deferred sales charge) | 3.04% | 5.46% | 5.38% |
Class I | 5.03% | 6.55% | 6.46% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Simplicity RMD 2015 Fund℠ - Class A on July 31, 2008, and the current 5.75% sales charge was paid.
The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays U.S. Aggregate Bond Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-18-005014/img405580924_740.jpg)
Period Ending Values | ||
$17,157 | Fidelity Advisor Simplicity RMD 2015 Fund℠ - Class A | |
$14,424 | Bloomberg Barclays U.S. Aggregate Bond Index |
Fidelity Simplicity RMD 2020 Fund℠
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended July 31, 2018 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | (0.31)% | 5.46% | 5.91% |
Class M (incl. 3.50% sales charge) | 1.81% | 5.69% | 5.89% |
Class C (incl. contingent deferred sales charge) | 4.04% | 5.92% | 5.74% |
Class I | 6.01% | 6.98% | 6.80% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Simplicity RMD 2020 Fund℠ - Class A on July 31, 2008, and the current 5.75% sales charge was paid.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index and the Bloomberg Barclays U.S. Aggregate Bond Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-18-005014/img405576929_740.jpg)
Period Ending Values | ||
$17,756 | Fidelity Advisor Simplicity RMD 2020 Fund℠ - Class A | |
$14,424 | Bloomberg Barclays U.S. Aggregate Bond Index | |
$27,551 | S&P 500® Index |
Going forward, the fund’s performance will be compared to the Bloomberg Barclays U.S. Aggregate Bond Index, rather than the S&P 500® Index. The Bloomberg Barclays U.S. Aggregate Bond Index more closely represents the fund’s investment strategy, as fixed-income and short-term funds currently represent the majority of the fund’s assets.
Management's Discussion of Fund Performance
Market Recap: Steady global economic expansion, along with increased concerns about trade protectionism, rising interest rates and higher volatility set the backdrop for global securities markets for much of the 12 months ending July 31, 2018. The U.S. equity bellwether S&P 500® index gained 16.24%, despite a resurgence in volatility. Stocks maintained their steady growth until a sharp reversal in February, as volatility spiked amid fear that rising inflation would prompt the U.S. Federal Reserve to pick up the pace of interest rate hikes. The index posted its first negative monthly result since October 2016, and then lost further ground in March on fear of a global trade war. The U.S. equity market stabilized in April and trended upward through July, boosted by strong corporate earnings that helped the S&P 500 rise 3.72% that month to cap the period. By sector, information technology (+28%) led the way, boosted by strong earnings growth, while consumer discretionary rose roughly 24%. Energy (+20%) gained alongside higher oil prices. Laggards were telecommunication services (-2%), consumer staples (0%) and utilities (+3%). Looking abroad, the MSCI ACWI (All Country World Index) ex USA Index returned 6.13% for the 12 months. Manufacturing and export activity – plus a generally weak U.S. dollar – underpinned markets early on, as international stocks rose roughly 14% through the end of January. But the index reversed sharply in February and went on to return about -7% for the second half of the period, with much of the loss tied to foreign exchange as the dollar rebounded. For the full 12 months, Japan returned +9%, outperforming the rest of the Asia-Pacific region (+6%). Crude-oil commodity-price strength buoyed Canada (+8%). Europe (5%) lagged the index, while emerging markets posted a similarly moderate gain. In U.S. fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index returned -0.80% this period. Global monetary policy tightened, with the Fed raising policy rates by a quarter percentage point in March and June. The Bank of England signaled a potential rate increase in coming months, and the European Central Bank made plans to end its bond-buying program. Sector performance was in a fairly tight range, with asset-backed securities eking out a gain, while most other index categories modestly declined.Comments from Co-Portfolio Managers Andrew Dierdorf and Brett Sumsion: For the fiscal year, returns for Fidelity Simplicity RMD Funds’ share classes (excluding sales charges, if applicable) ranged from about 2.5% to about 6%, with performance trending higher along the vintage spectrum (i.e., horizon date). Funds with shorter-term horizons – those with more exposure to fixed-income and short-term securities and lower equity exposure – generated lower single-digit returns during the past year. Funds with longer time horizons – those that invest in a greater percentage of equities and less fixed-income and short-term exposure – generated increasingly higher single-digit returns. Versus Composites, each Fidelity Simplicity RMD Fund underperformed this period. The Funds’ underweighting in U.S. equities was the biggest relative detractor. Performance among underlying U.S. equity fund investments also held back the Fidelity Simplicity RMD Funds’ relative results this period. Value and income-oriented fund strategies generally underperformed growth-oriented investments, due largely to a market environment that favored highly priced growth stocks over value stocks. Conversely, the Funds’ overweighting in non-U.S. equities added value relative to Composites. In addition, the Funds benefited from fixed-income positioning. In particular, outperformance and an underweighting within investment-grade debt was helpful.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report 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 Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Notes to Shareholders: At its May 2018 meeting, the Board of Trustees approved incremental updates to the strategic asset allocation (i.e., glide path) of Fidelity Simplicity RMD Funds, adding U.S. Treasury Inflation-Protected Securities and long-term U.S. Treasury bonds as fixed exposures in the Funds’ bond allocations, while reducing the equity and short-term debt allocations for shorter-dated Portfolios. These glide path updates are expected to be fully implemented by the end of 2018.The Funds’ short-term benchmark changed from Bloomberg Barclays 3-Month Treasury Bellwether to the Bloomberg Barclays U.S. 3-6 Month Treasury Index. The new index has a similar risk/return profile but increased relative liquidity.
Fidelity Simplicity RMD Income Fund℠
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.Top Holdings as of July 31, 2018
% of fund's net assets | |
Fidelity Series Investment Grade Bond Fund | 37.2 |
Fidelity Series Government Money Market Fund 1.98% | 20.2 |
Fidelity Series Inflation-Protected Bond Index Fund | 10.5 |
Fidelity Series Short-Term Credit Fund | 5.1 |
Fidelity Series Long-Term Treasury Bond Index Fund | 3.6 |
Fidelity Series Emerging Markets Opportunities Fund | 3.1 |
Fidelity Series International Value Fund | 2.3 |
Fidelity Series International Growth Fund | 2.2 |
Fidelity Series Commodity Strategy Fund | 2.0 |
Fidelity Series Intrinsic Opportunities Fund | 1.8 |
88.0 |
Asset Allocation (% of fund's net assets)
Period end | ||
Domestic Equity Funds | 12.5% | |
International Equity Funds | 8.3% | |
Bond Funds | 53.9% | |
Short-Term Funds | 25.3% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Simplicity RMD Income Fund℠
Schedule of Investments July 31, 2018
Showing Percentage of Net Assets
Domestic Equity Funds - 12.5% | |||
Shares | Value | ||
Fidelity Series 100 Index Fund (a) | 26 | $471 | |
Fidelity Series All-Sector Equity Fund (a) | 7,391 | 97,191 | |
Fidelity Series Blue Chip Growth Fund (a) | 6,460 | 102,773 | |
Fidelity Series Commodity Strategy Fund (a) | 52,468 | 279,656 | |
Fidelity Series Growth & Income Fund (a) | 13,570 | 221,865 | |
Fidelity Series Growth Company Fund(a) | 11,007 | 207,803 | |
Fidelity Series Intrinsic Opportunities Fund (a) | 13,120 | 246,530 | |
Fidelity Series Large Cap Value Index Fund (a) | 4,774 | 61,970 | |
Fidelity Series Opportunistic Insights Fund (a) | 5,900 | 111,929 | |
Fidelity Series Small Cap Discovery Fund (a) | 2,481 | 30,241 | |
Fidelity Series Small Cap Opportunities Fund (a) | 6,002 | 92,785 | |
Fidelity Series Stock Selector Large Cap Value Fund (a) | 13,009 | 169,371 | |
Fidelity Series Value Discovery Fund (a) | 8,850 | 119,833 | |
TOTAL DOMESTIC EQUITY FUNDS | |||
(Cost $1,593,808) | 1,742,418 | ||
International Equity Funds - 8.3% | |||
Fidelity Series Canada Fund (a) | 2,950 | 32,007 | |
Fidelity Series Emerging Markets Opportunities Fund (a) | 21,178 | 427,797 | |
Fidelity Series International Growth Fund (a) | 19,183 | 313,833 | |
Fidelity Series International Small Cap Fund (a) | 4,166 | 75,281 | |
Fidelity Series International Value Fund (a) | 29,846 | 314,871 | |
TOTAL INTERNATIONAL EQUITY FUNDS | |||
(Cost $1,104,488) | 1,163,789 | ||
Bond Funds - 53.9% | |||
Fidelity Series Emerging Markets Debt Fund (a) | 8,471 | 82,085 | |
Fidelity Series Floating Rate High Income Fund (a) | 3,684 | 34,999 | |
Fidelity Series High Income Fund (a) | 19,116 | 182,746 | |
Fidelity Series Inflation-Protected Bond Index Fund (a) | 150,867 | 1,466,423 | |
Fidelity Series International Credit Fund (a) | 519 | 5,097 | |
Fidelity Series Investment Grade Bond Fund (a) | 474,926 | 5,190,940 | |
Fidelity Series Long-Term Treasury Bond Index Fund (a) | 59,131 | 497,290 | |
Fidelity Series Real Estate Income Fund (a) | 6,046 | 66,330 | |
TOTAL BOND FUNDS | |||
(Cost $7,692,849) | 7,525,910 | ||
Short-Term Funds - 25.3% | |||
Fidelity Series Government Money Market Fund 1.98% (a)(b) | 2,821,826 | 2,821,826 | |
Fidelity Series Short-Term Credit Fund (a) | 71,590 | 705,877 | |
TOTAL SHORT-TERM FUNDS | |||
(Cost $3,535,785) | 3,527,703 | ||
TOTAL INVESTMENT IN SECURITIES - 100.0% | |||
(Cost $13,926,930) | 13,959,820 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (5,659) | ||
NET ASSETS - 100% | $13,954,161 |
Legend
(a) Affiliated Fund
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds, excluding any Money Market Central Funds, is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur.
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Fidelity Series 100 Index Fund | $48,809 | $22,107 | $74,680 | $1,166 | $24,813 | $(20,578) | $471 |
Fidelity Series All-Sector Equity Fund | 91,767 | 73,305 | 67,865 | 15,232 | (500) | 484 | 97,191 |
Fidelity Series Blue Chip Growth Fund | 92,951 | 71,532 | 75,711 | 11,085 | 2,002 | 11,999 | 102,773 |
Fidelity Series Canada Fund | -- | 47,835 | 16,854 | 359 | 17 | 1,009 | 32,007 |
Fidelity Series Commodity Strategy Fund | 211,763 | 166,269 | 101,576 | 1,289 | (887) | 4,087 | 279,656 |
Fidelity Series Emerging Markets Debt Fund | 61,666 | 46,697 | 21,381 | 5,076 | (213) | (4,684) | 82,085 |
Fidelity Series Emerging Markets Opportunities Fund | 490,145 | 263,237 | 337,844 | 11,845 | 17,004 | (4,745) | 427,797 |
Fidelity Series Floating Rate High Income Fund | 25,746 | 18,703 | 9,342 | 1,587 | (9) | (99) | 34,999 |
Fidelity Series Government Money Market Fund 1.98% | 2,030,693 | 2,109,892 | 1,318,759 | 40,279 | -- | -- | 2,821,826 |
Fidelity Series Growth & Income Fund | 214,553 | 147,374 | 157,936 | 13,887 | 2,440 | 15,434 | 221,865 |
Fidelity Series Growth Company Fund | 183,716 | 141,337 | 145,073 | 20,352 | 3,493 | 24,330 | 207,803 |
Fidelity Series High Income Fund�� | 154,714 | 102,252 | 70,805 | 11,216 | (479) | (2,936) | 182,746 |
Fidelity Series Inflation-Protected Bond Index Fund | 392,177 | 1,236,887 | 153,039 | 10,215 | (791) | (8,811) | 1,466,423 |
Fidelity Series International Credit Fund | 4,963 | 221 | -- | 126 | -- | (54) | 5,097 |
Fidelity Series International Growth Fund | 298,725 | 188,139 | 188,837 | 10,131 | 757 | 15,049 | 313,833 |
Fidelity Series International Small Cap Fund | 68,692 | 47,790 | 43,899 | 4,806 | 375 | 2,323 | 75,281 |
Fidelity Series International Value Fund | 302,189 | 195,519 | 183,208 | 10,114 | (171) | 542 | 314,871 |
Fidelity Series Intrinsic Opportunities Fund | 212,114 | 151,512 | 138,580 | 10,875 | 1,974 | 19,510 | 246,530 |
Fidelity Series Investment Grade Bond Fund | 3,875,896 | 2,834,330 | 1,363,523 | 140,535 | (9,409) | (146,354) | 5,190,940 |
Fidelity Series Large Cap Value Index Fund | 59,653 | 40,117 | 40,948 | 2,852 | 141 | 3,007 | 61,970 |
Fidelity Series Long-Term Treasury Bond Index Fund | 95,279 | 557,729 | 143,149 | 6,258 | (4,157) | (8,412) | 497,290 |
Fidelity Series Opportunistic Insights Fund | 102,882 | 82,148 | 81,177 | 15,710 | 1,111 | 6,965 | 111,929 |
Fidelity Series Real Estate Equity Fund | 18,859 | 9,921 | 27,362 | 1,335 | (1,021) | (397) | -- |
Fidelity Series Real Estate Income Fund | 48,806 | 35,925 | 16,746 | 3,745 | (184) | (1,471) | 66,330 |
Fidelity Series Short-Term Credit Fund | 863,477 | 460,040 | 607,681 | 15,316 | (1,844) | (8,115) | 705,877 |
Fidelity Series Small Cap Discovery Fund | 27,473 | 19,591 | 17,884 | 2,108 | (45) | 1,106 | 30,241 |
Fidelity Series Small Cap Opportunities Fund | 82,893 | 62,507 | 59,965 | 9,709 | 675 | 6,675 | 92,785 |
Fidelity Series Stock Selector Large Cap Value Fund | 160,891 | 116,535 | 107,014 | 14,925 | (917) | (124) | 169,371 |
Fidelity Series Value Discovery Fund | 113,333 | 80,839 | 75,754 | 7,229 | (219) | 1,634 | 119,833 |
$10,334,825 | $9,330,290 | $5,646,592 | $399,362 | $33,956 | $(92,626) | $13,959,820 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD Income Fund℠
Financial Statements
Statement of Assets and Liabilities
July 31, 2018 | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: | ||
Affiliated issuers (cost $13,926,930) | $13,959,820 | |
Total Investment in Securities (cost $13,926,930) | $13,959,820 | |
Cash | 1 | |
Receivable for investments sold | 650,122 | |
Receivable for fund shares sold | 360 | |
Total assets | 14,610,303 | |
Liabilities | ||
Payable for investments purchased | $650,781 | |
Accrued management fee | 5,165 | |
Distribution and service plan fees payable | 196 | |
Total liabilities | 656,142 | |
Net Assets | $13,954,161 | |
Net Assets consist of: | ||
Paid in capital | $13,824,613 | |
Undistributed net investment income | 19,816 | |
Accumulated undistributed net realized gain (loss) on investments | 76,842 | |
Net unrealized appreciation (depreciation) on investments | 32,890 | |
Net Assets | $13,954,161 | |
Calculation of Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($197,510 ÷ 3,428.12 shares) | $57.61 | |
Maximum offering price per share (100/94.25 of $57.61) | $61.12 | |
Class M: | ||
Net Asset Value and redemption price per share ($124,191 ÷ 2,156.32 shares) | $57.59 | |
Maximum offering price per share (100/96.50 of $57.59) | $59.68 | |
Class C: | ||
Net Asset Value and offering price per share ($123,430 ÷ 2,152.47 shares)(a) | $57.34 | |
Fidelity Simplicity RMD Income: | ||
Net Asset Value, offering price and redemption price per share ($13,456,767 ÷ 233,583.54 shares) | $57.61 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($52,263 ÷ 907.11 shares) | $57.61 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended July 31, 2018 | ||
Investment Income | ||
Dividends: | ||
Affiliated issuers | $267,057 | |
Expenses | ||
Management fee | $56,260 | |
Distribution and service plan fees | 2,533 | |
Independent trustees' fees and expenses | 47 | |
Total expenses before reductions | 58,840 | |
Expense reductions | (180) | |
Total expenses after reductions | 58,660 | |
Net investment income (loss) | 208,397 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Affiliated issuers | 33,956 | |
Capital gain distributions from underlying funds: | ||
Affiliated issuers | 132,305 | |
Total net realized gain (loss) | 166,261 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Affiliated issuers | (92,626) | |
Total change in net unrealized appreciation (depreciation) | (92,626) | |
Net gain (loss) | 73,635 | |
Net increase (decrease) in net assets resulting from operations | $282,032 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended July 31, 2018 | Year ended July 31, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $208,397 | $152,983 |
Net realized gain (loss) | 166,261 | 759,810 |
Change in net unrealized appreciation (depreciation) | (92,626) | (306,710) |
Net increase (decrease) in net assets resulting from operations | 282,032 | 606,083 |
Distributions to shareholders from net investment income | (200,292) | (143,336) |
Distributions to shareholders from net realized gain | (739,151) | (31,846) |
Total distributions | (939,443) | (175,182) |
Share transactions - net increase (decrease) | 4,280,792 | 589,507 |
Total increase (decrease) in net assets | 3,623,381 | 1,020,408 |
Net Assets | ||
Beginning of period | 10,330,780 | 9,310,372 |
End of period | $13,954,161 | $10,330,780 |
Other Information | ||
Undistributed net investment income end of period | $19,816 | $11,984 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Simplicity RMD Income Fund Class A
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $61.21 | $58.63 | $59.28 | $58.28 | $54.77 |
Income from Investment Operations | |||||
Net investment income (loss)A | .871 | .776 | .779 | .718 | .718 |
Net realized and unrealized gain (loss) | .511 | 2.694 | .322 | 1.623 | 3.808 |
Total from investment operations | 1.382 | 3.470 | 1.101 | 2.341 | 4.526 |
Distributions from net investment income | (.832) | (.711) | (.768) | (.704) | (.677) |
Distributions from net realized gain | (4.150) | (.179) | (.983) | (.637) | (.339) |
Total distributions | (4.982) | (.890) | (1.751) | (1.341) | (1.016) |
Net asset value, end of period | $57.61 | $61.21 | $58.63 | $59.28 | $58.28 |
Total ReturnB,C | 2.36% | 5.99% | 1.99% | 4.06% | 8.32% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .72% | .33% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .72% | .33% | .25% | .25% | .25% |
Expenses net of all reductions | .71% | .33% | .25% | .25% | .25% |
Net investment income (loss) | 1.50% | 1.31% | 1.37% | 1.22% | 1.27% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $198 | $195 | $190 | $467 | $220 |
Portfolio turnover rateE | 46% | 128% | 49% | 29% | 30% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amounts do not include the activity of the Underlying Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD Income Fund Class M
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $61.18 | $58.61 | $59.27 | $58.27 | $54.78 |
Income from Investment Operations | |||||
Net investment income (loss)A | .727 | .627 | .640 | .572 | .579 |
Net realized and unrealized gain (loss) | .513 | 2.695 | .310 | 1.631 | 3.796 |
Total from investment operations | 1.240 | 3.322 | .950 | 2.203 | 4.375 |
Distributions from net investment income | (.680) | (.573) | (.627) | (.566) | (.546) |
Distributions from net realized gain | (4.150) | (.179) | (.983) | (.637) | (.339) |
Total distributions | (4.830) | (.752) | (1.610) | (1.203) | (.885) |
Net asset value, end of period | $57.59 | $61.18 | $58.61 | $59.27 | $58.27 |
Total ReturnB,C | 2.11% | 5.73% | 1.72% | 3.82% | 8.04% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .96%F | .58% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .96%F | .58% | .50% | .50% | .50% |
Expenses net of all reductions | .96%F | .58% | .50% | .50% | .50% |
Net investment income (loss) | 1.25% | 1.06% | 1.12% | .97% | 1.02% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $124 | $147 | $153 | $334 | $190 |
Portfolio turnover rateE | 46% | 128% | 49% | 29% | 30% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amounts do not include the activity of the Underlying Funds.
F On certain classes, the size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD Income Fund Class C
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $60.93 | $58.41 | $59.07 | $58.11 | $54.66 |
Income from Investment Operations | |||||
Net investment income (loss)A | .433 | .329 | .351 | .276 | .295 |
Net realized and unrealized gain (loss) | .510 | 2.685 | .321 | 1.618 | 3.791 |
Total from investment operations | .943 | 3.014 | .672 | 1.894 | 4.086 |
Distributions from net investment income | (.383) | (.315) | (.349) | (.297) | (.297) |
Distributions from net realized gain | (4.150) | (.179) | (.983) | (.637) | (.339) |
Total distributions | (4.533) | (.494) | (1.332) | (.934) | (.636) |
Net asset value, end of period | $57.34 | $60.93 | $58.41 | $59.07 | $58.11 |
Total ReturnB,C | 1.60% | 5.20% | 1.23% | 3.29% | 7.51% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.47% | 1.08% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.47% | 1.08% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.46% | 1.08% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .75% | .56% | .62% | .47% | .52% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $123 | $150 | $159 | $168 | $156 |
Portfolio turnover rateE | 46% | 128% | 49% | 29% | 30% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the contingent deferred sales charge.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amounts do not include the activity of the Underlying Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD Income Fund
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $61.22 | $58.62 | $59.28 | $58.27 | $54.77 |
Income from Investment Operations | |||||
Net investment income (loss)A | 1.013 | .923 | .920 | .866 | .866 |
Net realized and unrealized gain (loss) | .513 | 2.703 | .317 | 1.628 | 3.805 |
Total from investment operations | 1.526 | 3.626 | 1.237 | 2.494 | 4.671 |
Distributions from net investment income | (.986) | (.847) | (.914) | (.847) | (.832) |
Distributions from net realized gain | (4.150) | (.179) | (.983) | (.637) | (.339) |
Total distributions | (5.136) | (1.026) | (1.897) | (1.484) | (1.171) |
Net asset value, end of period | $57.61 | $61.22 | $58.62 | $59.28 | $58.27 |
Total ReturnB | 2.61% | 6.27% | 2.24% | 4.33% | 8.60% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .47% | .08% | - %E | - %E | - %E |
Expenses net of fee waivers, if any | .47% | .08% | -% | -% | -% |
Expenses net of all reductions | .46% | .08% | -% | -% | -% |
Net investment income (loss) | 1.74% | 1.56% | 1.62% | 1.47% | 1.52% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $13,457 | $9,783 | $8,756 | $9,139 | $6,818 |
Portfolio turnover rateD | 46% | 128% | 49% | 29% | 30% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
D Amounts do not include the activity of the Underlying Funds.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD Income Fund Class I
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $61.21 | $58.62 | $59.27 | $58.26 | $54.77 |
Income from Investment Operations | |||||
Net investment income (loss)A | 1.017 | .924 | .921 | .864 | .863 |
Net realized and unrealized gain (loss) | .510 | 2.692 | .326 | 1.630 | 3.798 |
Total from investment operations | 1.527 | 3.616 | 1.247 | 2.494 | 4.661 |
Distributions from net investment income | (.977) | (.847) | (.914) | (.847) | (.832) |
Distributions from net realized gain | (4.150) | (.179) | (.983) | (.637) | (.339) |
Total distributions | (5.127) | (1.026) | (1.897) | (1.484) | (1.171) |
Net asset value, end of period | $57.61 | $61.21 | $58.62 | $59.27 | $58.26 |
Total ReturnB | 2.62% | 6.25% | 2.26% | 4.33% | 8.58% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .46%E | .08% | - %F | - %F | - %F |
Expenses net of fee waivers, if any | .46%E | .08% | -% | -% | -% |
Expenses net of all reductions | .46%E | .08% | -% | -% | -% |
Net investment income (loss) | 1.75% | 1.55% | 1.62% | 1.47% | 1.52% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $52 | $56 | $53 | $68 | $30 |
Portfolio turnover rateD | 46% | 128% | 49% | 29% | 30% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
D Amounts do not include the activity of the Underlying Funds.
E On certain classes, the size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
F Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2005 Fund℠
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.Top Holdings as of July 31, 2018
% of fund's net assets | |
Fidelity Series Investment Grade Bond Fund | 36.4 |
Fidelity Series Government Money Market Fund 1.98% | 19.2 |
Fidelity Series Inflation-Protected Bond Index Fund | 9.8 |
Fidelity Series Short-Term Credit Fund | 4.8 |
Fidelity Series Long-Term Treasury Bond Index Fund | 3.7 |
Fidelity Series Emerging Markets Opportunities Fund | 3.5 |
Fidelity Series International Value Fund | 2.5 |
Fidelity Series International Growth Fund | 2.5 |
Fidelity Series Intrinsic Opportunities Fund | 2.0 |
Fidelity Series Commodity Strategy Fund | 2.0 |
86.4 |
Asset Allocation (% of fund's net assets)
Period end | ||
Domestic Equity Funds | 14.1% | |
International Equity Funds | 9.3% | |
Bond Funds | 52.6% | |
Short-Term Funds | 24.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Simplicity RMD 2005 Fund℠
Schedule of Investments July 31, 2018
Showing Percentage of Net Assets
Domestic Equity Funds - 14.1% | |||
Shares | Value | ||
Fidelity Series 100 Index Fund (a) | 60 | $1,106 | |
Fidelity Series All-Sector Equity Fund (a) | 11,236 | 147,757 | |
Fidelity Series Blue Chip Growth Fund (a) | 9,821 | 156,251 | |
Fidelity Series Commodity Strategy Fund (a) | 68,822 | 366,824 | |
Fidelity Series Growth & Income Fund (a) | 20,636 | 337,395 | |
Fidelity Series Growth Company Fund (a) | 16,738 | 316,008 | |
Fidelity Series Intrinsic Opportunities Fund (a) | 19,955 | 374,960 | |
Fidelity Series Large Cap Value Index Fund (a) | 7,256 | 94,186 | |
Fidelity Series Opportunistic Insights Fund (a) | 8,971 | 170,179 | |
Fidelity Series Small Cap Discovery Fund (a) | 3,767 | 45,924 | |
Fidelity Series Small Cap Opportunities Fund (a) | 9,124 | 141,051 | |
Fidelity Series Stock Selector Large Cap Value Fund (a) | 19,781 | 257,548 | |
Fidelity Series Value Discovery Fund (a) | 13,457 | 182,201 | |
TOTAL DOMESTIC EQUITY FUNDS | |||
(Cost $2,334,910) | 2,591,390 | ||
International Equity Funds - 9.3% | |||
Fidelity Series Canada Fund (a) | 4,252 | 46,136 | |
Fidelity Series Emerging Markets Opportunities Fund (a) | 31,591 | 638,146 | |
Fidelity Series International Growth Fund (a) | 27,700 | 453,174 | |
Fidelity Series International Small Cap Fund (a) | 6,012 | 108,636 | |
Fidelity Series International Value Fund (a) | 43,097 | 454,676 | |
TOTAL INTERNATIONAL EQUITY FUNDS | |||
(Cost $1,607,786) | 1,700,768 | ||
Bond Funds - 52.6% | |||
Fidelity Series Emerging Markets Debt Fund (a) | 11,070 | 107,270 | |
Fidelity Series Floating Rate High Income Fund (a) | 4,832 | 45,903 | |
Fidelity Series High Income Fund (a) | 25,065 | 239,624 | |
Fidelity Series Inflation-Protected Bond Index Fund (a) | 183,931 | 1,787,809 | |
Fidelity Series International Credit Fund (a) | 980 | 9,635 | |
Fidelity Series Investment Grade Bond Fund (a) | 610,261 | 6,670,148 | |
Fidelity Series Long-Term Treasury Bond Index Fund (a) | 81,354 | 684,188 | |
Fidelity Series Real Estate Income Fund (a) | 7,885 | 86,493 | |
TOTAL BOND FUNDS | |||
(Cost $9,882,072) | 9,631,070 | ||
Short-Term Funds - 24.0% | |||
Fidelity Series Government Money Market Fund 1.98% (a)(b) | 3,522,899 | 3,522,899 | |
Fidelity Series Short-Term Credit Fund (a) | 89,368 | 881,164 | |
TOTAL SHORT-TERM FUNDS | |||
(Cost $4,415,985) | 4,404,063 | ||
TOTAL INVESTMENT IN SECURITIES - 100.0% | |||
(Cost $18,240,753) | 18,327,291 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (7,742) | ||
NET ASSETS - 100% | $18,319,549 |
Legend
(a) Affiliated Fund
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds, excluding any Money Market Central Funds, is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur.
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Fidelity Series 100 Index Fund | $119,243 | $15,455 | $142,242 | $2,213 | $59,190 | $(50,540) | $1,106 |
Fidelity Series All-Sector Equity Fund | 224,142 | 52,803 | 130,821 | 27,910 | 2,857 | (1,224) | 147,757 |
Fidelity Series Blue Chip Growth Fund | 226,996 | 49,486 | 145,643 | 23,979 | 9,535 | 15,877 | 156,251 |
Fidelity Series Canada Fund | -- | 74,610 | 30,392 | 646 | 295 | 1,623 | 46,136 |
Fidelity Series Commodity Strategy Fund | 427,033 | 87,839 | 155,803 | 2,170 | 2,186 | 5,569 | 366,824 |
Fidelity Series Emerging Markets Debt Fund | 125,284 | 24,478 | 35,059 | 8,230 | (382) | (7,051) | 107,270 |
Fidelity Series Emerging Markets Opportunities Fund | 1,075,333 | 181,200 | 657,357 | 20,605 | 63,705 | (24,735) | 638,146 |
Fidelity Series Floating Rate High Income Fund | 52,310 | 8,711 | 14,899 | 2,551 | (26) | (193) | 45,903 |
Fidelity Series Government Money Market Fund 1.98% | 3,768,240 | 1,500,402 | 1,745,743 | 59,207 | -- | -- | 3,522,899 |
Fidelity Series Growth & Income Fund | 524,118 | 86,686 | 305,633 | 28,661 | 13,782 | 18,442 | 337,395 |
Fidelity Series Growth Company Fund | 450,979 | 89,220 | 282,137 | 38,631 | 27,869 | 30,077 | 316,008 |
Fidelity Series High Income Fund | 314,318 | 50,345 | 119,464 | 18,155 | (1,046) | (4,529) | 239,624 |
Fidelity Series Inflation-Protected Bond Index Fund | 756,769 | 1,253,673 | 209,189 | 15,663 | (938) | (12,506) | 1,787,809 |
Fidelity Series International Credit Fund | 10,427 | 321 | 934 | 253 | (9) | (102) | 9,635 |
Fidelity Series International Growth Fund | 691,601 | 92,737 | 364,702 | 18,363 | 15,798 | 17,740 | 453,174 |
Fidelity Series International Small Cap Fund | 159,075 | 26,582 | 83,296 | 8,693 | 4,757 | 1,518 | 108,636 |
Fidelity Series International Value Fund | 699,870 | 101,217 | 350,770 | 18,332 | 10,741 | (6,382) | 454,676 |
Fidelity Series Intrinsic Opportunities Fund | 530,195 | 84,089 | 279,724 | 24,248 | 14,839 | 25,561 | 374,960 |
Fidelity Series Investment Grade Bond Fund | 7,613,077 | 1,303,471 | 2,008,752 | 221,407 | (17,392) | (220,256) | 6,670,148 |
Fidelity Series Large Cap Value Index Fund | 145,677 | 21,616 | 79,365 | 5,366 | 3,321 | 2,937 | 94,186 |
Fidelity Series Long-Term Treasury Bond Index Fund | 191,225 | 717,325 | 204,750 | 10,119 | (5,595) | (14,017) | 684,188 |
Fidelity Series Opportunistic Insights Fund | 251,280 | 57,681 | 156,410 | 29,772 | 10,101 | 7,527 | 170,179 |
Fidelity Series Real Estate Equity Fund | 45,923 | 8,119 | 51,063 | 2,359 | (1,981) | (998) | -- |
Fidelity Series Real Estate Income Fund | 99,248 | 17,822 | 27,480 | 6,239 | (302) | (2,795) | 86,493 |
Fidelity Series Short-Term Credit Fund | 1,590,843 | 212,065 | 906,512 | 22,973 | (3,298) | (11,934) | 881,164 |
Fidelity Series Small Cap Discovery Fund | 67,093 | 11,290 | 35,071 | 3,694 | 1,445 | 1,167 | 45,924 |
Fidelity Series Small Cap Opportunities Fund | 202,458 | 43,262 | 117,217 | 20,568 | 9,369 | 3,179 | 141,051 |
Fidelity Series Stock Selector Large Cap Value Fund | 393,010 | 71,896 | 206,623 | 27,687 | 3,474 | (4,209) | 257,548 |
Fidelity Series Value Discovery Fund | 276,873 | 44,894 | 142,286 | 13,671 | 2,106 | 614 | 182,201 |
$21,032,640 | $6,289,295 | $8,989,337 | $682,365 | $224,401 | $(229,640) | $18,327,291 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2005 Fund℠
Financial Statements
Statement of Assets and Liabilities
July 31, 2018 | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: | ||
Affiliated issuers (cost $18,240,753) | $18,327,291 | |
Total Investment in Securities (cost $18,240,753) | $18,327,291 | |
Cash | 2 | |
Receivable for investments sold | 857,259 | |
Total assets | 19,184,552 | |
Liabilities | ||
Payable for investments purchased | $856,193 | |
Payable for fund shares redeemed | 1,066 | |
Accrued management fee | 7,547 | |
Distribution and service plan fees payable | 197 | |
Total liabilities | 865,003 | |
Net Assets | $18,319,549 | |
Net Assets consist of: | ||
Paid in capital | $17,931,093 | |
Undistributed net investment income | 26,695 | |
Accumulated undistributed net realized gain (loss) on investments | 275,223 | |
Net unrealized appreciation (depreciation) on investments | 86,538 | |
Net Assets | $18,319,549 | |
Calculation of Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($121,233 ÷ 2,088.88 shares) | $58.04 | |
Maximum offering price per share (100/94.25 of $58.04) | $61.58 | |
Class M: | ||
Net Asset Value and redemption price per share ($367,186 ÷ 6,332.77 shares) | $57.98 | |
Maximum offering price per share (100/96.50 of $57.98) | $60.08 | |
Class C: | ||
Net Asset Value and offering price per share ($22,415 ÷ 388.13 shares)(a) | $57.75 | |
Fidelity Simplicity RMD 2005: | ||
Net Asset Value, offering price and redemption price per share ($17,775,337 ÷ 306,464.82 shares) | $58.00 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($33,378 ÷ 575.40 shares) | $58.01 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended July 31, 2018 | ||
Investment Income | ||
Dividends: | ||
Affiliated issuers | $428,926 | |
Expenses | ||
Management fee | $96,118 | |
Distribution and service plan fees | 2,920 | |
Independent trustees' fees and expenses | 79 | |
Total expenses before reductions | 99,117 | |
Expense reductions | (179) | |
Total expenses after reductions | 98,938 | |
Net investment income (loss) | 329,988 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Affiliated issuers | 224,401 | |
Capital gain distributions from underlying funds: | ||
Affiliated issuers | 253,439 | |
Total net realized gain (loss) | 477,840 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Affiliated issuers | (229,640) | |
Total change in net unrealized appreciation (depreciation) | (229,640) | |
Net gain (loss) | 248,200 | |
Net increase (decrease) in net assets resulting from operations | $578,188 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended July 31, 2018 | Year ended July 31, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $329,988 | $393,698 |
Net realized gain (loss) | 477,840 | 2,490,450 |
Change in net unrealized appreciation (depreciation) | (229,640) | (1,018,995) |
Net increase (decrease) in net assets resulting from operations | 578,188 | 1,865,153 |
Distributions to shareholders from net investment income | (326,711) | (376,638) |
Distributions to shareholders from net realized gain | (2,298,356) | (164,913) |
Total distributions | (2,625,067) | (541,551) |
Share transactions - net increase (decrease) | (657,215) | (9,825,354) |
Total increase (decrease) in net assets | (2,704,094) | (8,501,752) |
Net Assets | ||
Beginning of period | 21,023,643 | 29,525,395 |
End of period | $18,319,549 | $21,023,643 |
Other Information | ||
Undistributed net investment income end of period | $26,695 | $24,291 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Simplicity RMD 2005 Fund Class A
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.49 | $60.95 | $61.71 | $59.76 | $55.54 |
Income from Investment Operations | |||||
Net investment income (loss)A | .872 | .826 | .815 | .758 | .733 |
Net realized and unrealized gain (loss) | .778 | 3.839 | .196 | 2.089 | 4.363 |
Total from investment operations | 1.650 | 4.665 | 1.011 | 2.847 | 5.096 |
Distributions from net investment income | (.809) | (.766) | (.798) | (.749) | (.713) |
Distributions from net realized gain | (7.291) | (.359) | (.973) | (.148) | (.163) |
Total distributions | (8.100) | (1.125) | (1.771) | (.897) | (.876) |
Net asset value, end of period | $58.04 | $64.49 | $60.95 | $61.71 | $59.76 |
Total ReturnB,C | 2.77% | 7.77% | 1.78% | 4.79% | 9.23% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .74% | .32% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .74% | .32% | .25% | .25% | .25% |
Expenses net of all reductions | .73% | .32% | .25% | .25% | .25% |
Net investment income (loss) | 1.46% | 1.33% | 1.38% | 1.24% | 1.25% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $121 | $343 | $494 | $832 | $699 |
Portfolio turnover rateE | 32% | 102% | 47% | 28% | 18% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amounts do not include the activity of the Underlying Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2005 Fund Class M
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.47 | $60.94 | $61.71 | $59.77 | $55.55 |
Income from Investment Operations | |||||
Net investment income (loss)A | .707 | .671 | .667 | .604 | .580 |
Net realized and unrealized gain (loss) | .786 | 3.842 | .189 | 2.087 | 4.379 |
Total from investment operations | 1.493 | 4.513 | .856 | 2.691 | 4.959 |
Distributions from net investment income | (.692) | (.624) | (.653) | (.603) | (.576) |
Distributions from net realized gain | (7.291) | (.359) | (.973) | (.148) | (.163) |
Total distributions | (7.983) | (.983) | (1.626) | (.751) | (.739) |
Net asset value, end of period | $57.98 | $64.47 | $60.94 | $61.71 | $59.77 |
Total ReturnB,C | 2.49% | 7.50% | 1.51% | 4.52% | 8.97% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .99% | .57% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .99% | .57% | .50% | .50% | .50% |
Expenses net of all reductions | .99% | .57% | .50% | .50% | .50% |
Net investment income (loss) | 1.20% | 1.08% | 1.13% | .99% | 1.00% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $367 | $380 | $419 | $466 | $338 |
Portfolio turnover rateE | 32% | 102% | 47% | 28% | 18% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amounts do not include the activity of the Underlying Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2005 Fund Class C
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.21 | $60.72 | $61.52 | $59.65 | $55.49 |
Income from Investment Operations | |||||
Net investment income (loss)A | .414 | .360 | .370 | .296 | .293 |
Net realized and unrealized gain (loss) | .774 | 3.828 | .197 | 2.081 | 4.369 |
Total from investment operations | 1.188 | 4.188 | .567 | 2.377 | 4.662 |
Distributions from net investment income | (.357) | (.339) | (.394) | (.359) | (.339) |
Distributions from net realized gain | (7.291) | (.359) | (.973) | (.148) | (.163) |
Total distributions | (7.648) | (.698) | (1.367) | (.507) | (.502) |
Net asset value, end of period | $57.75 | $64.21 | $60.72 | $61.52 | $59.65 |
Total ReturnB,C | 1.98% | 6.97% | 1.02% | 4.00% | 8.43% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.49% | 1.07% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.49% | 1.07% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.49% | 1.07% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .70% | .58% | .63% | .49% | .50% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $22 | $76 | $213 | $177 | $37 |
Portfolio turnover rateE | 32% | 102% | 47% | 28% | 18% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the contingent deferred sales charge.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amounts do not include the activity of the Underlying Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2005 Fund
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.50 | $60.94 | $61.71 | $59.76 | $55.54 |
Income from Investment Operations | |||||
Net investment income (loss)A | 1.002 | .981 | .959 | .910 | .874 |
Net realized and unrealized gain (loss) | .780 | 3.850 | .194 | 2.088 | 4.376 |
Total from investment operations | 1.782 | 4.831 | 1.153 | 2.998 | 5.250 |
Distributions from net investment income | (.991) | (.912) | (.950) | (.900) | (.867) |
Distributions from net realized gain | (7.291) | (.359) | (.973) | (.148) | (.163) |
Total distributions | (8.282) | (1.271) | (1.923) | (1.048) | (1.030) |
Net asset value, end of period | $58.00 | $64.50 | $60.94 | $61.71 | $59.76 |
Total ReturnB | 3.00% | 8.05% | 2.03% | 5.05% | 9.52% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .49% | .07% | - %E | - %E | - %E |
Expenses net of fee waivers, if any | .49% | .07% | -% | -% | -% |
Expenses net of all reductions | .49% | .07% | -% | -% | -% |
Net investment income (loss) | 1.70% | 1.58% | 1.63% | 1.49% | 1.50% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $17,775 | $20,180 | $28,337 | $26,020 | $21,766 |
Portfolio turnover rateD | 32% | 102% | 47% | 28% | 18% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
D Amounts do not include the activity of the Underlying Funds.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2005 Fund Class I
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.50 | $60.94 | $61.71 | $59.76 | $55.54 |
Income from Investment Operations | |||||
Net investment income (loss)A | 1.005 | .980 | .978 | .906 | .871 |
Net realized and unrealized gain (loss) | .781 | 3.851 | .175 | 2.092 | 4.379 |
Total from investment operations | 1.786 | 4.831 | 1.153 | 2.998 | 5.250 |
Distributions from net investment income | (.985) | (.912) | (.950) | (.900) | (.867) |
Distributions from net realized gain | (7.291) | (.359) | (.973) | (.148) | (.163) |
Total distributions | (8.276) | (1.271) | (1.923) | (1.048) | (1.030) |
Net asset value, end of period | $58.01 | $64.50 | $60.94 | $61.71 | $59.76 |
Total ReturnB | 3.00% | 8.05% | 2.03% | 5.05% | 9.52% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .49% | .07% | - %E | - %E | - %E |
Expenses net of fee waivers, if any | .49% | .07% | -% | -% | -% |
Expenses net of all reductions | .49% | .07% | -% | -% | -% |
Net investment income (loss) | 1.70% | 1.58% | 1.63% | 1.49% | 1.50% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $33 | $44 | $62 | $300 | $91 |
Portfolio turnover rateD | 32% | 102% | 47% | 28% | 18% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
D Amounts do not include the activity of the Underlying Funds.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2010 Fund℠
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.Top Holdings as of July 31, 2018
% of fund's net assets | |
Fidelity Series Investment Grade Bond Fund | 33.2 |
Fidelity Series Government Money Market Fund 1.98% | 15.8 |
Fidelity Series Inflation-Protected Bond Index Fund | 8.1 |
Fidelity Series Emerging Markets Opportunities Fund | 4.4 |
Fidelity Series Short-Term Credit Fund | 3.9 |
Fidelity Series Long-Term Treasury Bond Index Fund | 3.9 |
Fidelity Series International Value Fund | 3.3 |
Fidelity Series International Growth Fund | 3.3 |
Fidelity Series Intrinsic Opportunities Fund | 3.1 |
Fidelity Series Growth & Income Fund | 2.8 |
81.8 |
Asset Allocation (% of fund's net assets)
Period end | ||
Domestic Equity Funds | 20.3% | |
International Equity Funds | 12.1% | |
Bond Funds | 47.9% | |
Short-Term Funds | 19.7% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Simplicity RMD 2010 Fund℠
Schedule of Investments July 31, 2018
Showing Percentage of Net Assets
Domestic Equity Funds - 20.3% | |||
Shares | Value | ||
Fidelity Series 100 Index Fund (a) | 26 | $477 | |
Fidelity Series All-Sector Equity Fund (a) | 6,745 | 88,690 | |
Fidelity Series Blue Chip Growth Fund (a) | 5,896 | 93,799 | |
Fidelity Series Commodity Strategy Fund (a) | 27,430 | 146,204 | |
Fidelity Series Growth & Income Fund (a) | 12,386 | 202,508 | |
Fidelity Series Growth Company Fund (a) | 10,046 | 189,674 | |
Fidelity Series Intrinsic Opportunities Fund (a) | 11,991 | 225,308 | |
Fidelity Series Large Cap Value Index Fund (a) | 4,357 | 56,552 | |
Fidelity Series Opportunistic Insights Fund (a) | 5,386 | 102,166 | |
Fidelity Series Small Cap Discovery Fund (a) | 2,263 | 27,581 | |
Fidelity Series Small Cap Opportunities Fund (a) | 5,475 | 84,649 | |
Fidelity Series Stock Selector Large Cap Value Fund (a) | 11,873 | 154,589 | |
Fidelity Series Value Discovery Fund (a) | 8,078 | 109,381 | |
TOTAL DOMESTIC EQUITY FUNDS | |||
(Cost $1,344,619) | 1,481,578 | ||
International Equity Funds - 12.1% | |||
Fidelity Series Canada Fund (a) | 2,274 | 24,677 | |
Fidelity Series Emerging Markets Opportunities Fund (a) | 15,808 | 319,330 | |
Fidelity Series International Growth Fund (a) | 14,799 | 242,112 | |
Fidelity Series International Small Cap Fund (a) | 3,214 | 58,072 | |
Fidelity Series International Value Fund (a) | 23,023 | 242,896 | |
TOTAL INTERNATIONAL EQUITY FUNDS | |||
(Cost $839,601) | 887,087 | ||
Bond Funds - 47.9% | |||
Fidelity Series Emerging Markets Debt Fund (a) | 4,405 | 42,683 | |
Fidelity Series Floating Rate High Income Fund (a) | 1,917 | 18,213 | |
Fidelity Series High Income Fund (a) | 9,999 | 95,588 | |
Fidelity Series Inflation-Protected Bond Index Fund (a) | 60,847 | 591,429 | |
Fidelity Series International Credit Fund (a) | 324 | 3,188 | |
Fidelity Series Investment Grade Bond Fund (a) | 221,258 | 2,418,351 | |
Fidelity Series Long-Term Treasury Bond Index Fund (a) | 34,126 | 287,000 | |
Fidelity Series Real Estate Income Fund (a) | 3,109 | 34,108 | |
TOTAL BOND FUNDS | |||
(Cost $3,573,777) | 3,490,560 | ||
Short-Term Funds - 19.7% | |||
Fidelity Series Government Money Market Fund 1.98% (a)(b) | 1,148,025 | 1,148,025 | |
Fidelity Series Short-Term Credit Fund (a) | 29,132 | 287,237 | |
TOTAL SHORT-TERM FUNDS | |||
(Cost $1,438,772) | 1,435,262 | ||
TOTAL INVESTMENT IN SECURITIES - 100.0% | |||
(Cost $7,196,769) | 7,294,487 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (3,387) | ||
NET ASSETS - 100% | $7,291,100 |
Legend
(a) Affiliated Fund
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds, excluding any Money Market Central Funds, is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur.
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Fidelity Series 100 Index Fund | $49,634 | $13,972 | $66,941 | $1,055 | $27,818 | $(24,006) | $477 |
Fidelity Series All-Sector Equity Fund | 93,299 | 46,265 | 51,039 | 13,715 | (76) | 241 | 88,690 |
Fidelity Series Blue Chip Growth Fund | 94,489 | 43,379 | 56,992 | 10,246 | 2,167 | 10,756 | 93,799 |
Fidelity Series Canada Fund | -- | 34,534 | 10,721 | 288 | 45 | 819 | 24,677 |
Fidelity Series Commodity Strategy Fund | 131,506 | 63,114 | 50,489 | 710 | (249) | 2,322 | 146,204 |
Fidelity Series Emerging Markets Debt Fund | 38,145 | 18,829 | 11,557 | 2,871 | (99) | (2,635) | 42,683 |
Fidelity Series Emerging Markets Opportunities Fund | 382,026 | 156,416 | 228,572 | 8,787 | 13,214 | (3,754) | 319,330 |
Fidelity Series Floating Rate High Income Fund | 15,913 | 7,190 | 4,817 | 896 | (8) | (65) | 18,213 |
Fidelity Series Government Money Market Fund 1.98% | 920,772 | 737,264 | 510,011 | 17,238 | -- | -- | 1,148,025 |
Fidelity Series Growth & Income Fund | 218,168 | 88,079 | 119,523 | 12,899 | 2,024 | 13,760 | 202,508 |
Fidelity Series Growth Company Fund | 183,536 | 88,269 | 108,076 | 18,402 | 4,575 | 21,370 | 189,674 |
Fidelity Series High Income Fund | 95,711 | 39,177 | 37,290 | 6,313 | (277) | (1,733) | 95,588 |
Fidelity Series Inflation-Protected Bond Index Fund | 203,297 | 461,712 | 69,415 | 4,932 | (430) | (3,735) | 591,429 |
Fidelity Series International Credit Fund | 3,225 | 100 | 83 | 78 | -- | (33) | 3,188 |
Fidelity Series International Growth Fund | 267,017 | 94,815 | 132,695 | 8,095 | 1,586 | 11,389 | 242,112 |
Fidelity Series International Small Cap Fund | 61,417 | 24,648 | 30,250 | 3,825 | 604 | 1,653 | 58,072 |
Fidelity Series International Value Fund | 270,207 | 101,309 | 129,076 | 8,067 | 1,044 | (588) | 242,896 |
Fidelity Series Intrinsic Opportunities Fund | 216,949 | 87,918 | 99,221 | 10,406 | 2,399 | 17,263 | 225,308 |
Fidelity Series Investment Grade Bond Fund | 2,121,176 | 1,052,720 | 677,974 | 71,310 | (5,656) | (71,915) | 2,418,351 |
Fidelity Series Large Cap Value Index Fund | 60,636 | 23,751 | 30,643 | 2,576 | 243 | 2,565 | 56,552 |
Fidelity Series Long-Term Treasury Bond Index Fund | 59,329 | 299,381 | 64,362 | 3,748 | (1,851) | (5,497) | 287,000 |
Fidelity Series Opportunistic Insights Fund | 104,597 | 51,437 | 61,515 | 14,324 | 1,649 | 5,998 | 102,166 |
Fidelity Series Real Estate Equity Fund | 19,148 | 6,749 | 24,476 | 1,104 | (1,003) | (418) | -- |
Fidelity Series Real Estate Income Fund | 30,168 | 13,952 | 9,057 | 2,117 | (75) | (880) | 34,108 |
Fidelity Series Short-Term Credit Fund | 386,675 | 145,656 | 240,840 | 6,545 | (697) | (3,557) | 287,237 |
Fidelity Series Small Cap Discovery Fund | 27,927 | 12,018 | 13,306 | 1,896 | (9) | 951 | 27,581 |
Fidelity Series Small Cap Opportunities Fund | 84,277 | 38,157 | 44,398 | 8,951 | 743 | 5,870 | 84,649 |
Fidelity Series Stock Selector Large Cap Value Fund | 163,592 | 71,221 | 79,267 | 13,461 | (420) | (537) | 154,589 |
Fidelity Series Value Discovery Fund | 115,248 | 48,057 | 55,012 | 6,535 | (198) | 1,286 | 109,381 |
$6,418,084 | $3,870,089 | $3,017,618 | $261,390 | $47,063 | $(23,110) | $7,294,487 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2010 Fund℠
Financial Statements
Statement of Assets and Liabilities
July 31, 2018 | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: | ||
Affiliated issuers (cost $7,196,769) | $7,294,487 | |
Total Investment in Securities (cost $7,196,769) | $7,294,487 | |
Cash | 1 | |
Receivable for investments sold | 304,704 | |
Total assets | 7,599,192 | |
Liabilities | ||
Payable for investments purchased | $299,037 | |
Payable for fund shares redeemed | 5,664 | |
Accrued management fee | 3,229 | |
Distribution and service plan fees payable | 162 | |
Total liabilities | 308,092 | |
Net Assets | $7,291,100 | |
Net Assets consist of: | ||
Paid in capital | $7,092,147 | |
Undistributed net investment income | 9,277 | |
Accumulated undistributed net realized gain (loss) on investments | 91,958 | |
Net unrealized appreciation (depreciation) on investments | 97,718 | |
Net Assets | $7,291,100 | |
Calculation of Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($206,684 ÷ 3,871.24 shares) | $53.39 | |
Maximum offering price per share (100/94.25 of $53.39) | $56.65 | |
Class M: | ||
Net Asset Value and redemption price per share ($23,783 ÷ 445.21 shares) | $53.42 | |
Maximum offering price per share (100/96.50 of $53.42) | $55.36 | |
Class C: | ||
Net Asset Value and offering price per share ($129,960 ÷ 2,450.73 shares)(a) | $53.03 | |
Fidelity Simplicity RMD 2010: | ||
Net Asset Value, offering price and redemption price per share ($6,866,813 ÷ 128,591.04 shares) | $53.40 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($63,860 ÷ 1,195.80 shares) | $53.40 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended July 31, 2018 | ||
Investment Income | ||
Dividends: | ||
Affiliated issuers | $148,266 | |
Expenses | ||
Management fee | $36,735 | |
Distribution and service plan fees | 1,986 | |
Independent trustees' fees and expenses | 27 | |
Total expenses before reductions | 38,748 | |
Expense reductions | (180) | |
Total expenses after reductions | 38,568 | |
Net investment income (loss) | 109,698 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Affiliated issuers | 47,063 | |
Capital gain distributions from underlying funds: | ||
Affiliated issuers | 113,124 | |
Total net realized gain (loss) | 160,187 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Affiliated issuers | (23,110) | |
Total change in net unrealized appreciation (depreciation) | (23,110) | |
Net gain (loss) | 137,077 | |
Net increase (decrease) in net assets resulting from operations | $246,775 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended July 31, 2018 | Year ended July 31, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $109,698 | $109,145 |
Net realized gain (loss) | 160,187 | 1,135,409 |
Change in net unrealized appreciation (depreciation) | (23,110) | (607,278) |
Net increase (decrease) in net assets resulting from operations | 246,775 | 637,276 |
Distributions to shareholders from net investment income | (106,600) | (104,371) |
Distributions to shareholders from net realized gain | (894,051) | (87,566) |
Total distributions | (1,000,651) | (191,937) |
Share transactions - net increase (decrease) | 1,629,953 | (1,408,679) |
Total increase (decrease) in net assets | 876,077 | (963,340) |
Net Assets | ||
Beginning of period | 6,415,023 | 7,378,363 |
End of period | $7,291,100 | $6,415,023 |
Other Information | ||
Undistributed net investment income end of period | $9,277 | $6,483 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Simplicity RMD 2010 Fund Class A
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $60.79 | $57.18 | $58.52 | $56.72 | $53.04 |
Income from Investment Operations | |||||
Net investment income (loss)A | .747 | .759 | .758 | .738 | .718 |
Net realized and unrealized gain (loss) | 1.281 | 4.244 | .040 | 2.196 | 4.379 |
Total from investment operations | 2.028 | 5.003 | .798 | 2.934 | 5.097 |
Distributions from net investment income | (.696) | (.713) | (.756) | (.740) | (.704) |
Distributions from net realized gain | (8.732) | (.680) | (1.382) | (.394) | (.713) |
Total distributions | (9.428) | (1.393) | (2.138) | (1.134) | (1.417) |
Net asset value, end of period | $53.39 | $60.79 | $57.18 | $58.52 | $56.72 |
Total ReturnB,C | 3.72% | 8.93% | 1.55% | 5.22% | 9.76% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .78% | .33% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .78% | .33% | .25% | .25% | .25% |
Expenses net of all reductions | .78% | .33% | .25% | .25% | .25% |
Net investment income (loss) | 1.37% | 1.31% | 1.37% | 1.28% | 1.30% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $207 | $265 | $395 | $427 | $267 |
Portfolio turnover rateE | 44% | 128% | 24% | 33% | 29% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amounts do not include the activity of the Underlying Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2010 Fund Class M
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $60.83 | $57.22 | $58.55 | $56.76 | $53.08 |
Income from Investment Operations | |||||
Net investment income (loss)A | .610 | .615 | .620 | .592 | .581 |
Net realized and unrealized gain (loss) | 1.288 | 4.241 | .047 | 2.190 | 4.386 |
Total from investment operations | 1.898 | 4.856 | .667 | 2.782 | 4.967 |
Distributions from net investment income | (.576) | (.566) | (.615) | (.598) | (.574) |
Distributions from net realized gain | (8.732) | (.680) | (1.382) | (.394) | (.713) |
Total distributions | (9.308) | (1.246) | (1.997) | (.992) | (1.287) |
Net asset value, end of period | $53.42 | $60.83 | $57.22 | $58.55 | $56.76 |
Total ReturnB,C | 3.47% | 8.65% | 1.31% | 4.94% | 9.50% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.03% | .58% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | 1.03% | .58% | .50% | .50% | .50% |
Expenses net of all reductions | 1.03% | .58% | .50% | .50% | .50% |
Net investment income (loss) | 1.12% | 1.06% | 1.12% | 1.03% | 1.05% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $24 | $23 | $58 | $67 | $36 |
Portfolio turnover rateE | 44% | 128% | 24% | 33% | 29% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amounts do not include the activity of the Underlying Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2010 Fund Class C
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $60.47 | $56.97 | $58.35 | $56.62 | $52.99 |
Income from Investment Operations | |||||
Net investment income (loss)A | .336 | .322 | .344 | .303 | .305 |
Net realized and unrealized gain (loss) | 1.274 | 4.223 | .043 | 2.182 | 4.382 |
Total from investment operations | 1.610 | 4.545 | .387 | 2.485 | 4.687 |
Distributions from net investment income | (.318) | (.365) | (.385) | (.361) | (.344) |
Distributions from net realized gain | (8.732) | (.680) | (1.382) | (.394) | (.713) |
Total distributions | (9.050) | (1.045) | (1.767) | (.755) | (1.057) |
Net asset value, end of period | $53.03 | $60.47 | $56.97 | $58.35 | $56.62 |
Total ReturnB,C | 2.94% | 8.12% | .81% | 4.42% | 8.96% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.53% | 1.08% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.53% | 1.08% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.53% | 1.08% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .62% | .56% | .63% | .53% | .55% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $130 | $133 | $124 | $137 | $122 |
Portfolio turnover rateE | 44% | 128% | 24% | 33% | 29% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the contingent deferred sales charge.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amounts do not include the activity of the Underlying Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2010 Fund
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $60.82 | $57.20 | $58.53 | $56.73 | $53.05 |
Income from Investment Operations | |||||
Net investment income (loss)A | .877 | .906 | .897 | .882 | .856 |
Net realized and unrealized gain (loss) | 1.285 | 4.242 | .048 | 2.192 | 4.380 |
Total from investment operations | 2.162 | 5.148 | .945 | 3.074 | 5.236 |
Distributions from net investment income | (.850) | (.848) | (.893) | (.880) | (.843) |
Distributions from net realized gain | (8.732) | (.680) | (1.382) | (.394) | (.713) |
Total distributions | (9.582) | (1.528) | (2.275) | (1.274) | (1.556) |
Net asset value, end of period | $53.40 | $60.82 | $57.20 | $58.53 | $56.73 |
Total ReturnB | 3.98% | 9.20% | 1.82% | 5.48% | 10.04% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .53% | .08% | - %E | - %E | - %E |
Expenses net of fee waivers, if any | .53% | .08% | -% | -% | -% |
Expenses net of all reductions | .53% | .08% | -% | -% | -% |
Net investment income (loss) | 1.62% | 1.56% | 1.62% | 1.53% | 1.55% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $6,867 | $5,933 | $6,745 | $7,858 | $7,608 |
Portfolio turnover rateD | 44% | 128% | 24% | 33% | 29% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
D Amounts do not include the activity of the Underlying Funds.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2010 Fund Class I
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $60.82 | $57.20 | $58.53 | $56.73 | $53.05 |
Income from Investment Operations | |||||
Net investment income (loss)A | .880 | .906 | .896 | .880 | .856 |
Net realized and unrealized gain (loss) | 1.279 | 4.241 | .049 | 2.194 | 4.380 |
Total from investment operations | 2.159 | 5.147 | .945 | 3.074 | 5.236 |
Distributions from net investment income | (.847) | (.847) | (.893) | (.880) | (.843) |
Distributions from net realized gain | (8.732) | (.680) | (1.382) | (.394) | (.713) |
Total distributions | (9.579) | (1.527) | (2.275) | (1.274) | (1.556) |
Net asset value, end of period | $53.40 | $60.82 | $57.20 | $58.53 | $56.73 |
Total ReturnB | 3.97% | 9.20% | 1.82% | 5.48% | 10.04% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .53% | .08% | - %E | - %E | - %E |
Expenses net of fee waivers, if any | .53% | .08% | -% | -% | -% |
Expenses net of all reductions | .53% | .08% | -% | -% | -% |
Net investment income (loss) | 1.62% | 1.56% | 1.62% | 1.53% | 1.55% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $64 | $61 | $56 | $58 | $21 |
Portfolio turnover rateD | 44% | 128% | 24% | 33% | 29% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
D Amounts do not include the activity of the Underlying Funds.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2015 Fund℠
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.Top Holdings as of July 31, 2018
% of fund's net assets | |
Fidelity Series Investment Grade Bond Fund | 29.6 |
Fidelity Series Government Money Market Fund 1.98% | 12.6 |
Fidelity Series Inflation-Protected Bond Index Fund | 6.4 |
Fidelity Series Emerging Markets Opportunities Fund | 5.1 |
Fidelity Series International Value Fund | 4.2 |
Fidelity Series International Growth Fund | 4.2 |
Fidelity Series Intrinsic Opportunities Fund | 4.2 |
Fidelity Series Long-Term Treasury Bond Index Fund | 4.0 |
Fidelity Series Growth & Income Fund | 3.7 |
Fidelity Series Growth Company Fund | 3.5 |
77.5 |
Asset Allocation (% of fund's net assets)
Period end | ||
Domestic Equity Funds | 26.7% | |
International Equity Funds | 14.9% | |
Bond Funds | 42.6% | |
Short-Term Funds | 15.8% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Simplicity RMD 2015 Fund℠
Schedule of Investments July 31, 2018
Showing Percentage of Net Assets
Domestic Equity Funds - 26.7% | |||
Shares | Value | ||
Fidelity Series All-Sector Equity Fund (a) | 18,294 | $240,570 | |
Fidelity Series Blue Chip Growth Fund (a) | 15,992 | 254,437 | |
Fidelity Series Commodity Strategy Fund (a) | 55,285 | 294,667 | |
Fidelity Series Growth & Income Fund (a) | 33,589 | 549,180 | |
Fidelity Series Growth Company Fund (a) | 27,245 | 514,382 | |
Fidelity Series Intrinsic Opportunities Fund (a) | 32,590 | 612,372 | |
Fidelity Series Large Cap Value Index Fund (a) | 11,822 | 153,445 | |
Fidelity Series Opportunistic Insights Fund (a) | 14,609 | 277,131 | |
Fidelity Series Small Cap Discovery Fund (a) | 6,144 | 74,892 | |
Fidelity Series Small Cap Opportunities Fund (a) | 14,851 | 229,590 | |
Fidelity Series Stock Selector Large Cap Value Fund (a) | 32,201 | 419,254 | |
Fidelity Series Value Discovery Fund(a) | 21,912 | 296,694 | |
TOTAL DOMESTIC EQUITY FUNDS | |||
(Cost $3,628,882) | 3,916,614 | ||
International Equity Funds - 14.9% | |||
Fidelity Series Canada Fund (a) | 5,778 | 62,697 | |
Fidelity Series Emerging Markets Opportunities Fund (a) | 36,909 | 745,560 | |
Fidelity Series International Growth Fund (a) | 37,594 | 615,045 | |
Fidelity Series International Small Cap Fund (a) | 8,165 | 147,539 | |
Fidelity Series International Value Fund (a) | 58,484 | 617,007 | |
TOTAL INTERNATIONAL EQUITY FUNDS | |||
(Cost $2,112,722) | 2,187,848 | ||
Bond Funds - 42.6% | |||
Fidelity Series Emerging Markets Debt Fund (a) | 8,865 | 85,902 | |
Fidelity Series Floating Rate High Income Fund (a) | 3,837 | 36,451 | |
Fidelity Series High Income Fund (a) | 20,159 | 192,720 | |
Fidelity Series Inflation-Protected Bond Index Fund (a) | 96,890 | 941,773 | |
Fidelity Series International Credit Fund (a) | 430 | 4,223 | |
Fidelity Series Investment Grade Bond Fund (a) | 397,234 | 4,341,763 | |
Fidelity Series Long-Term Treasury Bond Index Fund (a) | 70,487 | 592,796 | |
Fidelity Series Real Estate Income Fund (a) | 6,274 | 68,830 | |
TOTAL BOND FUNDS | |||
(Cost $6,378,025) | 6,264,458 | ||
Short-Term Funds - 15.8% | |||
Fidelity Series Government Money Market Fund 1.98% (a)(b) | 1,856,330 | 1,856,330 | |
Fidelity Series Short-Term Credit Fund (a) | 47,120 | 464,603 | |
TOTAL SHORT-TERM FUNDS | |||
(Cost $2,324,980) | 2,320,933 | ||
TOTAL INVESTMENT IN SECURITIES - 100.0% | |||
(Cost $14,444,609) | 14,689,853 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (6,991) | ||
NET ASSETS - 100% | $14,682,862 |
Legend
(a) Affiliated Fund
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds, excluding any Money Market Central Funds, is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur.
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Fidelity Series 100 Index Fund | $81,990 | $55,028 | $143,942 | $1,925 | $41,854 | $(34,930) | $-- |
Fidelity Series All-Sector Equity Fund | 154,130 | 183,466 | 99,551 | 25,844 | (523) | 3,048 | 240,570 |
Fidelity Series Blue Chip Growth Fund | 156,097 | 180,791 | 111,241 | 18,037 | 1,702 | 27,088 | 254,437 |
Fidelity Series Canada Fund | -- | 80,623 | 20,747 | 493 | (95) | 2,916 | 62,697 |
Fidelity Series Commodity Strategy Fund | 161,221 | 222,779 | 90,316 | 1,004 | (1,321) | 2,304 | 294,667 |
Fidelity Series Emerging Markets Debt Fund | 49,186 | 59,413 | 18,070 | 4,458 | (416) | (4,211) | 85,902 |
Fidelity Series Emerging Markets Opportunities Fund | 552,536 | 541,874 | 344,554 | 14,828 | 4,700 | (8,996) | 745,560 |
Fidelity Series Floating Rate High Income Fund | 20,546 | 23,529 | 7,519 | 1,421 | (12) | (93) | 36,451 |
Fidelity Series Government Money Market Fund 1.98% | 900,350 | 1,620,039 | 664,059 | 22,064 | -- | -- | 1,856,330 |
Fidelity Series Growth & Income Fund | 360,403 | 390,019 | 236,120 | 24,556 | 49 | 34,829 | 549,180 |
Fidelity Series Growth Company Fund | 310,145 | 360,897 | 209,031 | 33,594 | 2,095 | 50,276 | 514,382 |
Fidelity Series High Income Fund | 123,355 | 127,088 | 54,761 | 9,859 | (488) | (2,474) | 192,720 |
Fidelity Series Inflation-Protected Bond Index Fund | 206,092 | 824,980 | 84,960 | 5,478 | (395) | (3,944) | 941,773 |
Fidelity Series International Credit Fund | 4,230 | 132 | 67 | 104 | -- | (45) | 4,223 |
Fidelity Series International Growth Fund | 421,287 | 422,180 | 249,586 | 14,018 | (855) | 22,019 | 615,045 |
Fidelity Series International Small Cap Fund | 96,906 | 104,832 | 56,804 | 6,629 | (205) | 2,810 | 147,539 |
Fidelity Series International Value Fund | 426,358 | 437,049 | 243,220 | 13,995 | (2,817) | (363) | 617,007 |
Fidelity Series Intrinsic Opportunities Fund | 400,447 | 415,223 | 242,114 | 19,594 | 288 | 38,528 | 612,372 |
Fidelity Series Investment Grade Bond Fund | 2,451,457 | 2,987,118 | 991,707 | 101,043 | (8,222) | (96,883) | 4,341,763 |
Fidelity Series Large Cap Value Index Fund | 100,176 | 107,254 | 60,164 | 4,741 | (265) | 6,444 | 153,445 |
Fidelity Series Long-Term Treasury Bond Index Fund | 71,151 | 633,726 | 101,061 | 6,247 | (2,356) | (8,664) | 592,796 |
Fidelity Series Opportunistic Insights Fund | 172,792 | 204,946 | 117,265 | 26,165 | 891 | 15,767 | 277,131 |
Fidelity Series Real Estate Equity Fund | 31,191 | 23,566 | 52,570 | 1,990 | (1,506) | (681) | -- |
Fidelity Series Real Estate Income Fund | 39,028 | 44,886 | 14,155 | 3,197 | (148) | (781) | 68,830 |
Fidelity Series Short-Term Credit Fund | 375,312 | 363,879 | 269,747 | 8,133 | (790) | (4,051) | 464,603 |
Fidelity Series Small Cap Discovery Fund | 46,135 | 52,778 | 24,961 | 4,771 | (441) | 1,381 | 74,892 |
Fidelity Series Small Cap Opportunities Fund | 139,218 | 160,541 | 86,201 | 15,803 | 407 | 15,625 | 229,590 |
Fidelity Series Stock Selector Large Cap Value Fund | 270,245 | 304,815 | 156,345 | 25,077 | (1,666) | 2,205 | 419,254 |
Fidelity Series Value Discovery Fund | 190,393 | 211,771 | 109,347 | 11,965 | (774) | 4,651 | 296,694 |
$8,312,377 | $11,145,222 | $4,860,185 | $427,033 | $28,691 | $63,775 | $14,689,853 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2015 Fund℠
Financial Statements
Statement of Assets and Liabilities
July 31, 2018 | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: | ||
Affiliated issuers (cost $14,444,609) | $14,689,853 | |
Total Investment in Securities (cost $14,444,609) | $14,689,853 | |
Cash | 2 | |
Receivable for investments sold | 549,198 | |
Receivable for fund shares sold | 7,000 | |
Total assets | 15,246,053 | |
Liabilities | ||
Payable for investments purchased | $512,235 | |
Payable for fund shares redeemed | 43,963 | |
Accrued management fee | 6,644 | |
Distribution and service plan fees payable | 349 | |
Total liabilities | 563,191 | |
Net Assets | $14,682,862 | |
Net Assets consist of: | ||
Paid in capital | $14,297,061 | |
Undistributed net investment income | 16,421 | |
Accumulated undistributed net realized gain (loss) on investments | 124,136 | |
Net unrealized appreciation (depreciation) on investments | 245,244 | |
Net Assets | $14,682,862 | |
Calculation of Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($336,033 ÷ 5,679.54 shares) | $59.17 | |
Maximum offering price per share (100/94.25 of $59.17) | $62.78 | |
Class M: | ||
Net Asset Value and redemption price per share ($493,618 ÷ 8,351.66 shares) | $59.10 | |
Maximum offering price per share (100/96.50 of $59.10) | $61.24 | |
Class C: | ||
Net Asset Value and offering price per share ($87,874 ÷ 1,501.76 shares)(a) | $58.51 | |
Fidelity Simplicity RMD 2015: | ||
Net Asset Value, offering price and redemption price per share ($13,754,008 ÷ 232,568.24 shares) | $59.14 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($11,329 ÷ 191.22 shares) | $59.25 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended July 31, 2018 | ||
Investment Income | ||
Dividends: | ||
Affiliated issuers | $224,617 | |
Expenses | ||
Management fee | $63,386 | |
Distribution and service plan fees | 4,419 | |
Independent trustees' fees and expenses | 42 | |
Total expenses before reductions | 67,847 | |
Expense reductions | (179) | |
Total expenses after reductions | 67,668 | |
Net investment income (loss) | 156,949 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Affiliated issuers | 28,691 | |
Capital gain distributions from underlying funds: | ||
Affiliated issuers | 202,416 | |
Total net realized gain (loss) | 231,107 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Affiliated issuers | 63,775 | |
Total change in net unrealized appreciation (depreciation) | 63,775 | |
Net gain (loss) | 294,882 | |
Net increase (decrease) in net assets resulting from operations | $451,831 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended July 31, 2018 | Year ended July 31, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $156,949 | $143,136 |
Net realized gain (loss) | 231,107 | 1,237,402 |
Change in net unrealized appreciation (depreciation) | 63,775 | (454,794) |
Net increase (decrease) in net assets resulting from operations | 451,831 | 925,744 |
Distributions to shareholders from net investment income | (147,498) | (137,895) |
Distributions to shareholders from net realized gain | (1,038,823) | (118,111) |
Total distributions | (1,186,321) | (256,006) |
Share transactions - net increase (decrease) | 7,109,470 | (3,339,280) |
Total increase (decrease) in net assets | 6,374,980 | (2,669,542) |
Net Assets | ||
Beginning of period | 8,307,882 | 10,977,424 |
End of period | $14,682,862 | $8,307,882 |
Other Information | ||
Undistributed net investment income end of period | $16,421 | $7,406 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Simplicity RMD 2015 Fund Class A
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.95 | $60.61 | $62.00 | $59.79 | $55.12 |
Income from Investment Operations | |||||
Net investment income (loss)A | .727 | .796 | .790 | .753 | .751 |
Net realized and unrealized gain (loss) | 2.076 | 5.018 | (.055) | 2.474 | 4.831 |
Total from investment operations | 2.803 | 5.814 | .735 | 3.227 | 5.582 |
Distributions from net investment income | (.675) | (.767) | (.788) | (.743) | (.734) |
Distributions from net realized gain | (7.908) | (.707) | (1.337) | (.274) | (.178) |
Total distributions | (8.583) | (1.474) | (2.125) | (1.017) | (.912) |
Net asset value, end of period | $59.17 | $64.95 | $60.61 | $62.00 | $59.79 |
Total ReturnB,C | 4.75% | 9.80% | 1.37% | 5.44% | 10.18% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .83% | .34% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .83% | .34% | .25% | .25% | .25% |
Expenses net of all reductions | .82% | .34% | .25% | .25% | .25% |
Net investment income (loss) | 1.22% | 1.28% | 1.36% | 1.23% | 1.29% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $336 | $379 | $501 | $452 | $181 |
Portfolio turnover rateE | 44% | 115% | 27% | 20% | 25% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amounts do not include the activity of the Underlying Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2015 Fund Class M
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.91 | $60.57 | $61.96 | $59.75 | $55.09 |
Income from Investment Operations | |||||
Net investment income (loss)A | .576 | .639 | .645 | .600 | .601 |
Net realized and unrealized gain (loss) | 2.073 | 5.013 | (.056) | 2.475 | 4.822 |
Total from investment operations | 2.649 | 5.652 | .589 | 3.075 | 5.423 |
Distributions from net investment income | (.551) | (.605) | (.642) | (.591) | (.585) |
Distributions from net realized gain | (7.908) | (.707) | (1.337) | (.274) | (.178) |
Total distributions | (8.459) | (1.312) | (1.979) | (.865) | (.763) |
Net asset value, end of period | $59.10 | $64.91 | $60.57 | $61.96 | $59.75 |
Total ReturnB,C | 4.48% | 9.51% | 1.11% | 5.18% | 9.89% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.08% | .59% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | 1.08% | .59% | .50% | .50% | .50% |
Expenses net of all reductions | 1.07% | .59% | .50% | .50% | .50% |
Net investment income (loss) | .97% | 1.04% | 1.11% | .98% | 1.04% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $494 | $553 | $1,030 | $1,088 | $420 |
Portfolio turnover rateE | 44% | 115% | 27% | 20% | 25% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amounts do not include the activity of the Underlying Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2015 Fund Class C
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.45 | $60.25 | $61.71 | $59.58 | $54.98 |
Income from Investment Operations | |||||
Net investment income (loss)A | .275 | .328 | .352 | .294 | .310 |
Net realized and unrealized gain (loss) | 2.048 | 4.986 | (.066) | 2.471 | 4.816 |
Total from investment operations | 2.323 | 5.314 | .286 | 2.765 | 5.126 |
Distributions from net investment income | (.355) | (.407) | (.409) | (.361) | (.348) |
Distributions from net realized gain | (7.908) | (.707) | (1.337) | (.274) | (.178) |
Total distributions | (8.263) | (1.114) | (1.746) | (.635) | (.526) |
Net asset value, end of period | $58.51 | $64.45 | $60.25 | $61.71 | $59.58 |
Total ReturnB,C | 3.95% | 8.98% | .60% | 4.66% | 9.35% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.58% | 1.09% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.58% | 1.09% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.58% | 1.09% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .47% | .53% | .61% | .48% | .54% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $88 | $88 | $384 | $444 | $358 |
Portfolio turnover rateE | 44% | 115% | 27% | 20% | 25% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the contingent deferred sales charge.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amounts do not include the activity of the Underlying Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2015 Fund
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.98 | $60.62 | $62.01 | $59.79 | $55.11 |
Income from Investment Operations | |||||
Net investment income (loss)A | .869 | .950 | .938 | .907 | .893 |
Net realized and unrealized gain (loss) | 2.076 | 5.023 | (.057) | 2.472 | 4.833 |
Total from investment operations | 2.945 | 5.973 | .881 | 3.379 | 5.726 |
Distributions from net investment income | (.877) | (.906) | (.934) | (.885) | (.868) |
Distributions from net realized gain | (7.908) | (.707) | (1.337) | (.274) | (.178) |
Total distributions | (8.785) | (1.613) | (2.271) | (1.159) | (1.046) |
Net asset value, end of period | $59.14 | $64.98 | $60.62 | $62.01 | $59.79 |
Total ReturnB | 5.00% | 10.08% | 1.62% | 5.70% | 10.46% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .58% | .09% | - %E | - %E | - %E |
Expenses net of fee waivers, if any | .58% | .09% | -% | -% | -% |
Expenses net of all reductions | .57% | .09% | -% | -% | -% |
Net investment income (loss) | 1.47% | 1.53% | 1.61% | 1.48% | 1.54% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $13,754 | $7,287 | $9,061 | $9,298 | $6,327 |
Portfolio turnover rateD | 44% | 115% | 27% | 20% | 25% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
D Amounts do not include the activity of the Underlying Funds.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2015 Fund Class I
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $65.08 | $60.71 | $62.07 | $59.83 | $55.13 |
Income from Investment Operations | |||||
Net investment income (loss)A | .863 | .958 | .940 | .901 | .869 |
Net realized and unrealized gain (loss) | 2.104 | 5.029 | (.029) | 2.498 | 4.877 |
Total from investment operations | 2.967 | 5.987 | .911 | 3.399 | 5.746 |
Distributions from net investment income | (.889) | (.910) | (.934) | (.885) | (.868) |
Distributions from net realized gain | (7.908) | (.707) | (1.337) | (.274) | (.178) |
Total distributions | (8.797) | (1.617) | (2.271) | (1.159) | (1.046) |
Net asset value, end of period | $59.25 | $65.08 | $60.71 | $62.07 | $59.83 |
Total ReturnB | 5.03% | 10.08% | 1.67% | 5.73% | 10.49% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .58% | .09% | - %E | - %E | - %E |
Expenses net of fee waivers, if any | .58% | .09% | -% | -% | -% |
Expenses net of all reductions | .58% | .09% | -% | -% | -% |
Net investment income (loss) | 1.46% | 1.53% | 1.61% | 1.48% | 1.54% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $11 | $1 | $1 | $1 | $1 |
Portfolio turnover rateD | 44% | 115% | 27% | 20% | 25% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
D Amounts do not include the activity of the Underlying Funds.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2020 Fund℠
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.Top Holdings as of July 31, 2018
% of fund's net assets | |
Fidelity Series Investment Grade Bond Fund | 25.8 |
Fidelity Series Government Money Market Fund 1.98% | 9.5 |
Fidelity Series Emerging Markets Opportunities Fund | 5.8 |
Fidelity Series Intrinsic Opportunities Fund | 5.2 |
Fidelity Series International Value Fund | 5.1 |
Fidelity Series International Growth Fund | 5.1 |
Fidelity Series Inflation-Protected Bond Index Fund | 4.8 |
Fidelity Series Growth & Income Fund | 4.7 |
Fidelity Series Growth Company Fund | 4.4 |
Fidelity Series Long-Term Treasury Bond Index Fund | 4.1 |
74.5 |
Asset Allocation (% of fund's net assets)
Period end | ||
Domestic Equity Funds | 33.1% | |
International Equity Funds | 17.7% | |
Bond Funds | 37.4% | |
Short-Term Funds | 11.9% | |
Net Other Assets (Liabilities)* | (0.1)% |
* Net Other Assets (Liabilities) are not included in the pie chart
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Simplicity RMD 2020 Fund℠
Schedule of Investments July 31, 2018
Showing Percentage of Net Assets
Domestic Equity Funds - 33.1% | |||
Shares | Value | ||
Fidelity Series 100 Index Fund (a) | 90 | $1,661 | |
Fidelity Series All-Sector Equity Fund (a) | 43,361 | 570,195 | |
Fidelity Series Blue Chip Growth Fund (a) | 37,909 | 603,131 | |
Fidelity Series Commodity Strategy Fund (a) | 104,059 | 554,633 | |
Fidelity Series Growth & Income Fund (a) | 79,636 | 1,302,045 | |
Fidelity Series Growth Company Fund(a) | 64,594 | 1,219,532 | |
Fidelity Series Intrinsic Opportunities Fund (a) | 77,052 | 1,447,800 | |
Fidelity Series Large Cap Value Index Fund (a) | 28,014 | 363,622 | |
Fidelity Series Opportunistic Insights Fund (a) | 34,633 | 656,981 | |
Fidelity Series Small Cap Discovery Fund (a) | 14,547 | 177,323 | |
Fidelity Series Small Cap Opportunities Fund (a) | 35,195 | 544,112 | |
Fidelity Series Stock Selector Large Cap Value Fund (a) | 76,341 | 993,957 | |
Fidelity Series Value Discovery Fund (a) | 51,948 | 703,372 | |
TOTAL DOMESTIC EQUITY FUNDS | |||
(Cost $8,628,098) | 9,138,364 | ||
International Equity Funds - 17.7% | |||
Fidelity Series Canada Fund (a) | 13,124 | 142,396 | |
Fidelity Series Emerging Markets Opportunities Fund (a) | 79,337 | 1,602,611 | |
Fidelity Series International Growth Fund (a) | 85,517 | 1,399,052 | |
Fidelity Series International Small Cap Fund (a) | 18,565 | 335,470 | |
Fidelity Series International Value Fund (a) | 133,024 | 1,403,406 | |
TOTAL INTERNATIONAL EQUITY FUNDS | |||
(Cost $4,830,062) | 4,882,935 | ||
Bond Funds - 37.4% | |||
Fidelity Series Emerging Markets Debt Fund (a) | 16,686 | 161,686 | |
Fidelity Series Floating Rate High Income Fund (a) | 7,221 | 68,600 | |
Fidelity Series High Income Fund (a) | 37,850 | 361,844 | |
Fidelity Series Inflation-Protected Bond Index Fund (a) | 135,885 | 1,320,804 | |
Fidelity Series International Credit Fund (a) | 993 | 9,760 | |
Fidelity Series Investment Grade Bond Fund (a) | 651,114 | 7,116,682 | |
Fidelity Series Long-Term Treasury Bond Index Fund (a) | 136,125 | 1,144,811 | |
Fidelity Series Real Estate Income Fund (a) | 11,798 | 129,428 | |
TOTAL BOND FUNDS | |||
(Cost $10,486,410) | 10,313,615 | ||
Short-Term Funds - 11.9% | |||
Fidelity Series Government Money Market Fund 1.98% (a)(b) | 2,621,854 | 2,621,854 | |
Fidelity Series Short-Term Credit Fund (a) | 66,553 | 656,211 | |
TOTAL SHORT-TERM FUNDS | |||
(Cost $3,282,511) | 3,278,065 | ||
TOTAL INVESTMENT IN SECURITIES - 100.1% | |||
(Cost $27,227,081) | 27,612,979 | ||
NET OTHER ASSETS (LIABILITIES) - (0.1)% | (13,997) | ||
NET ASSETS - 100% | $27,598,982 |
Legend
(a) Affiliated Fund
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds, excluding any Money Market Central Funds, is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur.
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Fidelity Series 100 Index Fund | $101,516 | $166,566 | $276,229 | $3,712 | $57,669 | $(47,861) | $1,661 |
Fidelity Series All-Sector Equity Fund | 191,084 | 498,667 | 122,914 | 51,509 | (2,112) | 5,470 | 570,195 |
Fidelity Series Blue Chip Growth Fund | 193,535 | 487,807 | 139,347 | 27,902 | (1,433) | 62,569 | 603,131 |
Fidelity Series Canada Fund | -- | 158,245 | 21,352 | 909 | (153) | 5,656 | 142,396 |
Fidelity Series Commodity Strategy Fund | 173,011 | 484,659 | 98,455 | 1,452 | (2,735) | (1,847) | 554,633 |
Fidelity Series Emerging Markets Debt Fund | 49,942 | 136,303 | 16,767 | 6,960 | (294) | (7,498) | 161,686 |
Fidelity Series Emerging Markets Opportunities Fund | 623,421 | 1,451,876 | 431,967 | 26,662 | 1,398 | (42,117) | 1,602,611 |
Fidelity Series Floating Rate High Income Fund | 20,858 | 54,825 | 6,951 | 2,251 | (7) | (125) | 68,600 |
Fidelity Series Government Money Market Fund 1.98% | 655,069 | 2,527,851 | 561,066 | 26,596 | -- | -- | 2,621,854 |
Fidelity Series Growth & Income Fund | 446,802 | 1,079,734 | 299,783 | 41,017 | (1,510) | 76,802 | 1,302,045 |
Fidelity Series Growth Company Fund | 384,039 | 980,076 | 238,436 | 64,804 | (1,383) | 95,236 | 1,219,532 |
Fidelity Series High Income Fund | 125,297 | 289,607 | 48,410 | 15,140 | (295) | (4,355) | 361,844 |
Fidelity Series Inflation-Protected Bond Index Fund | 140,110 | 1,247,011 | 61,168 | 5,851 | (581) | (4,568) | 1,320,804 |
Fidelity Series International Credit Fund | 4,186 | 5,647 | -- | 141 | -- | (45) | 9,760 |
Fidelity Series International Growth Fund | 504,629 | 1,155,349 | 290,224 | 26,101 | (3,776) | 33,074 | 1,399,052 |
Fidelity Series International Small Cap Fund | 116,066 | 277,824 | 59,276 | 12,357 | (558) | 1,414 | 335,470 |
Fidelity Series International Value Fund | 510,594 | 1,178,062 | 270,381 | 26,057 | (4,418) | (10,451) | 1,403,406 |
Fidelity Series Intrinsic Opportunities Fund | 450,393 | 1,123,582 | 198,076 | 29,303 | (3,143) | 75,044 | 1,447,800 |
Fidelity Series Investment Grade Bond Fund | 2,195,974 | 5,964,704 | 893,488 | 139,961 | (9,422) | (141,086) | 7,116,682 |
Fidelity Series Large Cap Value Index Fund | 124,192 | 300,330 | 72,840 | 9,229 | (753) | 12,693 | 363,622 |
Fidelity Series Long-Term Treasury Bond Index Fund | 77,042 | 1,181,259 | 93,611 | 10,447 | (2,210) | (17,669) | 1,144,811 |
Fidelity Series Opportunistic Insights Fund | 214,213 | 555,573 | 140,637 | 51,815 | (778) | 28,610 | 656,981 |
Fidelity Series Real Estate Equity Fund | 38,564 | 70,153 | 104,900 | 3,437 | (2,982) | (835) | -- |
Fidelity Series Real Estate Income Fund | 39,586 | 103,883 | 13,135 | 4,863 | (155) | (751) | 129,428 |
Fidelity Series Short-Term Credit Fund | 275,847 | 609,244 | 223,529 | 9,414 | (899) | (4,452) | 656,211 |
Fidelity Series Small Cap Discovery Fund | 57,213 | 147,159 | 27,390 | 10,133 | (433) | 774 | 177,323 |
Fidelity Series Small Cap Opportunities Fund | 172,614 | 434,582 | 99,179 | 25,407 | (1,091) | 37,186 | 544,112 |
Fidelity Series Stock Selector Large Cap Value Fund | 334,432 | 843,135 | 183,825 | 49,367 | (3,269) | 3,484 | 993,957 |
Fidelity Series Value Discovery Fund | 236,033 | 587,986 | 129,016 | 23,139 | (1,502) | 9,871 | 703,372 |
$8,456,262 | $24,101,699 | $5,122,352 | $705,936 | $13,175 | $164,223 | $27,612,979 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2020 Fund℠
Financial Statements
Statement of Assets and Liabilities
July 31, 2018 | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: | ||
Affiliated issuers (cost $27,227,081) | $27,612,979 | |
Total Investment in Securities (cost $27,227,081) | $27,612,979 | |
Cash | 1 | |
Receivable for investments sold | 611,687 | |
Receivable for fund shares sold | 381,176 | |
Total assets | 28,605,843 | |
Liabilities | ||
Payable for investments purchased | $992,562 | |
Payable for fund shares redeemed | 300 | |
Accrued management fee | 13,594 | |
Distribution and service plan fees payable | 405 | |
Total liabilities | 1,006,861 | |
Net Assets | $27,598,982 | |
Net Assets consist of: | ||
Paid in capital | $26,960,118 | |
Undistributed net investment income | 26,629 | |
Accumulated undistributed net realized gain (loss) on investments | 226,337 | |
Net unrealized appreciation (depreciation) on investments | 385,898 | |
Net Assets | $27,598,982 | |
Calculation of Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($41,511 ÷ 693.24 shares) | $59.88 | |
Maximum offering price per share (100/94.25 of $59.88) | $63.53 | |
Class M: | ||
Net Asset Value and redemption price per share ($688,193 ÷ 11,487.77 shares) | $59.91 | |
Maximum offering price per share (100/96.50 of $59.91) | $62.08 | |
Class C: | ||
Net Asset Value and offering price per share ($130,663 ÷ 2,211.59 shares)(a) | $59.08 | |
Fidelity Simplicity RMD 2020: | ||
Net Asset Value, offering price and redemption price per share ($26,666,623 ÷ 445,894.13 shares) | $59.80 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($71,992 ÷ 1,204.02 shares) | $59.79 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended July 31, 2018 | ||
Investment Income | ||
Dividends: | ||
Affiliated issuers | $343,853 | |
Expenses | ||
Management fee | $107,138 | |
Distribution and service plan fees | 5,075 | |
Independent trustees' fees and expenses | 64 | |
Total expenses before reductions | 112,277 | |
Expense reductions | (179) | |
Total expenses after reductions | 112,098 | |
Net investment income (loss) | 231,755 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Affiliated issuers | 13,175 | |
Capital gain distributions from underlying funds: | ||
Affiliated issuers | 362,083 | |
Total net realized gain (loss) | 375,258 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Affiliated issuers | 164,223 | |
Total change in net unrealized appreciation (depreciation) | 164,223 | |
Net gain (loss) | 539,481 | |
Net increase (decrease) in net assets resulting from operations | $771,236 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended July 31, 2018 | Year ended July 31, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $231,755 | $134,965 |
Net realized gain (loss) | 375,258 | 1,239,490 |
Change in net unrealized appreciation (depreciation) | 164,223 | (446,503) |
Net increase (decrease) in net assets resulting from operations | 771,236 | 927,952 |
Distributions to shareholders from net investment income | (211,333) | (130,309) |
Distributions to shareholders from net realized gain | (1,124,258) | (89,994) |
Total distributions | (1,335,591) | (220,303) |
Share transactions - net increase (decrease) | 19,711,836 | (2,020,636) |
Total increase (decrease) in net assets | 19,147,481 | (1,312,987) |
Net Assets | ||
Beginning of period | 8,451,501 | 9,764,488 |
End of period | $27,598,982 | $8,451,501 |
Other Information | ||
Undistributed net investment income end of period | $26,629 | $6,628 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Simplicity RMD 2020 Fund Class A
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.09 | $59.25 | $60.93 | $59.08 | $54.91 |
Income from Investment Operations | |||||
Net investment income (loss)A | .680 | .773 | .786 | .748 | .742 |
Net realized and unrealized gain (loss) | 2.708 | 5.368 | (.202) | 2.585 | 5.022 |
Total from investment operations | 3.388 | 6.141 | .584 | 3.333 | 5.764 |
Distributions from net investment income | (.627) | (.746) | (.773) | (.742) | (.712) |
Distributions from net realized gain | (6.971) | (.555) | (1.491) | (.741) | (.882) |
Total distributions | (7.598) | (1.301) | (2.264) | (1.483) | (1.594) |
Net asset value, end of period | $59.88 | $64.09 | $59.25 | $60.93 | $59.08 |
Total ReturnB,C | 5.77% | 10.56% | 1.16% | 5.72% | 10.68% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .87% | .35% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .87% | .35% | .25% | .25% | .25% |
Expenses net of all reductions | .86% | .35% | .25% | .25% | .25% |
Net investment income (loss) | 1.13% | 1.27% | 1.38% | 1.25% | 1.28% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $42 | $102 | $92 | $109 | $109 |
Portfolio turnover rateE | 29% | 118% | 29% | 31% | 34% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amounts do not include the activity of the Underlying Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2020 Fund Class M
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.15 | $59.31 | $61.00 | $59.15 | $55.00 |
Income from Investment Operations | |||||
Net investment income (loss)A | .524 | .622 | .642 | .599 | .605 |
Net realized and unrealized gain (loss) | 2.711 | 5.378 | (.205) | 2.586 | 5.021 |
Total from investment operations | 3.235 | 6.000 | .437 | 3.185 | 5.626 |
Distributions from net investment income | (.504) | (.605) | (.636) | (.594) | (.594) |
Distributions from net realized gain | (6.971) | (.555) | (1.491) | (.741) | (.882) |
Total distributions | (7.475) | (1.160) | (2.127) | (1.335) | (1.476) |
Net asset value, end of period | $59.91 | $64.15 | $59.31 | $61.00 | $59.15 |
Total ReturnB,C | 5.50% | 10.29% | .90% | 5.45% | 10.40% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.12% | .60% | .50% | .50% | .49%F |
Expenses net of fee waivers, if any | 1.12% | .60% | .50% | .50% | .49%F |
Expenses net of all reductions | 1.12% | .60% | .50% | .50% | .49%F |
Net investment income (loss) | .87% | 1.02% | 1.13% | 1.00% | 1.04% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $688 | $752 | $752 | $544 | $451 |
Portfolio turnover rateE | 29% | 118% | 29% | 31% | 34% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amounts do not include the activity of the Underlying Funds.
F On certain classes, the size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2020 Fund Class C
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $63.51 | $58.84 | $60.60 | $58.82 | $54.75 |
Income from Investment Operations | |||||
Net investment income (loss)A | .222 | .315 | .357 | .296 | .304 |
Net realized and unrealized gain (loss) | 2.678 | 5.326 | (.216) | 2.580 | 5.003 |
Total from investment operations | 2.900 | 5.641 | .141 | 2.876 | 5.307 |
Distributions from net investment income | (.359) | (.416) | (.410) | (.355) | (.355) |
Distributions from net realized gain | (6.971) | (.555) | (1.491) | (.741) | (.882) |
Total distributions | (7.330) | (.971) | (1.901) | (1.096) | (1.237) |
Net asset value, end of period | $59.08 | $63.51 | $58.84 | $60.60 | $58.82 |
Total ReturnB,C | 4.97% | 9.74% | .39% | 4.94% | 9.84% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.62% | 1.10% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.62% | 1.10% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.61% | 1.10% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .37% | .52% | .63% | .49% | .53% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $131 | $142 | $175 | $177 | $205 |
Portfolio turnover rateE | 29% | 118% | 29% | 31% | 34% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the contingent deferred sales charge.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amounts do not include the activity of the Underlying Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2020 Fund
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.06 | $59.21 | $60.89 | $59.04 | $54.87 |
Income from Investment Operations | |||||
Net investment income (loss)A | .813 | .924 | .928 | .898 | .880 |
Net realized and unrealized gain (loss) | 2.708 | 5.363 | (.202) | 2.584 | 5.027 |
Total from investment operations | 3.521 | 6.287 | .726 | 3.482 | 5.907 |
Distributions from net investment income | (.810) | (.882) | (.915) | (.891) | (.855) |
Distributions from net realized gain | (6.971) | (.555) | (1.491) | (.741) | (.882) |
Total distributions | (7.781) | (1.437) | (2.406) | (1.632) | (1.737) |
Net asset value, end of period | $59.80 | $64.06 | $59.21 | $60.89 | $59.04 |
Total ReturnB | 6.01% | 10.83% | 1.41% | 5.98% | 10.97% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .62% | .10% | - %E | - %E | - %E |
Expenses net of fee waivers, if any | .62% | .10% | -% | -% | -% |
Expenses net of all reductions | .62% | .10% | -% | -% | -% |
Net investment income (loss) | 1.37% | 1.52% | 1.63% | 1.50% | 1.53% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $26,667 | $7,449 | $8,744 | $9,019 | $7,882 |
Portfolio turnover rateD | 29% | 118% | 29% | 31% | 34% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
D Amounts do not include the activity of the Underlying Funds.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2020 Fund Class I
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.04 | $59.21 | $60.89 | $59.04 | $54.88 |
Income from Investment Operations | |||||
Net investment income (loss)A | .816 | .922 | .929 | .897 | .887 |
Net realized and unrealized gain (loss) | 2.701 | 5.366 | (.203) | 2.585 | 5.010 |
Total from investment operations | 3.517 | 6.288 | .726 | 3.482 | 5.897 |
Distributions from net investment income | (.796) | (.903) | (.915) | (.891) | (.855) |
Distributions from net realized gain | (6.971) | (.555) | (1.491) | (.741) | (.882) |
Total distributions | (7.767) | (1.458) | (2.406) | (1.632) | (1.737) |
Net asset value, end of period | $59.79 | $64.04 | $59.21 | $60.89 | $59.04 |
Total ReturnB | 6.01% | 10.84% | 1.41% | 5.98% | 10.95% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .62% | .10% | - %E | - %E | - %E |
Expenses net of fee waivers, if any | .62% | .10% | -% | -% | -% |
Expenses net of all reductions | .62% | .10% | -% | -% | -% |
Net investment income (loss) | 1.37% | 1.52% | 1.63% | 1.50% | 1.53% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $72 | $6 | $2 | $18 | $17 |
Portfolio turnover rateD | 29% | 118% | 29% | 31% | 34% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
D Amounts do not include the activity of the Underlying Funds.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended July 31, 2018
1. Organization.
Fidelity Simplicity RMD Income Fund, Fidelity Simplicity RMD 2005 Fund, Fidelity Simplicity RMD 2010 Fund, Fidelity Simplicity RMD 2015 Fund and Fidelity Simplicity RMD 2020 Fund (the Funds) are funds of Fidelity Income Fund (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each Fund is authorized to issue an unlimited number of shares. The Funds invest primarily in a combination of other Fidelity equity, bond, and short-term funds (the Underlying Funds) managed by Fidelity Management & Research Company (FMR). Certain Underlying Funds incurred name changes since their most recent shareholder report. The names of the Underlying Funds are those in effect at period end. In the prior year, the Funds transitioned their portfolios to invest exclusively in classes of the Fidelity Series funds, offered only to certain other Fidelity funds advised by FMR or its affiliates.
The Funds are designed for investors who seek to convert accumulated assets into regular payments over a defined period of time. The payment strategy for each Fund is designed to be implemented through a shareholder's voluntary participation in a systematic withdrawal plan, starting after the horizon date indicated by its name, resulting in the gradual liquidation of the shareholder's investment in the Fund.
The Funds offer the following classes of shares: Fidelity Simplicity RMD Income Fund, Fidelity Simplicity RMD 2005 Fund, Fidelity Simplicity RMD 2010 Fund, Fidelity Simplicity RMD 2015 Fund and Fidelity Simplicity RMD 2020 Fund shares. Class A, Class M, Class C and Class I of each Fund is closed to new accounts and additional purchases, except for reinvestments. Each class has equal rights as to assets and voting privileges, except for matters affecting a single class.
2. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists each of the Underlying Funds as an investment of the Fund but does not include the underlying holdings of each Underlying Fund. The following summarizes the significant accounting policies of the Funds:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows. Investments in the Underlying Funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of each Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund. Each class differs with respect to distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds. Although not included in each Fund's expenses, each Fund indirectly bears its proportionate share of the Underlying Funds' expenses through the impact of these expenses on each Underlying Fund's NAV. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of July 31, 2018, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to the short-term gain distributions from the Underlying Funds and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) | |
Fidelity Simplicity RMD Income Fund | $13,946,171 | $203,207 | $(189,558) | $13,649 |
Fidelity Simplicity RMD 2005 Fund | 18,247,734 | 345,609 | (266,052) | 79,557 |
Fidelity Simplicity RMD 2010 Fund | 7,207,973 | 181,486 | (94,972) | 86,514 |
Fidelity Simplicity RMD 2015 Fund | 14,480,936 | 367,745 | (158,828) | 208,917 |
Fidelity Simplicity RMD 2020 Fund | 27,280,879 | 642,252 | (310,152) | 332,100 |
The tax-based components of distributable earnings as of period end were as follows for each Fund:
Undistributed ordinary income | Undistributed long-term capital gain | Net unrealized appreciation (depreciation) on securities and other investments | |
Fidelity Simplicity RMD Income Fund | $19,816 | $96,083 | $13,649 |
Fidelity Simplicity RMD 2005 Fund | 48,424 | 260,474 | 79,557 |
Fidelity Simplicity RMD 2010 Fund | 9,277 | 103,162 | 86,514 |
Fidelity Simplicity RMD 2015 Fund | 16,421 | 160,463 | 208,917 |
Fidelity Simplicity RMD 2020 Fund | 26,629 | 280,135 | 332,100 |
The tax character of distributions paid was as follows:
July 31, 2018 | |||
Ordinary Income | Long-term Capital Gains | Total | |
Fidelity Simplicity RMD Income Fund | $239,576 | $699,867 | $939,443 |
Fidelity Simplicity RMD 2005 Fund | 403,600 | 2,221,467 | 2,625,067 |
Fidelity Simplicity RMD 2010 Fund | 130,335 | 870,316 | 1,000,651 |
Fidelity Simplicity RMD 2015 Fund | 173,807 | 1,012,514 | 1,186,321 |
Fidelity Simplicity RMD 2020 Fund | 249,226 | 1,086,365 | 1,335,591 |
July 31, 2017 | |||
Ordinary Income | Long-term Capital Gains | Total | |
Fidelity Simplicity RMD Income Fund | $154,846 | $20,336 | $175,182 |
Fidelity Simplicity RMD 2005 Fund | 409,599 | 131,952 | 541,551 |
Fidelity Simplicity RMD 2010 Fund | 113,623 | 78,314 | 191,937 |
Fidelity Simplicity RMD 2015 Fund | 150,855 | 105,151 | 256,006 |
Fidelity Simplicity RMD 2020 Fund | 142,187 | 78,116 | 220,303 |
3. Purchases and Redemptions of Underlying Fund Shares.
Purchases and redemptions of the Underlying Fund shares, are noted in the table below.
Purchases ($) | Redemptions ($) | |
Fidelity Simplicity RMD Income Fund | 9,330,290 | 5,646,592 |
Fidelity Simplicity RMD 2005 Fund | 6,289,295 | 8,989,337 |
Fidelity Simplicity RMD 2010 Fund | 3,870,089 | 3,017,618 |
Fidelity Simplicity RMD 2015 Fund | 11,145,222 | 4,860,185 |
Fidelity Simplicity RMD 2020 Fund | 24,101,699 | 5,122,352 |
4. Fees and Other Transactions with Affiliates.
Management Fee. FMR Co., Inc. (the investment adviser), an affiliate of FMR, and its affiliates provide the Funds with investment management related services. Under the management contract effective June 1, 2017, each Class of each Fund pays a monthly management fee that is set at an annual rate by referring to each Fund's horizon date indicated by its name, such that the management fee rate applicable to each Class of each Fund is reduced as the fund approaches, and then passes, its horizon date. In addition, the investment adviser pays all ordinary operating expenses of each Fund, except distribution and service plan fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses. Prior to June 1, 2017, the investment adviser provided the Funds with investment management related services. The Funds did not pay any fees for these services.
For the reporting period, the total annual management fee rate for each Class of each Fund was as follows:
Annual % of Class-Level Average Net Assets (Classes A, M, C, Retail and I) | |
Fidelity Simplicity RMD Income Fund | .465% |
Fidelity Simplicity RMD 2005 Fund | .491% |
Fidelity Simplicity RMD 2010 Fund | .533% |
Fidelity Simplicity RMD 2015 Fund | .576% |
Fidelity Simplicity RMD 2020 Fund | .618% |
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, each Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of each Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Fidelity Simplicity RMD Income Fund | ||||
Class A | -% | .25% | $492 | $– |
Class M | .25% | .25% | 662 | – |
Class C | .75% | .25% | 1,379 | – |
$2,533 | $– | |||
Fidelity Simplicity RMD 2005 Fund | ||||
Class A | -% | .25% | $439 | $– |
Class M | .25% | .25% | 1,868 | – |
Class C | .75% | .25% | 613 | – |
$2,920 | $– | |||
Fidelity Simplicity RMD 2010 Fund | ||||
Class A | -% | .25% | $564 | $– |
Class M | .25% | .25% | 118 | 12 |
Class C | .75% | .25% | 1,304 | – |
$1,986 | $12 | |||
Fidelity Simplicity RMD 2015 Fund | ||||
Class A | -% | .25% | $902 | $– |
Class M | .25% | .25% | 2,630 | – |
Class C | .75% | .25% | 887 | – |
$4,419 | $– | |||
Fidelity Simplicity RMD 2020 Fund | ||||
Class A | -% | .25% | $104 | $– |
Class M | .25% | .25% | 3,642 | – |
Class C | .75% | .25% | 1,329 | – |
$5,075 | $– |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of each Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
Retained by FDC | |
Fidelity Simplicity RMD 2010 Fund | |
Class C(a) | $14 |
$14 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
5. Expense Reductions.
Through arrangements with each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. All of the applicable expense reductions are noted in the table below.
Custody expense reduction | Transfer agent expense reduction | |
Fidelity Simplicity RMD Income Fund | ||
Class A | $4 | |
Class M | 3 | |
Class C | 3 | |
Fidelity Simplicity RMD Income | 169 | |
Class I | 1 | |
Fidelity Simplicity RMD 2005 Fund | ||
Class A | $3 | |
Class M | 3 | |
Class C | 1 | |
Fidelity Simplicity RMD 2005 | 172 | |
Fidelity Simplicity RMD 2010 Fund | ||
Class A | $8 | |
Class M | 1 | |
Class C | 4 | |
Fidelity Simplicity RMD 2010 | 165 | |
Class I | 2 | |
Fidelity Simplicity RMD 2015 Fund | $1 | |
Class A | $10 | |
Class M | 10 | |
Class C | 1 | |
Fidelity Simplicity RMD 2015 | 157 | |
Fidelity Simplicity RMD 2020 Fund | ||
Class A | $2 | |
Class M | 15 | |
Class C | 3 | |
Fidelity Simplicity RMD 2020 | 159 |
6. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Year ended July 31, 2018 | Year ended July 31, 2017 | |
Fidelity Simplicity RMD Income Fund | ||
From net investment income | ||
Class A | $2,810 | $2,282 |
Class M | 1,544 | 1,432 |
Class C | 901 | 816 |
Fidelity Simplicity RMD Income | 194,149 | 138,035 |
Class I | 888 | 771 |
Total | $200,292 | $143,336 |
From net realized gain | ||
Class A | $13,301 | $575 |
Class M | 9,796 | 454 |
Class C | 10,167 | 467 |
Fidelity Simplicity RMD Income | 702,094 | 30,188 |
Class I | 3,793 | 162 |
Total | $739,151 | $31,846 |
Fidelity Simplicity RMD 2005 Fund | ||
From net investment income | ||
Class A | $2,291 | $4,912 |
Class M | 4,399 | 3,849 |
Class C | 414 | 1,120 |
Fidelity Simplicity RMD 2005 | 318,950 | 365,950 |
Class I | 657 | 807 |
Total | $326,711 | $376,638 |
From net realized gain | ||
Class A | $35,391 | $2,747 |
Class M | 43,110 | 2,461 |
Class C | 8,661 | 1,197 |
Fidelity Simplicity RMD 2005 | 2,206,301 | 158,149 |
Class I | 4,893 | 359 |
Total | $2,298,356 | $164,913 |
Fidelity Simplicity RMD 2010 Fund | ||
From net investment income | ||
Class A | $2,861 | $4,378 |
Class M | 250 | 291 |
Class C | 773 | 797 |
Fidelity Simplicity RMD 2010 | 101,733 | 98,058 |
Class I | 983 | 847 |
Total | $106,600 | $104,371 |
From net realized gain | ||
Class A | $37,985 | $4,415 |
Class M | 3,326 | 583 |
Class C | 19,255 | 1,484 |
Fidelity Simplicity RMD 2010 | 824,590 | 80,413 |
Class I | 8,895 | 671 |
Total | $894,051 | $87,566 |
Fidelity Simplicity RMD 2015 Fund | ||
From net investment income | ||
Class A | $4,239 | $6,233 |
Class M | 4,908 | 6,368 |
Class C | 540 | 2,539 |
Fidelity Simplicity RMD 2015 | 137,663 | 122,743 |
Class I | 148 | 12 |
Total | $147,498 | $137,895 |
From net realized gain | ||
Class A | $45,965 | $5,776 |
Class M | 67,117 | 11,903 |
Class C | 10,821 | 4,463 |
Fidelity Simplicity RMD 2015 | 913,597 | 95,960 |
Class I | 1,323 | 9 |
Total | $1,038,823 | $118,111 |
Fidelity Simplicity RMD 2020 Fund | ||
From net investment income | ||
Class A | $460 | $1,174 |
Class M | 6,176 | 7,533 |
Class C | 785 | 1,242 |
Fidelity Simplicity RMD 2020 | 203,025 | 120,329 |
Class I | 887 | 31 |
Total | $211,333 | $130,309 |
From net realized gain | ||
Class A | $4,362 | $864 |
Class M | 81,492 | 6,984 |
Class C | 15,560 | 1,647 |
Fidelity Simplicity RMD 2020 | 1,015,397 | 80,482 |
Class I | 7,447 | 17 |
Total | $1,124,258 | $89,994 |
7. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Year ended July 31, 2018 | Year ended July 31, 2017 | Year ended July 31, 2018 | Year ended July 31, 2017 | |
Fidelity Simplicity RMD Income Fund | ||||
Class A | ||||
Reinvestment of distributions | 265 | 34 | $15,348 | $2,022 |
Shares redeemed | (25) | (80) | (1,457) | (4,750) |
Net increase (decrease) | 240 | (46) | $13,891 | $(2,728) |
Class M | ||||
Reinvestment of distributions | 175 | 14 | $10,134 | $813 |
Shares redeemed | (422) | (221) | (24,484) | (13,046) |
Net increase (decrease) | (247) | (207) | $(14,350) | $(12,233) |
Class C | ||||
Reinvestment of distributions | 192 | 22 | $11,068 | $1,283 |
Shares redeemed | (497) | (291) | (28,568) | (17,145) |
Net increase (decrease) | (305) | (269) | $(17,500) | $(15,862) |
Fidelity Simplicity RMD Income | ||||
Shares sold | 132,226 | 52,476 | $7,681,963 | $3,112,035 |
Reinvestment of distributions | 14,534 | 1,901 | 840,364 | 112,003 |
Shares redeemed | (72,989) | (43,924) | (4,223,155) | (2,604,210) |
Net increase (decrease) | 73,771 | 10,453 | $4,299,172 | $619,828 |
Class I | ||||
Reinvestment of distributions | 45 | 9 | $2,579 | $502 |
Shares redeemed | (52) | – | (3,000) | – |
Net increase (decrease) | (7) | 9 | $(421) | $502 |
Fidelity Simplicity RMD 2005 Fund | ||||
Class A | ||||
Reinvestment of distributions | 648 | 125 | $37,682 | $7,658 |
Shares redeemed | (3,879) | (2,916) | (228,078) | (179,682) |
Net increase (decrease) | (3,231) | (2,791) | $(190,396) | $(172,024) |
Class M | ||||
Reinvestment of distributions | 783 | 75 | $45,508 | $4,542 |
Shares redeemed | (350) | (1,054) | (20,556) | (64,651) |
Net increase (decrease) | 433 | (979) | $24,952 | $(60,109) |
Class C | ||||
Reinvestment of distributions | 157 | 38 | $9,075 | $2,317 |
Shares redeemed | (959) | (2,352) | (55,395) | (146,656) |
Net increase (decrease) | (802) | (2,314) | $(46,320) | $(144,339) |
Fidelity Simplicity RMD 2005 | ||||
Shares sold | 51,086 | 15,409 | $2,999,611 | $952,887 |
Reinvestment of distributions | 39,892 | 6,181 | 2,321,020 | 378,181 |
Shares redeemed | (97,394) | (173,686) | (5,759,632) | (10,758,964) |
Net increase (decrease) | (6,416) | (152,096) | $(439,001) | $(9,427,896) |
Class I | ||||
Reinvestment of distributions | 95 | 19 | $5,550 | $1,166 |
Shares redeemed | (205) | (358) | (12,000) | (22,152) |
Net increase (decrease) | (110) | (339) | $(6,450) | $(20,986) |
Fidelity Simplicity RMD 2010 Fund | ||||
Class A | ||||
Shares sold | – | 9 | $– | $525 |
Reinvestment of distributions | 636 | 134 | 33,768 | 7,621 |
Shares redeemed | (1,124) | (2,697) | (59,768) | (158,781) |
Net increase (decrease) | (488) | (2,554) | $(26,000) | $(150,635) |
Class M | ||||
Reinvestment of distributions | 67 | 15 | $3,576 | $874 |
Shares redeemed | – | (644) | – | (36,603) |
Net increase (decrease) | 67 | (629) | $3,576 | $(35,729) |
Class C | ||||
Shares sold | – | 11 | $– | $616 |
Reinvestment of distributions | 380 | 40 | 20,027 | 2,261 |
Shares redeemed | (124) | (41) | (6,582) | (2,329) |
Net increase (decrease) | 256 | 10 | $13,445 | $548 |
Fidelity Simplicity RMD 2010 | ||||
Shares sold | 48,991 | 18,807 | $2,624,955 | $1,111,275 |
Reinvestment of distributions | 16,285 | 1,903 | 864,465 | 108,612 |
Shares redeemed | (34,238) | (41,072) | (1,860,366) | (2,444,268) |
Net increase (decrease) | 31,038 | (20,362) | $1,629,054 | $(1,224,381) |
Class I | ||||
Reinvestment of distributions | 186 | 27 | $9,878 | $1,518 |
Net increase (decrease) | 186 | 27 | $9,878 | $1,518 |
Fidelity Simplicity RMD 2015 Fund | ||||
Class A | ||||
Reinvestment of distributions | 861 | 199 | $50,204 | $12,009 |
Shares redeemed | (1,016) | (2,632) | (59,642) | (169,007) |
Net increase (decrease) | (155) | (2,433) | $(9,438) | $(156,998) |
Class M | ||||
Reinvestment of distributions | 1,201 | 267 | $69,875 | $16,027 |
Shares redeemed | (1,368) | (8,750) | (80,400) | (532,221) |
Net increase (decrease) | (167) | (8,483) | $(10,525) | $(516,194) |
Class C | ||||
Reinvestment of distributions | 197 | 93 | $11,361 | $5,542 |
Shares redeemed | (59) | (5,110) | (3,479) | (323,132) |
Net increase (decrease) | 138 | (5,017) | $7,882 | $(317,590) |
Fidelity Simplicity RMD 2015 | ||||
Shares sold | 159,251 | 5,906 | $9,439,008 | $363,643 |
Reinvestment of distributions | 16,597 | 2,502 | 967,090 | 150,898 |
Shares redeemed | (55,435) | (45,731) | (3,296,018) | (2,863,060) |
Net increase (decrease) | 120,413 | (37,323) | $7,110,080 | $(2,348,519) |
Class I | ||||
Shares sold | 153 | –(a) | $10,000 | $– |
Reinvestment of distributions | 25 | – | 1,471 | 21 |
Net increase (decrease) | 178 | –(a) | $11,471 | $21 |
Fidelity Simplicity RMD 2020 Fund | ||||
Class A | ||||
Reinvestment of distributions | 83 | 33 | $4,822 | $1,945 |
Shares redeemed | (976) | – | (62,563) | (13) |
Net increase (decrease) | (893) | 33 | $(57,741) | $1,932 |
Class M | ||||
Reinvestment of distributions | 1,432 | 176 | $83,603 | $10,404 |
Shares redeemed | (1,676) | (1,122) | (99,477) | (68,939) |
Net increase (decrease) | (244) | (946) | $(15,874) | $(58,535) |
Class C | ||||
Reinvestment of distributions | 283 | 45 | $16,345 | $2,622 |
Shares redeemed | (307) | (779) | (17,840) | (48,468) |
Net increase (decrease) | (24) | (734) | $(1,495) | $(45,846) |
Fidelity Simplicity RMD 2020 | ||||
Shares sold | 395,680 | 8,889 | $23,681,042 | $545,653 |
Reinvestment of distributions | 17,824 | 2,397 | 1,041,914 | 141,832 |
Shares redeemed | (83,900) | (42,684) | (5,006,276) | (2,609,720) |
Net increase (decrease) | 329,604 | (31,398) | $19,716,680 | $(1,922,235) |
Class I | ||||
Shares sold | 966 | 63 | $61,932 | $4,000 |
Reinvestment of distributions | 143 | 1 | 8,334 | 48 |
Net increase (decrease) | 1,109 | 64 | $70,266 | $4,048 |
(a) Amount represents less than one share.
8. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Income Fund and the Shareholders of Fidelity Simplicity RMD Income Fund, Fidelity Simplicity RMD 2005 Fund, Fidelity Simplicity RMD 2010 Fund, Fidelity Simplicity RMD 2015 Fund and Fidelity Simplicity RMD 2020 Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of Fidelity Simplicity RMD Income Fund, Fidelity Simplicity RMD 2005 Fund, Fidelity Simplicity RMD 2010 Fund, Fidelity Simplicity RMD 2015 Fund and Fidelity Simplicity RMD 2020 Fund (the "Funds"), each a fund of Fidelity Income Fund, including the schedules of investments, as of July 31, 2018, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2018, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2018, by correspondence with the custodians. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
September 18, 2018
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. If the interests of a fund and an underlying Fidelity® fund were to diverge, a conflict of interest could arise and affect how the Trustees and Members of the Advisory Board fulfill their fiduciary duties to the affected funds. FMRC has structured the funds to avoid these potential conflicts, although there may be situations where a conflict of interest is unavoidable. In such instances, FMRC, the Trustees, and Members of the Advisory Board would take reasonable steps to minimize and, if possible, eliminate the conflict. Each of the Trustees oversees 257 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Each fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Marie L. Knowles serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present) and Chairman and Director of FMR (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds. Ms. McAuliffe previously served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. He serves on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a Member of the Advisory Board of certain Fidelity® funds (2014-2016), president of the Business Roundtable (2011-2017), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Albert R. Gamper, Jr. (1942)
Year of Election or Appointment: 2006
Trustee
Mr. Gamper also serves as Trustee of other Fidelity® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007), and Chase Manhattan Bank (1975-1978).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Vice Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008), AGL Resources, Inc. (holding company, 2002-2016), and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Chairman of the Independent Trustees
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Member of the Advisory Board
General Dunwoody also serves as a Member of the Advisory Board of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). She is the President of First to Four LLC (leadership and mentoring services, 2012-present). She also serves as a member of the Board of Directors and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor, and aerospace systems, 2013-present), Board of Directors and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and Board of Directors of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Board of Directors and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board of Directors, Chair of the Nomination and Governance Committee and member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Board of Directors of the Army Historical Foundation (2015-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present) and a member of the Board of Trustees of Florida Institute of Technology (2015-present) and ThanksUSA (military family education non-profit, 2014-present).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
Marc R. Bryant (1966)
Year of Election or Appointment: 2015
Secretary and Chief Legal Officer (CLO)
Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (UK) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John B. McGinty, Jr. (1962)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).
Rieco E. Mello (1969)
Year of Election or Appointment: 2017
Assistant Treasurer
Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as President Fixed Income, High Income/Emerging Market Debt and Multi Asset Class Strategies of FIAM LLC (2018-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice Chairman of FIAM LLC (investment adviser firm, 2014-2018), a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-2018), President Multi-Asset Class Strategies of FMR's Global Asset Allocation Division (2017-2018), Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity® funds (2008-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Deputy Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).
Renee Stagnone (1975)
Year of Election or Appointment: 2016
Assistant Treasurer
Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity® funds (2013-2016).
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2018 to July 31, 2018).
Actual Expenses
The first line of the accompanying table for each Class of each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a Class of the fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, each Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each Class of each fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, each Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annualized Expense Ratio-A | Beginning Account Value February 1, 2018 | Ending Account Value July 31, 2018 | Expenses Paid During Period-B February 1, 2018 to July 31, 2018 | |
Fidelity Simplicity RMD Income Fund | ||||
Class A | .72% | |||
Actual | $1,000.00 | $989.80 | $3.55 | |
Hypothetical-C | $1,000.00 | $1,021.22 | $3.61 | |
Class M | .97% | |||
Actual | $1,000.00 | $988.60 | $4.78 | |
Hypothetical-C | $1,000.00 | $1,019.98 | $4.86 | |
Class C | 1.47% | |||
Actual | $1,000.00 | $986.10 | $7.24 | |
Hypothetical-C | $1,000.00 | $1,017.50 | $7.35 | |
Fidelity Simplicity RMD Income | .47% | |||
Actual | $1,000.00 | $991.00 | $2.32 | |
Hypothetical-C | $1,000.00 | $1,022.46 | $2.36 | |
Class I | .46% | |||
Actual | $1,000.00 | $991.00 | $2.27 | |
Hypothetical-C | $1,000.00 | $1,022.51 | $2.31 | |
Fidelity Simplicity RMD 2005 Fund | ||||
Class A | .74% | |||
Actual | $1,000.00 | $988.80 | $3.65 | |
Hypothetical-C | $1,000.00 | $1,021.12 | $3.71 | |
Class M | .99% | |||
Actual | $1,000.00 | $987.60 | $4.88 | |
Hypothetical-C | $1,000.00 | $1,019.89 | $4.96 | |
Class C | 1.49% | |||
Actual | $1,000.00 | $985.00 | $7.33 | |
Hypothetical-C | $1,000.00 | $1,017.41 | $7.45 | |
Fidelity Simplicity RMD 2005 | .49% | |||
Actual | $1,000.00 | $990.00 | $2.42 | |
Hypothetical-C | $1,000.00 | $1,022.36 | $2.46 | |
Class I | .49% | |||
Actual | $1,000.00 | $990.10 | $2.42 | |
Hypothetical-C | $1,000.00 | $1,022.36 | $2.46 | |
Fidelity Simplicity RMD 2010 Fund | ||||
Class A | .78% | |||
Actual | $1,000.00 | $986.70 | $3.84 | |
Hypothetical-C | $1,000.00 | $1,020.93 | $3.91 | |
Class M | 1.04% | |||
Actual | $1,000.00 | $985.40 | $5.12 | |
Hypothetical-C | $1,000.00 | $1,019.64 | $5.21 | |
Class C | 1.54% | |||
Actual | $1,000.00 | $982.90 | $7.57 | |
Hypothetical-C | $1,000.00 | $1,017.16 | $7.70 | |
Fidelity Simplicity RMD 2010 | .53% | |||
Actual | $1,000.00 | $987.80 | $2.61 | |
Hypothetical-C | $1,000.00 | $1,022.17 | $2.66 | |
Class I | .53% | |||
Actual | $1,000.00 | $987.80 | $2.61 | |
Hypothetical-C | $1,000.00 | $1,022.17 | $2.66 | |
Fidelity Simplicity RMD 2015 Fund | ||||
Class A | .83% | |||
Actual | $1,000.00 | $984.50 | $4.08 | |
Hypothetical-C | $1,000.00 | $1,020.68 | $4.16 | |
Class M | 1.08% | |||
Actual | $1,000.00 | $983.10 | $5.31 | |
Hypothetical-C | $1,000.00 | $1,019.44 | $5.41 | |
Class C | 1.58% | |||
Actual | $1,000.00 | $980.60 | $7.76 | |
Hypothetical-C | $1,000.00 | $1,016.96 | $7.90 | |
Fidelity Simplicity RMD 2015 | .57% | |||
Actual | $1,000.00 | $985.60 | $2.81 | |
Hypothetical-C | $1,000.00 | $1,021.97 | $2.86 | |
Class I | .57% | |||
Actual | $1,000.00 | $985.60 | $2.81 | |
Hypothetical-C | $1,000.00 | $1,021.97 | $2.86 | |
Fidelity Simplicity RMD 2020 Fund | ||||
Class A | .86% | |||
Actual | $1,000.00 | $982.30 | $4.23 | |
Hypothetical-C | $1,000.00 | $1,020.53 | $4.31 | |
Class M | 1.12% | |||
Actual | $1,000.00 | $981.10 | $5.50 | |
Hypothetical-C | $1,000.00 | $1,019.24 | $5.61 | |
Class C | 1.62% | |||
Actual | $1,000.00 | $978.50 | $7.95 | |
Hypothetical-C | $1,000.00 | $1,016.76 | $8.10 | |
Fidelity Simplicity RMD 2020 | .62% | |||
Actual | $1,000.00 | $983.30 | $3.05 | |
Hypothetical-C | $1,000.00 | $1,021.72 | $3.11 | |
Class I | .62% | |||
Actual | $1,000.00 | $983.40 | $3.05 | |
Hypothetical-C | $1,000.00 | $1,021.72 | $3.11 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Funds in which each Fund invests are not included in each Fund's annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities:
Pay Date | Record Date | Capital Gains | |
Fidelity Simplicity RMD Income Fund | |||
Class A | 09/17/18 | 09/14/18 | $0.386 |
Class M | 09/17/18 | 09/14/18 | $0.386 |
Class C | 09/17/18 | 09/14/18 | $0.386 |
Fidelity Simplicity RMD Income | 09/17/18 | 09/14/18 | $0.386 |
Class I | 09/17/18 | 09/14/18 | $0.386 |
Fidelity Simplicity RMD 2005 Fund | |||
Class A | 09/17/18 | 09/14/18 | $0.860 |
Class M | 09/17/18 | 09/14/18 | $0.860 |
Class C | 09/17/18 | 09/14/18 | $0.860 |
Fidelity Simplicity RMD 2005 | 09/17/18 | 09/14/18 | $0.860 |
Class I | 09/17/18 | 09/14/18 | $0.860 |
Fidelity Simplicity RMD 2010 Fund | |||
Class A | 09/17/18 | 09/14/18 | $0.758 |
Class M | 09/17/18 | 09/14/18 | $0.758 |
Class C | 09/17/18 | 09/14/18 | $0.758 |
Fidelity Simplicity RMD 2010 | 09/17/18 | 09/14/18 | $0.758 |
Class I | 09/17/18 | 09/14/18 | $0.758 |
Fidelity Simplicity RMD 2015 Fund | |||
Class A | 09/17/18 | 09/14/18 | $0.588 |
Class M | 09/17/18 | 09/14/18 | $0.588 |
Class C | 09/17/18 | 09/14/18 | $0.588 |
Fidelity Simplicity RMD 2015 | 09/17/18 | 09/14/18 | $0.588 |
Class I | 09/17/18 | 09/14/18 | $0.588 |
Fidelity Simplicity RMD 2020 Fund | |||
Class A | 09/17/18 | 09/14/18 | $0.582 |
Class M | 09/17/18 | 09/14/18 | $0.582 |
Class C | 09/17/18 | 09/14/18 | $0.582 |
Fidelity Simplicity RMD 2020 | 09/17/18 | 09/14/18 | $0.582 |
Class I | 09/17/18 | 09/14/18 | $0.582 |
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended July 31, 2018, or, if subsequently determined to be different, the net capital gain of such year.
Fidelity Simplicity RMD Income Fund | $139,841 |
Fidelity Simplicity RMD 2005 Fund | $330,962 |
Fidelity Simplicity RMD 2010 Fund | $134,246 |
Fidelity Simplicity RMD 2015 Fund | $218,968 |
Fidelity Simplicity RMD 2020 Fund | $366,017 |
A percentage of the dividends distributed during the fiscal year for the following funds were derived from interest on U.S. Government securities which is generally exempt from state income tax
Fidelity Simplicity RMD Income Fund | |
Class A | 24.48% |
Class M | 24.48% |
Class C | 24.48% |
Fidelity Simplicity RMD Income | 24.48% |
Class I | 24.48% |
Fidelity Simplicity RMD 2005 Fund | |
Class A | 21.92% |
Class M | 21.92% |
Class C | 21.92% |
Fidelity Simplicity RMD 2005 | 21.92% |
Class I | 21.92% |
Fidelity Simplicity RMD 2010 Fund | |
Class A | 17.85% |
Class M | 17.85% |
Class C | 17.85% |
Fidelity Simplicity RMD 2010 | 17.85% |
Class I | 17.85% |
Fidelity Simplicity RMD 2015 Fund | |
Class A | 14.77% |
Class M | 14.77% |
Class C | 14.77% |
Fidelity Simplicity RMD 2015 | 14.77% |
Class I | 14.77% |
Fidelity Simplicity RMD 2020 Fund | |
Class A | 11.80% |
Class M | 11.80% |
Class C | 11.80% |
Fidelity Simplicity RMD 2020 | 11.80% |
Class I | 11.80% |
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
Class A | Class M | Class C | Retail Class | Class I | |
Fidelity Simplicity RMD Income Fund | |||||
August 2017 | 0% | 0% | 0% | 0% | 0% |
September 2017 (ex-date 09/06/17) | 10% | 13% | 68% | 8% | 8% |
September 2017 (ex-date 09/15/17) | 29% | 29% | 29% | 29% | 29% |
October 2017 | 35% | 50% | 100% | 28% | 29% |
November 2017 | 34% | 48% | 100% | 28% | 28% |
December 2017 | 30% | 32% | 36% | 28% | 29% |
February 2018 | 3% | 4% | 14% | 2% | 2% |
March 2018 | 3% | 4% | 95% | 2% | 3% |
April 2018 | 3% | 4% | 14% | 2% | 2% |
May 2018 | 3% | 3% | 6% | 2% | 2% |
June 2018 | 3% | 4% | 20% | 2% | 2% |
July 2018 | 3% | 3% | 6% | 2% | 2% |
Fidelity Simplicity RMD 2005 Fund | |||||
August 2017 | 0% | 0% | 0% | 0% | 0% |
September 2017 (ex-date 09/06/17) | 28% | 41% | 100% | 21% | 21% |
September 2017 (ex-date 09/15/17) | – | – | – | – | – |
October 2017 | 37% | 47% | 100% | 31% | 31% |
November 2017 | 50% | 53% | 100% | 31% | 32% |
December 2017 | 34% | 35% | 39% | 32% | 32% |
February 2018 | 3% | 3% | 4% | 3% | 3% |
March 2018 | 4% | 5% | 62% | 3% | 3% |
April 2018 | 4% | 5% | 19% | 3% | 3% |
May 2018 | 3% | 4% | 9% | 3% | 3% |
June 2018 | 4% | 5% | – | 3% | 3% |
July 2018 | 4% | 4% | – | 3% | 3% |
Fidelity Simplicity RMD 2010 Fund | |||||
August 2017 | 0% | 0% | 0% | 0% | 0% |
September 2017 (ex-date 09/06/17) | 40% | 65% | – | 29% | 28% |
September 2017 (ex-date 09/15/17) | – | – | – | – | – |
October 2017 | 60% | 71% | 100% | 41% | 41% |
November 2017 | 61% | 76% | – | 41% | 42% |
December 2017 | 44% | 46% | 52% | 42% | 42% |
February 2018 | 4% | 4% | 6% | 4% | 4% |
March 2018 | 5% | 10% | – | 4% | 4% |
April 2018 | 5% | 7% | – | 4% | 4% |
May 2018 | 4% | 5% | 13% | 4% | 3% |
June 2018 | 5% | 6% | 63% | 3% | 3% |
July 2018 | 4% | 6% | 23% | 4% | 4% |
Fidelity Simplicity RMD 2015 Fund | |||||
August 2017 | 0% | 0% | – | 0% | 0% |
September 2017 (ex-date 09/06/17) | 100% | 0% | – | 38% | 26% |
September 2017 (ex-date 09/15/17) | – | – | – | – | – |
October 2017 | 67% | 95% | 100% | 52% | 50% |
November 2017 | 72% | 100% | – | 52% | 53% |
December 2017 | 56% | 59% | 66% | 54% | 53% |
February 2018 | 9% | 11% | 18% | 8% | 8% |
March 2018 | 21% | 0% | – | 8% | 8% |
April 2018 | 13% | 49% | – | 7% | 8% |
May 2018 | 10% | 15% | 100% | 8% | 8% |
June 2018 | 11% | 22% | – | 8% | 8% |
July 2018 | 10% | 17% | – | 8% | 8% |
Fidelity Simplicity RMD 2020 Fund | |||||
August 2017 | 0% | 0% | – | 0% | 0% |
September 2017 (ex-date 09/06/17) | – | – | – | 45% | 31% |
September 2017 (ex-date 09/15/17) | – | – | – | – | – |
October 2017 | 79% | 100% | 100% | 62% | 65% |
November 2017 | 97% | 100% | – | 63% | 66% |
December 2017 | 68% | 71% | 79% | 63% | 64% |
February 2018 | 13% | 17% | 41% | 10% | 11% |
March 2018 | 45% | – | – | 10% | 13% |
April 2018 | 28% | – | – | 10% | 11% |
May 2018 | 15% | 27% | – | 10% | 10% |
June 2018 | 32% | – | – | 10% | 11% |
July 2018 | 17% | 72% | – | 10% | 11% |
The funds will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.
ASRD-ANN-0918
1.9881725.101
Fidelity Simplicity RMD Income Fund℠ Fidelity Simplicity RMD 2005 Fund℠ Fidelity Simplicity RMD 2010 Fund℠ Fidelity Simplicity RMD 2015 Fund℠ Fidelity Simplicity RMD 2020 Fund℠ Annual Report July 31, 2018 |
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Contents
Fidelity Simplicity RMD Income Fund℠ | |
Fidelity Simplicity RMD 2005 Fund℠ | |
Fidelity Simplicity RMD 2010 Fund℠ | |
Fidelity Simplicity RMD 2015 Fund℠ | |
Fidelity Simplicity RMD 2020 Fund℠ | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
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Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Fidelity Simplicity RMD Income Fund℠
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended July 31, 2018 | Past 1 year | Past 5 years | Past 10 years |
Fidelity Simplicity RMD Income Fund℠ | 2.61% | 4.78% | 5.36% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Simplicity RMD Income Fund℠, a class of the fund, on July 31, 2008.
The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays U.S. Aggregate Bond Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-18-005014/img405574464_740.jpg)
Period Ending Values | ||
$16,855 | Fidelity Simplicity RMD Income Fund℠ | |
$14,424 | Bloomberg Barclays U.S. Aggregate Bond Index |
Fidelity Simplicity RMD 2005 Fund℠
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended July 31, 2018 | Past 1 year | Past 5 years | Past 10 years |
Fidelity Simplicity RMD 2005 Fund℠ | 3.00% | 5.49% | 5.84% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Simplicity RMD 2005 Fund℠, a class of the fund, on July 31, 2008.
The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays U.S. Aggregate Bond Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-18-005014/img405575144_740.jpg)
Period Ending Values | ||
$17,641 | Fidelity Simplicity RMD 2005 Fund℠ | |
$14,424 | Bloomberg Barclays U.S. Aggregate Bond Index |
Fidelity Simplicity RMD 2010 Fund℠
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended July 31, 2018 | Past 1 year | Past 5 years | Past 10 years |
Fidelity Simplicity RMD 2010 Fund℠ | 3.98% | 6.06% | 6.19% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Simplicity RMD 2010 Fund℠, a class of the fund, on July 31, 2008.
The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays U.S. Aggregate Bond Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-18-005014/img405574039_740.jpg)
Period Ending Values | ||
$18,233 | Fidelity Simplicity RMD 2010 Fund℠ | |
$14,424 | Bloomberg Barclays U.S. Aggregate Bond Index |
Fidelity Simplicity RMD 2015 Fund℠
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended July 31, 2018 | Past 1 year | Past 5 years | Past 10 years |
Fidelity Simplicity RMD 2015 Fund℠ | 5.00% | 6.52% | 6.44% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Simplicity RMD 2015 Fund℠, a class of the fund, on July 31, 2008.
The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays U.S. Aggregate Bond Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-18-005014/img405575484_740.jpg)
Period Ending Values | ||
$18,667 | Fidelity Simplicity RMD 2015 Fund℠ | |
$14,424 | Bloomberg Barclays U.S. Aggregate Bond Index |
Fidelity Simplicity RMD 2020 Fund℠
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended July 31, 2018 | Past 1 year | Past 5 years | Past 10 years |
Fidelity Simplicity RMD 2020 Fund℠ | 6.01% | 6.98% | 6.80% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Simplicity RMD 2020 Fund℠, a class of the fund, on July 31, 2008.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index and the Bloomberg Barclays U.S. Aggregate Bond Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-18-005014/img405577524_740.jpg)
Period Ending Values | ||
$19,306 | Fidelity Simplicity RMD 2020 Fund℠ | |
$14,424 | Bloomberg Barclays U.S. Aggregate Bond Index | |
$27,551 | S&P 500® Index |
Going forward, the fund’s performance will be compared to the Bloomberg Barclays U.S. Aggregate Bond Index, rather than the S&P 500® Index. The Bloomberg Barclays U.S. Aggregate Bond Index more closely represents the fund’s investment strategy, as fixed-income and short-term funds currently represent the majority of the fund’s assets.
Management's Discussion of Fund Performance
Market Recap: Steady global economic expansion, along with increased concerns about trade protectionism, rising interest rates and higher volatility set the backdrop for global securities markets for much of the 12 months ending July 31, 2018. The U.S. equity bellwether S&P 500® index gained 16.24%, despite a resurgence in volatility. Stocks maintained their steady growth until a sharp reversal in February, as volatility spiked amid fear that rising inflation would prompt the U.S. Federal Reserve to pick up the pace of interest rate hikes. The index posted its first negative monthly result since October 2016, and then lost further ground in March on fear of a global trade war. The U.S. equity market stabilized in April and trended upward through July, boosted by strong corporate earnings that helped the S&P 500 rise 3.72% that month to cap the period. By sector, information technology (+28%) led the way, boosted by strong earnings growth, while consumer discretionary rose roughly 24%. Energy (+20%) gained alongside higher oil prices. Laggards were telecommunication services (-2%), consumer staples (0%) and utilities (+3%). Looking abroad, the MSCI ACWI (All Country World Index) ex USA Index returned 6.13% for the 12 months. Manufacturing and export activity – plus a generally weak U.S. dollar – underpinned markets early on, as international stocks rose roughly 14% through the end of January. But the index reversed sharply in February and went on to return about -7% for the second half of the period, with much of the loss tied to foreign exchange as the dollar rebounded. For the full 12 months, Japan returned +9%, outperforming the rest of the Asia-Pacific region (+6%). Crude-oil commodity-price strength buoyed Canada (+8%). Europe (5%) lagged the index, while emerging markets posted a similarly moderate gain. In U.S. fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index returned -0.80% this period. Global monetary policy tightened, with the Fed raising policy rates by a quarter percentage point in March and June. The Bank of England signaled a potential rate increase in coming months, and the European Central Bank made plans to end its bond-buying program. Sector performance was in a fairly tight range, with asset-backed securities eking out a gain, while most other index categories modestly declined.Comments from Co-Portfolio Managers Andrew Dierdorf and Brett Sumsion: For the fiscal year, returns for Fidelity Simplicity RMD Funds’ share classes (excluding sales charges, if applicable) ranged from about 2.5% to about 6%, with performance trending higher along the vintage spectrum (i.e., horizon date). Funds with shorter-term horizons – those with more exposure to fixed-income and short-term securities and lower equity exposure – generated lower single-digit returns during the past year. Funds with longer time horizons – those that invest in a greater percentage of equities and less fixed-income and short-term exposure – generated increasingly higher single-digit returns. Versus Composites, each Fidelity Simplicity RMD Fund underperformed this period. The Funds’ underweighting in U.S. equities was the biggest relative detractor. Performance among underlying U.S. equity fund investments also held back the Fidelity Simplicity RMD Funds’ relative results this period. Value and income-oriented fund strategies generally underperformed growth-oriented investments, due largely to a market environment that favored highly priced growth stocks over value stocks. Conversely, the Funds’ overweighting in non-U.S. equities added value relative to Composites. In addition, the Funds benefited from fixed-income positioning. In particular, outperformance and an underweighting within investment-grade debt was helpful.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report 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 Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Notes to Shareholders: At its May 2018 meeting, the Board of Trustees approved incremental updates to the strategic asset allocation (i.e., glide path) of Fidelity Simplicity RMD Funds, adding U.S. Treasury Inflation-Protected Securities and long-term U.S. Treasury bonds as fixed exposures in the Funds’ bond allocations, while reducing the equity and short-term debt allocations for shorter-dated Portfolios. These glide path updates are expected to be fully implemented by the end of 2018.The Funds’ short-term benchmark changed from Bloomberg Barclays 3-Month Treasury Bellwether to the Bloomberg Barclays U.S. 3-6 Month Treasury Index. The new index has a similar risk/return profile but increased relative liquidity.
Fidelity Simplicity RMD Income Fund℠
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.Top Holdings as of July 31, 2018
% of fund's net assets | |
Fidelity Series Investment Grade Bond Fund | 37.2 |
Fidelity Series Government Money Market Fund 1.98% | 20.2 |
Fidelity Series Inflation-Protected Bond Index Fund | 10.5 |
Fidelity Series Short-Term Credit Fund | 5.1 |
Fidelity Series Long-Term Treasury Bond Index Fund | 3.6 |
Fidelity Series Emerging Markets Opportunities Fund | 3.1 |
Fidelity Series International Value Fund | 2.3 |
Fidelity Series International Growth Fund | 2.2 |
Fidelity Series Commodity Strategy Fund | 2.0 |
Fidelity Series Intrinsic Opportunities Fund | 1.8 |
88.0 |
Asset Allocation (% of fund's net assets)
Period end | ||
Domestic Equity Funds | 12.5% | |
International Equity Funds | 8.3% | |
Bond Funds | 53.9% | |
Short-Term Funds | 25.3% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Simplicity RMD Income Fund℠
Schedule of Investments July 31, 2018
Showing Percentage of Net Assets
Domestic Equity Funds - 12.5% | |||
Shares | Value | ||
Fidelity Series 100 Index Fund (a) | 26 | $471 | |
Fidelity Series All-Sector Equity Fund (a) | 7,391 | 97,191 | |
Fidelity Series Blue Chip Growth Fund (a) | 6,460 | 102,773 | |
Fidelity Series Commodity Strategy Fund (a) | 52,468 | 279,656 | |
Fidelity Series Growth & Income Fund (a) | 13,570 | 221,865 | |
Fidelity Series Growth Company Fund(a) | 11,007 | 207,803 | |
Fidelity Series Intrinsic Opportunities Fund (a) | 13,120 | 246,530 | |
Fidelity Series Large Cap Value Index Fund (a) | 4,774 | 61,970 | |
Fidelity Series Opportunistic Insights Fund (a) | 5,900 | 111,929 | |
Fidelity Series Small Cap Discovery Fund (a) | 2,481 | 30,241 | |
Fidelity Series Small Cap Opportunities Fund (a) | 6,002 | 92,785 | |
Fidelity Series Stock Selector Large Cap Value Fund (a) | 13,009 | 169,371 | |
Fidelity Series Value Discovery Fund (a) | 8,850 | 119,833 | |
TOTAL DOMESTIC EQUITY FUNDS | |||
(Cost $1,593,808) | 1,742,418 | ||
International Equity Funds - 8.3% | |||
Fidelity Series Canada Fund (a) | 2,950 | 32,007 | |
Fidelity Series Emerging Markets Opportunities Fund (a) | 21,178 | 427,797 | |
Fidelity Series International Growth Fund (a) | 19,183 | 313,833 | |
Fidelity Series International Small Cap Fund (a) | 4,166 | 75,281 | |
Fidelity Series International Value Fund (a) | 29,846 | 314,871 | |
TOTAL INTERNATIONAL EQUITY FUNDS | |||
(Cost $1,104,488) | 1,163,789 | ||
Bond Funds - 53.9% | |||
Fidelity Series Emerging Markets Debt Fund (a) | 8,471 | 82,085 | |
Fidelity Series Floating Rate High Income Fund (a) | 3,684 | 34,999 | |
Fidelity Series High Income Fund (a) | 19,116 | 182,746 | |
Fidelity Series Inflation-Protected Bond Index Fund (a) | 150,867 | 1,466,423 | |
Fidelity Series International Credit Fund (a) | 519 | 5,097 | |
Fidelity Series Investment Grade Bond Fund (a) | 474,926 | 5,190,940 | |
Fidelity Series Long-Term Treasury Bond Index Fund (a) | 59,131 | 497,290 | |
Fidelity Series Real Estate Income Fund (a) | 6,046 | 66,330 | |
TOTAL BOND FUNDS | |||
(Cost $7,692,849) | 7,525,910 | ||
Short-Term Funds - 25.3% | |||
Fidelity Series Government Money Market Fund 1.98% (a)(b) | 2,821,826 | 2,821,826 | |
Fidelity Series Short-Term Credit Fund (a) | 71,590 | 705,877 | |
TOTAL SHORT-TERM FUNDS | |||
(Cost $3,535,785) | 3,527,703 | ||
TOTAL INVESTMENT IN SECURITIES - 100.0% | |||
(Cost $13,926,930) | 13,959,820 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (5,659) | ||
NET ASSETS - 100% | $13,954,161 |
Legend
(a) Affiliated Fund
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds, excluding any Money Market Central Funds, is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur.
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Fidelity Series 100 Index Fund | $48,809 | $22,107 | $74,680 | $1,166 | $24,813 | $(20,578) | $471 |
Fidelity Series All-Sector Equity Fund | 91,767 | 73,305 | 67,865 | 15,232 | (500) | 484 | 97,191 |
Fidelity Series Blue Chip Growth Fund | 92,951 | 71,532 | 75,711 | 11,085 | 2,002 | 11,999 | 102,773 |
Fidelity Series Canada Fund | -- | 47,835 | 16,854 | 359 | 17 | 1,009 | 32,007 |
Fidelity Series Commodity Strategy Fund | 211,763 | 166,269 | 101,576 | 1,289 | (887) | 4,087 | 279,656 |
Fidelity Series Emerging Markets Debt Fund | 61,666 | 46,697 | 21,381 | 5,076 | (213) | (4,684) | 82,085 |
Fidelity Series Emerging Markets Opportunities Fund | 490,145 | 263,237 | 337,844 | 11,845 | 17,004 | (4,745) | 427,797 |
Fidelity Series Floating Rate High Income Fund | 25,746 | 18,703 | 9,342 | 1,587 | (9) | (99) | 34,999 |
Fidelity Series Government Money Market Fund 1.98% | 2,030,693 | 2,109,892 | 1,318,759 | 40,279 | -- | -- | 2,821,826 |
Fidelity Series Growth & Income Fund | 214,553 | 147,374 | 157,936 | 13,887 | 2,440 | 15,434 | 221,865 |
Fidelity Series Growth Company Fund | 183,716 | 141,337 | 145,073 | 20,352 | 3,493 | 24,330 | 207,803 |
Fidelity Series High Income Fund | 154,714 | 102,252 | 70,805 | 11,216 | (479) | (2,936) | 182,746 |
Fidelity Series Inflation-Protected Bond Index Fund | 392,177 | 1,236,887 | 153,039 | 10,215 | (791) | (8,811) | 1,466,423 |
Fidelity Series International Credit Fund | 4,963 | 221 | -- | 126 | -- | (54) | 5,097 |
Fidelity Series International Growth Fund | 298,725 | 188,139 | 188,837 | 10,131 | 757 | 15,049 | 313,833 |
Fidelity Series International Small Cap Fund | 68,692 | 47,790 | 43,899 | 4,806 | 375 | 2,323 | 75,281 |
Fidelity Series International Value Fund | 302,189 | 195,519 | 183,208 | 10,114 | (171) | 542 | 314,871 |
Fidelity Series Intrinsic Opportunities Fund | 212,114 | 151,512 | 138,580 | 10,875 | 1,974 | 19,510 | 246,530 |
Fidelity Series Investment Grade Bond Fund | 3,875,896 | 2,834,330 | 1,363,523 | 140,535 | (9,409) | (146,354) | 5,190,940 |
Fidelity Series Large Cap Value Index Fund | 59,653 | 40,117 | 40,948 | 2,852 | 141 | 3,007 | 61,970 |
Fidelity Series Long-Term Treasury Bond Index Fund | 95,279 | 557,729 | 143,149 | 6,258 | (4,157) | (8,412) | 497,290 |
Fidelity Series Opportunistic Insights Fund | 102,882 | 82,148 | 81,177 | 15,710 | 1,111 | 6,965 | 111,929 |
Fidelity Series Real Estate Equity Fund | 18,859 | 9,921 | 27,362 | 1,335 | (1,021) | (397) | -- |
Fidelity Series Real Estate Income Fund | 48,806 | 35,925 | 16,746 | 3,745 | (184) | (1,471) | 66,330 |
Fidelity Series Short-Term Credit Fund | 863,477 | 460,040 | 607,681 | 15,316 | (1,844) | (8,115) | 705,877 |
Fidelity Series Small Cap Discovery Fund | 27,473 | 19,591 | 17,884 | 2,108 | (45) | 1,106 | 30,241 |
Fidelity Series Small Cap Opportunities Fund | 82,893 | 62,507 | 59,965 | 9,709 | 675 | 6,675 | 92,785 |
Fidelity Series Stock Selector Large Cap Value Fund | 160,891 | 116,535 | 107,014 | 14,925 | (917) | (124) | 169,371 |
Fidelity Series Value Discovery Fund | 113,333 | 80,839 | 75,754 | 7,229 | (219) | 1,634 | 119,833 |
$10,334,825 | $9,330,290 | $5,646,592 | $399,362 | $33,956 | $(92,626) | $13,959,820 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD Income Fund℠
Financial Statements
Statement of Assets and Liabilities
July 31, 2018 | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: | ||
Affiliated issuers (cost $13,926,930) | $13,959,820 | |
Total Investment in Securities (cost $13,926,930) | $13,959,820 | |
Cash | 1 | |
Receivable for investments sold | 650,122 | |
Receivable for fund shares sold | 360 | |
Total assets | 14,610,303 | |
Liabilities | ||
Payable for investments purchased | $650,781 | |
Accrued management fee | 5,165 | |
Distribution and service plan fees payable | 196 | |
Total liabilities | 656,142 | |
Net Assets | $13,954,161 | |
Net Assets consist of: | ||
Paid in capital | $13,824,613 | |
Undistributed net investment income | 19,816 | |
Accumulated undistributed net realized gain (loss) on investments | 76,842 | |
Net unrealized appreciation (depreciation) on investments | 32,890 | |
Net Assets | $13,954,161 | |
Calculation of Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($197,510 ÷ 3,428.12 shares) | $57.61 | |
Maximum offering price per share (100/94.25 of $57.61) | $61.12 | |
Class M: | ||
Net Asset Value and redemption price per share ($124,191 ÷ 2,156.32 shares) | $57.59 | |
Maximum offering price per share (100/96.50 of $57.59) | $59.68 | |
Class C: | ||
Net Asset Value and offering price per share ($123,430 ÷ 2,152.47 shares)(a) | $57.34 | |
Fidelity Simplicity RMD Income: | ||
Net Asset Value, offering price and redemption price per share ($13,456,767 ÷ 233,583.54 shares) | $57.61 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($52,263 ÷ 907.11 shares) | $57.61 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended July 31, 2018 | ||
Investment Income | ||
Dividends: | ||
Affiliated issuers | $267,057 | |
Expenses | ||
Management fee | $56,260 | |
Distribution and service plan fees | 2,533 | |
Independent trustees' fees and expenses | 47 | |
Total expenses before reductions | 58,840 | |
Expense reductions | (180) | |
Total expenses after reductions | 58,660 | |
Net investment income (loss) | 208,397 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Affiliated issuers | 33,956 | |
Capital gain distributions from underlying funds: | ||
Affiliated issuers | 132,305 | |
Total net realized gain (loss) | 166,261 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Affiliated issuers | (92,626) | |
Total change in net unrealized appreciation (depreciation) | (92,626) | |
Net gain (loss) | 73,635 | |
Net increase (decrease) in net assets resulting from operations | $282,032 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended July 31, 2018 | Year ended July 31, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $208,397 | $152,983 |
Net realized gain (loss) | 166,261 | 759,810 |
Change in net unrealized appreciation (depreciation) | (92,626) | (306,710) |
Net increase (decrease) in net assets resulting from operations | 282,032 | 606,083 |
Distributions to shareholders from net investment income | (200,292) | (143,336) |
Distributions to shareholders from net realized gain | (739,151) | (31,846) |
Total distributions | (939,443) | (175,182) |
Share transactions - net increase (decrease) | 4,280,792 | 589,507 |
Total increase (decrease) in net assets | 3,623,381 | 1,020,408 |
Net Assets | ||
Beginning of period | 10,330,780 | 9,310,372 |
End of period | $13,954,161 | $10,330,780 |
Other Information | ||
Undistributed net investment income end of period | $19,816 | $11,984 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Simplicity RMD Income Fund Class A
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $61.21 | $58.63 | $59.28 | $58.28 | $54.77 |
Income from Investment Operations | |||||
Net investment income (loss)A | .871 | .776 | .779 | .718 | .718 |
Net realized and unrealized gain (loss) | .511 | 2.694 | .322 | 1.623 | 3.808 |
Total from investment operations | 1.382 | 3.470 | 1.101 | 2.341 | 4.526 |
Distributions from net investment income | (.832) | (.711) | (.768) | (.704) | (.677) |
Distributions from net realized gain | (4.150) | (.179) | (.983) | (.637) | (.339) |
Total distributions | (4.982) | (.890) | (1.751) | (1.341) | (1.016) |
Net asset value, end of period | $57.61 | $61.21 | $58.63 | $59.28 | $58.28 |
Total ReturnB,C | 2.36% | 5.99% | 1.99% | 4.06% | 8.32% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .72% | .33% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .72% | .33% | .25% | .25% | .25% |
Expenses net of all reductions | .71% | .33% | .25% | .25% | .25% |
Net investment income (loss) | 1.50% | 1.31% | 1.37% | 1.22% | 1.27% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $198 | $195 | $190 | $467 | $220 |
Portfolio turnover rateE | 46% | 128% | 49% | 29% | 30% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amounts do not include the activity of the Underlying Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD Income Fund Class M
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $61.18 | $58.61 | $59.27 | $58.27 | $54.78 |
Income from Investment Operations | |||||
Net investment income (loss)A | .727 | .627 | .640 | .572 | .579 |
Net realized and unrealized gain (loss) | .513 | 2.695 | .310 | 1.631 | 3.796 |
Total from investment operations | 1.240 | 3.322 | .950 | 2.203 | 4.375 |
Distributions from net investment income | (.680) | (.573) | (.627) | (.566) | (.546) |
Distributions from net realized gain | (4.150) | (.179) | (.983) | (.637) | (.339) |
Total distributions | (4.830) | (.752) | (1.610) | (1.203) | (.885) |
Net asset value, end of period | $57.59 | $61.18 | $58.61 | $59.27 | $58.27 |
Total ReturnB,C | 2.11% | 5.73% | 1.72% | 3.82% | 8.04% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .96%F | .58% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .96%F | .58% | .50% | .50% | .50% |
Expenses net of all reductions | .96%F | .58% | .50% | .50% | .50% |
Net investment income (loss) | 1.25% | 1.06% | 1.12% | .97% | 1.02% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $124 | $147 | $153 | $334 | $190 |
Portfolio turnover rateE | 46% | 128% | 49% | 29% | 30% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amounts do not include the activity of the Underlying Funds.
F On certain classes, the size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD Income Fund Class C
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $60.93 | $58.41 | $59.07 | $58.11 | $54.66 |
Income from Investment Operations | |||||
Net investment income (loss)A | .433 | .329 | .351 | .276 | .295 |
Net realized and unrealized gain (loss) | .510 | 2.685 | .321 | 1.618 | 3.791 |
Total from investment operations | .943 | 3.014 | .672 | 1.894 | 4.086 |
Distributions from net investment income | (.383) | (.315) | (.349) | (.297) | (.297) |
Distributions from net realized gain | (4.150) | (.179) | (.983) | (.637) | (.339) |
Total distributions | (4.533) | (.494) | (1.332) | (.934) | (.636) |
Net asset value, end of period | $57.34 | $60.93 | $58.41 | $59.07 | $58.11 |
Total ReturnB,C | 1.60% | 5.20% | 1.23% | 3.29% | 7.51% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.47% | 1.08% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.47% | 1.08% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.46% | 1.08% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .75% | .56% | .62% | .47% | .52% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $123 | $150 | $159 | $168 | $156 |
Portfolio turnover rateE | 46% | 128% | 49% | 29% | 30% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the contingent deferred sales charge.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amounts do not include the activity of the Underlying Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD Income Fund
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $61.22 | $58.62 | $59.28 | $58.27 | $54.77 |
Income from Investment Operations | |||||
Net investment income (loss)A | 1.013 | .923 | .920 | .866 | .866 |
Net realized and unrealized gain (loss) | .513 | 2.703 | .317 | 1.628 | 3.805 |
Total from investment operations | 1.526 | 3.626 | 1.237 | 2.494 | 4.671 |
Distributions from net investment income | (.986) | (.847) | (.914) | (.847) | (.832) |
Distributions from net realized gain | (4.150) | (.179) | (.983) | (.637) | (.339) |
Total distributions | (5.136) | (1.026) | (1.897) | (1.484) | (1.171) |
Net asset value, end of period | $57.61 | $61.22 | $58.62 | $59.28 | $58.27 |
Total ReturnB | 2.61% | 6.27% | 2.24% | 4.33% | 8.60% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .47% | .08% | - %E | - %E | - %E |
Expenses net of fee waivers, if any | .47% | .08% | -% | -% | -% |
Expenses net of all reductions | .46% | .08% | -% | -% | -% |
Net investment income (loss) | 1.74% | 1.56% | 1.62% | 1.47% | 1.52% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $13,457 | $9,783 | $8,756 | $9,139 | $6,818 |
Portfolio turnover rateD | 46% | 128% | 49% | 29% | 30% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
D Amounts do not include the activity of the Underlying Funds.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD Income Fund Class I
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $61.21 | $58.62 | $59.27 | $58.26 | $54.77 |
Income from Investment Operations | |||||
Net investment income (loss)A | 1.017 | .924 | .921 | .864 | .863 |
Net realized and unrealized gain (loss) | .510 | 2.692 | .326 | 1.630 | 3.798 |
Total from investment operations | 1.527 | 3.616 | 1.247 | 2.494 | 4.661 |
Distributions from net investment income | (.977) | (.847) | (.914) | (.847) | (.832) |
Distributions from net realized gain | (4.150) | (.179) | (.983) | (.637) | (.339) |
Total distributions | (5.127) | (1.026) | (1.897) | (1.484) | (1.171) |
Net asset value, end of period | $57.61 | $61.21 | $58.62 | $59.27 | $58.26 |
Total ReturnB | 2.62% | 6.25% | 2.26% | 4.33% | 8.58% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .46%E | .08% | - %F | - %F | - %F |
Expenses net of fee waivers, if any | .46%E | .08% | -% | -% | -% |
Expenses net of all reductions | .46%E | .08% | -% | -% | -% |
Net investment income (loss) | 1.75% | 1.55% | 1.62% | 1.47% | 1.52% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $52 | $56 | $53 | $68 | $30 |
Portfolio turnover rateD | 46% | 128% | 49% | 29% | 30% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
D Amounts do not include the activity of the Underlying Funds.
E On certain classes, the size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
F Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2005 Fund℠
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.Top Holdings as of July 31, 2018
% of fund's net assets | |
Fidelity Series Investment Grade Bond Fund | 36.4 |
Fidelity Series Government Money Market Fund 1.98% | 19.2 |
Fidelity Series Inflation-Protected Bond Index Fund | 9.8 |
Fidelity Series Short-Term Credit Fund | 4.8 |
Fidelity Series Long-Term Treasury Bond Index Fund | 3.7 |
Fidelity Series Emerging Markets Opportunities Fund | 3.5 |
Fidelity Series International Value Fund | 2.5 |
Fidelity Series International Growth Fund | 2.5 |
Fidelity Series Intrinsic Opportunities Fund | 2.0 |
Fidelity Series Commodity Strategy Fund | 2.0 |
86.4 |
Asset Allocation (% of fund's net assets)
Period end | ||
Domestic Equity Funds | 14.1% | |
International Equity Funds | 9.3% | |
Bond Funds | 52.6% | |
Short-Term Funds | 24.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Simplicity RMD 2005 Fund℠
Schedule of Investments July 31, 2018
Showing Percentage of Net Assets
Domestic Equity Funds - 14.1% | |||
Shares | Value | ||
Fidelity Series 100 Index Fund (a) | 60 | $1,106 | |
Fidelity Series All-Sector Equity Fund (a) | 11,236 | 147,757 | |
Fidelity Series Blue Chip Growth Fund (a) | 9,821 | 156,251 | |
Fidelity Series Commodity Strategy Fund (a) | 68,822 | 366,824 | |
Fidelity Series Growth & Income Fund (a) | 20,636 | 337,395 | |
Fidelity Series Growth Company Fund (a) | 16,738 | 316,008 | |
Fidelity Series Intrinsic Opportunities Fund (a) | 19,955 | 374,960 | |
Fidelity Series Large Cap Value Index Fund (a) | 7,256 | 94,186 | |
Fidelity Series Opportunistic Insights Fund (a) | 8,971 | 170,179 | |
Fidelity Series Small Cap Discovery Fund (a) | 3,767 | 45,924 | |
Fidelity Series Small Cap Opportunities Fund (a) | 9,124 | 141,051 | |
Fidelity Series Stock Selector Large Cap Value Fund (a) | 19,781 | 257,548 | |
Fidelity Series Value Discovery Fund (a) | 13,457 | 182,201 | |
TOTAL DOMESTIC EQUITY FUNDS | |||
(Cost $2,334,910) | 2,591,390 | ||
International Equity Funds - 9.3% | |||
Fidelity Series Canada Fund (a) | 4,252 | 46,136 | |
Fidelity Series Emerging Markets Opportunities Fund (a) | 31,591 | 638,146 | |
Fidelity Series International Growth Fund (a) | 27,700 | 453,174 | |
Fidelity Series International Small Cap Fund (a) | 6,012 | 108,636 | |
Fidelity Series International Value Fund (a) | 43,097 | 454,676 | |
TOTAL INTERNATIONAL EQUITY FUNDS | |||
(Cost $1,607,786) | 1,700,768 | ||
Bond Funds - 52.6% | |||
Fidelity Series Emerging Markets Debt Fund (a) | 11,070 | 107,270 | |
Fidelity Series Floating Rate High Income Fund (a) | 4,832 | 45,903 | |
Fidelity Series High Income Fund (a) | 25,065 | 239,624 | |
Fidelity Series Inflation-Protected Bond Index Fund (a) | 183,931 | 1,787,809 | |
Fidelity Series International Credit Fund (a) | 980 | 9,635 | |
Fidelity Series Investment Grade Bond Fund (a) | 610,261 | 6,670,148 | |
Fidelity Series Long-Term Treasury Bond Index Fund (a) | 81,354 | 684,188 | |
Fidelity Series Real Estate Income Fund (a) | 7,885 | 86,493 | |
TOTAL BOND FUNDS | |||
(Cost $9,882,072) | 9,631,070 | ||
Short-Term Funds - 24.0% | |||
Fidelity Series Government Money Market Fund 1.98% (a)(b) | 3,522,899 | 3,522,899 | |
Fidelity Series Short-Term Credit Fund (a) | 89,368 | 881,164 | |
TOTAL SHORT-TERM FUNDS | |||
(Cost $4,415,985) | 4,404,063 | ||
TOTAL INVESTMENT IN SECURITIES - 100.0% | |||
(Cost $18,240,753) | 18,327,291 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (7,742) | ||
NET ASSETS - 100% | $18,319,549 |
Legend
(a) Affiliated Fund
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds, excluding any Money Market Central Funds, is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur.
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Fidelity Series 100 Index Fund | $119,243 | $15,455 | $142,242 | $2,213 | $59,190 | $(50,540) | $1,106 |
Fidelity Series All-Sector Equity Fund | 224,142 | 52,803 | 130,821 | 27,910 | 2,857 | (1,224) | 147,757 |
Fidelity Series Blue Chip Growth Fund | 226,996 | 49,486 | 145,643 | 23,979 | 9,535 | 15,877 | 156,251 |
Fidelity Series Canada Fund | -- | 74,610 | 30,392 | 646 | 295 | 1,623 | 46,136 |
Fidelity Series Commodity Strategy Fund | 427,033 | 87,839 | 155,803 | 2,170 | 2,186 | 5,569 | 366,824 |
Fidelity Series Emerging Markets Debt Fund | 125,284 | 24,478 | 35,059 | 8,230 | (382) | (7,051) | 107,270 |
Fidelity Series Emerging Markets Opportunities Fund | 1,075,333 | 181,200 | 657,357 | 20,605 | 63,705 | (24,735) | 638,146 |
Fidelity Series Floating Rate High Income Fund | 52,310 | 8,711 | 14,899 | 2,551 | (26) | (193) | 45,903 |
Fidelity Series Government Money Market Fund 1.98% | 3,768,240 | 1,500,402 | 1,745,743 | 59,207 | -- | -- | 3,522,899 |
Fidelity Series Growth & Income Fund | 524,118 | 86,686 | 305,633 | 28,661 | 13,782 | 18,442 | 337,395 |
Fidelity Series Growth Company Fund | 450,979 | 89,220 | 282,137 | 38,631 | 27,869 | 30,077 | 316,008 |
Fidelity Series High Income Fund | 314,318 | 50,345 | 119,464 | 18,155 | (1,046) | (4,529) | 239,624 |
Fidelity Series Inflation-Protected Bond Index Fund | 756,769 | 1,253,673 | 209,189 | 15,663 | (938) | (12,506) | 1,787,809 |
Fidelity Series International Credit Fund | 10,427 | 321 | 934 | 253 | (9) | (102) | 9,635 |
Fidelity Series International Growth Fund | 691,601 | 92,737 | 364,702 | 18,363 | 15,798 | 17,740 | 453,174 |
Fidelity Series International Small Cap Fund | 159,075 | 26,582 | 83,296 | 8,693 | 4,757 | 1,518 | 108,636 |
Fidelity Series International Value Fund | 699,870 | 101,217 | 350,770 | 18,332 | 10,741 | (6,382) | 454,676 |
Fidelity Series Intrinsic Opportunities Fund | 530,195 | 84,089 | 279,724 | 24,248 | 14,839 | 25,561 | 374,960 |
Fidelity Series Investment Grade Bond Fund | 7,613,077 | 1,303,471 | 2,008,752 | 221,407 | (17,392) | (220,256) | 6,670,148 |
Fidelity Series Large Cap Value Index Fund | 145,677 | 21,616 | 79,365 | 5,366 | 3,321 | 2,937 | 94,186 |
Fidelity Series Long-Term Treasury Bond Index Fund | 191,225 | 717,325 | 204,750 | 10,119 | (5,595) | (14,017) | 684,188 |
Fidelity Series Opportunistic Insights Fund | 251,280 | 57,681 | 156,410 | 29,772 | 10,101 | 7,527 | 170,179 |
Fidelity Series Real Estate Equity Fund | 45,923 | 8,119 | 51,063 | 2,359 | (1,981) | (998) | -- |
Fidelity Series Real Estate Income Fund | 99,248 | 17,822 | 27,480 | 6,239 | (302) | (2,795) | 86,493 |
Fidelity Series Short-Term Credit Fund | 1,590,843 | 212,065 | 906,512 | 22,973 | (3,298) | (11,934) | 881,164 |
Fidelity Series Small Cap Discovery Fund | 67,093 | 11,290 | 35,071 | 3,694 | 1,445 | 1,167 | 45,924 |
Fidelity Series Small Cap Opportunities Fund | 202,458 | 43,262 | 117,217 | 20,568 | 9,369 | 3,179 | 141,051 |
Fidelity Series Stock Selector Large Cap Value Fund | 393,010 | 71,896 | 206,623 | 27,687 | 3,474 | (4,209) | 257,548 |
Fidelity Series Value Discovery Fund | 276,873 | 44,894 | 142,286 | 13,671 | 2,106 | 614 | 182,201 |
$21,032,640 | $6,289,295 | $8,989,337 | $682,365 | $224,401 | $(229,640) | $18,327,291 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2005 Fund℠
Financial Statements
Statement of Assets and Liabilities
July 31, 2018 | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: | ||
Affiliated issuers (cost $18,240,753) | $18,327,291 | |
Total Investment in Securities (cost $18,240,753) | $18,327,291 | |
Cash | 2 | |
Receivable for investments sold | 857,259 | |
Total assets | 19,184,552 | |
Liabilities | ||
Payable for investments purchased | $856,193 | |
Payable for fund shares redeemed | 1,066 | |
Accrued management fee | 7,547 | |
Distribution and service plan fees payable | 197 | |
Total liabilities | 865,003 | |
Net Assets | $18,319,549 | |
Net Assets consist of: | ||
Paid in capital | $17,931,093 | |
Undistributed net investment income | 26,695 | |
Accumulated undistributed net realized gain (loss) on investments | 275,223 | |
Net unrealized appreciation (depreciation) on investments | 86,538 | |
Net Assets | $18,319,549 | |
Calculation of Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($121,233 ÷ 2,088.88 shares) | $58.04 | |
Maximum offering price per share (100/94.25 of $58.04) | $61.58 | |
Class M: | ||
Net Asset Value and redemption price per share ($367,186 ÷ 6,332.77 shares) | $57.98 | |
Maximum offering price per share (100/96.50 of $57.98) | $60.08 | |
Class C: | ||
Net Asset Value and offering price per share ($22,415 ÷ 388.13 shares)(a) | $57.75 | |
Fidelity Simplicity RMD 2005: | ||
Net Asset Value, offering price and redemption price per share ($17,775,337 ÷ 306,464.82 shares) | $58.00 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($33,378 ÷ 575.40 shares) | $58.01 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended July 31, 2018 | ||
Investment Income | ||
Dividends: | ||
Affiliated issuers | $428,926 | |
Expenses | ||
Management fee | $96,118 | |
Distribution and service plan fees | 2,920 | |
Independent trustees' fees and expenses | 79 | |
Total expenses before reductions | 99,117 | |
Expense reductions | (179) | |
Total expenses after reductions | 98,938 | |
Net investment income (loss) | 329,988 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Affiliated issuers | 224,401 | |
Capital gain distributions from underlying funds: | ||
Affiliated issuers | 253,439 | |
Total net realized gain (loss) | 477,840 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Affiliated issuers | (229,640) | |
Total change in net unrealized appreciation (depreciation) | (229,640) | |
Net gain (loss) | 248,200 | |
Net increase (decrease) in net assets resulting from operations | $578,188 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended July 31, 2018 | Year ended July 31, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $329,988 | $393,698 |
Net realized gain (loss) | 477,840 | 2,490,450 |
Change in net unrealized appreciation (depreciation) | (229,640) | (1,018,995) |
Net increase (decrease) in net assets resulting from operations | 578,188 | 1,865,153 |
Distributions to shareholders from net investment income | (326,711) | (376,638) |
Distributions to shareholders from net realized gain | (2,298,356) | (164,913) |
Total distributions | (2,625,067) | (541,551) |
Share transactions - net increase (decrease) | (657,215) | (9,825,354) |
Total increase (decrease) in net assets | (2,704,094) | (8,501,752) |
Net Assets | ||
Beginning of period | 21,023,643 | 29,525,395 |
End of period | $18,319,549 | $21,023,643 |
Other Information | ||
Undistributed net investment income end of period | $26,695 | $24,291 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Simplicity RMD 2005 Fund Class A
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.49 | $60.95 | $61.71 | $59.76 | $55.54 |
Income from Investment Operations | |||||
Net investment income (loss)A | .872 | .826 | .815 | .758 | .733 |
Net realized and unrealized gain (loss) | .778 | 3.839 | .196 | 2.089 | 4.363 |
Total from investment operations | 1.650 | 4.665 | 1.011 | 2.847 | 5.096 |
Distributions from net investment income | (.809) | (.766) | (.798) | (.749) | (.713) |
Distributions from net realized gain | (7.291) | (.359) | (.973) | (.148) | (.163) |
Total distributions | (8.100) | (1.125) | (1.771) | (.897) | (.876) |
Net asset value, end of period | $58.04 | $64.49 | $60.95 | $61.71 | $59.76 |
Total ReturnB,C | 2.77% | 7.77% | 1.78% | 4.79% | 9.23% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .74% | .32% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .74% | .32% | .25% | .25% | .25% |
Expenses net of all reductions | .73% | .32% | .25% | .25% | .25% |
Net investment income (loss) | 1.46% | 1.33% | 1.38% | 1.24% | 1.25% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $121 | $343 | $494 | $832 | $699 |
Portfolio turnover rateE | 32% | 102% | 47% | 28% | 18% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amounts do not include the activity of the Underlying Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2005 Fund Class M
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.47 | $60.94 | $61.71 | $59.77 | $55.55 |
Income from Investment Operations | |||||
Net investment income (loss)A | .707 | .671 | .667 | .604 | .580 |
Net realized and unrealized gain (loss) | .786 | 3.842 | .189 | 2.087 | 4.379 |
Total from investment operations | 1.493 | 4.513 | .856 | 2.691 | 4.959 |
Distributions from net investment income | (.692) | (.624) | (.653) | (.603) | (.576) |
Distributions from net realized gain | (7.291) | (.359) | (.973) | (.148) | (.163) |
Total distributions | (7.983) | (.983) | (1.626) | (.751) | (.739) |
Net asset value, end of period | $57.98 | $64.47 | $60.94 | $61.71 | $59.77 |
Total ReturnB,C | 2.49% | 7.50% | 1.51% | 4.52% | 8.97% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .99% | .57% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .99% | .57% | .50% | .50% | .50% |
Expenses net of all reductions | .99% | .57% | .50% | .50% | .50% |
Net investment income (loss) | 1.20% | 1.08% | 1.13% | .99% | 1.00% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $367 | $380 | $419 | $466 | $338 |
Portfolio turnover rateE | 32% | 102% | 47% | 28% | 18% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amounts do not include the activity of the Underlying Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2005 Fund Class C
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.21 | $60.72 | $61.52 | $59.65 | $55.49 |
Income from Investment Operations | |||||
Net investment income (loss)A | .414 | .360 | .370 | .296 | .293 |
Net realized and unrealized gain (loss) | .774 | 3.828 | .197 | 2.081 | 4.369 |
Total from investment operations | 1.188 | 4.188 | .567 | 2.377 | 4.662 |
Distributions from net investment income | (.357) | (.339) | (.394) | (.359) | (.339) |
Distributions from net realized gain | (7.291) | (.359) | (.973) | (.148) | (.163) |
Total distributions | (7.648) | (.698) | (1.367) | (.507) | (.502) |
Net asset value, end of period | $57.75 | $64.21 | $60.72 | $61.52 | $59.65 |
Total ReturnB,C | 1.98% | 6.97% | 1.02% | 4.00% | 8.43% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.49% | 1.07% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.49% | 1.07% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.49% | 1.07% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .70% | .58% | .63% | .49% | .50% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $22 | $76 | $213 | $177 | $37 |
Portfolio turnover rateE | 32% | 102% | 47% | 28% | 18% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the contingent deferred sales charge.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amounts do not include the activity of the Underlying Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2005 Fund
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.50 | $60.94 | $61.71 | $59.76 | $55.54 |
Income from Investment Operations | |||||
Net investment income (loss)A | 1.002 | .981 | .959 | .910 | .874 |
Net realized and unrealized gain (loss) | .780 | 3.850 | .194 | 2.088 | 4.376 |
Total from investment operations | 1.782 | 4.831 | 1.153 | 2.998 | 5.250 |
Distributions from net investment income | (.991) | (.912) | (.950) | (.900) | (.867) |
Distributions from net realized gain | (7.291) | (.359) | (.973) | (.148) | (.163) |
Total distributions | (8.282) | (1.271) | (1.923) | (1.048) | (1.030) |
Net asset value, end of period | $58.00 | $64.50 | $60.94 | $61.71 | $59.76 |
Total ReturnB | 3.00% | 8.05% | 2.03% | 5.05% | 9.52% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .49% | .07% | - %E | - %E | - %E |
Expenses net of fee waivers, if any | .49% | .07% | -% | -% | -% |
Expenses net of all reductions | .49% | .07% | -% | -% | -% |
Net investment income (loss) | 1.70% | 1.58% | 1.63% | 1.49% | 1.50% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $17,775 | $20,180 | $28,337 | $26,020 | $21,766 |
Portfolio turnover rateD | 32% | 102% | 47% | 28% | 18% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
D Amounts do not include the activity of the Underlying Funds.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2005 Fund Class I
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.50 | $60.94 | $61.71 | $59.76 | $55.54 |
Income from Investment Operations | |||||
Net investment income (loss)A | 1.005 | .980 | .978 | .906 | .871 |
Net realized and unrealized gain (loss) | .781 | 3.851 | .175 | 2.092 | 4.379 |
Total from investment operations | 1.786 | 4.831 | 1.153 | 2.998 | 5.250 |
Distributions from net investment income | (.985) | (.912) | (.950) | (.900) | (.867) |
Distributions from net realized gain | (7.291) | (.359) | (.973) | (.148) | (.163) |
Total distributions | (8.276) | (1.271) | (1.923) | (1.048) | (1.030) |
Net asset value, end of period | $58.01 | $64.50 | $60.94 | $61.71 | $59.76 |
Total ReturnB | 3.00% | 8.05% | 2.03% | 5.05% | 9.52% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .49% | .07% | - %E | - %E | - %E |
Expenses net of fee waivers, if any | .49% | .07% | -% | -% | -% |
Expenses net of all reductions | .49% | .07% | -% | -% | -% |
Net investment income (loss) | 1.70% | 1.58% | 1.63% | 1.49% | 1.50% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $33 | $44 | $62 | $300 | $91 |
Portfolio turnover rateD | 32% | 102% | 47% | 28% | 18% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
D Amounts do not include the activity of the Underlying Funds.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2010 Fund℠
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.Top Holdings as of July 31, 2018
% of fund's net assets | |
Fidelity Series Investment Grade Bond Fund | 33.2 |
Fidelity Series Government Money Market Fund 1.98% | 15.8 |
Fidelity Series Inflation-Protected Bond Index Fund | 8.1 |
Fidelity Series Emerging Markets Opportunities Fund | 4.4 |
Fidelity Series Short-Term Credit Fund | 3.9 |
Fidelity Series Long-Term Treasury Bond Index Fund | 3.9 |
Fidelity Series International Value Fund | 3.3 |
Fidelity Series International Growth Fund | 3.3 |
Fidelity Series Intrinsic Opportunities Fund | 3.1 |
Fidelity Series Growth & Income Fund | 2.8 |
81.8 |
Asset Allocation (% of fund's net assets)
Period end | ||
Domestic Equity Funds | 20.3% | |
International Equity Funds | 12.1% | |
Bond Funds | 47.9% | |
Short-Term Funds | 19.7% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Simplicity RMD 2010 Fund℠
Schedule of Investments July 31, 2018
Showing Percentage of Net Assets
Domestic Equity Funds - 20.3% | |||
Shares | Value | ||
Fidelity Series 100 Index Fund (a) | 26 | $477 | |
Fidelity Series All-Sector Equity Fund (a) | 6,745 | 88,690 | |
Fidelity Series Blue Chip Growth Fund (a) | 5,896 | 93,799 | |
Fidelity Series Commodity Strategy Fund (a) | 27,430 | 146,204 | |
Fidelity Series Growth & Income Fund (a) | 12,386 | 202,508 | |
Fidelity Series Growth Company Fund (a) | 10,046 | 189,674 | |
Fidelity Series Intrinsic Opportunities Fund (a) | 11,991 | 225,308 | |
Fidelity Series Large Cap Value Index Fund (a) | 4,357 | 56,552 | |
Fidelity Series Opportunistic Insights Fund (a) | 5,386 | 102,166 | |
Fidelity Series Small Cap Discovery Fund (a) | 2,263 | 27,581 | |
Fidelity Series Small Cap Opportunities Fund (a) | 5,475 | 84,649 | |
Fidelity Series Stock Selector Large Cap Value Fund (a) | 11,873 | 154,589 | |
Fidelity Series Value Discovery Fund (a) | 8,078 | 109,381 | |
TOTAL DOMESTIC EQUITY FUNDS | |||
(Cost $1,344,619) | 1,481,578 | ||
International Equity Funds - 12.1% | |||
Fidelity Series Canada Fund (a) | 2,274 | 24,677 | |
Fidelity Series Emerging Markets Opportunities Fund (a) | 15,808 | 319,330 | |
Fidelity Series International Growth Fund (a) | 14,799 | 242,112 | |
Fidelity Series International Small Cap Fund (a) | 3,214 | 58,072 | |
Fidelity Series International Value Fund (a) | 23,023 | 242,896 | |
TOTAL INTERNATIONAL EQUITY FUNDS | |||
(Cost $839,601) | 887,087 | ||
Bond Funds - 47.9% | |||
Fidelity Series Emerging Markets Debt Fund (a) | 4,405 | 42,683 | |
Fidelity Series Floating Rate High Income Fund (a) | 1,917 | 18,213 | |
Fidelity Series High Income Fund (a) | 9,999 | 95,588 | |
Fidelity Series Inflation-Protected Bond Index Fund (a) | 60,847 | 591,429 | |
Fidelity Series International Credit Fund (a) | 324 | 3,188 | |
Fidelity Series Investment Grade Bond Fund (a) | 221,258 | 2,418,351 | |
Fidelity Series Long-Term Treasury Bond Index Fund (a) | 34,126 | 287,000 | |
Fidelity Series Real Estate Income Fund (a) | 3,109 | 34,108 | |
TOTAL BOND FUNDS | |||
(Cost $3,573,777) | 3,490,560 | ||
Short-Term Funds - 19.7% | |||
Fidelity Series Government Money Market Fund 1.98% (a)(b) | 1,148,025 | 1,148,025 | |
Fidelity Series Short-Term Credit Fund (a) | 29,132 | 287,237 | |
TOTAL SHORT-TERM FUNDS | |||
(Cost $1,438,772) | 1,435,262 | ||
TOTAL INVESTMENT IN SECURITIES - 100.0% | |||
(Cost $7,196,769) | 7,294,487 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (3,387) | ||
NET ASSETS - 100% | $7,291,100 |
Legend
(a) Affiliated Fund
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds, excluding any Money Market Central Funds, is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur.
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Fidelity Series 100 Index Fund | $49,634 | $13,972 | $66,941 | $1,055 | $27,818 | $(24,006) | $477 |
Fidelity Series All-Sector Equity Fund | 93,299 | 46,265 | 51,039 | 13,715 | (76) | 241 | 88,690 |
Fidelity Series Blue Chip Growth Fund | 94,489 | 43,379 | 56,992 | 10,246 | 2,167 | 10,756 | 93,799 |
Fidelity Series Canada Fund | -- | 34,534 | 10,721 | 288 | 45 | 819 | 24,677 |
Fidelity Series Commodity Strategy Fund | 131,506 | 63,114 | 50,489 | 710 | (249) | 2,322 | 146,204 |
Fidelity Series Emerging Markets Debt Fund | 38,145 | 18,829 | 11,557 | 2,871 | (99) | (2,635) | 42,683 |
Fidelity Series Emerging Markets Opportunities Fund | 382,026 | 156,416 | 228,572 | 8,787 | 13,214 | (3,754) | 319,330 |
Fidelity Series Floating Rate High Income Fund | 15,913 | 7,190 | 4,817 | 896 | (8) | (65) | 18,213 |
Fidelity Series Government Money Market Fund 1.98% | 920,772 | 737,264 | 510,011 | 17,238 | -- | -- | 1,148,025 |
Fidelity Series Growth & Income Fund | 218,168 | 88,079 | 119,523 | 12,899 | 2,024 | 13,760 | 202,508 |
Fidelity Series Growth Company Fund | 183,536 | 88,269 | 108,076 | 18,402 | 4,575 | 21,370 | 189,674 |
Fidelity Series High Income Fund | 95,711 | 39,177 | 37,290 | 6,313 | (277) | (1,733) | 95,588 |
Fidelity Series Inflation-Protected Bond Index Fund | 203,297 | 461,712 | 69,415 | 4,932 | (430) | (3,735) | 591,429 |
Fidelity Series International Credit Fund | 3,225 | 100 | 83 | 78 | -- | (33) | 3,188 |
Fidelity Series International Growth Fund | 267,017 | 94,815 | 132,695 | 8,095 | 1,586 | 11,389 | 242,112 |
Fidelity Series International Small Cap Fund | 61,417 | 24,648 | 30,250 | 3,825 | 604 | 1,653 | 58,072 |
Fidelity Series International Value Fund | 270,207 | 101,309 | 129,076 | 8,067 | 1,044 | (588) | 242,896 |
Fidelity Series Intrinsic Opportunities Fund | 216,949 | 87,918 | 99,221 | 10,406 | 2,399 | 17,263 | 225,308 |
Fidelity Series Investment Grade Bond Fund | 2,121,176 | 1,052,720 | 677,974 | 71,310 | (5,656) | (71,915) | 2,418,351 |
Fidelity Series Large Cap Value Index Fund | 60,636 | 23,751 | 30,643 | 2,576 | 243 | 2,565 | 56,552 |
Fidelity Series Long-Term Treasury Bond Index Fund | 59,329 | 299,381 | 64,362 | 3,748 | (1,851) | (5,497) | 287,000 |
Fidelity Series Opportunistic Insights Fund | 104,597 | 51,437 | 61,515 | 14,324 | 1,649 | 5,998 | 102,166 |
Fidelity Series Real Estate Equity Fund | 19,148 | 6,749 | 24,476 | 1,104 | (1,003) | (418) | -- |
Fidelity Series Real Estate Income Fund | 30,168 | 13,952 | 9,057 | 2,117 | (75) | (880) | 34,108 |
Fidelity Series Short-Term Credit Fund | 386,675 | 145,656 | 240,840 | 6,545 | (697) | (3,557) | 287,237 |
Fidelity Series Small Cap Discovery Fund | 27,927 | 12,018 | 13,306 | 1,896 | (9) | 951 | 27,581 |
Fidelity Series Small Cap Opportunities Fund | 84,277 | 38,157 | 44,398 | 8,951 | 743 | 5,870 | 84,649 |
Fidelity Series Stock Selector Large Cap Value Fund | 163,592 | 71,221 | 79,267 | 13,461 | (420) | (537) | 154,589 |
Fidelity Series Value Discovery Fund | 115,248 | 48,057 | 55,012 | 6,535 | (198) | 1,286 | 109,381 |
$6,418,084 | $3,870,089 | $3,017,618 | $261,390 | $47,063 | $(23,110) | $7,294,487 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2010 Fund℠
Financial Statements
Statement of Assets and Liabilities
July 31, 2018 | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: | ||
Affiliated issuers (cost $7,196,769) | $7,294,487 | |
Total Investment in Securities (cost $7,196,769) | $7,294,487 | |
Cash | 1 | |
Receivable for investments sold | 304,704 | |
Total assets | 7,599,192 | |
Liabilities | ||
Payable for investments purchased | $299,037 | |
Payable for fund shares redeemed | 5,664 | |
Accrued management fee | 3,229 | |
Distribution and service plan fees payable | 162 | |
Total liabilities | 308,092 | |
Net Assets | $7,291,100 | |
Net Assets consist of: | ||
Paid in capital | $7,092,147 | |
Undistributed net investment income | 9,277 | |
Accumulated undistributed net realized gain (loss) on investments | 91,958 | |
Net unrealized appreciation (depreciation) on investments | 97,718 | |
Net Assets | $7,291,100 | |
Calculation of Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($206,684 ÷ 3,871.24 shares) | $53.39 | |
Maximum offering price per share (100/94.25 of $53.39) | $56.65 | |
Class M: | ||
Net Asset Value and redemption price per share ($23,783 ÷ 445.21 shares) | $53.42 | |
Maximum offering price per share (100/96.50 of $53.42) | $55.36 | |
Class C: | ||
Net Asset Value and offering price per share ($129,960 ÷ 2,450.73 shares)(a) | $53.03 | |
Fidelity Simplicity RMD 2010: | ||
Net Asset Value, offering price and redemption price per share ($6,866,813 ÷ 128,591.04 shares) | $53.40 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($63,860 ÷ 1,195.80 shares) | $53.40 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended July 31, 2018 | ||
Investment Income | ||
Dividends: | ||
Affiliated issuers | $148,266 | |
Expenses | ||
Management fee | $36,735 | |
Distribution and service plan fees | 1,986 | |
Independent trustees' fees and expenses | 27 | |
Total expenses before reductions | 38,748 | |
Expense reductions | (180) | |
Total expenses after reductions | 38,568 | |
Net investment income (loss) | 109,698 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Affiliated issuers | 47,063 | |
Capital gain distributions from underlying funds: | ||
Affiliated issuers | 113,124 | |
Total net realized gain (loss) | 160,187 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Affiliated issuers | (23,110) | |
Total change in net unrealized appreciation (depreciation) | (23,110) | |
Net gain (loss) | 137,077 | |
Net increase (decrease) in net assets resulting from operations | $246,775 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended July 31, 2018 | Year ended July 31, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $109,698 | $109,145 |
Net realized gain (loss) | 160,187 | 1,135,409 |
Change in net unrealized appreciation (depreciation) | (23,110) | (607,278) |
Net increase (decrease) in net assets resulting from operations | 246,775 | 637,276 |
Distributions to shareholders from net investment income | (106,600) | (104,371) |
Distributions to shareholders from net realized gain | (894,051) | (87,566) |
Total distributions | (1,000,651) | (191,937) |
Share transactions - net increase (decrease) | 1,629,953 | (1,408,679) |
Total increase (decrease) in net assets | 876,077 | (963,340) |
Net Assets | ||
Beginning of period | 6,415,023 | 7,378,363 |
End of period | $7,291,100 | $6,415,023 |
Other Information | ||
Undistributed net investment income end of period | $9,277 | $6,483 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Simplicity RMD 2010 Fund Class A
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $60.79 | $57.18 | $58.52 | $56.72 | $53.04 |
Income from Investment Operations | |||||
Net investment income (loss)A | .747 | .759 | .758 | .738 | .718 |
Net realized and unrealized gain (loss) | 1.281 | 4.244 | .040 | 2.196 | 4.379 |
Total from investment operations | 2.028 | 5.003 | .798 | 2.934 | 5.097 |
Distributions from net investment income | (.696) | (.713) | (.756) | (.740) | (.704) |
Distributions from net realized gain | (8.732) | (.680) | (1.382) | (.394) | (.713) |
Total distributions | (9.428) | (1.393) | (2.138) | (1.134) | (1.417) |
Net asset value, end of period | $53.39 | $60.79 | $57.18 | $58.52 | $56.72 |
Total ReturnB,C | 3.72% | 8.93% | 1.55% | 5.22% | 9.76% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .78% | .33% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .78% | .33% | .25% | .25% | .25% |
Expenses net of all reductions | .78% | .33% | .25% | .25% | .25% |
Net investment income (loss) | 1.37% | 1.31% | 1.37% | 1.28% | 1.30% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $207 | $265 | $395 | $427 | $267 |
Portfolio turnover rateE | 44% | 128% | 24% | 33% | 29% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amounts do not include the activity of the Underlying Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2010 Fund Class M
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $60.83 | $57.22 | $58.55 | $56.76 | $53.08 |
Income from Investment Operations | |||||
Net investment income (loss)A | .610 | .615 | .620 | .592 | .581 |
Net realized and unrealized gain (loss) | 1.288 | 4.241 | .047 | 2.190 | 4.386 |
Total from investment operations | 1.898 | 4.856 | .667 | 2.782 | 4.967 |
Distributions from net investment income | (.576) | (.566) | (.615) | (.598) | (.574) |
Distributions from net realized gain | (8.732) | (.680) | (1.382) | (.394) | (.713) |
Total distributions | (9.308) | (1.246) | (1.997) | (.992) | (1.287) |
Net asset value, end of period | $53.42 | $60.83 | $57.22 | $58.55 | $56.76 |
Total ReturnB,C | 3.47% | 8.65% | 1.31% | 4.94% | 9.50% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.03% | .58% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | 1.03% | .58% | .50% | .50% | .50% |
Expenses net of all reductions | 1.03% | .58% | .50% | .50% | .50% |
Net investment income (loss) | 1.12% | 1.06% | 1.12% | 1.03% | 1.05% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $24 | $23 | $58 | $67 | $36 |
Portfolio turnover rateE | 44% | 128% | 24% | 33% | 29% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amounts do not include the activity of the Underlying Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2010 Fund Class C
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $60.47 | $56.97 | $58.35 | $56.62 | $52.99 |
Income from Investment Operations | |||||
Net investment income (loss)A | .336 | .322 | .344 | .303 | .305 |
Net realized and unrealized gain (loss) | 1.274 | 4.223 | .043 | 2.182 | 4.382 |
Total from investment operations | 1.610 | 4.545 | .387 | 2.485 | 4.687 |
Distributions from net investment income | (.318) | (.365) | (.385) | (.361) | (.344) |
Distributions from net realized gain | (8.732) | (.680) | (1.382) | (.394) | (.713) |
Total distributions | (9.050) | (1.045) | (1.767) | (.755) | (1.057) |
Net asset value, end of period | $53.03 | $60.47 | $56.97 | $58.35 | $56.62 |
Total ReturnB,C | 2.94% | 8.12% | .81% | 4.42% | 8.96% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.53% | 1.08% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.53% | 1.08% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.53% | 1.08% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .62% | .56% | .63% | .53% | .55% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $130 | $133 | $124 | $137 | $122 |
Portfolio turnover rateE | 44% | 128% | 24% | 33% | 29% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the contingent deferred sales charge.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amounts do not include the activity of the Underlying Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2010 Fund
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $60.82 | $57.20 | $58.53 | $56.73 | $53.05 |
Income from Investment Operations | |||||
Net investment income (loss)A | .877 | .906 | .897 | .882 | .856 |
Net realized and unrealized gain (loss) | 1.285 | 4.242 | .048 | 2.192 | 4.380 |
Total from investment operations | 2.162 | 5.148 | .945 | 3.074 | 5.236 |
Distributions from net investment income | (.850) | (.848) | (.893) | (.880) | (.843) |
Distributions from net realized gain | (8.732) | (.680) | (1.382) | (.394) | (.713) |
Total distributions | (9.582) | (1.528) | (2.275) | (1.274) | (1.556) |
Net asset value, end of period | $53.40 | $60.82 | $57.20 | $58.53 | $56.73 |
Total ReturnB | 3.98% | 9.20% | 1.82% | 5.48% | 10.04% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .53% | .08% | - %E | - %E | - %E |
Expenses net of fee waivers, if any | .53% | .08% | -% | -% | -% |
Expenses net of all reductions | .53% | .08% | -% | -% | -% |
Net investment income (loss) | 1.62% | 1.56% | 1.62% | 1.53% | 1.55% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $6,867 | $5,933 | $6,745 | $7,858 | $7,608 |
Portfolio turnover rateD | 44% | 128% | 24% | 33% | 29% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
D Amounts do not include the activity of the Underlying Funds.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2010 Fund Class I
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $60.82 | $57.20 | $58.53 | $56.73 | $53.05 |
Income from Investment Operations | |||||
Net investment income (loss)A | .880 | .906 | .896 | .880 | .856 |
Net realized and unrealized gain (loss) | 1.279 | 4.241 | .049 | 2.194 | 4.380 |
Total from investment operations | 2.159 | 5.147 | .945 | 3.074 | 5.236 |
Distributions from net investment income | (.847) | (.847) | (.893) | (.880) | (.843) |
Distributions from net realized gain | (8.732) | (.680) | (1.382) | (.394) | (.713) |
Total distributions | (9.579) | (1.527) | (2.275) | (1.274) | (1.556) |
Net asset value, end of period | $53.40 | $60.82 | $57.20 | $58.53 | $56.73 |
Total ReturnB | 3.97% | 9.20% | 1.82% | 5.48% | 10.04% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .53% | .08% | - %E | - %E | - %E |
Expenses net of fee waivers, if any | .53% | .08% | -% | -% | -% |
Expenses net of all reductions | .53% | .08% | -% | -% | -% |
Net investment income (loss) | 1.62% | 1.56% | 1.62% | 1.53% | 1.55% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $64 | $61 | $56 | $58 | $21 |
Portfolio turnover rateD | 44% | 128% | 24% | 33% | 29% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
D Amounts do not include the activity of the Underlying Funds.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2015 Fund℠
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.Top Holdings as of July 31, 2018
% of fund's net assets | |
Fidelity Series Investment Grade Bond Fund | 29.6 |
Fidelity Series Government Money Market Fund 1.98% | 12.6 |
Fidelity Series Inflation-Protected Bond Index Fund | 6.4 |
Fidelity Series Emerging Markets Opportunities Fund | 5.1 |
Fidelity Series International Value Fund | 4.2 |
Fidelity Series International Growth Fund | 4.2 |
Fidelity Series Intrinsic Opportunities Fund | 4.2 |
Fidelity Series Long-Term Treasury Bond Index Fund | 4.0 |
Fidelity Series Growth & Income Fund | 3.7 |
Fidelity Series Growth Company Fund | 3.5 |
77.5 |
Asset Allocation (% of fund's net assets)
Period end | ||
Domestic Equity Funds | 26.7% | |
International Equity Funds | 14.9% | |
Bond Funds | 42.6% | |
Short-Term Funds | 15.8% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Simplicity RMD 2015 Fund℠
Schedule of Investments July 31, 2018
Showing Percentage of Net Assets
Domestic Equity Funds - 26.7% | |||
Shares | Value | ||
Fidelity Series All-Sector Equity Fund (a) | 18,294 | $240,570 | |
Fidelity Series Blue Chip Growth Fund (a) | 15,992 | 254,437 | |
Fidelity Series Commodity Strategy Fund (a) | 55,285 | 294,667 | |
Fidelity Series Growth & Income Fund (a) | 33,589 | 549,180 | |
Fidelity Series Growth Company Fund (a) | 27,245 | 514,382 | |
Fidelity Series Intrinsic Opportunities Fund (a) | 32,590 | 612,372 | |
Fidelity Series Large Cap Value Index Fund (a) | 11,822 | 153,445 | |
Fidelity Series Opportunistic Insights Fund (a) | 14,609 | 277,131 | |
Fidelity Series Small Cap Discovery Fund (a) | 6,144 | 74,892 | |
Fidelity Series Small Cap Opportunities Fund (a) | 14,851 | 229,590 | |
Fidelity Series Stock Selector Large Cap Value Fund (a) | 32,201 | 419,254 | |
Fidelity Series Value Discovery Fund(a) | 21,912 | 296,694 | |
TOTAL DOMESTIC EQUITY FUNDS | |||
(Cost $3,628,882) | 3,916,614 | ||
International Equity Funds - 14.9% | |||
Fidelity Series Canada Fund (a) | 5,778 | 62,697 | |
Fidelity Series Emerging Markets Opportunities Fund (a) | 36,909 | 745,560 | |
Fidelity Series International Growth Fund (a) | 37,594 | 615,045 | |
Fidelity Series International Small Cap Fund (a) | 8,165 | 147,539 | |
Fidelity Series International Value Fund (a) | 58,484 | 617,007 | |
TOTAL INTERNATIONAL EQUITY FUNDS | |||
(Cost $2,112,722) | 2,187,848 | ||
Bond Funds - 42.6% | |||
Fidelity Series Emerging Markets Debt Fund (a) | 8,865 | 85,902 | |
Fidelity Series Floating Rate High Income Fund (a) | 3,837 | 36,451 | |
Fidelity Series High Income Fund (a) | 20,159 | 192,720 | |
Fidelity Series Inflation-Protected Bond Index Fund (a) | 96,890 | 941,773 | |
Fidelity Series International Credit Fund (a) | 430 | 4,223 | |
Fidelity Series Investment Grade Bond Fund (a) | 397,234 | 4,341,763 | |
Fidelity Series Long-Term Treasury Bond Index Fund (a) | 70,487 | 592,796 | |
Fidelity Series Real Estate Income Fund (a) | 6,274 | 68,830 | |
TOTAL BOND FUNDS | |||
(Cost $6,378,025) | 6,264,458 | ||
Short-Term Funds - 15.8% | |||
Fidelity Series Government Money Market Fund 1.98% (a)(b) | 1,856,330 | 1,856,330 | |
Fidelity Series Short-Term Credit Fund (a) | 47,120 | 464,603 | |
TOTAL SHORT-TERM FUNDS | |||
(Cost $2,324,980) | 2,320,933 | ||
TOTAL INVESTMENT IN SECURITIES - 100.0% | |||
(Cost $14,444,609) | 14,689,853 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (6,991) | ||
NET ASSETS - 100% | $14,682,862 |
Legend
(a) Affiliated Fund
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds, excluding any Money Market Central Funds, is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur.
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Fidelity Series 100 Index Fund | $81,990 | $55,028 | $143,942 | $1,925 | $41,854 | $(34,930) | $-- |
Fidelity Series All-Sector Equity Fund | 154,130 | 183,466 | 99,551 | 25,844 | (523) | 3,048 | 240,570 |
Fidelity Series Blue Chip Growth Fund | 156,097 | 180,791 | 111,241 | 18,037 | 1,702 | 27,088 | 254,437 |
Fidelity Series Canada Fund | -- | 80,623 | 20,747 | 493 | (95) | 2,916 | 62,697 |
Fidelity Series Commodity Strategy Fund | 161,221 | 222,779 | 90,316 | 1,004 | (1,321) | 2,304 | 294,667 |
Fidelity Series Emerging Markets Debt Fund | 49,186 | 59,413 | 18,070 | 4,458 | (416) | (4,211) | 85,902 |
Fidelity Series Emerging Markets Opportunities Fund | 552,536 | 541,874 | 344,554 | 14,828 | 4,700 | (8,996) | 745,560 |
Fidelity Series Floating Rate High Income Fund | 20,546 | 23,529 | 7,519 | 1,421 | (12) | (93) | 36,451 |
Fidelity Series Government Money Market Fund 1.98% | 900,350 | 1,620,039 | 664,059 | 22,064 | -- | -- | 1,856,330 |
Fidelity Series Growth & Income Fund | 360,403 | 390,019 | 236,120 | 24,556 | 49 | 34,829 | 549,180 |
Fidelity Series Growth Company Fund | 310,145 | 360,897 | 209,031 | 33,594 | 2,095 | 50,276 | 514,382 |
Fidelity Series High Income Fund | 123,355 | 127,088 | 54,761 | 9,859 | (488) | (2,474) | 192,720 |
Fidelity Series Inflation-Protected Bond Index Fund | 206,092 | 824,980 | 84,960 | 5,478 | (395) | (3,944) | 941,773 |
Fidelity Series International Credit Fund | 4,230 | 132 | 67 | 104 | -- | (45) | 4,223 |
Fidelity Series International Growth Fund | 421,287 | 422,180 | 249,586 | 14,018 | (855) | 22,019 | 615,045 |
Fidelity Series International Small Cap Fund | 96,906 | 104,832 | 56,804 | 6,629 | (205) | 2,810 | 147,539 |
Fidelity Series International Value Fund | 426,358 | 437,049 | 243,220 | 13,995 | (2,817) | (363) | 617,007 |
Fidelity Series Intrinsic Opportunities Fund | 400,447 | 415,223 | 242,114 | 19,594 | 288 | 38,528 | 612,372 |
Fidelity Series Investment Grade Bond Fund | 2,451,457 | 2,987,118 | 991,707 | 101,043 | (8,222) | (96,883) | 4,341,763 |
Fidelity Series Large Cap Value Index Fund | 100,176 | 107,254 | 60,164 | 4,741 | (265) | 6,444 | 153,445 |
Fidelity Series Long-Term Treasury Bond Index Fund | 71,151 | 633,726 | 101,061 | 6,247 | (2,356) | (8,664) | 592,796 |
Fidelity Series Opportunistic Insights Fund | 172,792 | 204,946 | 117,265 | 26,165 | 891 | 15,767 | 277,131 |
Fidelity Series Real Estate Equity Fund | 31,191 | 23,566 | 52,570 | 1,990 | (1,506) | (681) | -- |
Fidelity Series Real Estate Income Fund | 39,028 | 44,886 | 14,155 | 3,197 | (148) | (781) | 68,830 |
Fidelity Series Short-Term Credit Fund | 375,312 | 363,879 | 269,747 | 8,133 | (790) | (4,051) | 464,603 |
Fidelity Series Small Cap Discovery Fund | 46,135 | 52,778 | 24,961 | 4,771 | (441) | 1,381 | 74,892 |
Fidelity Series Small Cap Opportunities Fund | 139,218 | 160,541 | 86,201 | 15,803 | 407 | 15,625 | 229,590 |
Fidelity Series Stock Selector Large Cap Value Fund | 270,245 | 304,815 | 156,345 | 25,077 | (1,666) | 2,205 | 419,254 |
Fidelity Series Value Discovery Fund | 190,393 | 211,771 | 109,347 | 11,965 | (774) | 4,651 | 296,694 |
$8,312,377 | $11,145,222 | $4,860,185 | $427,033 | $28,691 | $63,775 | $14,689,853 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2015 Fund℠
Financial Statements
Statement of Assets and Liabilities
July 31, 2018 | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: | ||
Affiliated issuers (cost $14,444,609) | $14,689,853 | |
Total Investment in Securities (cost $14,444,609) | $14,689,853 | |
Cash | 2 | |
Receivable for investments sold | 549,198 | |
Receivable for fund shares sold | 7,000 | |
Total assets | 15,246,053 | |
Liabilities | ||
Payable for investments purchased | $512,235 | |
Payable for fund shares redeemed | 43,963 | |
Accrued management fee | 6,644 | |
Distribution and service plan fees payable | 349 | |
Total liabilities | 563,191 | |
Net Assets | $14,682,862 | |
Net Assets consist of: | ||
Paid in capital | $14,297,061 | |
Undistributed net investment income | 16,421 | |
Accumulated undistributed net realized gain (loss) on investments | 124,136 | |
Net unrealized appreciation (depreciation) on investments | 245,244 | |
Net Assets | $14,682,862 | |
Calculation of Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($336,033 ÷ 5,679.54 shares) | $59.17 | |
Maximum offering price per share (100/94.25 of $59.17) | $62.78 | |
Class M: | ||
Net Asset Value and redemption price per share ($493,618 ÷ 8,351.66 shares) | $59.10 | |
Maximum offering price per share (100/96.50 of $59.10) | $61.24 | |
Class C: | ||
Net Asset Value and offering price per share ($87,874 ÷ 1,501.76 shares)(a) | $58.51 | |
Fidelity Simplicity RMD 2015: | ||
Net Asset Value, offering price and redemption price per share ($13,754,008 ÷ 232,568.24 shares) | $59.14 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($11,329 ÷ 191.22 shares) | $59.25 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended July 31, 2018 | ||
Investment Income | ||
Dividends: | ||
Affiliated issuers | $224,617 | |
Expenses | ||
Management fee | $63,386 | |
Distribution and service plan fees | 4,419 | |
Independent trustees' fees and expenses | 42 | |
Total expenses before reductions | 67,847 | |
Expense reductions | (179) | |
Total expenses after reductions | 67,668 | |
Net investment income (loss) | 156,949 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Affiliated issuers | 28,691 | |
Capital gain distributions from underlying funds: | ||
Affiliated issuers | 202,416 | |
Total net realized gain (loss) | 231,107 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Affiliated issuers | 63,775 | |
Total change in net unrealized appreciation (depreciation) | 63,775 | |
Net gain (loss) | 294,882 | |
Net increase (decrease) in net assets resulting from operations | $451,831 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended July 31, 2018 | Year ended July 31, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $156,949 | $143,136 |
Net realized gain (loss) | 231,107 | 1,237,402 |
Change in net unrealized appreciation (depreciation) | 63,775 | (454,794) |
Net increase (decrease) in net assets resulting from operations | 451,831 | 925,744 |
Distributions to shareholders from net investment income | (147,498) | (137,895) |
Distributions to shareholders from net realized gain | (1,038,823) | (118,111) |
Total distributions | (1,186,321) | (256,006) |
Share transactions - net increase (decrease) | 7,109,470 | (3,339,280) |
Total increase (decrease) in net assets | 6,374,980 | (2,669,542) |
Net Assets | ||
Beginning of period | 8,307,882 | 10,977,424 |
End of period | $14,682,862 | $8,307,882 |
Other Information | ||
Undistributed net investment income end of period | $16,421 | $7,406 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Simplicity RMD 2015 Fund Class A
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.95 | $60.61 | $62.00 | $59.79 | $55.12 |
Income from Investment Operations | |||||
Net investment income (loss)A | .727 | .796 | .790 | .753 | .751 |
Net realized and unrealized gain (loss) | 2.076 | 5.018 | (.055) | 2.474 | 4.831 |
Total from investment operations | 2.803 | 5.814 | .735 | 3.227 | 5.582 |
Distributions from net investment income | (.675) | (.767) | (.788) | (.743) | (.734) |
Distributions from net realized gain | (7.908) | (.707) | (1.337) | (.274) | (.178) |
Total distributions | (8.583) | (1.474) | (2.125) | (1.017) | (.912) |
Net asset value, end of period | $59.17 | $64.95 | $60.61 | $62.00 | $59.79 |
Total ReturnB,C | 4.75% | 9.80% | 1.37% | 5.44% | 10.18% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .83% | .34% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .83% | .34% | .25% | .25% | .25% |
Expenses net of all reductions | .82% | .34% | .25% | .25% | .25% |
Net investment income (loss) | 1.22% | 1.28% | 1.36% | 1.23% | 1.29% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $336 | $379 | $501 | $452 | $181 |
Portfolio turnover rateE | 44% | 115% | 27% | 20% | 25% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amounts do not include the activity of the Underlying Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2015 Fund Class M
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.91 | $60.57 | $61.96 | $59.75 | $55.09 |
Income from Investment Operations | |||||
Net investment income (loss)A | .576 | .639 | .645 | .600 | .601 |
Net realized and unrealized gain (loss) | 2.073 | 5.013 | (.056) | 2.475 | 4.822 |
Total from investment operations | 2.649 | 5.652 | .589 | 3.075 | 5.423 |
Distributions from net investment income | (.551) | (.605) | (.642) | (.591) | (.585) |
Distributions from net realized gain | (7.908) | (.707) | (1.337) | (.274) | (.178) |
Total distributions | (8.459) | (1.312) | (1.979) | (.865) | (.763) |
Net asset value, end of period | $59.10 | $64.91 | $60.57 | $61.96 | $59.75 |
Total ReturnB,C | 4.48% | 9.51% | 1.11% | 5.18% | 9.89% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.08% | .59% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | 1.08% | .59% | .50% | .50% | .50% |
Expenses net of all reductions | 1.07% | .59% | .50% | .50% | .50% |
Net investment income (loss) | .97% | 1.04% | 1.11% | .98% | 1.04% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $494 | $553 | $1,030 | $1,088 | $420 |
Portfolio turnover rateE | 44% | 115% | 27% | 20% | 25% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amounts do not include the activity of the Underlying Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2015 Fund Class C
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.45 | $60.25 | $61.71 | $59.58 | $54.98 |
Income from Investment Operations | |||||
Net investment income (loss)A | .275 | .328 | .352 | .294 | .310 |
Net realized and unrealized gain (loss) | 2.048 | 4.986 | (.066) | 2.471 | 4.816 |
Total from investment operations | 2.323 | 5.314 | .286 | 2.765 | 5.126 |
Distributions from net investment income | (.355) | (.407) | (.409) | (.361) | (.348) |
Distributions from net realized gain | (7.908) | (.707) | (1.337) | (.274) | (.178) |
Total distributions | (8.263) | (1.114) | (1.746) | (.635) | (.526) |
Net asset value, end of period | $58.51 | $64.45 | $60.25 | $61.71 | $59.58 |
Total ReturnB,C | 3.95% | 8.98% | .60% | 4.66% | 9.35% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.58% | 1.09% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.58% | 1.09% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.58% | 1.09% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .47% | .53% | .61% | .48% | .54% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $88 | $88 | $384 | $444 | $358 |
Portfolio turnover rateE | 44% | 115% | 27% | 20% | 25% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the contingent deferred sales charge.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amounts do not include the activity of the Underlying Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2015 Fund
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.98 | $60.62 | $62.01 | $59.79 | $55.11 |
Income from Investment Operations | |||||
Net investment income (loss)A | .869 | .950 | .938 | .907 | .893 |
Net realized and unrealized gain (loss) | 2.076 | 5.023 | (.057) | 2.472 | 4.833 |
Total from investment operations | 2.945 | 5.973 | .881 | 3.379 | 5.726 |
Distributions from net investment income | (.877) | (.906) | (.934) | (.885) | (.868) |
Distributions from net realized gain | (7.908) | (.707) | (1.337) | (.274) | (.178) |
Total distributions | (8.785) | (1.613) | (2.271) | (1.159) | (1.046) |
Net asset value, end of period | $59.14 | $64.98 | $60.62 | $62.01 | $59.79 |
Total ReturnB | 5.00% | 10.08% | 1.62% | 5.70% | 10.46% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .58% | .09% | - %E | - %E | - %E |
Expenses net of fee waivers, if any | .58% | .09% | -% | -% | -% |
Expenses net of all reductions | .57% | .09% | -% | -% | -% |
Net investment income (loss) | 1.47% | 1.53% | 1.61% | 1.48% | 1.54% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $13,754 | $7,287 | $9,061 | $9,298 | $6,327 |
Portfolio turnover rateD | 44% | 115% | 27% | 20% | 25% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
D Amounts do not include the activity of the Underlying Funds.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2015 Fund Class I
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $65.08 | $60.71 | $62.07 | $59.83 | $55.13 |
Income from Investment Operations | |||||
Net investment income (loss)A | .863 | .958 | .940 | .901 | .869 |
Net realized and unrealized gain (loss) | 2.104 | 5.029 | (.029) | 2.498 | 4.877 |
Total from investment operations | 2.967 | 5.987 | .911 | 3.399 | 5.746 |
Distributions from net investment income | (.889) | (.910) | (.934) | (.885) | (.868) |
Distributions from net realized gain | (7.908) | (.707) | (1.337) | (.274) | (.178) |
Total distributions | (8.797) | (1.617) | (2.271) | (1.159) | (1.046) |
Net asset value, end of period | $59.25 | $65.08 | $60.71 | $62.07 | $59.83 |
Total ReturnB | 5.03% | 10.08% | 1.67% | 5.73% | 10.49% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .58% | .09% | - %E | - %E | - %E |
Expenses net of fee waivers, if any | .58% | .09% | -% | -% | -% |
Expenses net of all reductions | .58% | .09% | -% | -% | -% |
Net investment income (loss) | 1.46% | 1.53% | 1.61% | 1.48% | 1.54% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $11 | $1 | $1 | $1 | $1 |
Portfolio turnover rateD | 44% | 115% | 27% | 20% | 25% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
D Amounts do not include the activity of the Underlying Funds.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2020 Fund℠
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.Top Holdings as of July 31, 2018
% of fund's net assets | |
Fidelity Series Investment Grade Bond Fund | 25.8 |
Fidelity Series Government Money Market Fund 1.98% | 9.5 |
Fidelity Series Emerging Markets Opportunities Fund | 5.8 |
Fidelity Series Intrinsic Opportunities Fund | 5.2 |
Fidelity Series International Value Fund | 5.1 |
Fidelity Series International Growth Fund | 5.1 |
Fidelity Series Inflation-Protected Bond Index Fund | 4.8 |
Fidelity Series Growth & Income Fund | 4.7 |
Fidelity Series Growth Company Fund | 4.4 |
Fidelity Series Long-Term Treasury Bond Index Fund | 4.1 |
74.5 |
Asset Allocation (% of fund's net assets)
Period end | ||
Domestic Equity Funds | 33.1% | |
International Equity Funds | 17.7% | |
Bond Funds | 37.4% | |
Short-Term Funds | 11.9% | |
Net Other Assets (Liabilities)* | (0.1)% |
* Net Other Assets (Liabilities) are not included in the pie chart
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Simplicity RMD 2020 Fund℠
Schedule of Investments July 31, 2018
Showing Percentage of Net Assets
Domestic Equity Funds - 33.1% | |||
Shares | Value | ||
Fidelity Series 100 Index Fund (a) | 90 | $1,661 | |
Fidelity Series All-Sector Equity Fund (a) | 43,361 | 570,195 | |
Fidelity Series Blue Chip Growth Fund (a) | 37,909 | 603,131 | |
Fidelity Series Commodity Strategy Fund (a) | 104,059 | 554,633 | |
Fidelity Series Growth & Income Fund (a) | 79,636 | 1,302,045 | |
Fidelity Series Growth Company Fund(a) | 64,594 | 1,219,532 | |
Fidelity Series Intrinsic Opportunities Fund (a) | 77,052 | 1,447,800 | |
Fidelity Series Large Cap Value Index Fund (a) | 28,014 | 363,622 | |
Fidelity Series Opportunistic Insights Fund (a) | 34,633 | 656,981 | |
Fidelity Series Small Cap Discovery Fund (a) | 14,547 | 177,323 | |
Fidelity Series Small Cap Opportunities Fund (a) | 35,195 | 544,112 | |
Fidelity Series Stock Selector Large Cap Value Fund (a) | 76,341 | 993,957 | |
Fidelity Series Value Discovery Fund (a) | 51,948 | 703,372 | |
TOTAL DOMESTIC EQUITY FUNDS | |||
(Cost $8,628,098) | 9,138,364 | ||
International Equity Funds - 17.7% | |||
Fidelity Series Canada Fund (a) | 13,124 | 142,396 | |
Fidelity Series Emerging Markets Opportunities Fund (a) | 79,337 | 1,602,611 | |
Fidelity Series International Growth Fund (a) | 85,517 | 1,399,052 | |
Fidelity Series International Small Cap Fund (a) | 18,565 | 335,470 | |
Fidelity Series International Value Fund (a) | 133,024 | 1,403,406 | |
TOTAL INTERNATIONAL EQUITY FUNDS | |||
(Cost $4,830,062) | 4,882,935 | ||
Bond Funds - 37.4% | |||
Fidelity Series Emerging Markets Debt Fund (a) | 16,686 | 161,686 | |
Fidelity Series Floating Rate High Income Fund (a) | 7,221 | 68,600 | |
Fidelity Series High Income Fund (a) | 37,850 | 361,844 | |
Fidelity Series Inflation-Protected Bond Index Fund (a) | 135,885 | 1,320,804 | |
Fidelity Series International Credit Fund (a) | 993 | 9,760 | |
Fidelity Series Investment Grade Bond Fund (a) | 651,114 | 7,116,682 | |
Fidelity Series Long-Term Treasury Bond Index Fund (a) | 136,125 | 1,144,811 | |
Fidelity Series Real Estate Income Fund (a) | 11,798 | 129,428 | |
TOTAL BOND FUNDS | |||
(Cost $10,486,410) | 10,313,615 | ||
Short-Term Funds - 11.9% | |||
Fidelity Series Government Money Market Fund 1.98% (a)(b) | 2,621,854 | 2,621,854 | |
Fidelity Series Short-Term Credit Fund (a) | 66,553 | 656,211 | |
TOTAL SHORT-TERM FUNDS | |||
(Cost $3,282,511) | 3,278,065 | ||
TOTAL INVESTMENT IN SECURITIES - 100.1% | |||
(Cost $27,227,081) | 27,612,979 | ||
NET OTHER ASSETS (LIABILITIES) - (0.1)% | (13,997) | ||
NET ASSETS - 100% | $27,598,982 |
Legend
(a) Affiliated Fund
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds, excluding any Money Market Central Funds, is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur.
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Fidelity Series 100 Index Fund | $101,516 | $166,566 | $276,229 | $3,712 | $57,669 | $(47,861) | $1,661 |
Fidelity Series All-Sector Equity Fund | 191,084 | 498,667 | 122,914 | 51,509 | (2,112) | 5,470 | 570,195 |
Fidelity Series Blue Chip Growth Fund | 193,535 | 487,807 | 139,347 | 27,902 | (1,433) | 62,569 | 603,131 |
Fidelity Series Canada Fund | -- | 158,245 | 21,352 | 909 | (153) | 5,656 | 142,396 |
Fidelity Series Commodity Strategy Fund | 173,011 | 484,659 | 98,455 | 1,452 | (2,735) | (1,847) | 554,633 |
Fidelity Series Emerging Markets Debt Fund | 49,942 | 136,303 | 16,767 | 6,960 | (294) | (7,498) | 161,686 |
Fidelity Series Emerging Markets Opportunities Fund | 623,421 | 1,451,876 | 431,967 | 26,662 | 1,398 | (42,117) | 1,602,611 |
Fidelity Series Floating Rate High Income Fund | 20,858 | 54,825 | 6,951 | 2,251 | (7) | (125) | 68,600 |
Fidelity Series Government Money Market Fund 1.98% | 655,069 | 2,527,851 | 561,066 | 26,596 | -- | -- | 2,621,854 |
Fidelity Series Growth & Income Fund | 446,802 | 1,079,734 | 299,783 | 41,017 | (1,510) | 76,802 | 1,302,045 |
Fidelity Series Growth Company Fund | 384,039 | 980,076 | 238,436 | 64,804 | (1,383) | 95,236 | 1,219,532 |
Fidelity Series High Income Fund | 125,297 | 289,607 | 48,410 | 15,140 | (295) | (4,355) | 361,844 |
Fidelity Series Inflation-Protected Bond Index Fund | 140,110 | 1,247,011 | 61,168 | 5,851 | (581) | (4,568) | 1,320,804 |
Fidelity Series International Credit Fund | 4,186 | 5,647 | -- | 141 | -- | (45) | 9,760 |
Fidelity Series International Growth Fund | 504,629 | 1,155,349 | 290,224 | 26,101 | (3,776) | 33,074 | 1,399,052 |
Fidelity Series International Small Cap Fund | 116,066 | 277,824 | 59,276 | 12,357 | (558) | 1,414 | 335,470 |
Fidelity Series International Value Fund | 510,594 | 1,178,062 | 270,381 | 26,057 | (4,418) | (10,451) | 1,403,406 |
Fidelity Series Intrinsic Opportunities Fund | 450,393 | 1,123,582 | 198,076 | 29,303 | (3,143) | 75,044 | 1,447,800 |
Fidelity Series Investment Grade Bond Fund | 2,195,974 | 5,964,704 | 893,488 | 139,961 | (9,422) | (141,086) | 7,116,682 |
Fidelity Series Large Cap Value Index Fund | 124,192 | 300,330 | 72,840 | 9,229 | (753) | 12,693 | 363,622 |
Fidelity Series Long-Term Treasury Bond Index Fund | 77,042 | 1,181,259 | 93,611 | 10,447 | (2,210) | (17,669) | 1,144,811 |
Fidelity Series Opportunistic Insights Fund | 214,213 | 555,573 | 140,637 | 51,815 | (778) | 28,610 | 656,981 |
Fidelity Series Real Estate Equity Fund | 38,564 | 70,153 | 104,900 | 3,437 | (2,982) | (835) | -- |
Fidelity Series Real Estate Income Fund | 39,586 | 103,883 | 13,135 | 4,863 | (155) | (751) | 129,428 |
Fidelity Series Short-Term Credit Fund | 275,847 | 609,244 | 223,529 | 9,414 | (899) | (4,452) | 656,211 |
Fidelity Series Small Cap Discovery Fund | 57,213 | 147,159 | 27,390 | 10,133 | (433) | 774 | 177,323 |
Fidelity Series Small Cap Opportunities Fund | 172,614 | 434,582 | 99,179 | 25,407 | (1,091) | 37,186 | 544,112 |
Fidelity Series Stock Selector Large Cap Value Fund | 334,432 | 843,135 | 183,825 | 49,367 | (3,269) | 3,484 | 993,957 |
Fidelity Series Value Discovery Fund | 236,033 | 587,986 | 129,016 | 23,139 | (1,502) | 9,871 | 703,372 |
$8,456,262 | $24,101,699 | $5,122,352 | $705,936 | $13,175 | $164,223 | $27,612,979 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2020 Fund℠
Financial Statements
Statement of Assets and Liabilities
July 31, 2018 | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: | ||
Affiliated issuers (cost $27,227,081) | $27,612,979 | |
Total Investment in Securities (cost $27,227,081) | $27,612,979 | |
Cash | 1 | |
Receivable for investments sold | 611,687 | |
Receivable for fund shares sold | 381,176 | |
Total assets | 28,605,843 | |
Liabilities | ||
Payable for investments purchased | $992,562 | |
Payable for fund shares redeemed | 300 | |
Accrued management fee | 13,594 | |
Distribution and service plan fees payable | 405 | |
Total liabilities | 1,006,861 | |
Net Assets | $27,598,982 | |
Net Assets consist of: | ||
Paid in capital | $26,960,118 | |
Undistributed net investment income | 26,629 | |
Accumulated undistributed net realized gain (loss) on investments | 226,337 | |
Net unrealized appreciation (depreciation) on investments | 385,898 | |
Net Assets | $27,598,982 | |
Calculation of Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($41,511 ÷ 693.24 shares) | $59.88 | |
Maximum offering price per share (100/94.25 of $59.88) | $63.53 | |
Class M: | ||
Net Asset Value and redemption price per share ($688,193 ÷ 11,487.77 shares) | $59.91 | |
Maximum offering price per share (100/96.50 of $59.91) | $62.08 | |
Class C: | ||
Net Asset Value and offering price per share ($130,663 ÷ 2,211.59 shares)(a) | $59.08 | |
Fidelity Simplicity RMD 2020: | ||
Net Asset Value, offering price and redemption price per share ($26,666,623 ÷ 445,894.13 shares) | $59.80 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($71,992 ÷ 1,204.02 shares) | $59.79 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended July 31, 2018 | ||
Investment Income | ||
Dividends: | ||
Affiliated issuers | $343,853 | |
Expenses | ||
Management fee | $107,138 | |
Distribution and service plan fees | 5,075 | |
Independent trustees' fees and expenses | 64 | |
Total expenses before reductions | 112,277 | |
Expense reductions | (179) | |
Total expenses after reductions | 112,098 | |
Net investment income (loss) | 231,755 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Affiliated issuers | 13,175 | |
Capital gain distributions from underlying funds: | ||
Affiliated issuers | 362,083 | |
Total net realized gain (loss) | 375,258 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Affiliated issuers | 164,223 | |
Total change in net unrealized appreciation (depreciation) | 164,223 | |
Net gain (loss) | 539,481 | |
Net increase (decrease) in net assets resulting from operations | $771,236 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended July 31, 2018 | Year ended July 31, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $231,755 | $134,965 |
Net realized gain (loss) | 375,258 | 1,239,490 |
Change in net unrealized appreciation (depreciation) | 164,223 | (446,503) |
Net increase (decrease) in net assets resulting from operations | 771,236 | 927,952 |
Distributions to shareholders from net investment income | (211,333) | (130,309) |
Distributions to shareholders from net realized gain | (1,124,258) | (89,994) |
Total distributions | (1,335,591) | (220,303) |
Share transactions - net increase (decrease) | 19,711,836 | (2,020,636) |
Total increase (decrease) in net assets | 19,147,481 | (1,312,987) |
Net Assets | ||
Beginning of period | 8,451,501 | 9,764,488 |
End of period | $27,598,982 | $8,451,501 |
Other Information | ||
Undistributed net investment income end of period | $26,629 | $6,628 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Simplicity RMD 2020 Fund Class A
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.09 | $59.25 | $60.93 | $59.08 | $54.91 |
Income from Investment Operations | |||||
Net investment income (loss)A | .680 | .773 | .786 | .748 | .742 |
Net realized and unrealized gain (loss) | 2.708 | 5.368 | (.202) | 2.585 | 5.022 |
Total from investment operations | 3.388 | 6.141 | .584 | 3.333 | 5.764 |
Distributions from net investment income | (.627) | (.746) | (.773) | (.742) | (.712) |
Distributions from net realized gain | (6.971) | (.555) | (1.491) | (.741) | (.882) |
Total distributions | (7.598) | (1.301) | (2.264) | (1.483) | (1.594) |
Net asset value, end of period | $59.88 | $64.09 | $59.25 | $60.93 | $59.08 |
Total ReturnB,C | 5.77% | 10.56% | 1.16% | 5.72% | 10.68% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .87% | .35% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .87% | .35% | .25% | .25% | .25% |
Expenses net of all reductions | .86% | .35% | .25% | .25% | .25% |
Net investment income (loss) | 1.13% | 1.27% | 1.38% | 1.25% | 1.28% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $42 | $102 | $92 | $109 | $109 |
Portfolio turnover rateE | 29% | 118% | 29% | 31% | 34% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amounts do not include the activity of the Underlying Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2020 Fund Class M
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.15 | $59.31 | $61.00 | $59.15 | $55.00 |
Income from Investment Operations | |||||
Net investment income (loss)A | .524 | .622 | .642 | .599 | .605 |
Net realized and unrealized gain (loss) | 2.711 | 5.378 | (.205) | 2.586 | 5.021 |
Total from investment operations | 3.235 | 6.000 | .437 | 3.185 | 5.626 |
Distributions from net investment income | (.504) | (.605) | (.636) | (.594) | (.594) |
Distributions from net realized gain | (6.971) | (.555) | (1.491) | (.741) | (.882) |
Total distributions | (7.475) | (1.160) | (2.127) | (1.335) | (1.476) |
Net asset value, end of period | $59.91 | $64.15 | $59.31 | $61.00 | $59.15 |
Total ReturnB,C | 5.50% | 10.29% | .90% | 5.45% | 10.40% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.12% | .60% | .50% | .50% | .49%F |
Expenses net of fee waivers, if any | 1.12% | .60% | .50% | .50% | .49%F |
Expenses net of all reductions | 1.12% | .60% | .50% | .50% | .49%F |
Net investment income (loss) | .87% | 1.02% | 1.13% | 1.00% | 1.04% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $688 | $752 | $752 | $544 | $451 |
Portfolio turnover rateE | 29% | 118% | 29% | 31% | 34% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amounts do not include the activity of the Underlying Funds.
F On certain classes, the size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2020 Fund Class C
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $63.51 | $58.84 | $60.60 | $58.82 | $54.75 |
Income from Investment Operations | |||||
Net investment income (loss)A | .222 | .315 | .357 | .296 | .304 |
Net realized and unrealized gain (loss) | 2.678 | 5.326 | (.216) | 2.580 | 5.003 |
Total from investment operations | 2.900 | 5.641 | .141 | 2.876 | 5.307 |
Distributions from net investment income | (.359) | (.416) | (.410) | (.355) | (.355) |
Distributions from net realized gain | (6.971) | (.555) | (1.491) | (.741) | (.882) |
Total distributions | (7.330) | (.971) | (1.901) | (1.096) | (1.237) |
Net asset value, end of period | $59.08 | $63.51 | $58.84 | $60.60 | $58.82 |
Total ReturnB,C | 4.97% | 9.74% | .39% | 4.94% | 9.84% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.62% | 1.10% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.62% | 1.10% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.61% | 1.10% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .37% | .52% | .63% | .49% | .53% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $131 | $142 | $175 | $177 | $205 |
Portfolio turnover rateE | 29% | 118% | 29% | 31% | 34% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the contingent deferred sales charge.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
E Amounts do not include the activity of the Underlying Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2020 Fund
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.06 | $59.21 | $60.89 | $59.04 | $54.87 |
Income from Investment Operations | |||||
Net investment income (loss)A | .813 | .924 | .928 | .898 | .880 |
Net realized and unrealized gain (loss) | 2.708 | 5.363 | (.202) | 2.584 | 5.027 |
Total from investment operations | 3.521 | 6.287 | .726 | 3.482 | 5.907 |
Distributions from net investment income | (.810) | (.882) | (.915) | (.891) | (.855) |
Distributions from net realized gain | (6.971) | (.555) | (1.491) | (.741) | (.882) |
Total distributions | (7.781) | (1.437) | (2.406) | (1.632) | (1.737) |
Net asset value, end of period | $59.80 | $64.06 | $59.21 | $60.89 | $59.04 |
Total ReturnB | 6.01% | 10.83% | 1.41% | 5.98% | 10.97% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .62% | .10% | - %E | - %E | - %E |
Expenses net of fee waivers, if any | .62% | .10% | -% | -% | -% |
Expenses net of all reductions | .62% | .10% | -% | -% | -% |
Net investment income (loss) | 1.37% | 1.52% | 1.63% | 1.50% | 1.53% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $26,667 | $7,449 | $8,744 | $9,019 | $7,882 |
Portfolio turnover rateD | 29% | 118% | 29% | 31% | 34% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
D Amounts do not include the activity of the Underlying Funds.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Simplicity RMD 2020 Fund Class I
Years ended July 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $64.04 | $59.21 | $60.89 | $59.04 | $54.88 |
Income from Investment Operations | |||||
Net investment income (loss)A | .816 | .922 | .929 | .897 | .887 |
Net realized and unrealized gain (loss) | 2.701 | 5.366 | (.203) | 2.585 | 5.010 |
Total from investment operations | 3.517 | 6.288 | .726 | 3.482 | 5.897 |
Distributions from net investment income | (.796) | (.903) | (.915) | (.891) | (.855) |
Distributions from net realized gain | (6.971) | (.555) | (1.491) | (.741) | (.882) |
Total distributions | (7.767) | (1.458) | (2.406) | (1.632) | (1.737) |
Net asset value, end of period | $59.79 | $64.04 | $59.21 | $60.89 | $59.04 |
Total ReturnB | 6.01% | 10.84% | 1.41% | 5.98% | 10.95% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .62% | .10% | - %E | - %E | - %E |
Expenses net of fee waivers, if any | .62% | .10% | -% | -% | -% |
Expenses net of all reductions | .62% | .10% | -% | -% | -% |
Net investment income (loss) | 1.37% | 1.52% | 1.63% | 1.50% | 1.53% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $72 | $6 | $2 | $18 | $17 |
Portfolio turnover rateD | 29% | 118% | 29% | 31% | 34% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
D Amounts do not include the activity of the Underlying Funds.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended July 31, 2018
1. Organization.
Fidelity Simplicity RMD Income Fund, Fidelity Simplicity RMD 2005 Fund, Fidelity Simplicity RMD 2010 Fund, Fidelity Simplicity RMD 2015 Fund and Fidelity Simplicity RMD 2020 Fund (the Funds) are funds of Fidelity Income Fund (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each Fund is authorized to issue an unlimited number of shares. The Funds invest primarily in a combination of other Fidelity equity, bond, and short-term funds (the Underlying Funds) managed by Fidelity Management & Research Company (FMR). Certain Underlying Funds incurred name changes since their most recent shareholder report. The names of the Underlying Funds are those in effect at period end. In the prior year, the Funds transitioned their portfolios to invest exclusively in classes of the Fidelity Series funds, offered only to certain other Fidelity funds advised by FMR or its affiliates.
The Funds are designed for investors who seek to convert accumulated assets into regular payments over a defined period of time. The payment strategy for each Fund is designed to be implemented through a shareholder's voluntary participation in a systematic withdrawal plan, starting after the horizon date indicated by its name, resulting in the gradual liquidation of the shareholder's investment in the Fund.
The Funds offer the following classes of shares: Fidelity Simplicity RMD Income Fund, Fidelity Simplicity RMD 2005 Fund, Fidelity Simplicity RMD 2010 Fund, Fidelity Simplicity RMD 2015 Fund and Fidelity Simplicity RMD 2020 Fund shares. Class A, Class M, Class C and Class I of each Fund is closed to new accounts and additional purchases, except for reinvestments. Each class has equal rights as to assets and voting privileges, except for matters affecting a single class.
2. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists each of the Underlying Funds as an investment of the Fund but does not include the underlying holdings of each Underlying Fund. The following summarizes the significant accounting policies of the Funds:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows. Investments in the Underlying Funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of each Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund. Each class differs with respect to distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds. Although not included in each Fund's expenses, each Fund indirectly bears its proportionate share of the Underlying Funds' expenses through the impact of these expenses on each Underlying Fund's NAV. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of July 31, 2018, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to the short-term gain distributions from the Underlying Funds and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) | |
Fidelity Simplicity RMD Income Fund | $13,946,171 | $203,207 | $(189,558) | $13,649 |
Fidelity Simplicity RMD 2005 Fund | 18,247,734 | 345,609 | (266,052) | 79,557 |
Fidelity Simplicity RMD 2010 Fund | 7,207,973 | 181,486 | (94,972) | 86,514 |
Fidelity Simplicity RMD 2015 Fund | 14,480,936 | 367,745 | (158,828) | 208,917 |
Fidelity Simplicity RMD 2020 Fund | 27,280,879 | 642,252 | (310,152) | 332,100 |
The tax-based components of distributable earnings as of period end were as follows for each Fund:
Undistributed ordinary income | Undistributed long-term capital gain | Net unrealized appreciation (depreciation) on securities and other investments | |
Fidelity Simplicity RMD Income Fund | $19,816 | $96,083 | $13,649 |
Fidelity Simplicity RMD 2005 Fund | 48,424 | 260,474 | 79,557 |
Fidelity Simplicity RMD 2010 Fund | 9,277 | 103,162 | 86,514 |
Fidelity Simplicity RMD 2015 Fund | 16,421 | 160,463 | 208,917 |
Fidelity Simplicity RMD 2020 Fund | 26,629 | 280,135 | 332,100 |
The tax character of distributions paid was as follows:
July 31, 2018 | |||
Ordinary Income | Long-term Capital Gains | Total | |
Fidelity Simplicity RMD Income Fund | $239,576 | $699,867 | $939,443 |
Fidelity Simplicity RMD 2005 Fund | 403,600 | 2,221,467 | 2,625,067 |
Fidelity Simplicity RMD 2010 Fund | 130,335 | 870,316 | 1,000,651 |
Fidelity Simplicity RMD 2015 Fund | 173,807 | 1,012,514 | 1,186,321 |
Fidelity Simplicity RMD 2020 Fund | 249,226 | 1,086,365 | 1,335,591 |
July 31, 2017 | |||
Ordinary Income | Long-term Capital Gains | Total | |
Fidelity Simplicity RMD Income Fund | $154,846 | $20,336 | $175,182 |
Fidelity Simplicity RMD 2005 Fund | 409,599 | 131,952 | 541,551 |
Fidelity Simplicity RMD 2010 Fund | 113,623 | 78,314 | 191,937 |
Fidelity Simplicity RMD 2015 Fund | 150,855 | 105,151 | 256,006 |
Fidelity Simplicity RMD 2020 Fund | 142,187 | 78,116 | 220,303 |
3. Purchases and Redemptions of Underlying Fund Shares.
Purchases and redemptions of the Underlying Fund shares, are noted in the table below.
Purchases ($) | Redemptions ($) | |
Fidelity Simplicity RMD Income Fund | 9,330,290 | 5,646,592 |
Fidelity Simplicity RMD 2005 Fund | 6,289,295 | 8,989,337 |
Fidelity Simplicity RMD 2010 Fund | 3,870,089 | 3,017,618 |
Fidelity Simplicity RMD 2015 Fund | 11,145,222 | 4,860,185 |
Fidelity Simplicity RMD 2020 Fund | 24,101,699 | 5,122,352 |
4. Fees and Other Transactions with Affiliates.
Management Fee. FMR Co., Inc. (the investment adviser), an affiliate of FMR, and its affiliates provide the Funds with investment management related services. Under the management contract effective June 1, 2017, each Class of each Fund pays a monthly management fee that is set at an annual rate by referring to each Fund's horizon date indicated by its name, such that the management fee rate applicable to each Class of each Fund is reduced as the fund approaches, and then passes, its horizon date. In addition, the investment adviser pays all ordinary operating expenses of each Fund, except distribution and service plan fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses. Prior to June 1, 2017, the investment adviser provided the Funds with investment management related services. The Funds did not pay any fees for these services.
For the reporting period, the total annual management fee rate for each Class of each Fund was as follows:
Annual % of Class-Level Average Net Assets (Classes A, M, C, Retail and I) | |
Fidelity Simplicity RMD Income Fund | .465% |
Fidelity Simplicity RMD 2005 Fund | .491% |
Fidelity Simplicity RMD 2010 Fund | .533% |
Fidelity Simplicity RMD 2015 Fund | .576% |
Fidelity Simplicity RMD 2020 Fund | .618% |
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, each Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of each Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Fidelity Simplicity RMD Income Fund | ||||
Class A | -% | .25% | $492 | $– |
Class M | .25% | .25% | 662 | – |
Class C | .75% | .25% | 1,379 | – |
$2,533 | $– | |||
Fidelity Simplicity RMD 2005 Fund | ||||
Class A | -% | .25% | $439 | $– |
Class M | .25% | .25% | 1,868 | – |
Class C | .75% | .25% | 613 | – |
$2,920 | $– | |||
Fidelity Simplicity RMD 2010 Fund | ||||
Class A | -% | .25% | $564 | $– |
Class M | .25% | .25% | 118 | 12 |
Class C | .75% | .25% | 1,304 | – |
$1,986 | $12 | |||
Fidelity Simplicity RMD 2015 Fund | ||||
Class A | -% | .25% | $902 | $– |
Class M | .25% | .25% | 2,630 | – |
Class C | .75% | .25% | 887 | – |
$4,419 | $– | |||
Fidelity Simplicity RMD 2020 Fund | ||||
Class A | -% | .25% | $104 | $– |
Class M | .25% | .25% | 3,642 | – |
Class C | .75% | .25% | 1,329 | – |
$5,075 | $– |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of each Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
Retained by FDC | |
Fidelity Simplicity RMD 2010 Fund | |
Class C(a) | $14 |
$14 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
5. Expense Reductions.
Through arrangements with each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. All of the applicable expense reductions are noted in the table below.
Custody expense reduction | Transfer agent expense reduction | |
Fidelity Simplicity RMD Income Fund | ||
Class A | $4 | |
Class M | 3 | |
Class C | 3 | |
Fidelity Simplicity RMD Income | 169 | |
Class I | 1 | |
Fidelity Simplicity RMD 2005 Fund | ||
Class A | $3 | |
Class M | 3 | |
Class C | 1 | |
Fidelity Simplicity RMD 2005 | 172 | |
Fidelity Simplicity RMD 2010 Fund | ||
Class A | $8 | |
Class M | 1 | |
Class C | 4 | |
Fidelity Simplicity RMD 2010 | 165 | |
Class I | 2 | |
Fidelity Simplicity RMD 2015 Fund | $1 | |
Class A | $10 | |
Class M | 10 | |
Class C | 1 | |
Fidelity Simplicity RMD 2015 | 157 | |
Fidelity Simplicity RMD 2020 Fund | ||
Class A | $2 | |
Class M | 15 | |
Class C | 3 | |
Fidelity Simplicity RMD 2020 | 159 |
6. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Year ended July 31, 2018 | Year ended July 31, 2017 | |
Fidelity Simplicity RMD Income Fund | ||
From net investment income | ||
Class A | $2,810 | $2,282 |
Class M | 1,544 | 1,432 |
Class C | 901 | 816 |
Fidelity Simplicity RMD Income | 194,149 | 138,035 |
Class I | 888 | 771 |
Total | $200,292 | $143,336 |
From net realized gain | ||
Class A | $13,301 | $575 |
Class M | 9,796 | 454 |
Class C | 10,167 | 467 |
Fidelity Simplicity RMD Income | 702,094 | 30,188 |
Class I | 3,793 | 162 |
Total | $739,151 | $31,846 |
Fidelity Simplicity RMD 2005 Fund | ||
From net investment income | ||
Class A | $2,291 | $4,912 |
Class M | 4,399 | 3,849 |
Class C | 414 | 1,120 |
Fidelity Simplicity RMD 2005 | 318,950 | 365,950 |
Class I | 657 | 807 |
Total | $326,711 | $376,638 |
From net realized gain | ||
Class A | $35,391 | $2,747 |
Class M | 43,110 | 2,461 |
Class C | 8,661 | 1,197 |
Fidelity Simplicity RMD 2005 | 2,206,301 | 158,149 |
Class I | 4,893 | 359 |
Total | $2,298,356 | $164,913 |
Fidelity Simplicity RMD 2010 Fund | ||
From net investment income | ||
Class A | $2,861 | $4,378 |
Class M | 250 | 291 |
Class C | 773 | 797 |
Fidelity Simplicity RMD 2010 | 101,733 | 98,058 |
Class I | 983 | 847 |
Total | $106,600 | $104,371 |
From net realized gain | ||
Class A | $37,985 | $4,415 |
Class M | 3,326 | 583 |
Class C | 19,255 | 1,484 |
Fidelity Simplicity RMD 2010 | 824,590 | 80,413 |
Class I | 8,895 | 671 |
Total | $894,051 | $87,566 |
Fidelity Simplicity RMD 2015 Fund | ||
From net investment income | ||
Class A | $4,239 | $6,233 |
Class M | 4,908 | 6,368 |
Class C | 540 | 2,539 |
Fidelity Simplicity RMD 2015 | 137,663 | 122,743 |
Class I | 148 | 12 |
Total | $147,498 | $137,895 |
From net realized gain | ||
Class A | $45,965 | $5,776 |
Class M | 67,117 | 11,903 |
Class C | 10,821 | 4,463 |
Fidelity Simplicity RMD 2015 | 913,597 | 95,960 |
Class I | 1,323 | 9 |
Total | $1,038,823 | $118,111 |
Fidelity Simplicity RMD 2020 Fund | ||
From net investment income | ||
Class A | $460 | $1,174 |
Class M | 6,176 | 7,533 |
Class C | 785 | 1,242 |
Fidelity Simplicity RMD 2020 | 203,025 | 120,329 |
Class I | 887 | 31 |
Total | $211,333 | $130,309 |
From net realized gain | ||
Class A | $4,362 | $864 |
Class M | 81,492 | 6,984 |
Class C | 15,560 | 1,647 |
Fidelity Simplicity RMD 2020 | 1,015,397 | 80,482 |
Class I | 7,447 | 17 |
Total | $1,124,258 | $89,994 |
7. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Year ended July 31, 2018 | Year ended July 31, 2017 | Year ended July 31, 2018 | Year ended July 31, 2017 | |
Fidelity Simplicity RMD Income Fund | ||||
Class A | ||||
Reinvestment of distributions | 265 | 34 | $15,348 | $2,022 |
Shares redeemed | (25) | (80) | (1,457) | (4,750) |
Net increase (decrease) | 240 | (46) | $13,891 | $(2,728) |
Class M | ||||
Reinvestment of distributions | 175 | 14 | $10,134 | $813 |
Shares redeemed | (422) | (221) | (24,484) | (13,046) |
Net increase (decrease) | (247) | (207) | $(14,350) | $(12,233) |
Class C | ||||
Reinvestment of distributions | 192 | 22 | $11,068 | $1,283 |
Shares redeemed | (497) | (291) | (28,568) | (17,145) |
Net increase (decrease) | (305) | (269) | $(17,500) | $(15,862) |
Fidelity Simplicity RMD Income | ||||
Shares sold | 132,226 | 52,476 | $7,681,963 | $3,112,035 |
Reinvestment of distributions | 14,534 | 1,901 | 840,364 | 112,003 |
Shares redeemed | (72,989) | (43,924) | (4,223,155) | (2,604,210) |
Net increase (decrease) | 73,771 | 10,453 | $4,299,172 | $619,828 |
Class I | ||||
Reinvestment of distributions | 45 | 9 | $2,579 | $502 |
Shares redeemed | (52) | – | (3,000) | – |
Net increase (decrease) | (7) | 9 | $(421) | $502 |
Fidelity Simplicity RMD 2005 Fund | ||||
Class A | ||||
Reinvestment of distributions | 648 | 125 | $37,682 | $7,658 |
Shares redeemed | (3,879) | (2,916) | (228,078) | (179,682) |
Net increase (decrease) | (3,231) | (2,791) | $(190,396) | $(172,024) |
Class M | ||||
Reinvestment of distributions | 783 | 75 | $45,508 | $4,542 |
Shares redeemed | (350) | (1,054) | (20,556) | (64,651) |
Net increase (decrease) | 433 | (979) | $24,952 | $(60,109) |
Class C | ||||
Reinvestment of distributions | 157 | 38 | $9,075 | $2,317 |
Shares redeemed | (959) | (2,352) | (55,395) | (146,656) |
Net increase (decrease) | (802) | (2,314) | $(46,320) | $(144,339) |
Fidelity Simplicity RMD 2005 | ||||
Shares sold | 51,086 | 15,409 | $2,999,611 | $952,887 |
Reinvestment of distributions | 39,892 | 6,181 | 2,321,020 | 378,181 |
Shares redeemed | (97,394) | (173,686) | (5,759,632) | (10,758,964) |
Net increase (decrease) | (6,416) | (152,096) | $(439,001) | $(9,427,896) |
Class I | ||||
Reinvestment of distributions | 95 | 19 | $5,550 | $1,166 |
Shares redeemed | (205) | (358) | (12,000) | (22,152) |
Net increase (decrease) | (110) | (339) | $(6,450) | $(20,986) |
Fidelity Simplicity RMD 2010 Fund | ||||
Class A | ||||
Shares sold | – | 9 | $– | $525 |
Reinvestment of distributions | 636 | 134 | 33,768 | 7,621 |
Shares redeemed | (1,124) | (2,697) | (59,768) | (158,781) |
Net increase (decrease) | (488) | (2,554) | $(26,000) | $(150,635) |
Class M | ||||
Reinvestment of distributions | 67 | 15 | $3,576 | $874 |
Shares redeemed | – | (644) | – | (36,603) |
Net increase (decrease) | 67 | (629) | $3,576 | $(35,729) |
Class C | ||||
Shares sold | – | 11 | $– | $616 |
Reinvestment of distributions | 380 | 40 | 20,027 | 2,261 |
Shares redeemed | (124) | (41) | (6,582) | (2,329) |
Net increase (decrease) | 256 | 10 | $13,445 | $548 |
Fidelity Simplicity RMD 2010 | ||||
Shares sold | 48,991 | 18,807 | $2,624,955 | $1,111,275 |
Reinvestment of distributions | 16,285 | 1,903 | 864,465 | 108,612 |
Shares redeemed | (34,238) | (41,072) | (1,860,366) | (2,444,268) |
Net increase (decrease) | 31,038 | (20,362) | $1,629,054 | $(1,224,381) |
Class I | ||||
Reinvestment of distributions | 186 | 27 | $9,878 | $1,518 |
Net increase (decrease) | 186 | 27 | $9,878 | $1,518 |
Fidelity Simplicity RMD 2015 Fund | ||||
Class A | ||||
Reinvestment of distributions | 861 | 199 | $50,204 | $12,009 |
Shares redeemed | (1,016) | (2,632) | (59,642) | (169,007) |
Net increase (decrease) | (155) | (2,433) | $(9,438) | $(156,998) |
Class M | ||||
Reinvestment of distributions | 1,201 | 267 | $69,875 | $16,027 |
Shares redeemed | (1,368) | (8,750) | (80,400) | (532,221) |
Net increase (decrease) | (167) | (8,483) | $(10,525) | $(516,194) |
Class C | ||||
Reinvestment of distributions | 197 | 93 | $11,361 | $5,542 |
Shares redeemed | (59) | (5,110) | (3,479) | (323,132) |
Net increase (decrease) | 138 | (5,017) | $7,882 | $(317,590) |
Fidelity Simplicity RMD 2015 | ||||
Shares sold | 159,251 | 5,906 | $9,439,008 | $363,643 |
Reinvestment of distributions | 16,597 | 2,502 | 967,090 | 150,898 |
Shares redeemed | (55,435) | (45,731) | (3,296,018) | (2,863,060) |
Net increase (decrease) | 120,413 | (37,323) | $7,110,080 | $(2,348,519) |
Class I | ||||
Shares sold | 153 | –(a) | $10,000 | $– |
Reinvestment of distributions | 25 | – | 1,471 | 21 |
Net increase (decrease) | 178 | –(a) | $11,471 | $21 |
Fidelity Simplicity RMD 2020 Fund | ||||
Class A | ||||
Reinvestment of distributions | 83 | 33 | $4,822 | $1,945 |
Shares redeemed | (976) | – | (62,563) | (13) |
Net increase (decrease) | (893) | 33 | $(57,741) | $1,932 |
Class M | ||||
Reinvestment of distributions | 1,432 | 176 | $83,603 | $10,404 |
Shares redeemed | (1,676) | (1,122) | (99,477) | (68,939) |
Net increase (decrease) | (244) | (946) | $(15,874) | $(58,535) |
Class C | ||||
Reinvestment of distributions | 283 | 45 | $16,345 | $2,622 |
Shares redeemed | (307) | (779) | (17,840) | (48,468) |
Net increase (decrease) | (24) | (734) | $(1,495) | $(45,846) |
Fidelity Simplicity RMD 2020 | ||||
Shares sold | 395,680 | 8,889 | $23,681,042 | $545,653 |
Reinvestment of distributions | 17,824 | 2,397 | 1,041,914 | 141,832 |
Shares redeemed | (83,900) | (42,684) | (5,006,276) | (2,609,720) |
Net increase (decrease) | 329,604 | (31,398) | $19,716,680 | $(1,922,235) |
Class I | ||||
Shares sold | 966 | 63 | $61,932 | $4,000 |
Reinvestment of distributions | 143 | 1 | 8,334 | 48 |
Net increase (decrease) | 1,109 | 64 | $70,266 | $4,048 |
(a) Amount represents less than one share.
8. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Income Fund and the Shareholders of Fidelity Simplicity RMD Income Fund, Fidelity Simplicity RMD 2005 Fund, Fidelity Simplicity RMD 2010 Fund, Fidelity Simplicity RMD 2015 Fund and Fidelity Simplicity RMD 2020 Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of Fidelity Simplicity RMD Income Fund, Fidelity Simplicity RMD 2005 Fund, Fidelity Simplicity RMD 2010 Fund, Fidelity Simplicity RMD 2015 Fund and Fidelity Simplicity RMD 2020 Fund (the "Funds"), each a fund of Fidelity Income Fund, including the schedules of investments, as of July 31, 2018, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2018, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2018, by correspondence with the custodians. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
September 18, 2018
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. If the interests of a fund and an underlying Fidelity® fund were to diverge, a conflict of interest could arise and affect how the Trustees and Members of the Advisory Board fulfill their fiduciary duties to the affected funds. FMRC has structured the funds to avoid these potential conflicts, although there may be situations where a conflict of interest is unavoidable. In such instances, FMRC, the Trustees, and Members of the Advisory Board would take reasonable steps to minimize and, if possible, eliminate the conflict. Each of the Trustees oversees 257 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Each fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Marie L. Knowles serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present) and Chairman and Director of FMR (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds. Ms. McAuliffe previously served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. He serves on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a Member of the Advisory Board of certain Fidelity® funds (2014-2016), president of the Business Roundtable (2011-2017), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Albert R. Gamper, Jr. (1942)
Year of Election or Appointment: 2006
Trustee
Mr. Gamper also serves as Trustee of other Fidelity® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007), and Chase Manhattan Bank (1975-1978).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Vice Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008), AGL Resources, Inc. (holding company, 2002-2016), and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Chairman of the Independent Trustees
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Member of the Advisory Board
General Dunwoody also serves as a Member of the Advisory Board of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). She is the President of First to Four LLC (leadership and mentoring services, 2012-present). She also serves as a member of the Board of Directors and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor, and aerospace systems, 2013-present), Board of Directors and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and Board of Directors of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Board of Directors and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board of Directors, Chair of the Nomination and Governance Committee and member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Board of Directors of the Army Historical Foundation (2015-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present) and a member of the Board of Trustees of Florida Institute of Technology (2015-present) and ThanksUSA (military family education non-profit, 2014-present).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
Marc R. Bryant (1966)
Year of Election or Appointment: 2015
Secretary and Chief Legal Officer (CLO)
Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (UK) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John B. McGinty, Jr. (1962)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).
Rieco E. Mello (1969)
Year of Election or Appointment: 2017
Assistant Treasurer
Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as President Fixed Income, High Income/Emerging Market Debt and Multi Asset Class Strategies of FIAM LLC (2018-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice Chairman of FIAM LLC (investment adviser firm, 2014-2018), a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-2018), President Multi-Asset Class Strategies of FMR's Global Asset Allocation Division (2017-2018), Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity® funds (2008-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Deputy Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).
Renee Stagnone (1975)
Year of Election or Appointment: 2016
Assistant Treasurer
Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity® funds (2013-2016).
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2018 to July 31, 2018).
Actual Expenses
The first line of the accompanying table for each Class of each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a Class of the fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, each Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each Class of each fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, each Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annualized Expense Ratio-A | Beginning Account Value February 1, 2018 | Ending Account Value July 31, 2018 | Expenses Paid During Period-B February 1, 2018 to July 31, 2018 | |
Fidelity Simplicity RMD Income Fund | ||||
Class A | .72% | |||
Actual | $1,000.00 | $989.80 | $3.55 | |
Hypothetical-C | $1,000.00 | $1,021.22 | $3.61 | |
Class M | .97% | |||
Actual | $1,000.00 | $988.60 | $4.78 | |
Hypothetical-C | $1,000.00 | $1,019.98 | $4.86 | |
Class C | 1.47% | |||
Actual | $1,000.00 | $986.10 | $7.24 | |
Hypothetical-C | $1,000.00 | $1,017.50 | $7.35 | |
Fidelity Simplicity RMD Income | .47% | |||
Actual | $1,000.00 | $991.00 | $2.32 | |
Hypothetical-C | $1,000.00 | $1,022.46 | $2.36 | |
Class I | .46% | |||
Actual | $1,000.00 | $991.00 | $2.27 | |
Hypothetical-C | $1,000.00 | $1,022.51 | $2.31 | |
Fidelity Simplicity RMD 2005 Fund | ||||
Class A | .74% | |||
Actual | $1,000.00 | $988.80 | $3.65 | |
Hypothetical-C | $1,000.00 | $1,021.12 | $3.71 | |
Class M | .99% | |||
Actual | �� | $1,000.00 | $987.60 | $4.88 |
Hypothetical-C | $1,000.00 | $1,019.89 | $4.96 | |
Class C | 1.49% | |||
Actual | $1,000.00 | $985.00 | $7.33 | |
Hypothetical-C | $1,000.00 | $1,017.41 | $7.45 | |
Fidelity Simplicity RMD 2005 | .49% | |||
Actual | $1,000.00 | $990.00 | $2.42 | |
Hypothetical-C | $1,000.00 | $1,022.36 | $2.46 | |
Class I | .49% | |||
Actual | $1,000.00 | $990.10 | $2.42 | |
Hypothetical-C | $1,000.00 | $1,022.36 | $2.46 | |
Fidelity Simplicity RMD 2010 Fund | ||||
Class A | .78% | |||
Actual | $1,000.00 | $986.70 | $3.84 | |
Hypothetical-C | $1,000.00 | $1,020.93 | $3.91 | |
Class M | 1.04% | |||
Actual | $1,000.00 | $985.40 | $5.12 | |
Hypothetical-C | $1,000.00 | $1,019.64 | $5.21 | |
Class C | 1.54% | |||
Actual | $1,000.00 | $982.90 | $7.57 | |
Hypothetical-C | $1,000.00 | $1,017.16 | $7.70 | |
Fidelity Simplicity RMD 2010 | .53% | |||
Actual | $1,000.00 | $987.80 | $2.61 | |
Hypothetical-C | $1,000.00 | $1,022.17 | $2.66 | |
Class I | .53% | |||
Actual | $1,000.00 | $987.80 | $2.61 | |
Hypothetical-C | $1,000.00 | $1,022.17 | $2.66 | |
Fidelity Simplicity RMD 2015 Fund | ||||
Class A | .83% | |||
Actual | $1,000.00 | $984.50 | $4.08 | |
Hypothetical-C | $1,000.00 | $1,020.68 | $4.16 | |
Class M | 1.08% | |||
Actual | $1,000.00 | $983.10 | $5.31 | |
Hypothetical-C | $1,000.00 | $1,019.44 | $5.41 | |
Class C | 1.58% | |||
Actual | $1,000.00 | $980.60 | $7.76 | |
Hypothetical-C | $1,000.00 | $1,016.96 | $7.90 | |
Fidelity Simplicity RMD 2015 | .57% | |||
Actual | $1,000.00 | $985.60 | $2.81 | |
Hypothetical-C | $1,000.00 | $1,021.97 | $2.86 | |
Class I | .57% | |||
Actual | $1,000.00 | $985.60 | $2.81 | |
Hypothetical-C | $1,000.00 | $1,021.97 | $2.86 | |
Fidelity Simplicity RMD 2020 Fund | ||||
Class A | .86% | |||
Actual | $1,000.00 | $982.30 | $4.23 | |
Hypothetical-C | $1,000.00 | $1,020.53 | $4.31 | |
Class M | 1.12% | |||
Actual | $1,000.00 | $981.10 | $5.50 | |
Hypothetical-C | $1,000.00 | $1,019.24 | $5.61 | |
Class C | 1.62% | |||
Actual | $1,000.00 | $978.50 | $7.95 | |
Hypothetical-C | $1,000.00 | $1,016.76 | $8.10 | |
Fidelity Simplicity RMD 2020 | .62% | |||
Actual | $1,000.00 | $983.30 | $3.05 | |
Hypothetical-C | $1,000.00 | $1,021.72 | $3.11 | |
Class I | .62% | |||
Actual | $1,000.00 | $983.40 | $3.05 | |
Hypothetical-C | $1,000.00 | $1,021.72 | $3.11 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Funds in which each Fund invests are not included in each Fund's annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities:
Pay Date | Record Date | Capital Gains | |
Fidelity Simplicity RMD Income Fund | |||
Class A | 09/17/18 | 09/14/18 | $0.386 |
Class M | 09/17/18 | 09/14/18 | $0.386 |
Class C | 09/17/18 | 09/14/18 | $0.386 |
Fidelity Simplicity RMD Income | 09/17/18 | 09/14/18 | $0.386 |
Class I | 09/17/18 | 09/14/18 | $0.386 |
Fidelity Simplicity RMD 2005 Fund | |||
Class A | 09/17/18 | 09/14/18 | $0.860 |
Class M | 09/17/18 | 09/14/18 | $0.860 |
Class C | 09/17/18 | 09/14/18 | $0.860 |
Fidelity Simplicity RMD 2005 | 09/17/18 | 09/14/18 | $0.860 |
Class I | 09/17/18 | 09/14/18 | $0.860 |
Fidelity Simplicity RMD 2010 Fund | |||
Class A | 09/17/18 | 09/14/18 | $0.758 |
Class M | 09/17/18 | 09/14/18 | $0.758 |
Class C | 09/17/18 | 09/14/18 | $0.758 |
Fidelity Simplicity RMD 2010 | 09/17/18 | 09/14/18 | $0.758 |
Class I | 09/17/18 | 09/14/18 | $0.758 |
Fidelity Simplicity RMD 2015 Fund | |||
Class A | 09/17/18 | 09/14/18 | $0.588 |
Class M | 09/17/18 | 09/14/18 | $0.588 |
Class C | 09/17/18 | 09/14/18 | $0.588 |
Fidelity Simplicity RMD 2015 | 09/17/18 | 09/14/18 | $0.588 |
Class I | 09/17/18 | 09/14/18 | $0.588 |
Fidelity Simplicity RMD 2020 Fund | |||
Class A | 09/17/18 | 09/14/18 | $0.582 |
Class M | 09/17/18 | 09/14/18 | $0.582 |
Class C | 09/17/18 | 09/14/18 | $0.582 |
Fidelity Simplicity RMD 2020 | 09/17/18 | 09/14/18 | $0.582 |
Class I | 09/17/18 | 09/14/18 | $0.582 |
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended July 31, 2018, or, if subsequently determined to be different, the net capital gain of such year.
Fidelity Simplicity RMD Income Fund | $139,841 |
Fidelity Simplicity RMD 2005 Fund | $330,962 |
Fidelity Simplicity RMD 2010 Fund | $134,246 |
Fidelity Simplicity RMD 2015 Fund | $218,968 |
Fidelity Simplicity RMD 2020 Fund | $366,017 |
A percentage of the dividends distributed during the fiscal year for the following funds were derived from interest on U.S. Government securities which is generally exempt from state income tax
Fidelity Simplicity RMD Income Fund | |
Class A | 24.48% |
Class M | 24.48% |
Class C | 24.48% |
Fidelity Simplicity RMD Income | 24.48% |
Class I | 24.48% |
Fidelity Simplicity RMD 2005 Fund | |
Class A | 21.92% |
Class M | 21.92% |
Class C | 21.92% |
Fidelity Simplicity RMD 2005 | 21.92% |
Class I | 21.92% |
Fidelity Simplicity RMD 2010 Fund | |
Class A | 17.85% |
Class M | 17.85% |
Class C | 17.85% |
Fidelity Simplicity RMD 2010 | 17.85% |
Class I | 17.85% |
Fidelity Simplicity RMD 2015 Fund | |
Class A | 14.77% |
Class M | 14.77% |
Class C | 14.77% |
Fidelity Simplicity RMD 2015 | 14.77% |
Class I | 14.77% |
Fidelity Simplicity RMD 2020 Fund | |
Class A | 11.80% |
Class M | 11.80% |
Class C | 11.80% |
Fidelity Simplicity RMD 2020 | 11.80% |
Class I | 11.80% |
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
Class A | Class M | Class C | Retail Class | Class I | |
Fidelity Simplicity RMD Income Fund | |||||
August 2017 | 0% | 0% | 0% | 0% | 0% |
September 2017 (ex-date 09/06/17) | 10% | 13% | 68% | 8% | 8% |
September 2017 (ex-date 09/15/17) | 29% | 29% | 29% | 29% | 29% |
October 2017 | 35% | 50% | 100% | 28% | 29% |
November 2017 | 34% | 48% | 100% | 28% | 28% |
December 2017 | 30% | 32% | 36% | 28% | 29% |
February 2018 | 3% | 4% | 14% | 2% | 2% |
March 2018 | 3% | 4% | 95% | 2% | 3% |
April 2018 | 3% | 4% | 14% | 2% | 2% |
May 2018 | 3% | 3% | 6% | 2% | 2% |
June 2018 | 3% | 4% | 20% | 2% | 2% |
July 2018 | 3% | 3% | 6% | 2% | 2% |
Fidelity Simplicity RMD 2005 Fund | |||||
August 2017 | 0% | 0% | 0% | 0% | 0% |
September 2017 (ex-date 09/06/17) | 28% | 41% | 100% | 21% | 21% |
September 2017 (ex-date 09/15/17) | – | – | – | – | – |
October 2017 | 37% | 47% | 100% | 31% | 31% |
November 2017 | 50% | 53% | 100% | 31% | 32% |
December 2017 | 34% | 35% | 39% | 32% | 32% |
February 2018 | 3% | 3% | 4% | 3% | 3% |
March 2018 | 4% | 5% | 62% | 3% | 3% |
April 2018 | 4% | 5% | 19% | 3% | 3% |
May 2018 | 3% | 4% | 9% | 3% | 3% |
June 2018 | 4% | 5% | – | 3% | 3% |
July 2018 | 4% | 4% | – | 3% | 3% |
Fidelity Simplicity RMD 2010 Fund | |||||
August 2017 | 0% | 0% | 0% | 0% | 0% |
September 2017 (ex-date 09/06/17) | 40% | 65% | – | 29% | 28% |
September 2017 (ex-date 09/15/17) | – | – | – | – | – |
October 2017 | 60% | 71% | 100% | 41% | 41% |
November 2017 | 61% | 76% | – | 41% | 42% |
December 2017 | 44% | 46% | 52% | 42% | 42% |
February 2018 | 4% | 4% | 6% | 4% | 4% |
March 2018 | 5% | 10% | – | 4% | 4% |
April 2018 | 5% | 7% | – | 4% | 4% |
May 2018 | 4% | 5% | 13% | 4% | 3% |
June 2018 | 5% | 6% | 63% | 3% | 3% |
July 2018 | 4% | 6% | 23% | 4% | 4% |
Fidelity Simplicity RMD 2015 Fund | |||||
August 2017 | 0% | 0% | – | 0% | 0% |
September 2017 (ex-date 09/06/17) | 100% | 0% | – | 38% | 26% |
September 2017 (ex-date 09/15/17) | – | – | – | – | – |
October 2017 | 67% | 95% | 100% | 52% | 50% |
November 2017 | 72% | 100% | – | 52% | 53% |
December 2017 | 56% | 59% | 66% | 54% | 53% |
February 2018 | 9% | 11% | 18% | 8% | 8% |
March 2018 | 21% | 0% | – | 8% | 8% |
April 2018 | 13% | 49% | – | 7% | 8% |
May 2018 | 10% | 15% | 100% | 8% | 8% |
June 2018 | 11% | 22% | – | 8% | 8% |
July 2018 | 10% | 17% | – | 8% | 8% |
Fidelity Simplicity RMD 2020 Fund | |||||
August 2017 | 0% | 0% | – | 0% | 0% |
September 2017 (ex-date 09/06/17) | – | – | – | 45% | 31% |
September 2017 (ex-date 09/15/17) | – | – | – | – | – |
October 2017 | 79% | 100% | 100% | 62% | 65% |
November 2017 | 97% | 100% | – | 63% | 66% |
December 2017 | 68% | 71% | 79% | 63% | 64% |
February 2018 | 13% | 17% | 41% | 10% | 11% |
March 2018 | 45% | – | – | 10% | 13% |
April 2018 | 28% | – | – | 10% | 11% |
May 2018 | 15% | 27% | – | 10% | 10% |
June 2018 | 32% | – | – | 10% | 11% |
July 2018 | 17% | 72% | – | 10% | 11% |
The funds will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.
SRD-ANN-0918
1.9881721.101
Item 2.
Code of Ethics
As of the end of the period, July 31, 2018, Fidelity Income Fund (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Elizabeth S. Acton is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Acton is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity Managed Retirement 2005 Fund, Fidelity Managed Retirement 2010 Fund, Fidelity Managed Retirement 2015 Fund, Fidelity Managed Retirement 2020 Fund, Fidelity Managed Retirement 2025 Fund, Fidelity Managed Retirement Income Fund, Fidelity Simplicity RMD 2005 Fund, Fidelity Simplicity RMD 2010 Fund, Fidelity Simplicity RMD 2015 Fund, Fidelity Simplicity RMD 2020 Fund and Fidelity Simplicity RMD Income Fund (the “Funds”):
Services Billed by Deloitte Entities
July 31, 2018 FeesA
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Managed Retirement 2005 Fund | $22,000 | $- | $5,000 | $700 |
Fidelity Managed Retirement 2010 Fund | $22,000 | $- | $5,000 | $700 |
Fidelity Managed Retirement 2015 Fund | $22,000 | $- | $5,000 | $700 |
Fidelity Managed Retirement 2020 Fund | $22,000 | $- | $5,000 | $700 |
Fidelity Managed Retirement 2025 Fund | $22,000 | $- | $5,000 | $700 |
Fidelity Managed Retirement Income Fund | $22,000 | $- | $5,000 | $700 |
Fidelity Simplicity RMD 2005 Fund | $22,000 | $- | $5,000 | $700 |
Fidelity Simplicity RMD 2010 Fund | $22,000 | $- | $5,000 | $700 |
Fidelity Simplicity RMD 2015 Fund | $22,000 | $- | $5,000 | $700 |
Fidelity Simplicity RMD 2020 Fund | $22,000 | $- | $5,000 | $700 |
Fidelity Simplicity RMD Income Fund | $22,000 | $- | $5,000 | $700 |
July 31, 2017 FeesA
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Managed Retirement 2005 Fund | $22,000 | $- | $5,100 | $700 |
Fidelity Managed Retirement 2010 Fund | $22,000 | $- | $5,100 | $700 |
Fidelity Managed Retirement 2015 Fund | $22,000 | $- | $5,100 | $700 |
Fidelity Managed Retirement 2020 Fund | $22,000 | $- | $5,100 | $700 |
Fidelity Managed Retirement 2025 Fund | $22,000 | $- | $5,100 | $700 |
Fidelity Managed Retirement Income Fund | $22,000 | $- | $5,100 | $700 |
Fidelity Simplicity RMD 2005 Fund | $22,000 | $- | $5,100 | $700 |
Fidelity Simplicity RMD 2010 Fund | $22,000 | $- | $5,100 | $700 |
Fidelity Simplicity RMD 2015 Fund | $22,000 | $- | $5,100 | $700 |
Fidelity Simplicity RMD 2020 Fund | $22,000 | $- | $5,100 | $700 |
Fidelity Simplicity RMD Income Fund | $22,000 | $- | $5,100 | $700 |
A Amounts may reflect rounding.
The following table presents fees billed by Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Funds and that are rendered on behalf of Fidelity Management & Research Company (“FMR”) and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Funds (“Fund Service Providers”):
Services Billed by Deloitte Entities
| July 31, 2018A | July 31, 2017A |
Audit-Related Fees | $5,000 | $- |
Tax Fees | $5,000 | $25,000 |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by Deloitte Entities for services rendered to the Funds, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Funds are as follows:
Billed By | July 31, 2018A | July 31, 2017A |
Deloitte Entities | $410,000 | $565,000 |
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities in its audit of the Funds, taking into account representations from Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Funds and its related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Funds’ last two fiscal years relating to services provided to (i) the Funds or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Funds.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
(a) | (1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) |
| Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Income Fund
By: | /s/Laura M. Del Prato |
| Laura M. Del Prato |
| President and Treasurer |
|
|
Date: | September 26, 2018 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Laura M. Del Prato |
| Laura M. Del Prato |
| President and Treasurer |
|
|
Date: | September 26, 2018 |
By: | /s/John J. Burke III |
| John J. Burke III |
| Chief Financial Officer |
|
|
Date: | September 26, 2018 |