Fidelity Managed Retirement Funds · 2020 FIRVX 12/31/2007 $5.9 2025 FIXRX 12/31/2007 $30.6...

PORTFOLIO MANAGER Q&A | AS OF JULY 31, 2020

Fidelity® Managed Retirement Funds

Key Takeaways

• For the fiscal year ending July 31, 2020, returns for the Retail Class shares of Fidelity Managed Retirement Funds ranged from 7.12% to 8.30%, with performance trending higher for Funds with a longer retirement horizon.

• During the past 12 months, Funds for investors with a greater number years to invest in retirement – those with more exposure to equities and lower allocations to fixed income and short-term securities – fareda bit better than those that invest in a greater percentage of fixed income and short-term debt, and less equity exposure.

• Each Fund lagged its Composite index this period, primarily due to active asset allocation. Specifically, a non-Composite allocation to commodities was the largest detractor, as this group produced a return of -12.07%, according to the Bloomberg Barclays Commodity Index Total Return. Underweighting two strong-performing asset classes – U.S. equities and investment-grade bonds – also hurt.

• The performance of the Funds' underlying investment portfolios was strong overall. In particular, the Funds' investments in underlying non-U.S. equities contributed most, while investments in U.S. equities and investment-grade bonds also added value this period.

• Among underlying funds, exposure to Fidelity® Series Large Cap Stock Fund hurt most, whereas an investment in Fidelity® Series Growth Company Fund contributed to the Funds' relative results.

• Co-Portfolio Managers Andrew Dierdorf and Brett Sumsion acknowledge there may be short-term intervals when the Funds' performance varies from Composites, but remain focused on the long-term objective of the Funds: providing income throughout retirement.

• On June 13, 2020, Fidelity Managed Retirement 2005 Fund and Fidelity Advisor Managed Retirement 2005 Fund closed to new investors in anticipation of their mergers into the Managed RetirementIncome funds, which occurred on July 17, 2020.

FUND NAMES

Fidelity Managed Retirement Income Fund Fidelity Managed Retirement 2010 Fund Fidelity Managed Retirement 2015 Fund Fidelity Managed Retirement 2020 Fund Fidelity Managed Retirement 2025 Fund Fidelity Managed Retirement 2030 Fund

Not FDIC Insured • May Lose Value • No Bank Guarantee


2 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

Market RecapFor the 12 months ending July 31, 2020, financial markets were highly influenced by the global outbreak and spread of the coronavirus, which curtailed economic growth and the outlook for corporate earnings. Declared a pandemic on March 11, the crisis and containment efforts led to increased uncertainty, broad-based contraction in economic activity, elevated volatility and dislocation in financial markets. Rapid and expansive monetary- and fiscal-policy responses provided a partial offset tothe economic disruption and fueled a sharp uptrend for many assets from March 24 through July 31.

Non-U.S. equities gained 0.82% for the 12 months, according to the MSCI ACWI (All Country World Index) ex USA Index, reflecting significant ups and downs related to the pandemic. From a regional perspective, emerging markets (+7%), Europe ex U.K. (+4%) and Japan (+2%) outperformed the broader index. Conversely, the U.K. (-15%), Asia Pacific ex Japan (-9%) and Canada (-1%) lagged. By sector, information technology (+34%) and health care (+24%) led. On the other end of the spectrum, the energy sector (-28%) underperformed by the widest margin, while financials (-16%) and industrials (-3%) also notably trailed the index.

The Dow Jones U.S. Total Stock Market Index gained 10.80% for the 12 months. After a significant decline in the first quarter of 2020 (-20.96%) due to the coronavirus outbreak, U.S. equities rebounded with a 22.09% advance in the second quarter and added 5.65% in July. Among sectors, energy (-39%) fared worst, whereas information technology (+37%) led the way by a wide margin. Consumer discretionary (+24%) and health care (+20%) also stood out this period. Large-cap stocks topped smaller-caps,while growth handily outpaced value. Elsewhere, commodities notably lagged equities.

Turning to fixed income, U.S. taxable investment-grade bonds (the Bloomberg Barclays U.S. Aggregate Bond Index) rose 10.12%, as investors generally sought assets with greater perceived safety and yields plunged. U.S. corporate bonds (+11.86%) and Treasury bonds (+11.84%) led the way, while Treasury Inflation-Protected Securities (+10.23%) also performedwell. Agency bonds (+7.24%) and mortgage-backed securities (+5.43%) lagged the Bloomberg Barclays index. Extended (non-core) categories, including emerging-markets debt (+4.08%), high-yield bonds (+2.99%) and floating-rate bank loans (-0.79%) turned in lower returns. ■

BROAD ASSET CLASS RETURNS (%) PERIOD ENDING JULY 31, 2020

Calendar-Year Returns Average Annual Cumulative

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 5 Year 3 Year 1 Year 6 Mos 3 Mos

19.7 29.9 18.6 33.5 25.1 4.1 17.5 37.8 1.9 30.9 10.8 13.8 30.5 18.2 18.0

19.2 8.9 18.5 21.2 16.9 1.2 12.6 24.5 0.7 22.8 9.4 11.3 10.8 5.7 13.9

17.5 8.7 16.6 7.4 12.5 0.5 11.8 21.2 0.6 18.9 6.5 5.7 10.1 4.2 12.8

16.8 8.5 16.4 5.4 7.0 0.4 11.6 9.3 0.0 18.4 5.8 5.6 7.1 3.3 12.8

15.1 7.8 15.5 0.1 6.0 0.2 10.4 8.5 -0.3 14.8 5.7 4.3 6.9 2.5 10.7

12.0 4.4 12.7 -1.8 5.5 0.1 10.2 8.3 -1.8 14.4 5.0 4.3 6.3 2.1 10.5

10.4 1.5 9.8 -2.0 2.5 0.1 5.3 7.5 -2.3 14.4 4.9 4.1 4.1 0.5 7.7

9.4 1.1 5.0 -2.3 1.8 -0.5 4.9 4.7 -4.1 10.3 4.5 3.9 3.0 0.0 7.5

9.1 0.1 4.2 -5.6 0.9 -1.2 4.0 4.3 -4.6 8.7 3.5 3.2 1.5 -0.3 4.5

6.5 -12.1 3.6 -6.6 0.1 -2.9 3.0 3.5 -5.3 8.7 3.3 2.6 0.4 -3.3 3.1

5.2 -13.3 0.1 -9.5 -1.8 -4.6 2.6 1.9 -11.2 7.7 2.4 1.8 -0.8 -4.7 2.6

0.2 -18.2 -1.1 -12.7 -4.2 -14.6 1.3 1.7 -13.9 6.9 1.2 1.0 -1.5 -7.2 2.4

-- -- -- -- -17.0 -24.7 0.3 0.9 -14.2 2.3 -4.5 -5.1 -12.1 -8.0 0.0

Best

Perfor

mance

Worst

Dispersionof Returns* 19.5 48.1 19.7 46.1 42.1 28.8 17.1 36.9 16.1 28.6 15.4 18.9 42.6 26.3 18.0

■ U.S. Equities

■ Non-U.S. Developed-Markets Equities

■ Emerging-Markets Equities

■ Commodities

■ High-Yield Debt

■ Floating-Rate Debt

■ International Debt

■ Emerging-Markets Debt

■ Real Estate Debt

■ Investment-Grade Debt

■ Inflation-Protected Debt

■ Short-Term Debt

■ Long-Term U.S. Treasury Debt

Periods greater than one year are annualized. Source: FMR*Difference between best- and worst-performing asset classes over the given time periodYou cannot invest directly in an index. Past performance is no guarantee of future results.U.S. Equities - Dow Jones U.S. Total Stock Market Index, Non-U.S. Developed-Markets Equities - MSCI World ex USA Net Mass, Emerging-Markets Equities - MSCI Emerging Markets Index, Commodities - Bloomberg Commodity Index Total Return, High-Yield Debt - ICE BofA U.S. High Yield Constrained Index, Floating-Rate Debt - S&P/LSTA Leveraged Performing Loan Index, International Debt - Bloomberg Barclays Global Aggregate Credit Ex U.S. Index Hedged (USD), Emerging-Markets Debt - J.P. Morgan Emerging Markets Bond Index Global, Real Estate Debt - Fidelity Real Estate Income Composite Index, Investment-Grade Debt - Bloomberg Barclays U.S. Aggregate Bond Index, Inflation-Protected Debt - Bloomberg Barclays U.S. 1-10 Year Treasury Inflation-Protected Securities (TIPS) Index (Series-L), Short-Term Debt - Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index, Long-Term U.S. Treasury Debt -Bloomberg Barclays U.S. Long Treasury Index



Andrew DierdorfCo-Manager

Brett SumsionCo-Manager

Fund FactsTrading Symbol

Start DateSize (in millions)

Income FIRMX 08/30/2007 $15.42010 FIRQX 08/30/2007 $7.92015 FIRSX 08/30/2007 $6.82020 FIRVX 12/31/2007 $7.22025 FIXRX 12/31/2007 $32.2

FMRAX 08/16/2019 $6.1

Investment Approach• Fidelity Managed Retirement FundsSM (the Funds) are

intended for investors seeking to use the value of their account as a source of income during retirement. The name of each Fund refers to its "horizon date," the year closest to the one during which an investor turns 70.

• The Funds are actively managed and diversified among a broad group of underlying Fidelity mutual funds according to an asset allocation strategy that gradually becomes more conservative over time. The Funds are not set to automatically liquidate; ultimately, the Funds are expected to merge with Managed Retirement Income Fund.

• The Funds with longer time horizons will generally investin a greater percentage of equity funds, while the Funds with shorter time horizons will emphasize fixed-income and short-term funds.

• The Funds employ a robust investment process focused on helping investors achieve their objectives during retirement by leveraging the depth and strength of Fidelity's investment research and resources.

Q&AAn interview with Co-Portfolio Managers Andrew Dierdorf and Brett Sumsion

Q: Andrew, how did the Managed Retirement Funds perform for the fiscal year ending July 31,2020

A.D. Returns for the Retail Class shares of all Funds were positive the past 12 months, ranging from 7.12% to 8.30%, with performance trending higher for Funds with a longer retirement horizon. Each of the Fidelity Managed RetirementFunds underperformed its Composite index. (For specific Fund results, please refer to the Performance Summaries.)

Q: How would you characterize the market environment the past year

A.D. It was a volatile period for many asset classes, particularly equities and other riskier categories. In late February, the outbreak and spread of COVID-19 led to a decline in business activity around the world, as shutdown orders from federal and local governments were put in place to contain the virus. This diminished the outlook for global economic growth and corporate earnings, and coincided with an equity-market decline through March 23.

The second quarter of 2020 was characterized by historic levels of fiscal and monetary stimulus aimed at stabilizing markets, expanding liquidity, and providing relief to businesses and individuals impacted by the macroeconomic shock caused by COVID-19. These policy actions, coupled with a gradual re-opening of the U.S. and other foreign economies, drove a meaningful rebound for the asset classesthat struggled in the first quarter of 2020.

Overall, the heightened volatility that transpired since late February is a key reason why having diversified exposure to multiple asset classes can provide more-stable risk-adjusted returns over time. Each asset class has a different level of exposure to factors such as the pace of economic growth, the direction of interest rates and the rate of corporate earnings growth, all of which tend to influence performance.

Q: Beyond diversification, what do you expect to typically drive the performance of the Funds

A.D. Well, as a reminder, there are multiple drivers of performance for the Funds, which seek to provide income throughout retirement. The strategic asset allocation is



expected to be the primary driver of returns over the retirement horizon for each Fund, while active asset allocation and the active investment decisions of the underlying portfolio managers in each discipline can result inincremental excess returns above and beyond Composite indexes.

Strategic allocation decisions are based on research and insights related to the factors that influence outcomes over long-term periods, including diversification, capital markets trends and investor behaviors. For the past several years, we have increased the diversification of our strategic asset allocation to better navigate uncertainty in capital markets.

Active asset allocation is intended to provide shareholders with exposure to asset classes that we believe are mispriced and may offer additional returns and opportunities for risk mitigation. Active asset allocation expands our investment opportunity set and provides flexibility for us to adjust asset class exposure, relative to the strategic asset allocation, over intermediate-term periods – again, with the objective of maximizing returns over time.

Q: Turning to you, Brett, what specific factors influenced the Funds' performance versus Composite indexes this period

B.S. Our active asset allocation decisions did not play out as we expected, and that detracted from the Funds' relative performance. When we make active allocation decisions, we recognize that it can take some time for those investments toperform as we expect – up to five years or more.

More specifically, a non-Composite allocation to commodities was the largest detractor the past 12 months, as this asset class produced a return of -12.07%, according tothe Bloomberg Barclays Commodity Index Total Return. Elsewhere, underweighting two strong-performing asset classes – U.S. equities and investment-grade bonds – also hindered the Funds' relative results.

Conversely, the performance of the Funds' underlying investment portfolios was strong overall. In particular, the Funds' investments in underlying non-U.S. equities contributed most to the Funds' relative performance, while investments in U.S. equities and investment-grade bonds also notably added value this period.

Q: What specific underlying investments had the greatest influence

B.S. Among non-U.S. equity investments, a position in Fidelity® Series Overseas Fund (+10.89%) and Fidelity® Series Emerging Markets Opportunities Fund (+12.88%) helped more than any other positions. Both funds outpaced their respective indexes.

Among underlying U.S. equity funds, exposure to Fidelity®

Series Large Cap Fund (+1.41%) detracted most, whereas an investment in Fidelity® Series Growth Company Fund (+36.64%) made a notable contribution to the Funds' relative results.

An investment in Fidelity® Series Intrinsic Opportunities Fund (-2.27%) also hurt, as this fund trailed its benchmark, the Russell 3000® Index (+5.24%).

Q: Back to you, Andrew. Any final thoughts for shareholders as of July 31

A.D. We recognize that there will be short-term intervals when the Funds outperform or underperform their Composites – that's something we anticipate, given the dynamic nature of the markets and their exposure to diversified assets with varied sources of risk and return.

The first seven months of 2020 highlighted Fidelity's best-in-class research and portfolio-management decisions. Some common themes among portfolio managers included upgrading the quality of their holdings at attractive prices, emphasizing names they believe are likely to endure the recent macroeconomic shock and leveraging Fidelity's investment edge to navigate an uncertain corporate earningsenvironment.

We continue to focus on delivering compelling long-term outcomes for the Funds, based on the various risk and returnprofiles for the time horizons tied to each Fund. The Managed Retirement Funds are designed to help investors achieve a longer-term objective: supporting income needs inretirement. We believe the strategic asset allocation of the Funds will be the primary driver of returns throughout retirement.

As of July 30, economic conditions have improved, but progress has been uneven. Uncertainty and volatility are likely to remain high, in our view, thus our diversified approach and rigorous investment process, which is grounded in research data, is as important as ever.

We continue to leverage our stability and vast resources – especially our technology, our global research expertise across asset classes, and our relationships with corporations and other entities – to closely monitor the pandemic, gain insight into market dynamics as they evolve and choose securities we think have the potential to outperform over time. Thank you for your confidence in us, and in Fidelity's investment management expertise. [Editor's note: For more on the Funds' active positioning, please see the callout portion of this review.] ■



Co-Portfolio Manager Brett Sumsion on the Funds' active allocation positioning:

"As of July 30, active allocation positions relative to the Funds' Composite indexes are directionally similar to six months ago, although incremental positioning changes include an increase in equity exposure and a reduction in short-term debt. As economic conditions improved from extremely low levels in the first quarter of 2020, we brought the Funds' overall equity exposure closer to neutral from a slight underweight relative to Composites. Emerging-markets (EM) equities and inflation-sensitive assets remain our largest overweight allocations, whereas we are underweight U.S. equities and investment-grade bonds.

"Our view is that the path of COVID-19 and the historic global monetary and fiscal responses are likely to have long-lasting impacts on the global economy. In the intermediate term, we believe there are opportunities to position the portfolios in areas trading at a significant discount to our view of fair value. For example, following one of their strongest quarters in 20 years, our view that valuations for U.S. equities are elevated is even stronger. EM equities, by comparison, are priced at a discount and have favorable growth prospects. The potential for a weaker U.S. dollar following massive fiscal and monetary stimulus, pent-up demand for goods produced by EM countries, and early signs of China's stabilization and recovery provide a potentially favorable backdrop for the asset class. We're mindful of the geopolitical risks facing EM, including the U.S.–China trade conflict, and consider these in the overall positioning of the Funds. Within U.S. equities, we view value exposureas attractive relative to growth, and have allocated more assets to value strategies.

"Elsewhere, we believe inflation-sensitive assets, such as Treasury Inflation-Protected Securities (TIPS), are attractive. We believe that longer-term inflationary pressure may be greater than market expectations. The liquidity provided by accommodative global monetary policy, coupled with rebounding economic activity, may accelerate inflationary pressure. Elsewhere, our view is that yields on sovereign bonds are near historic lows, and the distribution of potential outcomes supports an underweight position in investment-grade and long-term U.S. Treasury bonds."



Fidelity Managed Retirement Income Fund

FUND HOLDINGS BY ASSET CLASS

HoldingPortfolio Weight

Portfolio Weight Six Months Ago

Domestic Equities 9.31% 9.74%

Equities 6.75% 6.51%

Series Lg Cap Value Idx 1.97% 0.28%

Series Blue Chip Growth 1.51% 0.48%

Series Large Cap Stock 1.04% 0.99%

Srs Lg Cap Growth Idx Fd 1.02% --

Series Value Discovery 0.70% 0.54%

Ser Small Cap Opps 0.50% 0.43%

Commodities 2.56% 3.23%

Series Commodity Stgy 2.56% 3.23%

International Equities 12.63% 11.01%

Developed-Markets Equities 5.49% 6.40%

Fid Series Overseas Fund 1.35% 1.24%

Series Intl Growth 1.33% 2.22%

Series Intl Value 1.32% 2.10%

Series Intl Index Fund 0.54% --

Series Canada 0.51% 0.33%

Series Intl Small Cap 0.44% 0.50%

Emerging-Markets Equities 7.14% 4.61%

Ser Emerging Markets Opps 6.42% 4.14%

Series Emerg Markets Fund 0.72% 0.47%

Bonds 54.60% 55.87%

Investment-Grade Debt 38.29% 39.04%



Ser Invt Grade Bond 11.48% 11.71%

Ser Govt Bond Index Fund 10.30% 11.17%

Series Corp Bond Fund 8.70% 8.19%

Srs Inv Grade Securitized 7.80% 7.97%

Long-Term U.S. Treasuries 2.35% 2.69%

Ser LT Treasury Bd Idx 2.35% 2.69%

Inflation-Protected Debt 11.95% 12.10%

Ser Infl-Prot Bd Idx 11.95% 12.10%

High-Yield Debt 0.73% 0.74%

Series High Income 0.73% 0.74%

Floating-Rate Debt 0.14% 0.15%

Series Fltg Rate HI 0.14% 0.15%

International Debt 0.06% 0.05%

Series Intl Credit 0.06% 0.05%

Emerging-Markets Debt 0.67% 0.63%

Series Emer Mkts Debt 0.67% 0.63%

Real Estate Debt 0.42% 0.48%

Series Real Estate Inc 0.42% 0.48%

Short-Term Debt & Net Other Assets 23.46% 23.38%

Ser Treasury Bill Index 13.88% 13.95%

Series Government MM 5.35% 4.65%

Series ST Credit 4.19% 4.68%

NET OTHER ASSETS 0.05% 0.11%



FISCAL PERFORMANCE SUMMARY:Periods ending July 31, 2020

Cumulative Annualized

6Month YTD

1Year

3Year

5Year

10 Year/ LOF1

Fidelity Managed Retirement Income Fund Gross Expense Ratio: 0.45%2 3.27% 3.76% 7.12% 4.92% 4.42% 5.86%

Bloomberg Barclays U.S. Aggregate Bond Index 5.69% 7.72% 10.12% 5.69% 4.47% 3.87%

Fidelity Managed Retirement Income Composite Index 3.92% 4.98% 8.25% 5.82% 4.98% 6.18%

Morningstar Fund Target-Date Retirement 2.14% 2.79% 6.40% 5.04% 4.63% 5.01%

% Rank in Morningstar Category (1% = Best) -- -- 52% 67% 75% 16%

# of Funds in Morningstar Category -- -- 180 157 133 961 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 08/30/2007.2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.

Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have again or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, institutional.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Please see the last page(s) of this Q&A document for most-recent calendar-quarter performance.



Fidelity Managed Retirement 2010 Fund





Equities 11.32% 11.38%




















Bonds 50.69% 51.87%































6Month YTD

1Year

3Year

5Year

10 Year/ LOF1

Fidelity Managed Retirement 2010 Fund Gross Expense Ratio: 0.46%2 3.13% 3.38% 7.46% 5.34% 5.32% 7.11%


Fidelity Managed Retirement 2010 Composite Index 3.66% 4.55% 8.43% 6.33% 6.00% 7.51%

Morningstar Fund Target-Date 2000-2010 2.80% 3.21% 7.53% 5.71% 5.33% 6.25%











Equities 16.35% 16.27%




















Bonds 46.40% 47.84%































6Month YTD

1Year

3Year

5Year

10 Year/ LOF1




Morningstar Fund Target-Date 2015 2.44% 2.77% 7.42% 5.96% 5.59% 6.91%











Equities 21.14% 20.97%




















Bonds 42.54% 44.15%































6Month YTD

1Year

3Year

5Year

10 Year/ LOF1















Equities 24.87% 24.57%




















Bonds 39.67% 41.54%































6Month YTD

1Year

3Year

5Year

10 Year/ LOF1















Equities 27.75% 27.55%




















Bonds 38.04% 39.88%


























Cash CF 0.00% 0.00%

NET OTHER ASSETS -0.00% 0.05%





6Month YTD

1Year

3Year

5Year

10 Year/ LOF1

Fidelity Managed Retirement 2030 Fund Gross Expense Ratio: 0.48%2 2.58% 2.00% -- -- -- 9.66%

S&P 500 Index 2.42% 2.38% 11.96% 12.01% 11.49% 15.33%

Fidelity Managed Retirement 2030 Composite Index 2.91% 3.24% 9.10% -- -- 10.08%1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 08/16/2019.2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.



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Definitions and Important InformationInformation provided in this document is for informational and educational purposes only. To the extent any investment information in this material is deemed to be a recommendation, it is not meant to be impartial investment advice or advice in a fiduciary capacity and is not intended to be used as a primary basis for you or your client's investment decisions. Fidelity, and its representatives may have a conflict of interest in the products or services mentioned in this material because they have a financial interest in, and receive compensation, directly or indirectly, in connection with the management, distribution and/or servicing of these products or services including Fidelity funds, certain third-party funds and products, and certain investment services.

BROAD ASSET CLASS RETURNS A graphical representation of historical market performance and the variations in returns among asset classes, as represented by thefollowing indexes:

Bloomberg Barclays Global Aggregate Credit Ex US Index Hedged (USD) is a market value weighted index that measures theperformance, hedged in USD, of the global non-US dollar denominated investment-grade corporate fixed-rate debt issues with maturities of one year or more.

Bloomberg Barclays U.S. 1-10 Year Treasury Inflation-Protected Securities (TIPS) Index (Series-L) is a market value-weighted indexthat measures the performance of inflation-protected securities issued by the U.S. Treasury that have a remaining average life between 1 and 10 years.

Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index is a market value-weighted index of investment-grade fixed-rate publicobligations of the U.S. Treasury with maturities of 3 months, excluding zero coupon strips.

Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based, market-value-weighted benchmark that measures the performance of the investment grade, U.S. dollardenominated, fixed-rate taxable bond market. Sectors in the index include Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS.

Bloomberg Barclays U.S. Long Treasury Index is a market value–weighted index of investment-grade fixed-rate public obligations of the U.S. Treasury with maturities of ten years or more.

ICE BofA U.S. High Yield Constrained Index is a modified market capitalization–weighted index of US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody's, S&P and Fitch). The country of risk of qualifying issuers must be an FX-G10 member, a Western European nation, or a territory of the US or a Western European nation. The FX-G10 includes all Euro members, the US, Japan, the UK, Canada, Australia, New Zealand, Switzerland, Norway and Sweden. In addition, qualifying securities must have at least one year remaining to final maturity, a fixed coupon schedule and at least $100 million in outstanding face value. Defaulted securities are excluded. The index contains all securities of ICE BofA U.S. High Yield Index but caps issuer exposure at 2%.

Bloomberg Commodity Index Total Return measures the

performance of the commodities market. It consists of exchange-traded futures contracts on physical commodities that are weighted to account for the economic significance and market liquidity of each commodity.

Dow Jones U.S. Total Stock Market Index is a float-adjusted market capitalization–weighted index of all equity securities of U.S.headquartered companies with readily available price data.

Fidelity Real Estate Income Composite Index is a customized blend of unmanaged indexes, weighted as follows: The ICE BofA US Real Estate Index - 40%; MSCI REIT Preferred Index - 40%; and FTSE NAREIT All REITs Index - 20%.

J.P. Morgan Emerging Markets Bond Index Global tracks total returns for the U.S. dollar-denominated debt instruments issued byEmerging Market sovereign and quasi-sovereign entities, such as Brady bonds, loans, and Eurobonds.

MSCI World ex USA Index is a market capitalization weighted index that is designed to measure the investable equity market performance for global investors of developed markets outside theUnited States.

MSCI Emerging Markets Index is a market capitalization-weightedindex that is designed to measure the investable equity market performance for global investors in emerging markets.

S&P/LSTA Leveraged Performing Loan Index is a market value-weighted index designed to represent the performance of U.S. dollar-denominated institutional leveraged performing loan portfolios (excluding loans in payment default) using current market weightings, spreads and interest payments.

FUND RISKSThe investment risk of each Fidelity Managed Retirement Fund changes over time as its asset allocation changes. These risks are subject to the asset allocation decisions of the Investment Adviser. Pursuant to the Adviser's ability to use an active asset allocation strategy, investors may be subject to a different risk profile compared to the fund's neutral asset allocation strategy shown in its glide path. The funds are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, commodity-linked, and foreign securities. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly. No Managed Retirement Fund is considered a complete retirement program and there is no guarantee any single fund will provide sufficient retirement income at or through retirement. Principal invested is not guaranteed at any time. The fund is designed primarily for investors who seek to convert accumulated assets into regular withdrawals over time.

IMPORTANT FUND INFORMATIONRelative positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmarkis provided to assess performance.

INDICESIt is not possible to invest directly in an index. All indices representedare unmanaged. All indices include reinvestment of dividends and


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interest income unless otherwise noted.

Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based, market-value-weighted benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. Sectors in the index include Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS.

S&P 500 is a market-capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.

Fidelity Managed Retirement 2010 Composite Index is a customized blend of the following unmanaged indexes: Dow Jones U.S. Total Stock Market Index; MSCI ACWI (All Country World Index)ex USA Index; Bloomberg Barclays U.S. Aggregate Bond Index; and Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. The index weightings are adjusted monthly to reflect the fund's changingasset allocations. The composition differed in periods prior to June 1, 2017.




Fidelity Managed Retirement Income Composite Index is a customized blend of the following unmanaged indexes: Dow Jones U.S. Total Stock Market Index; MSCI ACWI (All Country World Index)ex USA Index; Bloomberg Barclays U.S. Aggregate Bond Index; and Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. The index weightings are adjusted monthly to reflect the fund's changingasset allocations. The composition differed in periods prior to June 1, 2017.

Fidelity Managed Retirement 2030 Composite Index is a customized blend of the following unmanaged indices: Dow Jones U.S. Total Stock Market Index, Bloomberg Barclays U.S. Long Treasury Index, Bloomberg Barclays U.S. 3-6 Month Treasury Bill Index, Bloomberg Barclays US 1-10 Year Treasury Inflation Protected Securities (TIPS) Index (Series-L), MSCI All Country World ex US Index (Net Massachusetts tax), and Bloomberg Barclays U.S. Aggregate Bond Index. The index weightings are adjusted monthly

to reflect the fund's changing asset allocations. The composition differed in periods prior to July 2, 2018.

S&P 500 index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.

MSCI ACWI (All Country World Index) ex USA Index is a market-capitalization-weighted index designed to measure the investable equity market performance for global investors of large and mid-cap stocks in developed and emerging markets, excluding the United States.

MSCI Emerging Markets Index is a market capitalization-weighted index that is designed to measure the investable equity market performance for global investors in emerging markets.

MSCI Europe, Australasia, Far East (EAFE) Growth index is a market capitalization-weighted index that is designed to measure the investable equity market performance of growth stocks for global investors in developed markets, excluding the U.S. and Canada.

Bloomberg Barclays Global Aggregate Bond Index is a market value weighted index that measures the performance of the investment-grade U.S. dollar-denominated, fixed-rate taxable bond market.

Bloomberg Barclays U.S. Long-Term Treasury Bond Index is a market value-weighted index of public obligations of the U.S. Treasury with long-term maturities.

Dow Jones U.S. Total Stock Market Index is a full market capitalization-weighted index of all equity securities of U.S.- headquartered companies with readily available price data.

Russell 3000 Index is a market capitalization-weighted index designed to measure the performance of the 3,000 largest companies in the U.S. equity market.

Russell 3000 Growth Index is a market capitalization-weighted index designed to measure the performance of the growth companies in the Russell 3000 Index.

RANKING INFORMATION© 2020 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for mutual fund performance, you should check the fund's current prospectus for the most up-to-date information concerning applicable loads, fees and expenses.

% Rank in Morningstar Category is the fund's total-return percentile rank relative to all funds that have the same MorningstarCategory. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1%. % Rank in Morningstar Category is based on total returns which include reinvested dividends and capital gains, if any, and exclude sales charges. Multiple share classes of a fund have a common portfolio but impose different expense structures.



Manager Facts

Andrew Dierdorf is a portfolio manager in the Global Asset Allocation (GAA) group at Fidelity Investments. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing, and other financial products and services to institutions, financial intermediaries, and individuals.

In this role, Mr. Dierdorf co-manages Fidelity's target date strategies, including Fidelity-managed 529 plans and Canadian target date funds. Additionally, he co-manages Fidelity Four-in-One Index Fund.

Prior to assuming his current responsibilities, Mr. Dierdorf co-managed Fidelity Global Strategies Fund and Fidelity Tactical Strategies Fund.

Before joining Fidelity in 2004, Mr. Dierdorf worked as an actuary at several insurance companies. He has been working in the financial services industry since 1993.

Mr. Dierdorf earned his bachelor of science degree in statistics, with a minor in economics, from the University of Delaware. He is also a CFA® charterholder, a Fellow of the Society of Actuaries(FSA), a Chartered Market Technician (CMT), and a Member of the American Academy of Actuaries (MAAA).

Brett Sumsion is a portfolio manager in the Global Asset Allocation (GAA) group at Fidelity Investments. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing, and other financial products and services to institutions, financial intermediaries, and individuals.

In this role, Mr. Sumsion co-manages Fidelity's target date strategies, including Fidelity-managed 529 plans and Canadian target date plans.

Prior to joining Fidelity in 2014, Mr. Sumsion held various positions at DuPont Capital Management, Inc., including managing director of asset allocation and portfolio manager. While at DuPont, Mr. Sumsion managed strategic and tactical asset allocation strategies for institutional clients. He has been inthe financial industry since 2001.

Mr. Sumsion earned his bachelor of arts degree in economics from Brigham Young University and his master of business administration degree in finance from The Wharton School of the University of Pennsylvania. He is also a CFA® charterholder.

PORTFOLIO MANAGER Q&A | AS OF SEPTEMBER 30, 2020


PERFORMANCE SUMMARY:Quarter ending September 30, 2020

Annualized1

Year3

Year5

Year10 Year/

LOF1

InceptionDate

Fidelity Managed Retirement Income Fund Gross Expense Ratio: 0.45%2 6.43% 4.73% 5.21% 5.58% 08/30/2007

Fidelity Managed Retirement 2010 Fund Gross Expense Ratio: 0.46%2 7.19% 5.16% 6.61% 6.81% 08/30/2007




Fidelity Managed Retirement 2030 Fund Gross Expense Ratio: 0.48%2 9.61% -- -- 9.96% 08/16/2019

1 Life of Fund (LOF) if performance is less than 10 years.2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have again or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, institutional.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated.

Before investing in any mutual fund, please carefully consider the investment objectives, risks, charges, and expenses. For this and other information, call or write Fidelity for a free prospectus or, if available, a summary prospectus. Read it carefully before you invest. Past performance is no guarantee of future results.

Views expressed are through the end of the period stated and do not necessarily represent the views of Fidelity. Views are subject to change at any time based upon market or other conditions and Fidelity disclaims anyresponsibility 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. The securities mentioned are not necessarily holdings invested in by the portfolio manager(s) or FMR LLC. References to specific company securities should not be construed as recommendations or investment advice.

Diversification does not ensure a profit or guarantee against a loss.Information included on this page is as of the most recent calendar quarter.

S&P 500 is a registered service mark of Standard & Poor's Financial Services LLC.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. Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street, Smithfield, RI 02917. Fidelity Distributors Company LLC, 500 Salem Street, Smithfield, RI 02917.© 2020 FMR LLC. All rights reserved. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee.

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Fidelity Managed Retirement Funds · 2020 FIRVX 12/31/2007 $5.9 2025 FIXRX 12/31/2007 $30.6...

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