# EDGAR Filing Document

**Accession Number:** 0000751199
**File Stem:** 0000751199-23-000002
**Filing Date:** 2023-3
**Character Count:** 641673
**Document Hash:** 809b681761830bea9e915598452c74a2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000751199-23-000002.hdr.sgml**: 20230323

**ACCESSION NUMBER**: 0000751199-23-000002

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230323

**DATE AS OF CHANGE**: 20230323

**EFFECTIVENESS DATE**: 20230323

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY INCOME FUND /MA/
- **CENTRAL INDEX KEY:** 0000751199
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04085
- **FILM NUMBER:** 23755513

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY MORTGAGE SECURITIES FUND
- **DATE OF NAME CHANGE:** 19851103

## Series and Classes Contracts Data

### Fidelity GNMA Fund (Series ID: S000007068)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000019282 | Fidelity GNMA Fund | FGMNX           |

### Fidelity Managed Retirement 2015 Fund (Series ID: S000018464)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000051070 | Fidelity Managed Retirement 2015 Fund                   | FIRSX           |
| C000051071 | Fidelity Advisor Managed Retirement 2015 Fund: Class A  | FARSX           |
| C000051074 | Fidelity Advisor Managed Retirement 2015 Fund: Class I  | FRASX           |
| C000212299 | Class K6                                                | FJRSX           |
| C000212300 | Class K                                                 | FKRSX           |
| C000213725 | Fidelity Advisor Managed Retirement 2015 Fund: Class Z6 | FYRSX           |

### Fidelity Simplicity RMD 2015 Fund (Series ID: S000018465)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000051075 | Fidelity Simplicity RMD 2015 Fund | FIRUX           |

### Fidelity Managed Retirement Income Fund (Series ID: S000018468)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000051090 | Fidelity Managed Retirement Income Fund                   | FIRMX           |
| C000051091 | Fidelity Advisor Managed Retirement Income Fund: Class A  | FRAMX           |
| C000051094 | Fidelity Advisor Managed Retirement Income Fund: Class I  | FRIMX           |
| C000212301 | Class K                                                   | FRKMX           |
| C000212302 | Class K6                                                  | FRHMX           |
| C000213726 | Fidelity Advisor Managed Retirement Income Fund: Class Z6 | FRYMX           |

### Fidelity Simplicity RMD Income Fund (Series ID: S000018469)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000051095 | Fidelity Simplicity RMD Income Fund | FIRNX           |

### Fidelity Managed Retirement 2010 Fund (Series ID: S000018472)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000051110 | Fidelity Managed Retirement 2010 Fund                   | FIRQX           |
| C000051111 | Fidelity Advisor Managed Retirement 2010 Fund: Class A  | FRQAX           |
| C000051114 | Fidelity Advisor Managed Retirement 2010 Fund: Class I  | FRQIX           |
| C000212305 | Class K6                                                | FRQHX           |
| C000212306 | Class K                                                 | FRQKX           |
| C000213728 | Fidelity Advisor Managed Retirement 2010 Fund: Class Z6 | FRQYX           |

### Fidelity Simplicity RMD 2010 Fund (Series ID: S000018473)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000051115 | Fidelity Simplicity RMD 2010 Fund | FIRRX           |

### Fidelity Managed Retirement 2020 Fund (Series ID: S000019923)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000055912 | Fidelity Managed Retirement 2020 Fund                   | FIRVX           |
| C000055913 | Fidelity Advisor Managed Retirement 2020 Fund: Class A  | FARVX           |
| C000055916 | Fidelity Advisor Managed Retirement 2020 Fund: Class I  | FIIVX           |
| C000212307 | Class K6                                                | FHRVX           |
| C000212308 | Class K                                                 | FKRVX           |
| C000213729 | Fidelity Advisor Managed Retirement 2020 Fund: Class Z6 | FYRVX           |

### Fidelity Simplicity RMD 2020 Fund (Series ID: S000019924)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000055918 | Fidelity Simplicity RMD 2020 Fund | FIRWX           |

### Fidelity Managed Retirement 2025 Fund (Series ID: S000019925)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000055922 | Fidelity Managed Retirement 2025 Fund                   | FIXRX           |
| C000055923 | Fidelity Advisor Managed Retirement 2025 Fund: Class A  | FARFX           |
| C000055926 | Fidelity Advisor Managed Retirement 2025 Fund: Class I  | FIRFX           |
| C000212309 | Class K6                                                | FHRFX           |
| C000212310 | Class K                                                 | FKRFX           |
| C000213730 | Fidelity Advisor Managed Retirement 2025 Fund: Class Z6 | FYRFX           |

### Fidelity Managed Retirement 2030 Fund (Series ID: S000066139)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000213718 | Class K                                                 | FMREX           |
| C000213719 | Fidelity Advisor Managed Retirement 2030 Fund: Class Z6 | FMRGX           |
| C000213720 | Class K6                                                | FMRFX           |
| C000213721 | Fidelity Advisor Managed Retirement 2030 Fund: Class A  | FMRBX           |
| C000213722 | Fidelity Managed Retirement 2030 Fund                   | FMRAX           |
| C000213723 | Fidelity Advisor Managed Retirement 2030 Fund: Class I  | FMRDX           |

### Fidelity Simplicity RMD 2025 Fund (Series ID: S000066140)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000213724 | Fidelity Simplicity RMD 2025 Fund | FMRHX           |

### Fidelity Managed Retirement 2035 Fund (Series ID: S000079155)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000240060 | Class K6                                                | FMRJX           |
| C000240061 | Fidelity Advisor Managed Retirement 2035 Fund: Class Z6 | FMRWX           |
| C000240062 | Class K                                                 | FMRZX           |
| C000240063 | Fidelity Managed Retirement 2035 Fund                   | FMRTX           |
| C000240064 | Fidelity Advisor Managed Retirement 2035 Fund: Class I  | FMRYX           |
| C000240065 | Fidelity Advisor Managed Retirement 2035 Fund: Class A  | FMRUX           |

### Fidelity Simplicity RMD 2030 Fund (Series ID: S000079156)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000240066 | Fidelity Simplicity RMD 2030 Fund | FSRMX           |

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UNITED STATES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECURITIES AND EXCHANGE COMMISSION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington, D.C. 20549

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FORM N-CSR** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MANAGEMENT INVESTMENT COMPANIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Company Act file number <u>811-04085</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Fidelity Income Fund</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Exact name of registrant as specified in charter)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>245 Summer St., Boston, MA 02210</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Address of principal executive offices) (Zip code)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cynthia Lo Bessette, Secretary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245 Summer St.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Boston, Massachusetts 02210</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Name and address of agent for service)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registrant's telephone number, including area code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>617-563-7000</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date of fiscal year end:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; July 31  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date of reporting period:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; January 31, 2023  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Reports to Stockholders</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

**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℠**

**Fidelity Managed Retirement 2035 Fund℠**

**Semi-Annual Report**

**January 31, 2023**

Includes Fidelity and Fidelity Advisor share classes

![](img88913_1.jpg)

![](img88913_2.jpg)

**Contents**

---

| |
|:---|
| **[Fidelity Managed Retirement Income Fund℠](#Sec_FundName1887)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary1887)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments1887)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements1887)** |
| **[Fidelity Managed Retirement 2010 Fund℠](#Sec_FundName1891)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary1891)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments1891)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements1891)** |
| **[Fidelity Managed Retirement 2015 Fund℠](#Sec_FundName1893)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary1893)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments1893)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements1893)** |
| **[Fidelity Managed Retirement 2020 Fund℠](#Sec_FundName1995)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary1995)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments1995)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements1995)** |
| **[Fidelity Managed Retirement 2025 Fund℠](#Sec_FundName1996)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary1996)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments1996)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements1996)** |
| **[Fidelity Managed Retirement 2030 Fund℠](#Sec_FundName4500)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary4500)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments4500)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements4500)** |
| **[Fidelity Managed Retirement 2035 Fund℠](#Sec_FundName7303)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary7303)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments7303)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements7303)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Board Approval of Investment Advisory Contracts](#Sec_Board Approval of Investment Advisory Contracts and Management Fees)** |
| **[Liquidity Risk Management Program](#Sec_Liquidity Risk Management Program)** |

---

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 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one 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.© 2023 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-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT 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℠** 

**Investment Summary January 31, 2023 (Unaudited)**

The information in the following table is based on the direct Investments of the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund  | 19.9  |
| Fidelity Series Investment Grade Bond Fund  | 11.9  |
| Fidelity Series Government Bond Index Fund  | 11.6  |
| Fidelity Series Investment Grade Securitized Fund  | 8.3  |
| Fidelity Series Corporate Bond Fund  | 7.9  |
| Fidelity Series Treasury Bill Index Fund  | 6.5  |
| Fidelity Series Emerging Markets Opportunities Fund  | 4.9  |
| Fidelity Series Long-Term Treasury Bond Index Fund  | 4.4  |
| Fidelity Series International Developed Markets Bond Index Fund  | 3.9  |
| Fidelity Series Government Money Market Fund 4.42%  | 2.3  |
|  | 81.6  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88913_5.jpg)  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

*Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.*

**Fidelity Managed Retirement Income Fund℠**

**Schedule of Investments January 31, 2023 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Domestic Equity Funds - 6.4%**  | &nbsp;&nbsp; **Domestic Equity Funds - 6.4%**  | &nbsp;&nbsp; **Domestic Equity Funds - 6.4%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series Blue Chip Growth Fund (a)  | 19476  | 218521  |
|  Fidelity Series Commodity Strategy Fund (a)  | 1215  | 127312  |
|  Fidelity Series Large Cap Growth Index Fund (a)  | 9425  | 138178  |
|  Fidelity Series Large Cap Stock Fund (a)  | 8516  | 152008  |
|  Fidelity Series Large Cap Value Index Fund (a)  | 19534  | 283445  |
|  Fidelity Series Small Cap Core Fund (a)  | 49  | 525  |
|  Fidelity Series Small Cap Opportunities Fund (a)  | 5496  | 70185  |
|  Fidelity Series Value Discovery Fund (a)  | 6878  | 104541  |
| <br> **TOTAL DOMESTIC EQUITY FUNDS** <br> (Cost $1,047,672)  |  | **1094715**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **International Equity Funds - 12.9%**  | &nbsp;&nbsp; **International Equity Funds - 12.9%**  | &nbsp;&nbsp; **International Equity Funds - 12.9%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series Canada Fund (a)  | 9609  | 136828  |
|  Fidelity Series Emerging Markets Fund (a)  | 10705  | 91634  |
|  Fidelity Series Emerging Markets Opportunities Fund (a)  | 48864  | 841926  |
|  Fidelity Series International Growth Fund (a)  | 19360  | 302985  |
|  Fidelity Series International Index Fund (a)  | 11351  | 126219  |
|  Fidelity Series International Small Cap Fund (a)  | 5923  | 94356  |
|  Fidelity Series International Value Fund (a)  | 27842  | 301249  |
|  Fidelity Series Overseas Fund (a)  | 25627  | 302655  |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS** <br> (Cost $2,142,925)  |  | **2197852**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bond Funds - 70.1%**  | &nbsp;&nbsp; **Bond Funds - 70.1%**  | &nbsp;&nbsp; **Bond Funds - 70.1%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund (a)  | 363679  | 3400405  |
|  Fidelity Series 5+ Year Inflation-Protected Bond Index Fund (a)  | 12977  | 103166  |
|  Fidelity Series Corporate Bond Fund (a)  | 144394  | 1341417  |
|  Fidelity Series Emerging Markets Debt Fund (a)  | 11754  | 89097  |
|  Fidelity Series Emerging Markets Debt Local Currency Fund (a)  | 3222  | 29227  |
|  Fidelity Series Floating Rate High Income Fund (a)  | 1901  | 16961  |
|  Fidelity Series Government Bond Index Fund (a)  | 211710  | 1979491  |
|  Fidelity Series High Income Fund (a)  | 11095  | 92200  |
|  Fidelity Series International Credit Fund (a)  | 952  | 7613  |
|  Fidelity Series International Developed Markets Bond Index Fund (a)  | 78302  | 671051  |
|  Fidelity Series Investment Grade Bond Fund (a)  | 199732  | 2033267  |
|  Fidelity Series Investment Grade Securitized Fund (a)  | 155020  | 1418435  |
|  Fidelity Series Long-Term Treasury Bond Index Fund (a)  | 121160  | 757248  |
|  Fidelity Series Real Estate Income Fund (a)  | 3268  | 32644  |
| <br> **TOTAL BOND FUNDS** <br> (Cost $13,230,504)  |  | **11972222**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Short-Term Funds - 10.6%**  | &nbsp;&nbsp; **Short-Term Funds - 10.6%**  | &nbsp;&nbsp; **Short-Term Funds - 10.6%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series Government Money Market Fund 4.42% (a)(b)  | 386228  | 386228  |
|  Fidelity Series Short-Term Credit Fund (a)  | 32625  | 314828  |
|  Fidelity Series Treasury Bill Index Fund (a)  | 111804  | 1112453  |
| <br> **TOTAL SHORT-TERM FUNDS** <br> (Cost $1,827,768)  |  | **1813509**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $18,248,869) <br>| <br>**17078298**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(440)**  |
| **NET ASSETS - 100.0%**  | **17077858**  |

---

**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 is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  |
|  Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund  | 3604910  | 525085  | 466262  | 172655  | (12300)  | (251028)  | 3400405  |
|  Fidelity Series 5+ Year Inflation-Protected Bond Index Fund  | 18229  | 96741  | 8828  | 6544  | (496)  | (2480)  | 103166  |
|  Fidelity Series Blue Chip Growth Fund  | 261605  | 64498  | 88731  | 8658  | (23155)  | 4304  | 218521  |
|  Fidelity Series Canada Fund  | 149361  | 16855  | 30108  | 4006  | (846)  | 1566  | 136828  |
|  Fidelity Series Commodity Strategy Fund  | 272004  | 170821  | 151080  | 146920  | (75207)  | (89226)  | 127312  |
|  Fidelity Series Corporate Bond Fund  | 1389346  | 126336  | 137820  | 25638  | (11289)  | (25156)  | 1341417  |
|  Fidelity Series Emerging Markets Debt Fund  | 94209  | 7550  | 14587  | 2760  | (4523)  | 6448  | 89097  |
|  Fidelity Series Emerging Markets Debt Local Currency Fund  | 31314  | 1445  | 5838  | -  | (676)  | 2982  | 29227  |
|  Fidelity Series Emerging Markets Fund  | 114448  | 8901  | 35950  | 2541  | (7026)  | 11261  | 91634  |
|  Fidelity Series Emerging Markets Opportunities Fund  | 1035222  | 93712  | 329231  | 21274  | (80381)  | 122604  | 841926  |
|  Fidelity Series Floating Rate High Income Fund  | 17773  | 4466  | 5398  | 668  | (292)  | 412  | 16961  |
|  Fidelity Series Government Bond Index Fund  | 2040519  | 236915  | 217954  | 20674  | (18764)  | (61225)  | 1979491  |
|  Fidelity Series Government Money Market Fund 4.42%  | 334931  | 96997  | 45700  | 6428  | -  | -  | 386228  |
|  Fidelity Series High Income Fund  | 97582  | 9158  | 12405  | 3244  | (1024)  | (1111)  | 92200  |
|  Fidelity Series International Credit Fund  | 7830  | 303  | -  | 302  | -  | (520)  | 7613  |
|  Fidelity Series International Developed Markets Bond Index Fund  | 721484  | 65882  | 71573  | 4175  | (5311)  | (39431)  | 671051  |
|  Fidelity Series International Growth Fund  | 310909  | 44406  | 58406  | 9596  | (8706)  | 14782  | 302985  |
|  Fidelity Series International Index Fund  | 130186  | 14208  | 25779  | 3078  | (3253)  | 10857  | 126219  |
|  Fidelity Series International Small Cap Fund  | 95915  | 13288  | 12439  | 5284  | (2836)  | 428  | 94356  |
|  Fidelity Series International Value Fund  | 308251  | 31457  | 66143  | 9396  | (4990)  | 32674  | 301249  |
|  Fidelity Series Investment Grade Bond Fund  | 2109226  | 207394  | 214615  | 37845  | (16220)  | (52518)  | 2033267  |
|  Fidelity Series Investment Grade Securitized Fund  | 1491968  | 142745  | 148767  | 21560  | (9846)  | (57665)  | 1418435  |
|  Fidelity Series Large Cap Growth Index Fund  | 165518  | 29914  | 47234  | 919  | (1067)  | (8953)  | 138178  |
|  Fidelity Series Large Cap Stock Fund  | 181313  | 34950  | 62758  | 10843  | (890)  | (607)  | 152008  |
|  Fidelity Series Large Cap Value Index Fund  | 346194  | 68688  | 130923  | 9594  | 4031  | (4545)  | 283445  |
|  Fidelity Series Long-Term Treasury Bond Index Fund  | 795851  | 137903  | 111960  | 11101  | (15839)  | (48707)  | 757248  |
|  Fidelity Series Overseas Fund  | 312736  | 40013  | 61653  | 5054  | (5064)  | 16623  | 302655  |
|  Fidelity Series Real Estate Income Fund  | 56336  | 17647  | 36627  | 3623  | (4456)  | (256)  | 32644  |
|  Fidelity Series Short-Term Credit Fund  | 334147  | 18078  | 36082  | 3408  | (782)  | (533)  | 314828  |
|  Fidelity Series Small Cap Opportunities Fund  | 86328  | 10346  | 26000  | 4111  | (3435)  | 2946  | 70185  |
|  Fidelity Series Small Cap Core Fund  | -  | 480  | -  | -  | -  | 45  | 525  |
|  Fidelity Series Treasury Bill Index Fund  | 1005003  | 224544  | 114965  | 19020  | (58)  | (2071)  | 1112453  |
|  Fidelity Series Value Discovery Fund  | 127676  | 22876  | 45396  | 5178  | 1551  | (2166)  | 104541  |
|  | 18048324  | 2584602  | 2821212  | 586097  | (313150)  | (420266)  | 17078298  |

---

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of January 31, 2023, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Domestic Equity Funds  | 1094715  | 1094715  | -  | -  |
|  International Equity Funds  | 2197852  | 2197852  | -  | -  |
|  Bond Funds  | 11972222  | 11972222  | -  | -  |
|  Short-Term Funds  | 1813509  | 1813509  | -  | -  |
| **Total Investments in Securities:**  | 17078298  | 17078298  | -  | -  |

---

**Fidelity Managed Retirement Income Fund℠**

**Financial Statements** **(Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **January 31, 2023** <br> **(Unaudited)**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  |  |  |
|  Affiliated issuers (cost $18,248,869)  | $17078298  |  |
|  Total Investment in Securities (cost $18,248,869)  |  | $17078298  |
|  Cash  |  | 14  |
| Receivable for investments sold  |  | 175879  |
|  Receivable for fund shares sold  |  | 63  |
| **Total assets**  |  | 17254254  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $157277  |  |
|  Payable for fund shares redeemed  | 12685  |  |
|  Accrued management fee  | 6294  |  |
|  Distribution and service plan fees payable  | 140  |  |
| **Total Liabilities**  |  | 176396  |
| **Net Assets**  |  | $17077858  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $18821698  |
|  Total accumulated earnings (loss)  |  | (1743840)  |
|  **Net Assets**  |  | $17077858  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Class A :**  |  |  |
|  **Net Asset Value** and redemption price per share ($679,063 ÷ 12,607.88 shares) <sup>(a)</sup>  |  | $53.86  |
|  Maximum offering price per share (100/94.25 of $53.86)  |  | $57.15  |
| **Fidelity Managed Retirement Income :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($15,496,357 ÷ 287,785.96 shares)  |  | $53.85  |
| **Class K :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($124,423 ÷ 2,310.35 shares)  |  | $53.85  |
| **Class K6 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($531,200 ÷ 9,862.67 shares)  |  | $53.86  |
| **Class I :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($140,748 ÷ 2,610.58 shares)  |  | $53.91  |
| **Class Z6 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($106,067 ÷ 1,970.42 shares)  |  | $53.83  |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.*  | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.*  | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.*  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | $549213  |
|  **Expenses**  |  |  |
| Management fee  | $38379  |  |
| Distribution and service plan fees  | 837  |  |
| Independent trustees' fees and expenses  | 34  |  |
| Total expenses before reductions  | 39250  |  |
| Expense reductions  | (82)  |  |
| Total expenses after reductions  |  | 39168  |
| **Net Investment income (loss)**  |  | 510045  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (313150)  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 36884  |  |
| Total net realized gain (loss)  |  | (276266)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (420266)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (420266)  |
| **Net gain (loss)**  |  | (696532)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(186487)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  | **Year ended** <br> **July 31, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $510045  | $512071  |
| &nbsp;&nbsp; Net realized gain (loss)  | (276266) <br>| 154259 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (420266)  | (2331406) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (186487) <br>| (1665076) <br>|
| Distributions to shareholders  | (718225) <br>| (799835) <br>|
| Share transactions - net increase (decrease)  | (65351) <br>| (1238197) <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (970063) <br>| (3703108) <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 18047921  | 21751029 <br>|
| &nbsp;&nbsp; End of period  | $17077858  | $18047921  |

---

**Financial Highlights** 

 **Fidelity Advisor Managed Retirement Income Fund℠ Class A** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $56.57  | $63.52  | $60.44  | $57.74  | $57.55  | $61.00  |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | 1.495  | 1.317  | .309  | .684  | 1.029  | .884  |
| Net realized and unrealized gain (loss)  | (2.085)  | (6.180)  | 4.009  | 3.226  | 1.594  | .494  |
| Total from investment operations  | (.590)  | (4.863)  | 4.318  | 3.910  | 2.623  | 1.378  |
| Distributions from net investment income  | (1.485)  | (1.252)  | (.329)  | (.776)  | (1.047)  | (.853)  |
| Distributions from net realized gain  | (.635)  | (.835)  | (.909)  | (.434)  | (1.386)  | (3.975)  |
| Total distributions  | (2.120)  | (2.087)  | (1.238)  | (1.210)  | (2.433)  | (4.828)  |
| Net asset value, end of period  | $53.86  | $56.57  | $63.52  | $60.44  | $57.74  | $57.55  |
| **Total Return** <sup>C,D,E</sup>  | (.91)%  | (7.90)%  | 7.21%  | 6.86%  | 4.78%  | 2.35%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |  |
| Expenses before reductions  | .70% <sup>H</sup>  | .70%  | .70%  | .70%  | .71%  | .71% <sup>I</sup>  |
| Expenses net of fee waivers, if any  | .70% <sup>H</sup>  | .70%  | .70%  | .70%  | .71%  | .71% <sup>I</sup>  |
| Expenses net of all reductions  | .70% <sup>H</sup>  | .70%  | .70%  | .70%  | .71%  | .71% <sup>I</sup>  |
| Net investment income (loss)  | 5.60% <sup>H</sup>  | 2.20%  | .50%  | 1.18%  | 1.83%  | 1.51%  |
| **Supplemental Data**  |  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $679  | $717  | $716  | $453  | $177  | $147  |
| Portfolio turnover rate <sup>J</sup>  | 30% <sup>H</sup>  | 64%  | 31%  | 62% <sup>K</sup>  | 68%  | 19%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total returns for periods of less than one year are not annualized.*

<sup>D</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>E</sup> *Total returns do not include the effect of the sales charges.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Annualized.*

<sup>I</sup> *On certain classes, the size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.*

<sup>J</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>K</sup> *The portfolio turnover rate does not include the assets acquired in the merger.*

 **Fidelity Managed Retirement Income Fund℠** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $56.57  | $63.52  | $60.42  | $57.73  | $57.54  | $61.00  |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | 1.560  | 1.473  | .464  | .829  | 1.170  | 1.024  |
| Net realized and unrealized gain (loss)  | (2.079)  | (6.189)  | 4.011  | 3.220  | 1.589  | .512  |
| Total from investment operations  | (.519)  | (4.716)  | 4.475  | 4.049  | 2.759  | 1.536  |
| Distributions from net investment income  | (1.566)  | (1.399)  | (.466)  | (.925)  | (1.183)  | (1.021)  |
| Distributions from net realized gain  | (.635)  | (.835)  | (.909)  | (.434)  | (1.386)  | (3.975)  |
| Total distributions  | (2.201)  | (2.234)  | (1.375)  | (1.359)  | (2.569)  | (4.996)  |
| Net asset value, end of period  | $53.85  | $56.57  | $63.52  | $60.42  | $57.73  | $57.54  |
| **Total Return** <sup>C,D</sup>  | (.78)%  | (7.68)%  | 7.48%  | 7.12%  | 5.04%  | 2.63%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |  |
| Expenses before reductions  | .45% <sup>G</sup>  | .45%  | .45%  | .45%  | .46%  | .47%  |
| Expenses net of fee waivers, if any  | .45% <sup>G</sup>  | .45%  | .45%  | .45%  | .46%  | .47%  |
| Expenses net of all reductions  | .45% <sup>G</sup>  | .45%  | .45%  | .45%  | .46%  | .46%  |
| Net investment income (loss)  | 5.84% <sup>G</sup>  | 2.45%  | .75%  | 1.43%  | 2.08%  | 1.76%  |
| **Supplemental Data**  |  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $15496  | $16230  | $19995  | $13965  | $6060  | $6734  |
| Portfolio turnover rate <sup>H</sup>  | 30% <sup>G</sup>  | 64%  | 31%  | 62% <sup>I</sup>  | 68%  | 19%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total returns for periods of less than one year are not annualized.*

<sup>D</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>E</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>F</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>G</sup> *Annualized.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>I</sup> *The portfolio turnover rate does not include the assets acquired in the merger.*

 **Fidelity Managed Retirement Income Fund℠ Class K** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $56.59  | $63.54  | $60.43  | $57.81  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | 1.584  | 1.529  | .526  | .889  |
| Net realized and unrealized gain (loss)  | (2.088)  | (6.186)  | 4.010  | 3.146  |
| Total from investment operations  | (.504)  | (4.657)  | 4.536  | 4.035  |
| Distributions from net investment income  | (1.601)  | (1.458)  | (.517)  | (.981)  |
| Distributions from net realized gain  | (.635)  | (.835)  | (.909)  | (.434)  |
| Total distributions  | (2.236)  | (2.293)  | (1.426)  | (1.415)  |
| Net asset value, end of period  | $53.85  | $56.59  | $63.54  | $60.43  |
| **Total Return** <sup>D</sup>  | (.75)%  | (7.58)%  | 7.59%  | 7.09%  |
| **Ratios to Average Net Assets** <sup>C,E,F</sup>  |  |  |  |  |
| Expenses before reductions  | .35% <sup>G</sup>  | .35%  | .35%  | .35%  |
| Expenses net of fee waivers, if any  | .35% <sup>G</sup>  | .35%  | .35%  | .35%  |
| Expenses net of all reductions  | .35% <sup>G</sup>  | .35%  | .35%  | .35%  |
| Net investment income (loss)  | 5.94% <sup>G</sup>  | 2.55%  | .85%  | 1.53%  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $124  | $106  | $115  | $107  |
| Portfolio turnover rate <sup>H</sup>  | 30% <sup>G</sup>  | 64%  | 31%  | 62% <sup>I</sup>  |

---

<sup>A</sup> *For the period August 1, 2019 (commencement of sale of shares) through July 31, 2020.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

<sup>E</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>F</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>G</sup> *Annualized.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>I</sup> *The portfolio turnover rate does not include the assets acquired in the merger.*

 **Fidelity Managed Retirement Income Fund℠ Class K6** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $56.60  | $63.55  | $60.42  | $57.81  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | 1.615  | 1.583  | .588  | .941  |
| Net realized and unrealized gain (loss)  | (2.088)  | (6.174)  | 4.005  | 3.151  |
| Total from investment operations  | (.473)  | (4.591)  | 4.593  | 4.092  |
| Distributions from net investment income  | (1.632)  | (1.524)  | (.554)  | (1.048)  |
| Distributions from net realized gain  | (.635)  | (.835)  | (.909)  | (.434)  |
| Total distributions  | (2.267)  | (2.359)  | (1.463)  | (1.482)  |
| Net asset value, end of period  | $53.86  | $56.60  | $63.55  | $60.42  |
| **Total Return** <sup>D,E</sup>  | (.69)%  | (7.48)%  | 7.69%  | 7.20%  |
| **Ratios to Average Net Assets** <sup>C,F,G</sup>  |  |  |  |  |
| Expenses before reductions  | .25% <sup>H</sup>  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25% <sup>H</sup>  | .25%  | .25%  | .25%  |
| Expenses net of all reductions  | .25% <sup>H</sup>  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 6.04% <sup>H</sup>  | 2.65%  | .95%  | 1.62%  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $531  | $711  | $539  | $434  |
| Portfolio turnover rate <sup>I</sup>  | 30% <sup>H</sup>  | 64%  | 31%  | 62% <sup>J</sup>  |

---

<sup>A</sup> *For the period August 1, 2019 (commencement of sale of shares) through July 31, 2020.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Annualized.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>J</sup> *The portfolio turnover rate does not include the assets acquired in the merger.*

 **Fidelity Advisor Managed Retirement Income Fund℠ Class I** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $56.64  | $63.58  | $60.48  | $57.71  | $57.52  | $60.99  |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | 1.565  | 1.480  | .464  | .828  | 1.167  | 1.025  |
| Net realized and unrealized gain (loss)  | (2.097)  | (6.193)  | 4.011  | 3.233  | 1.593  | .500  |
| Total from investment operations  | (.532)  | (4.713)  | 4.475  | 4.061  | 2.760  | 1.525  |
| Distributions from net investment income  | (1.563)  | (1.392)  | (.466)  | (.857)  | (1.184)  | (1.020)  |
| Distributions from net realized gain  | (.635)  | (.835)  | (.909)  | (.434)  | (1.386)  | (3.975)  |
| Total distributions  | (2.198)  | (2.227)  | (1.375)  | (1.291)  | (2.570)  | (4.995)  |
| Net asset value, end of period  | $53.91  | $56.64  | $63.58  | $60.48  | $57.71  | $57.52  |
| **Total Return** <sup>C,D</sup>  | (.80)%  | (7.66)%  | 7.48%  | 7.14%  | 5.04%  | 2.62%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |  |
| Expenses before reductions  | .45% <sup>G</sup>  | .45%  | .45%  | .45%  | .46%  | .46% <sup>H</sup>  |
| Expenses net of fee waivers, if any  | .45% <sup>G</sup>  | .45%  | .45%  | .45%  | .46%  | .46% <sup>H</sup>  |
| Expenses net of all reductions  | .45% <sup>G</sup>  | .45%  | .45%  | .45%  | .46%  | .46% <sup>H</sup>  |
| Net investment income (loss)  | 5.84% <sup>G</sup>  | 2.45%  | .75%  | 1.43%  | 2.08%  | 1.76%  |
| **Supplemental Data**  |  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $141  | $176  | $270  | $300  | $96  | $61  |
| Portfolio turnover rate <sup>I</sup>  | 30% <sup>G</sup>  | 64%  | 31%  | 62% <sup>J</sup>  | 68%  | 19%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total returns for periods of less than one year are not annualized.*

<sup>D</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>E</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>F</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>G</sup> *Annualized.*

<sup>H</sup> *On certain classes, the size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>J</sup> *The portfolio turnover rate does not include the assets acquired in the merger.*

 **Fidelity Advisor Managed Retirement Income Fund℠ Class Z6** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $56.57  | $63.52  | $60.41  | $57.79  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | 1.612  | 1.587  | .588  | .947  |
| Net realized and unrealized gain (loss)  | (2.085)  | (6.181)  | 4.008  | 3.145  |
| Total from investment operations  | (.473)  | (4.594)  | 4.596  | 4.092  |
| Distributions from net investment income  | (1.632)  | (1.521)  | (.577)  | (1.038)  |
| Distributions from net realized gain  | (.635)  | (.835)  | (.909)  | (.434)  |
| Total distributions  | (2.267)  | (2.356)  | (1.486)  | (1.472)  |
| Net asset value, end of period  | $53.83  | $56.57  | $63.52  | $60.41  |
| **Total Return** <sup>D</sup>  | (.69)%  | (7.49)%  | 7.69%  | 7.20%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |
| Expenses before reductions  | .25% <sup>G</sup>  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25% <sup>G</sup>  | .25%  | .25%  | .25%  |
| Expenses net of all reductions  | .25% <sup>G</sup>  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 6.04% <sup>G</sup>  | 2.65%  | .95%  | 1.62%  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $106  | $107  | $115  | $107  |
| Portfolio turnover rate <sup>H</sup>  | 30% <sup>G</sup>  | 64%  | 31%  | 62% <sup>I</sup>  |

---

<sup>A</sup> *For the period August 1, 2019 (commencement of sale of shares) through July 31, 2020.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Calculated based on average shares outstanding during the period.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

<sup>E</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>F</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>G</sup> *Annualized.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>I</sup> *The portfolio turnover rate does not include the assets acquired in the merger.*

**Fidelity Managed Retirement 2010 Fund℠** 

**Investment Summary January 31, 2023 (Unaudited)**

The information in the following table is based on the direct Investments of the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund  | 18.0  |
| Fidelity Series Investment Grade Bond Fund  | 11.5  |
| Fidelity Series Government Bond Index Fund  | 11.2  |
| Fidelity Series Investment Grade Securitized Fund  | 8.1  |
| Fidelity Series Corporate Bond Fund  | 7.6  |
| Fidelity Series Treasury Bill Index Fund  | 6.0  |
| Fidelity Series Emerging Markets Opportunities Fund  | 5.2  |
| Fidelity Series Long-Term Treasury Bond Index Fund  | 4.5  |
| Fidelity Series International Developed Markets Bond Index Fund  | 3.9  |
| Fidelity Series Large Cap Value Index Fund  | 2.2  |
|  | 78.2  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88913_6.jpg)  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

*Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.*

**Fidelity Managed Retirement 2010 Fund℠**

**Schedule of Investments January 31, 2023 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Domestic Equity Funds - 8.3%**  | &nbsp;&nbsp; **Domestic Equity Funds - 8.3%**  | &nbsp;&nbsp; **Domestic Equity Funds - 8.3%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series Blue Chip Growth Fund (a)  | 9892  | 110988  |
|  Fidelity Series Commodity Strategy Fund (a)  | 461  | 48317  |
|  Fidelity Series Large Cap Growth Index Fund (a)  | 4787  | 70182  |
|  Fidelity Series Large Cap Stock Fund (a)  | 4325  | 77202  |
|  Fidelity Series Large Cap Value Index Fund (a)  | 9920  | 143936  |
|  Fidelity Series Small Cap Core Fund (a)  | 24  | 260  |
|  Fidelity Series Small Cap Opportunities Fund (a)  | 2792  | 35649  |
|  Fidelity Series Value Discovery Fund (a)  | 3492  | 53081  |
| <br> **TOTAL DOMESTIC EQUITY FUNDS** <br> (Cost $496,423)  |  | **539615**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **International Equity Funds - 14.1%**  | &nbsp;&nbsp; **International Equity Funds - 14.1%**  | &nbsp;&nbsp; **International Equity Funds - 14.1%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series Canada Fund (a)  | 4093  | 58282  |
|  Fidelity Series Emerging Markets Fund (a)  | 4335  | 37106  |
|  Fidelity Series Emerging Markets Opportunities Fund (a)  | 19765  | 340546  |
|  Fidelity Series International Growth Fund (a)  | 8244  | 129019  |
|  Fidelity Series International Index Fund (a)  | 4835  | 53763  |
|  Fidelity Series International Small Cap Fund (a)  | 2522  | 40169  |
|  Fidelity Series International Value Fund (a)  | 11855  | 128274  |
|  Fidelity Series Overseas Fund (a)  | 10913  | 128878  |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS** <br> (Cost $856,528)  |  | **916037**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bond Funds - 67.9%**  | &nbsp;&nbsp; **Bond Funds - 67.9%**  | &nbsp;&nbsp; **Bond Funds - 67.9%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund (a)  | 124548  | 1164523  |
|  Fidelity Series 5+ Year Inflation-Protected Bond Index Fund (a)  | 12276  | 97596  |
|  Fidelity Series Corporate Bond Fund (a)  | 53107  | 493362  |
|  Fidelity Series Emerging Markets Debt Fund (a)  | 4463  | 33828  |
|  Fidelity Series Emerging Markets Debt Local Currency Fund (a)  | 1224  | 11097  |
|  Fidelity Series Floating Rate High Income Fund (a)  | 713  | 6363  |
|  Fidelity Series Government Bond Index Fund (a)  | 77866  | 728050  |
|  Fidelity Series High Income Fund (a)  | 4211  | 34990  |
|  Fidelity Series International Credit Fund (a)  | 655  | 5240  |
|  Fidelity Series International Developed Markets Bond Index Fund (a)  | 29459  | 252463  |
|  Fidelity Series Investment Grade Bond Fund (a)  | 73459  | 747817  |
|  Fidelity Series Investment Grade Securitized Fund (a)  | 57016  | 521692  |
|  Fidelity Series Long-Term Treasury Bond Index Fund (a)  | 46836  | 292726  |
|  Fidelity Series Real Estate Income Fund (a)  | 1246  | 12447  |
| <br> **TOTAL BOND FUNDS** <br> (Cost $4,810,344)  |  | **4402194**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Short-Term Funds - 9.7%**  | &nbsp;&nbsp; **Short-Term Funds - 9.7%**  | &nbsp;&nbsp; **Short-Term Funds - 9.7%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series Government Money Market Fund 4.42% (a)(b)  | 135243  | 135243  |
|  Fidelity Series Short-Term Credit Fund (a)  | 10963  | 105790  |
|  Fidelity Series Treasury Bill Index Fund (a)  | 38856  | 386616  |
| <br> **TOTAL SHORT-TERM FUNDS** <br> (Cost $632,223)  |  | **627649**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $6,795,518) <br>| <br>**6485495**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(136)**  |
| **NET ASSETS - 100.0%**  | **6485359**  |

---

**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 is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  |
|  Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund  | 1177959  | 150974  | 79072  | 56805  | (3446)  | (81892)  | 1164523  |
|  Fidelity Series 5+ Year Inflation-Protected Bond Index Fund  | 81140  | 38544  | 11414  | 6270  | (741)  | (9933)  | 97596  |
|  Fidelity Series Blue Chip Growth Fund  | 131529  | 24878  | 36998  | 4212  | (5857)  | (2564)  | 110988  |
|  Fidelity Series Canada Fund  | 63755  | 4302  | 10174  | 1672  | (257)  | 656  | 58282  |
|  Fidelity Series Commodity Strategy Fund  | 100692  | 58019  | 51382  | 52719  | (27762)  | (31250)  | 48317  |
|  Fidelity Series Corporate Bond Fund  | 495223  | 30176  | 20215  | 9021  | (188)  | (11634)  | 493362  |
|  Fidelity Series Emerging Markets Debt Fund  | 34850  | 1527  | 3313  | 1006  | (860)  | 1624  | 33828  |
|  Fidelity Series Emerging Markets Debt Local Currency Fund  | 11534  | 98  | 1399  | -  | (243)  | 1107  | 11097  |
|  Fidelity Series Emerging Markets Fund  | 45177  | 1983  | 11823  | 990  | (1870)  | 3639  | 37106  |
|  Fidelity Series Emerging Markets Opportunities Fund  | 409947  | 20650  | 107595  | 8289  | (17320)  | 34864  | 340546  |
|  Fidelity Series Floating Rate High Income Fund  | 6700  | 334  | 723  | 249  | (43)  | 95  | 6363  |
|  Fidelity Series Government Bond Index Fund  | 727371  | 65307  | 37387  | 7284  | (1511)  | (25730)  | 728050  |
|  Fidelity Series Government Money Market Fund 4.42%  | 109031  | 36666  | 10454  | 2126  | -  | -  | 135243  |
|  Fidelity Series High Income Fund  | 36176  | 2166  | 2621  | 1184  | (282)  | (449)  | 34990  |
|  Fidelity Series International Credit Fund  | 5389  | 209  | -  | 208  | -  | (358)  | 5240  |
|  Fidelity Series International Developed Markets Bond Index Fund  | 267488  | 14033  | 12948  | 1517  | (1604)  | (14506)  | 252463  |
|  Fidelity Series International Growth Fund  | 132711  | 11732  | 18098  | 4006  | (3740)  | 6414  | 129019  |
|  Fidelity Series International Index Fund  | 55569  | 3248  | 8259  | 1285  | (758)  | 3963  | 53763  |
|  Fidelity Series International Small Cap Fund  | 40933  | 3666  | 3483  | 2206  | (842)  | (105)  | 40169  |
|  Fidelity Series International Value Fund  | 131571  | 7198  | 22128  | 3923  | (1320)  | 12953  | 128274  |
|  Fidelity Series Investment Grade Bond Fund  | 751853  | 53825  | 34919  | 13261  | (606)  | (22336)  | 747817  |
|  Fidelity Series Investment Grade Securitized Fund  | 531821  | 37527  | 24783  | 7599  | (464)  | (22409)  | 521692  |
|  Fidelity Series Large Cap Growth Index Fund  | 83223  | 10417  | 18901  | 462  | (143)  | (4414)  | 70182  |
|  Fidelity Series Large Cap Stock Fund  | 91164  | 12107  | 25555  | 5447  | 92  | (606)  | 77202  |
|  Fidelity Series Large Cap Value Index Fund  | 174072  | 21504  | 51845  | 4831  | 3712  | (3507)  | 143936  |
|  Fidelity Series Long-Term Treasury Bond Index Fund  | 301592  | 40165  | 25788  | 4133  | (5403)  | (17840)  | 292726  |
|  Fidelity Series Overseas Fund  | 133492  | 10433  | 19977  | 2110  | (2785)  | 7715  | 128878  |
|  Fidelity Series Real Estate Income Fund  | 18845  | 3261  | 8160  | 1257  | (1080)  | (419)  | 12447  |
|  Fidelity Series Short-Term Credit Fund  | 108776  | 2194  | 4815  | 1098  | (70)  | (295)  | 105790  |
|  Fidelity Series Small Cap Opportunities Fund  | 43997  | 3186  | 11547  | 1990  | (589)  | 602  | 35649  |
|  Fidelity Series Small Cap Core Fund  | -  | 238  | -  | -  | -  | 22  | 260  |
|  Fidelity Series Treasury Bill Index Fund  | 327268  | 77242  | 17219  | 6267  | (17)  | (658)  | 386616  |
|  Fidelity Series Value Discovery Fund  | 64198  | 6577  | 17483  | 2599  | 1324  | (1535)  | 53081  |
|  | 6695046  | 754386  | 710478  | 216026  | (74673)  | (178786)  | 6485495  |

---

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of January 31, 2023, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Domestic Equity Funds  | 539615  | 539615  | -  | -  |
|  International Equity Funds  | 916037  | 916037  | -  | -  |
|  Bond Funds  | 4402194  | 4402194  | -  | -  |
|  Short-Term Funds  | 627649  | 627649  | -  | -  |
| **Total Investments in Securities:**  | 6485495  | 6485495  | -  | -  |

---

**Fidelity Managed Retirement 2010 Fund℠**

**Financial Statements** **(Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **January 31, 2023** <br> **(Unaudited)**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  |  |  |
|  Affiliated issuers (cost $6,795,518)  | $6485495  |  |
|  Total Investment in Securities (cost $6,795,518)  |  | $6485495  |
|  Cash  |  | 56  |
| Receivable for investments sold  |  | 73277  |
| **Total assets**  |  | 6558828  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $71021  |  |
|  Accrued management fee  | 2386  |  |
|  Distribution and service plan fees payable  | 62  |  |
| **Total Liabilities**  |  | 73469  |
| **Net Assets**  |  | $6485359  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $6900790  |
|  Total accumulated earnings (loss)  |  | (415431)  |
|  **Net Assets**  |  | $6485359  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Class A :**  |  |  |
|  **Net Asset Value** and redemption price per share ($295,739 ÷ 5,766.87 shares) <sup>(a)</sup>  |  | $51.28  |
|  Maximum offering price per share (100/94.25 of $51.28)  |  | $54.41  |
| **Fidelity Managed Retirement 2010 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($5,466,001 ÷ 106,502.9 shares)  |  | $51.32  |
| **Class K :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($126,741 ÷ 2,470.54 shares)  |  | $51.30  |
| **Class K6 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($331,066 ÷ 6,453.87 shares)  |  | $51.30  |
| **Class I :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($102,713 ÷ 2,001.81 shares)  |  | $51.31  |
| **Class Z6 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($163,099 ÷ 3,179.8 shares)  |  | $51.29  |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.*  | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.*  | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.*  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | $198802  |
|  **Expenses**  |  |  |
| Management fee  | $14110  |  |
| Distribution and service plan fees  | 375  |  |
| Independent trustees' fees and expenses  | 12  |  |
| Total expenses before reductions  | 14497  |  |
| Expense reductions  | (71)  |  |
| Total expenses after reductions  |  | 14426  |
| **Net Investment income (loss)**  |  | 184376  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (74673)  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 17224  |  |
| Total net realized gain (loss)  |  | (57449)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (178786)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (178786)  |
| **Net gain (loss)**  |  | (236235)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(51859)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  | **Year ended** <br> **July 31, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $184376  | $175948  |
| &nbsp;&nbsp; Net realized gain (loss)  | (57449) <br>| 200489 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (178786)  | (952936) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (51859) <br>| (576499) <br>|
| Distributions to shareholders  | (291592) <br>| (449109) <br>|
| Share transactions - net increase (decrease)  | 133904 <br>| 11415 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (209547) <br>| (1014193) <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 6694906  | 7709099 <br>|
| &nbsp;&nbsp; End of period  | $6485359  | $6694906  |

---

**Financial Highlights** 

 **Fidelity Advisor Managed Retirement 2010 Fund℠ Class A** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $54.07  | $62.41  | $58.79  | $56.34  | $56.78  | $63.87  |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | 1.407  | 1.275  | .342  | .777  | .979  | .808  |
| Net realized and unrealized gain (loss)  | (1.925)  | (6.182)  | 5.126  | 3.204  | 1.401  | 1.278  |
| Total from investment operations  | (.518)  | (4.907)  | 5.468  | 3.981  | 2.380  | 2.086  |
| Distributions from net investment income  | (1.402)  | (1.207)  | (.379)  | (.812)  | (1.001)  | (.794)  |
| Distributions from net realized gain  | (.870)  | (2.226)  | (1.469)  | (.719)  | (1.819)  | (8.382)  |
| Total distributions  | (2.272)  | (3.433)  | (1.848)  | (1.531)  | (2.820)  | (9.176)  |
| Net asset value, end of period  | $51.28  | $54.07  | $62.41  | $58.79  | $56.34  | $56.78  |
| **Total Return** <sup>C,D,E</sup>  | (.81)%  | (8.32)%  | 9.46%  | 7.19%  | 4.47%  | 3.60%  |
| **Ratios to Average Net Assets** <sup>A,F,G</sup>  |  |  |  |  |  |  |
| Expenses before reductions  | .71% <sup>H</sup>  | .71%  | .71%  | .71%  | .75%  | .78%  |
| Expenses net of fee waivers, if any  | .71% <sup>H</sup>  | .71%  | .71%  | .71%  | .75%  | .78%  |
| Expenses net of all reductions  | .71% <sup>H</sup>  | .71%  | .71%  | .71%  | .75%  | .78%  |
| Net investment income (loss)  | 5.53% <sup>H</sup>  | 2.21%  | .56%  | 1.37%  | 1.78%  | 1.40%  |
| **Supplemental Data**  |  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $296  | $325  | $394  | $188  | $202  | $133  |
| Portfolio turnover rate <sup>I</sup>  | 22% <sup>H</sup>  | 54%  | 41%  | 45%  | 62%  | 21%  |

---

<sup>A</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *Total returns for periods of less than one year are not annualized.*

<sup>D</sup> *Total returns do not include the effect of the sales charges.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Annualized.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Managed Retirement 2010 Fund℠** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $54.12  | $62.47  | $58.82  | $56.37  | $56.80  | $63.88  |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | 1.470  | 1.421  | .493  | .920  | 1.113  | .955  |
| Net realized and unrealized gain (loss)  | (1.929)  | (6.181)  | 5.129  | 3.204  | 1.402  | 1.280  |
| Total from investment operations  | (.459)  | (4.760)  | 5.622  | 4.124  | 2.515  | 2.235  |
| Distributions from net investment income  | (1.471)  | (1.364)  | (.503)  | (.955)  | (1.126)  | (.933)  |
| Distributions from net realized gain  | (.870)  | (2.226)  | (1.469)  | (.719)  | (1.819)  | (8.382)  |
| Total distributions  | (2.341)  | (3.590)  | (1.972)  | (1.674)  | (2.945)  | (9.315)  |
| Net asset value, end of period  | $51.32  | $54.12  | $62.47  | $58.82  | $56.37  | $56.80  |
| **Total Return** <sup>C,D</sup>  | (.69)%  | (8.08)%  | 9.73%  | 7.46%  | 4.73%  | 3.87%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |  |
| Expenses before reductions  | .46% <sup>G</sup>  | .46%  | .46%  | .46%  | .50%  | .53%  |
| Expenses net of fee waivers, if any  | .46% <sup>G</sup>  | .46%  | .46%  | .46%  | .50%  | .53%  |
| Expenses net of all reductions  | .46% <sup>G</sup>  | .46%  | .46%  | .46%  | .50%  | .53%  |
| Net investment income (loss)  | 5.79% <sup>G</sup>  | 2.46%  | .81%  | 1.62%  | 2.02%  | 1.65%  |
| **Supplemental Data**  |  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $5466  | $5655  | $6728  | $7144  | $9091  | $9054  |
| Portfolio turnover rate <sup>H</sup>  | 22% <sup>G</sup>  | 54%  | 41%  | 45%  | 62%  | 21%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total returns for periods of less than one year are not annualized.*

<sup>D</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>E</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>F</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>G</sup> *Annualized.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Managed Retirement 2010 Fund℠ Class K** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $54.10  | $62.45  | $58.81  | $56.39  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | 1.492  | 1.474  | .554  | .976  |
| Net realized and unrealized gain (loss)  | (1.924)  | (6.173)  | 5.122  | 3.182  |
| Total from investment operations  | (.432)  | (4.699)  | 5.676  | 4.158  |
| Distributions from net investment income  | (1.498)  | (1.425)  | (.567)  | (1.019)  |
| Distributions from net realized gain  | (.870)  | (2.226)  | (1.469)  | (.719)  |
| Total distributions  | (2.368)  | (3.651)  | (2.036)  | (1.738)  |
| Net asset value, end of period  | $51.30  | $54.10  | $62.45  | $58.81  |
| **Total Return** <sup>D,E</sup>  | (.64)%  | (7.99)%  | 9.83%  | 7.52%  |
| **Ratios to Average Net Assets** <sup>C,F,G</sup>  |  |  |  |  |
| Expenses before reductions  | .36% <sup>H</sup>  | .36%  | .36%  | .36%  |
| Expenses net of fee waivers, if any  | .36% <sup>H</sup>  | .36%  | .36%  | .36%  |
| Expenses net of all reductions  | .36% <sup>H</sup>  | .36%  | .36%  | .36%  |
| Net investment income (loss)  | 5.88% <sup>H</sup>  | 2.56%  | .91%  | 1.72%  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $127  | $109  | $118  | $108  |
| Portfolio turnover rate <sup>I</sup>  | 22% <sup>H</sup>  | 54%  | 41%  | 45%  |

---

<sup>A</sup> *For the period August 1, 2019 (commencement of sale of shares) through July 31, 2020.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Annualized.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Managed Retirement 2010 Fund℠ Class K6** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $54.10  | $62.46  | $58.82  | $56.39  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | 1.521  | 1.503  | .615  | 1.029  |
| Net realized and unrealized gain (loss)  | (1.925)  | (6.145)  | 5.120  | 3.191  |
| Total from investment operations  | (.404)  | (4.642)  | 5.735  | 4.220  |
| Distributions from net investment income  | (1.526)  | (1.492)  | (.626)  | (1.071)  |
| Distributions from net realized gain  | (.870)  | (2.226)  | (1.469)  | (.719)  |
| Total distributions  | (2.396)  | (3.718)  | (2.095)  | (1.790)  |
| Net asset value, end of period  | $51.30  | $54.10  | $62.46  | $58.82  |
| **Total Return** <sup>D,E</sup>  | (.58)%  | (7.90)%  | 9.94%  | 7.64%  |
| **Ratios to Average Net Assets** <sup>C,F,G</sup>  |  |  |  |  |
| Expenses before reductions  | .26% <sup>H</sup>  | .26%  | .26%  | .26%  |
| Expenses net of fee waivers, if any  | .26% <sup>H</sup>  | .26%  | .26%  | .26%  |
| Expenses net of all reductions  | .26% <sup>H</sup>  | .26%  | .26%  | .26%  |
| Net investment income (loss)  | 5.99% <sup>H</sup>  | 2.65%  | 1.01%  | 1.82%  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $331  | $337  | $174  | $160  |
| Portfolio turnover rate <sup>I</sup>  | 22% <sup>H</sup>  | 54%  | 41%  | 45%  |

---

<sup>A</sup> *For the period August 1, 2019 (commencement of sale of shares) through July 31, 2020.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Annualized.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Advisor Managed Retirement 2010 Fund℠ Class I** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $54.11  | $62.46  | $58.82  | $56.36  | $56.79  | $63.88  |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | 1.469  | 1.417  | .493  | .919  | 1.105  | .950  |
| Net realized and unrealized gain (loss)  | (1.927)  | (6.176)  | 5.120  | 3.213  | 1.414  | 1.280  |
| Total from investment operations  | (.458)  | (4.759)  | 5.613  | 4.132  | 2.519  | 2.230  |
| Distributions from net investment income  | (1.472)  | (1.365)  | (.504)  | (.953)  | (1.130)  | (.938)  |
| Distributions from net realized gain  | (.870)  | (2.226)  | (1.469)  | (.719)  | (1.819)  | (8.382)  |
| Total distributions  | (2.342)  | (3.591)  | (1.973)  | (1.672)  | (2.949)  | (9.320)  |
| Net asset value, end of period  | $51.31  | $54.11  | $62.46  | $58.82  | $56.36  | $56.79  |
| **Total Return** <sup>C,D</sup>  | (.69)%  | (8.08)%  | 9.72%  | 7.47%  | 4.74%  | 3.86%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |  |
| Expenses before reductions  | .46% <sup>G</sup>  | .46%  | .46%  | .46%  | .50%  | .53%  |
| Expenses net of fee waivers, if any  | .46% <sup>G</sup>  | .46%  | .46%  | .46%  | .50%  | .53%  |
| Expenses net of all reductions  | .46% <sup>G</sup>  | .46%  | .46%  | .46%  | .50%  | .53%  |
| Net investment income (loss)  | 5.78% <sup>G</sup>  | 2.46%  | .81%  | 1.62%  | 2.03%  | 1.65%  |
| **Supplemental Data**  |  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $103  | $103  | $113  | $113  | $110  | $35  |
| Portfolio turnover rate <sup>H</sup>  | 22% <sup>G</sup>  | 54%  | 41%  | 45%  | 62%  | 21%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total returns for periods of less than one year are not annualized.*

<sup>D</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>E</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>F</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>G</sup> *Annualized.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Advisor Managed Retirement 2010 Fund℠ Class Z6** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $54.10  | $62.45  | $58.81  | $56.38  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | 1.520  | 1.532  | .614  | 1.029  |
| Net realized and unrealized gain (loss)  | (1.933)  | (6.173)  | 5.122  | 3.191  |
| Total from investment operations  | (.413)  | (4.641)  | 5.736  | 4.220  |
| Distributions from net investment income  | (1.527)  | (1.483)  | (.627)  | (1.071)  |
| Distributions from net realized gain  | (.870)  | (2.226)  | (1.469)  | (.719)  |
| Total distributions  | (2.397)  | (3.709)  | (2.096)  | (1.790)  |
| Net asset value, end of period  | $51.29  | $54.10  | $62.45  | $58.81  |
| **Total Return** <sup>D,E</sup>  | (.60)%  | (7.90)%  | 9.94%  | 7.64%  |
| **Ratios to Average Net Assets** <sup>C,F,G</sup>  |  |  |  |  |
| Expenses before reductions  | .26% <sup>H</sup>  | .26%  | .26%  | .26%  |
| Expenses net of fee waivers, if any  | .26% <sup>H</sup>  | .26%  | .26%  | .26%  |
| Expenses net of all reductions  | .26% <sup>H</sup>  | .26%  | .26%  | .26%  |
| Net investment income (loss)  | 5.98% <sup>H</sup>  | 2.65%  | 1.01%  | 1.82%  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $163  | $166  | $183  | $169  |
| Portfolio turnover rate <sup>I</sup>  | 22% <sup>H</sup>  | 54%  | 41%  | 45%  |

---

<sup>A</sup> *For the period August 1, 2019 (commencement of sale of shares) through July 31, 2020.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Annualized.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

**Fidelity Managed Retirement 2015 Fund℠** 

**Investment Summary January 31, 2023 (Unaudited)**

The information in the following table is based on the direct Investments of the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund  | 13.9  |
| Fidelity Series Investment Grade Bond Fund  | 10.8  |
| Fidelity Series Government Bond Index Fund  | 10.5  |
| Fidelity Series Investment Grade Securitized Fund  | 7.5  |
| Fidelity Series Corporate Bond Fund  | 7.1  |
| Fidelity Series Emerging Markets Opportunities Fund  | 5.9  |
| Fidelity Series Treasury Bill Index Fund  | 4.8  |
| Fidelity Series Long-Term Treasury Bond Index Fund  | 4.7  |
| Fidelity Series International Developed Markets Bond Index Fund  | 3.9  |
| Fidelity Series Large Cap Value Index Fund  | 3.4  |
|  | 72.5  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88913_7.jpg)  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

*Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.*

**Fidelity Managed Retirement 2015 Fund℠**

**Schedule of Investments January 31, 2023 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Domestic Equity Funds - 12.3%**  | &nbsp;&nbsp; **Domestic Equity Funds - 12.3%**  | &nbsp;&nbsp; **Domestic Equity Funds - 12.3%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series Blue Chip Growth Fund (a)  | 15412  | 172925  |
|  Fidelity Series Commodity Strategy Fund (a)  | 472  | 49423  |
|  Fidelity Series Large Cap Growth Index Fund (a)  | 7459  | 109349  |
|  Fidelity Series Large Cap Stock Fund (a)  | 6739  | 120291  |
|  Fidelity Series Large Cap Value Index Fund (a)  | 15454  | 224241  |
|  Fidelity Series Small Cap Core Fund (a)  | 37  | 399  |
|  Fidelity Series Small Cap Opportunities Fund (a)  | 4349  | 55542  |
|  Fidelity Series Value Discovery Fund (a)  | 5440  | 82680  |
| <br> **TOTAL DOMESTIC EQUITY FUNDS** <br> (Cost $743,902)  |  | **814850**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **International Equity Funds - 16.7%**  | &nbsp;&nbsp; **International Equity Funds - 16.7%**  | &nbsp;&nbsp; **International Equity Funds - 16.7%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series Canada Fund (a)  | 5133  | 73087  |
|  Fidelity Series Emerging Markets Fund (a)  | 5006  | 42848  |
|  Fidelity Series Emerging Markets Opportunities Fund (a)  | 22778  | 392472  |
|  Fidelity Series International Growth Fund (a)  | 10352  | 162010  |
|  Fidelity Series International Index Fund (a)  | 6063  | 67419  |
|  Fidelity Series International Small Cap Fund (a)  | 3162  | 50370  |
|  Fidelity Series International Value Fund (a)  | 14866  | 160849  |
|  Fidelity Series Overseas Fund (a)  | 13684  | 161610  |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS** <br> (Cost $1,028,560)  |  | **1110665**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bond Funds - 63.3%**  | &nbsp;&nbsp; **Bond Funds - 63.3%**  | &nbsp;&nbsp; **Bond Funds - 63.3%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund (a)  | 98793  | 923721  |
|  Fidelity Series 5+ Year Inflation-Protected Bond Index Fund (a)  | 28199  | 224184  |
|  Fidelity Series Corporate Bond Fund (a)  | 50688  | 470888  |
|  Fidelity Series Emerging Markets Debt Fund (a)  | 4569  | 34632  |
|  Fidelity Series Emerging Markets Debt Local Currency Fund (a)  | 1253  | 11362  |
|  Fidelity Series Floating Rate High Income Fund (a)  | 735  | 6553  |
|  Fidelity Series Government Bond Index Fund (a)  | 74364  | 695306  |
|  Fidelity Series High Income Fund (a)  | 4307  | 35790  |
|  Fidelity Series International Credit Fund (a)  | 285  | 2278  |
|  Fidelity Series International Developed Markets Bond Index Fund (a)  | 30522  | 261575  |
|  Fidelity Series Investment Grade Bond Fund (a)  | 70155  | 714177  |
|  Fidelity Series Investment Grade Securitized Fund (a)  | 54453  | 498247  |
|  Fidelity Series Long-Term Treasury Bond Index Fund (a)  | 49761  | 311004  |
|  Fidelity Series Real Estate Income Fund (a)  | 1276  | 12751  |
| <br> **TOTAL BOND FUNDS** <br> (Cost $4,672,433)  |  | **4202468**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Short-Term Funds - 7.7%**  | &nbsp;&nbsp; **Short-Term Funds - 7.7%**  | &nbsp;&nbsp; **Short-Term Funds - 7.7%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series Government Money Market Fund 4.42% (a)(b)  | 112996  | 112996  |
|  Fidelity Series Short-Term Credit Fund (a)  | 8497  | 81995  |
|  Fidelity Series Treasury Bill Index Fund (a)  | 32048  | 318876  |
| <br> **TOTAL SHORT-TERM FUNDS** <br> (Cost $517,246)  |  | **513867**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $6,962,141) <br>| <br>**6641850**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(353)**  |
| **NET ASSETS - 100.0%**  | **6641497**  |

---

**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 is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  |
|  Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund  | 994376  | 136787  | 138880  | 45198  | (3298)  | (65264)  | 923721  |
|  Fidelity Series 5+ Year Inflation-Protected Bond Index Fund  | 229067  | 57343  | 33464  | 14100  | (3240)  | (25522)  | 224184  |
|  Fidelity Series Blue Chip Growth Fund  | 209150  | 36912  | 60857  | 6451  | (16494)  | 4214  | 172925  |
|  Fidelity Series Canada Fund  | 85646  | 6103  | 19137  | 2128  | 2778  | (2303)  | 73087  |
|  Fidelity Series Commodity Strategy Fund  | 110544  | 64294  | 62428  | 56229  | (28259)  | (34728)  | 49423  |
|  Fidelity Series Corporate Bond Fund  | 505723  | 32713  | 55678  | 8675  | (2783)  | (9087)  | 470888  |
|  Fidelity Series Emerging Markets Debt Fund  | 38274  | 1617  | 6024  | 1040  | (2102)  | 2867  | 34632  |
|  Fidelity Series Emerging Markets Debt Local Currency Fund  | 12707  | 196  | 2421  | -  | (449)  | 1329  | 11362  |
|  Fidelity Series Emerging Markets Fund  | 55240  | 2356  | 16798  | 1140  | (1884)  | 3934  | 42848  |
|  Fidelity Series Emerging Markets Opportunities Fund  | 499014  | 24731  | 151224  | 9566  | (18165)  | 38116  | 392472  |
|  Fidelity Series Floating Rate High Income Fund  | 7347  | 1580  | 2423  | 254  | (117)  | 166  | 6553  |
|  Fidelity Series Government Bond Index Fund  | 742814  | 71977  | 92673  | 7000  | (3726)  | (23086)  | 695306  |
|  Fidelity Series Government Money Market Fund 4.42%  | 91044  | 40151  | 18199  | 1758  | -  | -  | 112996  |
|  Fidelity Series High Income Fund  | 39670  | 2621  | 5731  | 1223  | (819)  | 49  | 35790  |
|  Fidelity Series International Credit Fund  | 2343  | 91  | -  | 90  | -  | (156)  | 2278  |
|  Fidelity Series International Developed Markets Bond Index Fund  | 293341  | 21870  | 36672  | 1579  | (3142)  | (13822)  | 261575  |
|  Fidelity Series International Growth Fund  | 178276  | 15572  | 35057  | 5096  | (1847)  | 5066  | 162010  |
|  Fidelity Series International Index Fund  | 74651  | 4312  | 15555  | 1634  | 280  | 3731  | 67419  |
|  Fidelity Series International Small Cap Fund  | 54975  | 4438  | 7714  | 2806  | (262)  | (1067)  | 50370  |
|  Fidelity Series International Value Fund  | 176756  | 9048  | 39618  | 4990  | (1003)  | 15666  | 160849  |
|  Fidelity Series Investment Grade Bond Fund  | 767790  | 62324  | 93181  | 12750  | (3068)  | (19688)  | 714177  |
|  Fidelity Series Investment Grade Securitized Fund  | 543101  | 41017  | 63156  | 7303  | (3076)  | (19639)  | 498247  |
|  Fidelity Series Large Cap Growth Index Fund  | 132345  | 16385  | 32649  | 726  | 1513  | (8245)  | 109349  |
|  Fidelity Series Large Cap Stock Fund  | 144986  | 17763  | 41998  | 8317  | 1027  | (1487)  | 120291  |
|  Fidelity Series Large Cap Value Index Fund  | 276852  | 25098  | 78401  | 7606  | 6458  | (5766)  | 224241  |
|  Fidelity Series Long-Term Treasury Bond Index Fund  | 343883  | 42210  | 49799  | 4431  | (2867)  | (22423)  | 311004  |
|  Fidelity Series Overseas Fund  | 179321  | 12901  | 36619  | 2684  | (106)  | 6113  | 161610  |
|  Fidelity Series Real Estate Income Fund  | 22362  | 2680  | 10609  | 1361  | (1187)  | (495)  | 12751  |
|  Fidelity Series Short-Term Credit Fund  | 90832  | 1955  | 10467  | 862  | (293)  | (32)  | 81995  |
|  Fidelity Series Small Cap Opportunities Fund  | 70833  | 4651  | 20101  | 3061  | (342)  | 501  | 55542  |
|  Fidelity Series Small Cap Core Fund  | -  | 365  | -  | -  | -  | 34  | 399  |
|  Fidelity Series Treasury Bill Index Fund  | 273248  | 79380  | 33209  | 5116  | (48)  | (495)  | 318876  |
|  Fidelity Series Value Discovery Fund  | 102106  | 9242  | 28403  | 4082  | 2059  | (2324)  | 82680  |
|  | 7348617  | 850683  | 1299145  | 229256  | (84462)  | (173843)  | 6641850  |

---

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of January 31, 2023, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Domestic Equity Funds  | 814850  | 814850  | -  | -  |
|  International Equity Funds  | 1110665  | 1110665  | -  | -  |
|  Bond Funds  | 4202468  | 4202468  | -  | -  |
|  Short-Term Funds  | 513867  | 513867  | -  | -  |
| **Total Investments in Securities:**  | 6641850  | 6641850  | -  | -  |

---

**Fidelity Managed Retirement 2015 Fund℠**

**Financial Statements** **(Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **January 31, 2023** <br> **(Unaudited)**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  |  |  |
|  Affiliated issuers (cost $6,962,141)  | $6641850  |  |
|  Total Investment in Securities (cost $6,962,141)  |  | $6641850  |
|  Cash  |  | 5  |
| Receivable for investments sold  |  | 77610  |
| **Total assets**  |  | 6719465  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $75291  |  |
|  Accrued management fee  | 2433  |  |
|  Distribution and service plan fees payable  | 244  |  |
| **Total Liabilities**  |  | 77968  |
| **Net Assets**  |  | $6641497  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $7126281  |
|  Total accumulated earnings (loss)  |  | (484784)  |
|  **Net Assets**  |  | $6641497  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Class A :**  |  |  |
|  **Net Asset Value** and redemption price per share ($1,180,504 ÷ 23,671.17 shares) <sup>(a)</sup>  |  | $49.87  |
|  Maximum offering price per share (100/94.25 of $49.87)  |  | $52.91  |
| **Fidelity Managed Retirement 2015 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($4,692,974 ÷ 94,009.53 shares)  |  | $49.92  |
| **Class K :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($129,556 ÷ 2,595.78 shares)  |  | $49.91  |
| **Class K6 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($253,904 ÷ 5,085.65 shares)  |  | $49.93  |
| **Class I :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($273,392 ÷ 5,476.04 shares)  |  | $49.93  |
| **Class Z6 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($111,167 ÷ 2,226.06 shares)  |  | $49.94  |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.*  | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.*  | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.*  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | $204106  |
|  **Expenses**  |  |  |
| Management fee  | $14582  |  |
| Distribution and service plan fees  | 1457  |  |
| Independent trustees' fees and expenses  | 13  |  |
| Total expenses before reductions  | 16052  |  |
| Expense reductions  | (69)  |  |
| Total expenses after reductions  |  | 15983  |
| **Net Investment income (loss)**  |  | 188123  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (84462)  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 25150  |  |
| Total net realized gain (loss)  |  | (59312)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (173843)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (173843)  |
| **Net gain (loss)**  |  | (233155)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(45032)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  | **Year ended** <br> **July 31, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $188123  | $200628  |
| &nbsp;&nbsp; Net realized gain (loss)  | (59312) <br>| 197576 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (173843)  | (1146423) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (45032) <br>| (748219) <br>|
| Distributions to shareholders  | (295000) <br>| (451806) <br>|
| Share transactions - net increase (decrease)  | (366723) <br>| (374012) <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (706755) <br>| (1574037) <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 7348252  | 8922289 <br>|
| &nbsp;&nbsp; End of period  | $6641497  | $7348252  |

---

**Financial Highlights** 

 **Fidelity Advisor Managed Retirement 2015 Fund℠ Class A** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $52.42  | $60.51  | $55.51  | $53.13  | $53.98  | $64.42  |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | 1.351  | 1.241  | .335  | .690  | .887  | .739  |
| Net realized and unrealized gain (loss)  | (1.726)  | (6.395)  | 6.385  | 3.244  | 1.236  | 1.737  |
| Total from investment operations  | (.375)  | (5.154)  | 6.720  | 3.934  | 2.123  | 2.476  |
| Distributions from net investment income  | (1.375)  | (1.207)  | (.369)  | (.769)  | (.884)  | (.726)  |
| Distributions from net realized gain  | (.800)  | (1.729)  | (1.351)  | (.785)  | (2.089)  | (12.190)  |
| Total distributions  | (2.175)  | (2.936)  | (1.720)  | (1.554)  | (2.973)  | (12.916)  |
| Net asset value, end of period  | $49.87  | $52.42  | $60.51  | $55.51  | $53.13  | $53.98  |
| **Total Return** <sup>C,D,E</sup>  | (.54)%  | (8.96)%  | 12.31%  | 7.54%  | 4.26%  | 4.46%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |  |
| Expenses before reductions  | .71% <sup>H</sup>  | .71%  | .72%  | .72%  | .78%  | .83%  |
| Expenses net of fee waivers, if any  | .71% <sup>H</sup>  | .71%  | .72%  | .72%  | .78%  | .83%  |
| Expenses net of all reductions  | .71% <sup>H</sup>  | .71%  | .72%  | .72%  | .78%  | .82%  |
| Net investment income (loss)  | 5.49% <sup>H</sup>  | 2.20%  | .58%  | 1.30%  | 1.71%  | 1.34%  |
| **Supplemental Data**  |  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $1181  | $1242  | $1461  | $1024  | $244  | $246  |
| Portfolio turnover rate <sup>I</sup>  | 26% <sup>H</sup>  | 60%  | 32%  | 61%  | 67%  | 20%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total returns for periods of less than one year are not annualized.*

<sup>D</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>E</sup> *Total returns do not include the effect of the sales charges.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Annualized.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Managed Retirement 2015 Fund℠** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $52.47  | $60.56  | $55.53  | $53.11  | $53.97  | $64.41  |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | 1.413  | 1.389  | .481  | .825  | 1.017  | .879  |
| Net realized and unrealized gain (loss)  | (1.728)  | (6.410)  | 6.395  | 3.250  | 1.226  | 1.740  |
| Total from investment operations  | (.315)  | (5.021)  | 6.876  | 4.075  | 2.243  | 2.619  |
| Distributions from net investment income  | (1.435)  | (1.340)  | (.495)  | (.870)  | (1.014)  | (.869)  |
| Distributions from net realized gain  | (.800)  | (1.729)  | (1.351)  | (.785)  | (2.089)  | (12.190)  |
| Total distributions  | (2.235)  | (3.069)  | (1.846)  | (1.655)  | (3.103)  | (13.059)  |
| Net asset value, end of period  | $49.92  | $52.47  | $60.56  | $55.53  | $53.11  | $53.97  |
| **Total Return** <sup>C,D</sup>  | (.42)%  | (8.74)%  | 12.60%  | 7.83%  | 4.50%  | 4.73%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |  |
| Expenses before reductions  | .46% <sup>G</sup>  | .46%  | .47%  | .47%  | .53%  | .58%  |
| Expenses net of fee waivers, if any  | .46% <sup>G</sup>  | .46%  | .47%  | .47%  | .53%  | .58%  |
| Expenses net of all reductions  | .46% <sup>G</sup>  | .46%  | .47%  | .47%  | .53%  | .57%  |
| Net investment income (loss)  | 5.74% <sup>G</sup>  | 2.45%  | .83%  | 1.55%  | 1.96%  | 1.59%  |
| **Supplemental Data**  |  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $4693  | $4768  | $6736  | $5155  | $4087  | $3714  |
| Portfolio turnover rate <sup>H</sup>  | 26% <sup>G</sup>  | 60%  | 32%  | 61%  | 67%  | 20%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total returns for periods of less than one year are not annualized.*

<sup>D</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>E</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>F</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>G</sup> *Annualized.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Managed Retirement 2015 Fund℠ Class K** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $52.46  | $60.55  | $55.52  | $53.08  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | 1.435  | 1.436  | .539  | .879  |
| Net realized and unrealized gain (loss)  | (1.725)  | (6.395)  | 6.392  | 3.270  |
| Total from investment operations  | (.290)  | (4.959)  | 6.931  | 4.149  |
| Distributions from net investment income  | (1.460)  | (1.402)  | (.550)  | (.924)  |
| Distributions from net realized gain  | (.800)  | (1.729)  | (1.351)  | (.785)  |
| Total distributions  | (2.260)  | (3.131)  | (1.901)  | (1.709)  |
| Net asset value, end of period  | $49.91  | $52.46  | $60.55  | $55.52  |
| **Total Return** <sup>D</sup>  | (.37)%  | (8.64)%  | 12.71%  | 7.98%  |
| **Ratios to Average Net Assets** <sup>C,E,F</sup>  |  |  |  |  |
| Expenses before reductions  | .36% <sup>G</sup>  | .36%  | .37%  | .37%  |
| Expenses net of fee waivers, if any  | .36% <sup>G</sup>  | .36%  | .37%  | .37%  |
| Expenses net of all reductions  | .36% <sup>G</sup>  | .36%  | .37%  | .37%  |
| Net investment income (loss)  | 5.84% <sup>G</sup>  | 2.55%  | .93%  | 1.65%  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $130  | $111  | $122  | $108  |
| Portfolio turnover rate <sup>H</sup>  | 26% <sup>G</sup>  | 60%  | 32%  | 61%  |

---

<sup>A</sup> *For the period August 1, 2019 (commencement of sale of shares) through July 31, 2020.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

<sup>E</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>F</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>G</sup> *Annualized.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Managed Retirement 2015 Fund℠ Class K6** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $52.46  | $60.56  | $55.53  | $53.08  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | 1.488  | 1.434  | .597  | .932  |
| Net realized and unrealized gain (loss)  | (1.749)  | (6.334)  | 6.391  | 3.274  |
| Total from investment operations  | (.261)  | (4.900)  | 6.988  | 4.206  |
| Distributions from net investment income  | (1.469)  | (1.471)  | (.607)  | (.971)  |
| Distributions from net realized gain  | (.800)  | (1.729)  | (1.351)  | (.785)  |
| Total distributions  | (2.269)  | (3.200)  | (1.958)  | (1.756)  |
| Net asset value, end of period  | $49.93  | $52.46  | $60.56  | $55.53  |
| **Total Return** <sup>D,E</sup>  | (.31)%  | (8.54)%  | 12.82%  | 8.09%  |
| **Ratios to Average Net Assets** <sup>C,F,G</sup>  |  |  |  |  |
| Expenses before reductions  | .26% <sup>H</sup>  | .26%  | .27%  | .27%  |
| Expenses net of fee waivers, if any  | .26% <sup>H</sup>  | .26%  | .27%  | .27%  |
| Expenses net of all reductions  | .25% <sup>H</sup>  | .26%  | .27%  | .27%  |
| Net investment income (loss)  | 5.95% <sup>H</sup>  | 2.65%  | 1.03%  | 1.75%  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $254  | $837  | $204  | $112  |
| Portfolio turnover rate <sup>I</sup>  | 26% <sup>H</sup>  | 60%  | 32%  | 61%  |

---

<sup>A</sup> *For the period August 1, 2019 (commencement of sale of shares) through July 31, 2020.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Annualized.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Advisor Managed Retirement 2015 Fund℠ Class I** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $52.48  | $60.57  | $55.54  | $53.12  | $53.98  | $64.42  |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | 1.413  | 1.376  | .481  | .827  | 1.015  | .877  |
| Net realized and unrealized gain (loss)  | (1.727)  | (6.387)  | 6.390  | 3.242  | 1.227  | 1.742  |
| Total from investment operations  | (.314)  | (5.011)  | 6.871  | 4.069  | 2.242  | 2.619  |
| Distributions from net investment income  | (1.436)  | (1.350)  | (.490)  | (.864)  | (1.013)  | (.869)  |
| Distributions from net realized gain  | (.800)  | (1.729)  | (1.351)  | (.785)  | (2.089)  | (12.190)  |
| Total distributions  | (2.236)  | (3.079)  | (1.841)  | (1.649)  | (3.102)  | (13.059)  |
| Net asset value, end of period  | $49.93  | $52.48  | $60.57  | $55.54  | $53.12  | $53.98  |
| **Total Return** <sup>C,D</sup>  | (.42)%  | (8.72)%  | 12.59%  | 7.81%  | 4.50%  | 4.73%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |  |
| Expenses before reductions  | .46% <sup>G</sup>  | .46%  | .47%  | .47%  | .53%  | .58%  |
| Expenses net of fee waivers, if any  | .46% <sup>G</sup>  | .46%  | .47%  | .47%  | .53%  | .58%  |
| Expenses net of all reductions  | .46% <sup>G</sup>  | .46%  | .47%  | .47%  | .53%  | .57%  |
| Net investment income (loss)  | 5.74% <sup>G</sup>  | 2.45%  | .83%  | 1.55%  | 1.97%  | 1.59%  |
| **Supplemental Data**  |  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $273  | $279  | $278  | $274  | $287  | $185  |
| Portfolio turnover rate <sup>H</sup>  | 26% <sup>G</sup>  | 60%  | 32%  | 61%  | 67%  | 20%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total returns for periods of less than one year are not annualized.*

<sup>D</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>E</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>F</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>G</sup> *Annualized.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Advisor Managed Retirement 2015 Fund℠ Class Z6** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $52.49  | $60.58  | $55.55  | $53.09  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | 1.463  | 1.493  | .597  | .932  |
| Net realized and unrealized gain (loss)  | (1.728)  | (6.396)  | 6.390  | 3.276  |
| Total from investment operations  | (.265)  | (4.903)  | 6.987  | 4.208  |
| Distributions from net investment income  | (1.485)  | (1.458)  | (.606)  | (.963)  |
| Distributions from net realized gain  | (.800)  | (1.729)  | (1.351)  | (.785)  |
| Total distributions  | (2.285)  | (3.187)  | (1.957)  | (1.748)  |
| Net asset value, end of period  | $49.94  | $52.49  | $60.58  | $55.55  |
| **Total Return** <sup>D,E</sup>  | (.32)%  | (8.54)%  | 12.81%  | 8.09%  |
| **Ratios to Average Net Assets** <sup>C,F,G</sup>  |  |  |  |  |
| Expenses before reductions  | .26% <sup>H</sup>  | .26%  | .27%  | .27%  |
| Expenses net of fee waivers, if any  | .26% <sup>H</sup>  | .26%  | .27%  | .27%  |
| Expenses net of all reductions  | .26% <sup>H</sup>  | .26%  | .27%  | .27%  |
| Net investment income (loss)  | 5.94% <sup>H</sup>  | 2.65%  | 1.03%  | 1.75%  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $111  | $112  | $122  | $108  |
| Portfolio turnover rate <sup>I</sup>  | 26% <sup>H</sup>  | 60%  | 32%  | 61%  |

---

<sup>A</sup> *For the period August 1, 2019 (commencement of sale of shares) through July 31, 2020.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Annualized.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

**Fidelity Managed Retirement 2020 Fund℠** 

**Investment Summary January 31, 2023 (Unaudited)**

The information in the following table is based on the direct Investments of the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Fidelity Series Investment Grade Bond Fund  | 10.0  |
| Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund  | 9.9  |
| Fidelity Series Government Bond Index Fund  | 9.7  |
| Fidelity Series Investment Grade Securitized Fund  | 7.0  |
| Fidelity Series Corporate Bond Fund  | 6.6  |
| Fidelity Series Emerging Markets Opportunities Fund  | 6.6  |
| Fidelity Series 5+ Year Inflation-Protected Bond Index Fund  | 5.2  |
| Fidelity Series Long-Term Treasury Bond Index Fund  | 4.8  |
| Fidelity Series Large Cap Value Index Fund  | 4.5  |
| Fidelity Series International Developed Markets Bond Index Fund  | 4.0  |
|  | 68.3  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88913_8.jpg)  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

*Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.*

**Fidelity Managed Retirement 2020 Fund℠**

**Schedule of Investments January 31, 2023 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Domestic Equity Funds - 16.2%**  | &nbsp;&nbsp; **Domestic Equity Funds - 16.2%**  | &nbsp;&nbsp; **Domestic Equity Funds - 16.2%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series Blue Chip Growth Fund (a)  | 29438  | 330289  |
|  Fidelity Series Commodity Strategy Fund (a)  | 670  | 70224  |
|  Fidelity Series Large Cap Growth Index Fund (a)  | 14247  | 208862  |
|  Fidelity Series Large Cap Stock Fund (a)  | 12872  | 229762  |
|  Fidelity Series Large Cap Value Index Fund (a)  | 29518  | 428313  |
|  Fidelity Series Small Cap Core Fund (a)  | 72  | 770  |
|  Fidelity Series Small Cap Opportunities Fund (a)  | 8307  | 106084  |
|  Fidelity Series Value Discovery Fund (a)  | 10389  | 157919  |
| <br> **TOTAL DOMESTIC EQUITY FUNDS** <br> (Cost $1,448,326)  |  | **1532223**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **International Equity Funds - 19.3%**  | &nbsp;&nbsp; **International Equity Funds - 19.3%**  | &nbsp;&nbsp; **International Equity Funds - 19.3%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series Canada Fund (a)  | 8613  | 122654  |
|  Fidelity Series Emerging Markets Fund (a)  | 7935  | 67922  |
|  Fidelity Series Emerging Markets Opportunities Fund (a)  | 36056  | 621239  |
|  Fidelity Series International Growth Fund (a)  | 17403  | 272361  |
|  Fidelity Series International Index Fund (a)  | 10216  | 113601  |
|  Fidelity Series International Small Cap Fund (a)  | 5315  | 84674  |
|  Fidelity Series International Value Fund (a)  | 25026  | 270779  |
|  Fidelity Series Overseas Fund (a)  | 22985  | 271458  |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS** <br> (Cost $1,740,783)  |  | **1824688**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bond Funds - 58.7%**  | &nbsp;&nbsp; **Bond Funds - 58.7%**  | &nbsp;&nbsp; **Bond Funds - 58.7%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund (a)  | 99669  | 931907  |
|  Fidelity Series 5+ Year Inflation-Protected Bond Index Fund (a)  | 62341  | 495614  |
|  Fidelity Series Corporate Bond Fund (a)  | 66917  | 621662  |
|  Fidelity Series Emerging Markets Debt Fund (a)  | 6499  | 49260  |
|  Fidelity Series Emerging Markets Debt Local Currency Fund (a)  | 1782  | 16162  |
|  Fidelity Series Floating Rate High Income Fund (a)  | 1040  | 9280  |
|  Fidelity Series Government Bond Index Fund (a)  | 98174  | 917930  |
|  Fidelity Series High Income Fund (a)  | 6120  | 50858  |
|  Fidelity Series International Credit Fund (a)  | 228  | 1825  |
|  Fidelity Series International Developed Markets Bond Index Fund (a)  | 43581  | 373485  |
|  Fidelity Series Investment Grade Bond Fund (a)  | 92617  | 942845  |
|  Fidelity Series Investment Grade Securitized Fund (a)  | 71889  | 657782  |
|  Fidelity Series Long-Term Treasury Bond Index Fund (a)  | 73352  | 458452  |
|  Fidelity Series Real Estate Income Fund (a)  | 1809  | 18069  |
| <br> **TOTAL BOND FUNDS** <br> (Cost $6,239,751)  |  | **5545131**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Short-Term Funds - 5.8%**  | &nbsp;&nbsp; **Short-Term Funds - 5.8%**  | &nbsp;&nbsp; **Short-Term Funds - 5.8%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series Government Money Market Fund 4.42% (a)(b)  | 124534  | 124534  |
|  Fidelity Series Short-Term Credit Fund (a)  | 8202  | 79151  |
|  Fidelity Series Treasury Bill Index Fund (a)  | 34589  | 344162  |
| <br> **TOTAL SHORT-TERM FUNDS** <br> (Cost $551,062)  |  | **547847**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $9,979,922) <br>| <br>**9449889**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(262)**  |
| **NET ASSETS - 100.0%**  | **9449627**  |

---

**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 is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  |
|  Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund  | 973591  | 178150  | 149557  | 45974  | (5947)  | (64330)  | 931907  |
|  Fidelity Series 5+ Year Inflation-Protected Bond Index Fund  | 515293  | 119864  | 70826  | 31264  | (9599)  | (59118)  | 495614  |
|  Fidelity Series Blue Chip Growth Fund  | 382544  | 75450  | 102416  | 12385  | (26950)  | 1661  | 330289  |
|  Fidelity Series Canada Fund  | 141395  | 12972  | 32117  | 3599  | (233)  | 637  | 122654  |
|  Fidelity Series Commodity Strategy Fund  | 154277  | 98997  | 90643  | 82694  | (48420)  | (43987)  | 70224  |
|  Fidelity Series Corporate Bond Fund  | 653761  | 69358  | 83290  | 11603  | (7138)  | (11029)  | 621662  |
|  Fidelity Series Emerging Markets Debt Fund  | 53422  | 3509  | 8561  | 1502  | (1536)  | 2426  | 49260  |
|  Fidelity Series Emerging Markets Debt Local Currency Fund  | 17731  | 608  | 3376  | -  | (459)  | 1658  | 16162  |
|  Fidelity Series Emerging Markets Fund  | 84756  | 5817  | 25527  | 1783  | (4809)  | 7685  | 67922  |
|  Fidelity Series Emerging Markets Opportunities Fund  | 765590  | 56272  | 228527  | 15024  | (46688)  | 74592  | 621239  |
|  Fidelity Series Floating Rate High Income Fund  | 10170  | 2802  | 3755  | 364  | (177)  | 240  | 9280  |
|  Fidelity Series Government Bond Index Fund  | 960216  | 130487  | 134810  | 9355  | (6473)  | (31490)  | 917930  |
|  Fidelity Series Government Money Market Fund 4.42%  | 87618  | 48993  | 12077  | 1841  | -  | -  | 124534  |
|  Fidelity Series High Income Fund  | 55379  | 5419  | 8651  | 1764  | (997)  | (292)  | 50858  |
|  Fidelity Series International Credit Fund  | 1877  | 73  | -  | 73  | -  | (125)  | 1825  |
|  Fidelity Series International Developed Markets Bond Index Fund  | 409032  | 46720  | 56687  | 2296  | (7057)  | (18523)  | 373485  |
|  Fidelity Series International Growth Fund  | 294302  | 34910  | 60937  | 8620  | (9078)  | 13164  | 272361  |
|  Fidelity Series International Index Fund  | 123237  | 10349  | 26286  | 2765  | (2992)  | 9293  | 113601  |
|  Fidelity Series International Small Cap Fund  | 90920  | 9197  | 12735  | 4746  | (2882)  | 174  | 84674  |
|  Fidelity Series International Value Fund  | 291606  | 22771  | 67521  | 8441  | (5170)  | 29093  | 270779  |
|  Fidelity Series Investment Grade Bond Fund  | 992561  | 118283  | 134724  | 17048  | (10298)  | (22977)  | 942845  |
|  Fidelity Series Investment Grade Securitized Fund  | 702080  | 80497  | 92482  | 9761  | (7299)  | (25014)  | 657782  |
|  Fidelity Series Large Cap Growth Index Fund  | 242075  | 35853  | 55263  | 1386  | 1488  | (15291)  | 208862  |
|  Fidelity Series Large Cap Stock Fund  | 265195  | 39857  | 74000  | 15879  | 990  | (2280)  | 229762  |
|  Fidelity Series Large Cap Value Index Fund  | 506406  | 51173  | 129507  | 14530  | 13150  | (12909)  | 428313  |
|  Fidelity Series Long-Term Treasury Bond Index Fund  | 496350  | 73357  | 70413  | 6622  | (3073)  | (37769)  | 458452  |
|  Fidelity Series Overseas Fund  | 296030  | 30651  | 64313  | 4540  | (5271)  | 14361  | 271458  |
|  Fidelity Series Real Estate Income Fund  | 31887  | 6633  | 17883  | 1971  | (1964)  | (604)  | 18069  |
|  Fidelity Series Short-Term Credit Fund  | 87414  | 4525  | 12375  | 855  | (391)  | (22)  | 79151  |
|  Fidelity Series Small Cap Opportunities Fund  | 130081  | 11550  | 35733  | 5853  | (4352)  | 4538  | 106084  |
|  Fidelity Series Small Cap Core Fund  | -  | 704  | -  | -  | -  | 66  | 770  |
|  Fidelity Series Treasury Bill Index Fund  | 263033  | 141353  | 59622  | 5530  | (44)  | (558)  | 344162  |
|  Fidelity Series Value Discovery Fund  | 186766  | 22824  | 50885  | 7786  | 3792  | (4578)  | 157919  |
|  | 10266595  | 1549978  | 1975499  | 337854  | (199877)  | (191308)  | 9449889  |

---

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of January 31, 2023, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Domestic Equity Funds  | 1532223  | 1532223  | -  | -  |
|  International Equity Funds  | 1824688  | 1824688  | -  | -  |
|  Bond Funds  | 5545131  | 5545131  | -  | -  |
|  Short-Term Funds  | 547847  | 547847  | -  | -  |
| **Total Investments in Securities:**  | 9449889  | 9449889  | -  | -  |

---

**Fidelity Managed Retirement 2020 Fund℠**

**Financial Statements** **(Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **January 31, 2023** <br> **(Unaudited)**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  |  |  |
|  Affiliated issuers (cost $9,979,922)  | $9449889  |  |
|  Total Investment in Securities (cost $9,979,922)  |  | $9449889  |
|  Cash  |  | 40  |
| Receivable for investments sold  |  | 115472  |
|  Receivable for fund shares sold  |  | 80  |
| **Total assets**  |  | 9565481  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $112232  |  |
|  Accrued management fee  | 3496  |  |
|  Distribution and service plan fees payable  | 126  |  |
| **Total Liabilities**  |  | 115854  |
| **Net Assets**  |  | $9449627  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $10293970  |
|  Total accumulated earnings (loss)  |  | (844343)  |
|  **Net Assets**  |  | $9449627  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Class A :**  |  |  |
|  **Net Asset Value** and redemption price per share ($614,820 ÷ 12,300.74 shares) <sup>(a)</sup>  |  | $49.98  |
|  Maximum offering price per share (100/94.25 of $49.98)  |  | $53.03  |
| **Fidelity Managed Retirement 2020 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($7,437,305 ÷ 148,503.22 shares)  |  | $50.08  |
| **Class K :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($132,153 ÷ 2,638.2 shares)  |  | $50.09  |
| **Class K6 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($929,999 ÷ 18,568.25 shares)  |  | $50.09  |
| **Class I :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($221,585 ÷ 4,422.26 shares)  |  | $50.11  |
| **Class Z6 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($113,765 ÷ 2,271.03 shares)  |  | $50.09  |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.*  | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.*  | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.*  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | $291196  |
|  **Expenses**  |  |  |
| Management fee  | $21189  |  |
| Distribution and service plan fees  | 645  |  |
| Independent trustees' fees and expenses  | 18  |  |
| Total expenses before reductions  | 21852  |  |
| Expense reductions  | (71)  |  |
| Total expenses after reductions  |  | 21781  |
| **Net Investment income (loss)**  |  | 269415  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (199877)  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 46658  |  |
| Total net realized gain (loss)  |  | (153219)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (191308)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (191308)  |
| **Net gain (loss)**  |  | (344527)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(75112)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  | **Year ended** <br> **July 31, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $269415  | $299008  |
| &nbsp;&nbsp; Net realized gain (loss)  | (153219) <br>| 175685 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (191308)  | (1691577) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (75112) <br>| (1216884) <br>|
| Distributions to shareholders  | (304760) <br>| (584790) <br>|
| Share transactions - net increase (decrease)  | (436839) <br>| (1268088) <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (816711) <br>| (3069762) <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 10266338  | 13336100 <br>|
| &nbsp;&nbsp; End of period  | $9449627  | $10266338  |

---

**Financial Highlights** 

 **Fidelity Advisor Managed Retirement 2020 Fund℠ Class A** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $51.75  | $59.83  | $53.77  | $51.34  | $52.52  | $62.67  |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | 1.320  | 1.245  | .327  | .639  | .783  | .676  |
| Net realized and unrealized gain (loss)  | (1.561)  | (6.741)  | 7.664  | 3.282  | 1.134  | 2.152  |
| Total from investment operations  | (.241)  | (5.496)  | 7.991  | 3.921  | 1.917  | 2.828  |
| Distributions from net investment income  | (1.355)  | (1.232)  | (.409)  | (.754)  | (.822)  | (.685)  |
| Distributions from net realized gain  | (.174)  | (1.352)  | (1.522)  | (.737)  | (2.275)  | (12.293)  |
| Total distributions  | (1.529)  | (2.584)  | (1.931)  | (1.491)  | (3.097)  | (12.978)  |
| Net asset value, end of period  | $49.98  | $51.75  | $59.83  | $53.77  | $51.34  | $52.52  |
| **Total Return** <sup>C,D,E</sup>  | (.30)%  | (9.62)%  | 15.15%  | 7.76%  | 4.02%  | 5.29%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |  |
| Expenses before reductions  | .72% <sup>H</sup>  | .72%  | .72%  | .72%  | .81% <sup>I</sup>  | .87%  |
| Expenses net of fee waivers, if any  | .72% <sup>H</sup>  | .72%  | .72%  | .72%  | .81% <sup>I</sup>  | .87%  |
| Expenses net of all reductions  | .72% <sup>H</sup>  | .72%  | .72%  | .72%  | .81% <sup>I</sup>  | .87%  |
| Net investment income (loss)  | 5.40% <sup>H</sup>  | 2.22%  | .57%  | 1.26%  | 1.57%  | 1.26%  |
| **Supplemental Data**  |  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $615  | $509  | $678  | $155  | $20  | $17  |
| Portfolio turnover rate <sup>J</sup>  | 33% <sup>H</sup>  | 67%  | 35%  | 69%  | 86%  | 19%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total returns for periods of less than one year are not annualized.*

<sup>D</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>E</sup> *Total returns do not include the effect of the sales charges.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Annualized.*

<sup>I</sup> *On certain classes, the size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.*

<sup>J</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Managed Retirement 2020 Fund℠** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $51.84  | $59.92  | $53.81  | $51.35  | $52.53  | $62.67  |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | 1.387  | 1.389  | .470  | .777  | .916  | .818  |
| Net realized and unrealized gain (loss)  | (1.563)  | (6.758)  | 7.671  | 3.281  | 1.125  | 2.145  |
| Total from investment operations  | (.176)  | (5.369)  | 8.141  | 4.058  | 2.041  | 2.963  |
| Distributions from net investment income  | (1.410)  | (1.359)  | (.509)  | (.861)  | (.946)  | (.810)  |
| Distributions from net realized gain  | (.174)  | (1.352)  | (1.522)  | (.737)  | (2.275)  | (12.293)  |
| Total distributions  | (1.584)  | (2.711)  | (2.031)  | (1.598)  | (3.221)  | (13.103)  |
| Net asset value, end of period  | $50.08  | $51.84  | $59.92  | $53.81  | $51.35  | $52.53  |
| **Total Return** <sup>C,D</sup>  | (.17)%  | (9.40)%  | 15.44%  | 8.04%  | 4.28%  | 5.56%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |  |
| Expenses before reductions  | .47% <sup>G</sup>  | .47%  | .47%  | .47%  | .55%  | .62%  |
| Expenses net of fee waivers, if any  | .47% <sup>G</sup>  | .47%  | .47%  | .47%  | .55%  | .62%  |
| Expenses net of all reductions  | .47% <sup>G</sup>  | .47%  | .47%  | .47%  | .55%  | .61%  |
| Net investment income (loss)  | 5.65% <sup>G</sup>  | 2.47%  | .82%  | 1.51%  | 1.83%  | 1.52%  |
| **Supplemental Data**  |  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $7437  | $8171  | $11460  | $6193  | $4303  | $3139  |
| Portfolio turnover rate <sup>H</sup>  | 33% <sup>G</sup>  | 67%  | 35%  | 69%  | 86%  | 19%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total returns for periods of less than one year are not annualized.*

<sup>D</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>E</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>F</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>G</sup> *Annualized.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Managed Retirement 2020 Fund℠ Class K** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $51.85  | $59.93  | $53.82  | $51.28  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | 1.409  | 1.439  | .526  | .829  |
| Net realized and unrealized gain (loss)  | (1.557)  | (6.752)  | 7.661  | 3.357  |
| Total from investment operations  | (.148)  | (5.313)  | 8.187  | 4.186  |
| Distributions from net investment income  | (1.438)  | (1.415)  | (.555)  | (.909)  |
| Distributions from net realized gain  | (.174)  | (1.352)  | (1.522)  | (.737)  |
| Total distributions  | (1.612)  | (2.767)  | (2.077)  | (1.646)  |
| Net asset value, end of period  | $50.09  | $51.85  | $59.93  | $53.82  |
| **Total Return** <sup>D,E</sup>  | (.11)%  | (9.31)%  | 15.53%  | 8.31%  |
| **Ratios to Average Net Assets** <sup>C,F,G</sup>  |  |  |  |  |
| Expenses before reductions  | .37% <sup>H</sup>  | .37%  | .37%  | .37%  |
| Expenses net of fee waivers, if any  | .37% <sup>H</sup>  | .37%  | .37%  | .37%  |
| Expenses net of all reductions  | .37% <sup>H</sup>  | .37%  | .37%  | .37%  |
| Net investment income (loss)  | 5.75% <sup>H</sup>  | 2.57%  | .92%  | 1.61%  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $132  | $113  | $125  | $108  |
| Portfolio turnover rate <sup>I</sup>  | 33% <sup>H</sup>  | 67%  | 35%  | 69%  |

---

<sup>A</sup> *For the period August 1, 2019 (commencement of sale of shares) through July 31, 2020.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Annualized.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Managed Retirement 2020 Fund℠ Class K6** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $51.85  | $59.93  | $53.82  | $51.28  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | 1.438  | 1.458  | .584  | .869  |
| Net realized and unrealized gain (loss)  | (1.562)  | (6.709)  | 7.661  | 3.369  |
| Total from investment operations  | (.124)  | (5.251)  | 8.245  | 4.238  |
| Distributions from net investment income  | (1.462)  | (1.477)  | (.613)  | (.961)  |
| Distributions from net realized gain  | (.174)  | (1.352)  | (1.522)  | (.737)  |
| Total distributions  | (1.636)  | (2.829)  | (2.135)  | (1.698)  |
| Net asset value, end of period  | $50.09  | $51.85  | $59.93  | $53.82  |
| **Total Return** <sup>D,E</sup>  | (.06)%  | (9.21)%  | 15.65%  | 8.42%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |
| Expenses before reductions  | .27% <sup>H</sup>  | .27%  | .27%  | .27%  |
| Expenses net of fee waivers, if any  | .27% <sup>H</sup>  | .27%  | .27%  | .27%  |
| Expenses net of all reductions  | .27% <sup>H</sup>  | .27%  | .27%  | .27%  |
| Net investment income (loss)  | 5.85% <sup>H</sup>  | 2.67%  | 1.02%  | 1.71%  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $930  | $1110  | $628  | $406  |
| Portfolio turnover rate <sup>I</sup>  | 33% <sup>H</sup>  | 67%  | 35%  | 69%  |

---

<sup>A</sup> *For the period August 1, 2019 (commencement of sale of shares) through July 31, 2020.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Calculated based on average shares outstanding during the period.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Annualized.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Advisor Managed Retirement 2020 Fund℠ Class I** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $51.87  | $59.95  | $53.83  | $51.35  | $52.53  | $62.67  |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | 1.389  | 1.389  | .470  | .779  | .890  | .812  |
| Net realized and unrealized gain (loss)  | (1.563)  | (6.761)  | 7.673  | 3.282  | 1.148  | 2.161  |
| Total from investment operations  | (.174)  | (5.372)  | 8.143  | 4.061  | 2.038  | 2.973  |
| Distributions from net investment income  | (1.412)  | (1.356)  | (.501)  | (.844)  | (.943)  | (.820)  |
| Distributions from net realized gain  | (.174)  | (1.352)  | (1.522)  | (.737)  | (2.275)  | (12.293)  |
| Total distributions  | (1.586)  | (2.708)  | (2.023)  | (1.581)  | (3.218)  | (13.113)  |
| Net asset value, end of period  | $50.11  | $51.87  | $59.95  | $53.83  | $51.35  | $52.53  |
| **Total Return** <sup>C,D</sup>  | (.16)%  | (9.40)%  | 15.44%  | 8.05%  | 4.27%  | 5.58%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |  |
| Expenses before reductions  | .47% <sup>G</sup>  | .47%  | .47%  | .47%  | .55%  | .62%  |
| Expenses net of fee waivers, if any  | .47% <sup>G</sup>  | .47%  | .47%  | .47%  | .55%  | .62%  |
| Expenses net of all reductions  | .47% <sup>G</sup>  | .47%  | .47%  | .47%  | .55%  | .61%  |
| Net investment income (loss)  | 5.65% <sup>G</sup>  | 2.47%  | .82%  | 1.51%  | 1.83%  | 1.52%  |
| **Supplemental Data**  |  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $222  | $249  | $320  | $212  | $291  | $28  |
| Portfolio turnover rate <sup>H</sup>  | 33% <sup>G</sup>  | 67%  | 35%  | 69%  | 86%  | 19%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total returns for periods of less than one year are not annualized.*

<sup>D</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>E</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>F</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>G</sup> *Annualized.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Advisor Managed Retirement 2020 Fund℠ Class Z6** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $51.86  | $59.94  | $53.82  | $51.28  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | 1.435  | 1.494  | .583  | .881  |
| Net realized and unrealized gain (loss)  | (1.567)  | (6.747)  | 7.669  | 3.352  |
| Total from investment operations  | (.132)  | (5.253)  | 8.252  | 4.233  |
| Distributions from net investment income  | (1.464)  | (1.475)  | (.610)  | (.956)  |
| Distributions from net realized gain  | (.174)  | (1.352)  | (1.522)  | (.737)  |
| Total distributions  | (1.638)  | (2.827)  | (2.132)  | (1.693)  |
| Net asset value, end of period  | $50.09  | $51.86  | $59.94  | $53.82  |
| **Total Return** <sup>D,E</sup>  | (.08)%  | (9.21)%  | 15.66%  | 8.41%  |
| **Ratios to Average Net Assets** <sup>C,F,G</sup>  |  |  |  |  |
| Expenses before reductions  | .27% <sup>H</sup>  | .27%  | .27%  | .27%  |
| Expenses net of fee waivers, if any  | .27% <sup>H</sup>  | .27%  | .27%  | .27%  |
| Expenses net of all reductions  | .27% <sup>H</sup>  | .27%  | .27%  | .27%  |
| Net investment income (loss)  | 5.85% <sup>H</sup>  | 2.67%  | 1.02%  | 1.71%  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $114  | $114  | $125  | $108  |
| Portfolio turnover rate <sup>I</sup>  | 33% <sup>H</sup>  | 67%  | 35%  | 69%  |

---

<sup>A</sup> *For the period August 1, 2019 (commencement of sale of shares) through July 31, 2020.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Annualized.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

**Fidelity Managed Retirement 2025 Fund℠** 

**Investment Summary January 31, 2023 (Unaudited)**

The information in the following table is based on the direct Investments of the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Fidelity Series Investment Grade Bond Fund  | 9.2  |
| Fidelity Series Government Bond Index Fund  | 9.0  |
| Fidelity Series Emerging Markets Opportunities Fund  | 7.3  |
| Fidelity Series 5+ Year Inflation-Protected Bond Index Fund  | 7.1  |
| Fidelity Series Investment Grade Securitized Fund  | 6.4  |
| Fidelity Series Corporate Bond Fund  | 6.1  |
| Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund  | 5.8  |
| Fidelity Series Large Cap Value Index Fund  | 5.7  |
| Fidelity Series Long-Term Treasury Bond Index Fund  | 5.0  |
| Fidelity Series Blue Chip Growth Fund  | 4.4  |
|  | 66.0  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88913_9.jpg)  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

*Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.*

**Fidelity Managed Retirement 2025 Fund℠**

**Schedule of Investments January 31, 2023 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Domestic Equity Funds - 20.1%**  | &nbsp;&nbsp; **Domestic Equity Funds - 20.1%**  | &nbsp;&nbsp; **Domestic Equity Funds - 20.1%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series Blue Chip Growth Fund (a)  | 202344  | 2270295  |
|  Fidelity Series Commodity Strategy Fund (a)  | 3667  | 384367  |
|  Fidelity Series Large Cap Growth Index Fund (a)  | 97928  | 1435617  |
|  Fidelity Series Large Cap Stock Fund (a)  | 88480  | 1579368  |
|  Fidelity Series Large Cap Value Index Fund (a)  | 202890  | 2943927  |
|  Fidelity Series Small Cap Core Fund (a)  | 501  | 5371  |
|  Fidelity Series Small Cap Opportunities Fund (a)  | 57097  | 729131  |
|  Fidelity Series Value Discovery Fund (a)  | 71419  | 1085568  |
| <br> **TOTAL DOMESTIC EQUITY FUNDS** <br> (Cost $9,876,927)  |  | **10433644**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **International Equity Funds - 21.9%**  | &nbsp;&nbsp; **International Equity Funds - 21.9%**  | &nbsp;&nbsp; **International Equity Funds - 21.9%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series Canada Fund (a)  | 54709  | 779051  |
|  Fidelity Series Emerging Markets Fund (a)  | 47948  | 410436  |
|  Fidelity Series Emerging Markets Opportunities Fund (a)  | 217572  | 3748765  |
|  Fidelity Series International Growth Fund (a)  | 109999  | 1721484  |
|  Fidelity Series International Index Fund (a)  | 64640  | 718794  |
|  Fidelity Series International Small Cap Fund (a)  | 33595  | 535165  |
|  Fidelity Series International Value Fund (a)  | 158170  | 1711404  |
|  Fidelity Series Overseas Fund (a)  | 145605  | 1719590  |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS** <br> (Cost $11,234,926)  |  | **11344689**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bond Funds - 54.1%**  | &nbsp;&nbsp; **Bond Funds - 54.1%**  | &nbsp;&nbsp; **Bond Funds - 54.1%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund (a)  | 322092  | 3011556  |
|  Fidelity Series 5+ Year Inflation-Protected Bond Index Fund (a)  | 462861  | 3679744  |
|  Fidelity Series Corporate Bond Fund (a)  | 337841  | 3138542  |
|  Fidelity Series Emerging Markets Debt Fund (a)  | 35571  | 269628  |
|  Fidelity Series Emerging Markets Debt Local Currency Fund (a)  | 9757  | 88494  |
|  Fidelity Series Floating Rate High Income Fund (a)  | 5671  | 50589  |
|  Fidelity Series Government Bond Index Fund (a)  | 495653  | 4634357  |
|  Fidelity Series High Income Fund (a)  | 33484  | 278256  |
|  Fidelity Series International Credit Fund (a)  | 1522  | 12174  |
|  Fidelity Series International Developed Markets Bond Index Fund (a)  | 238398  | 2043074  |
|  Fidelity Series Investment Grade Bond Fund (a)  | 467603  | 4760205  |
|  Fidelity Series Investment Grade Securitized Fund (a)  | 362946  | 3320960  |
|  Fidelity Series Long-Term Treasury Bond Index Fund (a)  | 415771  | 2598568  |
|  Fidelity Series Real Estate Income Fund (a)  | 9927  | 99168  |
| <br> **TOTAL BOND FUNDS** <br> (Cost $31,711,043)  |  | **27985315**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Short-Term Funds - 3.9%**  | &nbsp;&nbsp; **Short-Term Funds - 3.9%**  | &nbsp;&nbsp; **Short-Term Funds - 3.9%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series Government Money Market Fund 4.42% (a)(b)  | 475634  | 475634  |
|  Fidelity Series Short-Term Credit Fund (a)  | 25334  | 244468  |
|  Fidelity Series Treasury Bill Index Fund (a)  | 128380  | 1277380  |
| <br> **TOTAL SHORT-TERM FUNDS** <br> (Cost $2,008,405)  |  | **1997482**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $54,831,301) <br>| <br>**51761130**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(953)**  |
| **NET ASSETS - 100.0%**  | **51760177**  |

---

**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 is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  |
|  Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund  | 3131574  | 574777  | 466683  | 150154  | (15844)  | (212268)  | 3011556  |
|  Fidelity Series 5+ Year Inflation-Protected Bond Index Fund  | 3848965  | 806988  | 464974  | 234466  | (52030)  | (459205)  | 3679744  |
|  Fidelity Series Blue Chip Growth Fund  | 2580615  | 520321  | 665060  | 84724  | (184445)  | 18864  | 2270295  |
|  Fidelity Series Canada Fund  | 892508  | 91413  | 210137  | 23412  | (2771)  | 8038  | 779051  |
|  Fidelity Series Commodity Strategy Fund  | 847095  | 546051  | 495563  | 459005  | (273139)  | (240077)  | 384367  |
|  Fidelity Series Corporate Bond Fund  | 3302280  | 353180  | 432822  | 59570  | (39378)  | (44718)  | 3138542  |
|  Fidelity Series Emerging Markets Debt Fund  | 293431  | 16046  | 45784  | 8368  | (9153)  | 15088  | 269628  |
|  Fidelity Series Emerging Markets Debt Local Currency Fund  | 97612  | 2452  | 18484  | -  | (2799)  | 9713  | 88494  |
|  Fidelity Series Emerging Markets Fund  | 505875  | 35174  | 150940  | 10933  | (37769)  | 58096  | 410436  |
|  Fidelity Series Emerging Markets Opportunities Fund  | 4566346  | 367883  | 1376850  | 92274  | (365998)  | 557384  | 3748765  |
|  Fidelity Series Floating Rate High Income Fund  | 56275  | 16988  | 23032  | 2032  | (897)  | 1255  | 50589  |
|  Fidelity Series Government Bond Index Fund  | 4850584  | 662468  | 692334  | 48055  | (53857)  | (132504)  | 4634357  |
|  Fidelity Series Government Money Market Fund 4.42%  | 280213  | 244771  | 49350  | 6869  | -  | -  | 475634  |
|  Fidelity Series High Income Fund  | 303848  | 27517  | 46521  | 9834  | (5470)  | (1118)  | 278256  |
|  Fidelity Series International Credit Fund  | 12522  | 483  | -  | 484  | -  | (831)  | 12174  |
|  Fidelity Series International Developed Markets Bond Index Fund  | 2236726  | 258700  | 315612  | 12613  | (23830)  | (112910)  | 2043074  |
|  Fidelity Series International Growth Fund  | 1858103  | 219092  | 394684  | 56081  | (42006)  | 80979  | 1721484  |
|  Fidelity Series International Index Fund  | 777904  | 55723  | 159872  | 17989  | (14426)  | 59465  | 718794  |
|  Fidelity Series International Small Cap Fund  | 574478  | 51494  | 76559  | 30882  | (20214)  | 5966  | 535165  |
|  Fidelity Series International Value Fund  | 1842603  | 117379  | 412747  | 54916  | (20169)  | 184338  | 1711404  |
|  Fidelity Series Investment Grade Bond Fund  | 5013601  | 603717  | 697369  | 87561  | (60626)  | (99118)  | 4760205  |
|  Fidelity Series Investment Grade Securitized Fund  | 3546325  | 420150  | 487879  | 50128  | (47620)  | (110016)  | 3320960  |
|  Fidelity Series Large Cap Growth Index Fund  | 1633061  | 242055  | 348968  | 9762  | (12038)  | (78493)  | 1435617  |
|  Fidelity Series Large Cap Stock Fund  | 1789350  | 253399  | 461815  | 108074  | 152  | (1718)  | 1579368  |
|  Fidelity Series Large Cap Value Index Fund  | 3416886  | 305463  | 790397  | 102372  | 44043  | (32068)  | 2943927  |
|  Fidelity Series Long-Term Treasury Bond Index Fund  | 2825179  | 394384  | 398087  | 38270  | (81166)  | (141742)  | 2598568  |
|  Fidelity Series Overseas Fund  | 1868698  | 190946  | 411272  | 29538  | (36408)  | 107626  | 1719590  |
|  Fidelity Series Real Estate Income Fund  | 176042  | 31751  | 94674  | 10986  | (11855)  | (2096)  | 99168  |
|  Fidelity Series Short-Term Credit Fund  | 279557  | 11260  | 45131  | 2770  | (1299)  | 81  | 244468  |
|  Fidelity Series Small Cap Opportunities Fund  | 873574  | 68145  | 216145  | 40116  | (23480)  | 27037  | 729131  |
|  Fidelity Series Small Cap Core Fund  | -  | 4910  | -  | -  | -  | 461  | 5371  |
|  Fidelity Series Treasury Bill Index Fund  | 841140  | 713579  | 275193  | 20463  | (546)  | (1600)  | 1277380  |
|  Fidelity Series Value Discovery Fund  | 1260235  | 148935  | 320882  | 54825  | 18690  | (21410)  | 1085568  |
|  | 56383205  | 8357594  | 11045820  | 1917526  | (1376348)  | (557501)  | 51761130  |

---

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of January 31, 2023, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Domestic Equity Funds  | 10433644  | 10433644  | -  | -  |
|  International Equity Funds  | 11344689  | 11344689  | -  | -  |
|  Bond Funds  | 27985315  | 27985315  | -  | -  |
|  Short-Term Funds  | 1997482  | 1997482  | -  | -  |
| **Total Investments in Securities:**  | 51761130  | 51761130  | -  | -  |

---

**Fidelity Managed Retirement 2025 Fund℠**

**Financial Statements** **(Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **January 31, 2023** <br> **(Unaudited)**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  |  |  |
|  Affiliated issuers (cost $54,831,301)  | $51761130  |  |
|  Total Investment in Securities (cost $54,831,301)  |  | $51761130  |
|  Cash  |  | 411  |
| Receivable for investments sold  |  | 656682  |
|  Receivable for fund shares sold  |  | 2000  |
| **Total assets**  |  | 52420223  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $597905  |  |
|  Payable for fund shares redeemed  | 41458  |  |
|  Accrued management fee  | 20343  |  |
|  Distribution and service plan fees payable  | 340  |  |
| **Total Liabilities**  |  | 660046  |
| **Net Assets**  |  | $51760177  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $56727944  |
|  Total accumulated earnings (loss)  |  | (4967767)  |
|  **Net Assets**  |  | $51760177  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Class A :**  |  |  |
|  **Net Asset Value** and redemption price per share ($1,662,059 ÷ 32,413.27 shares) <sup>(a)</sup>  |  | $51.28  |
|  Maximum offering price per share (100/94.25 of $51.28)  |  | $54.41  |
| **Fidelity Managed Retirement 2025 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($47,505,202 ÷ 924,333.93 shares)  |  | $51.39  |
| **Class K :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($202,649 ÷ 3,941.71 shares)  |  | $51.41  |
| **Class K6 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($2,141,925 ÷ 41,672.82 shares)  |  | $51.40  |
| **Class I :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($132,425 ÷ 2,567.87 shares)  |  | $51.57  |
| **Class Z6 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($115,917 ÷ 2,250.85 shares)  |  | $51.50  |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.*  | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.*  | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.*  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | $1601439  |
|  **Expenses**  |  |  |
| Management fee  | $124645  |  |
| Distribution and service plan fees  | 2016  |  |
| Independent trustees' fees and expenses  | 102  |  |
| Total expenses before reductions  | 126763  |  |
| Expense reductions  | (71)  |  |
| Total expenses after reductions  |  | 126692  |
| **Net Investment income (loss)**  |  | 1474747  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (1376348)  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 316087  |  |
| Total net realized gain (loss)  |  | (1060261)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (557501)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (557501)  |
| **Net gain (loss)**  |  | (1617762)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(143015)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  | **Year ended** <br> **July 31, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $1474747  | $1462092  |
| &nbsp;&nbsp; Net realized gain (loss)  | (1060261) <br>| 1579222 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (557501)  | (9408802) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (143015) <br>| (6367488) <br>|
| Distributions to shareholders  | (2333567) <br>| (3176472) <br>|
| Share transactions - net increase (decrease)  | (2145444) <br>| 6559519 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (4622026) <br>| (2984441) <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 56382203  | 59366644 <br>|
| &nbsp;&nbsp; End of period  | $51760177  | $56382203  |

---

**Financial Highlights** 

 **Fidelity Advisor Managed Retirement 2025 Fund℠ Class A** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $53.57  | $62.69  | $55.13  | $52.89  | $54.27  | $64.30  |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | 1.332  | 1.274  | .377  | .692  | .818  | .678  |
| Net realized and unrealized gain (loss)  | (1.461)  | (7.367)  | 9.095  | 3.455  | 1.072  | 2.470  |
| Total from investment operations  | (.129)  | (6.093)  | 9.472  | 4.147  | 1.890  | 3.148  |
| Distributions from net investment income  | (1.356)  | (1.297)  | (.446)  | (.756)  | (.820)  | (.654)  |
| Distributions from net realized gain  | (.805)  | (1.730)  | (1.466)  | (1.151)  | (2.450)  | (12.524)  |
| Total distributions  | (2.161)  | (3.027)  | (1.912)  | (1.907)  | (3.270)  | (13.178)  |
| Net asset value, end of period  | $51.28  | $53.57  | $62.69  | $55.13  | $52.89  | $54.27  |
| **Total Return** <sup>C,D,E</sup>  | (.03)%  | (10.25)%  | 17.50%  | 8.01%  | 3.87%  | 5.74%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |  |
| Expenses before reductions  | .73% <sup>H</sup>  | .73%  | .73%  | .73%  | .84%  | .91%  |
| Expenses net of fee waivers, if any  | .73% <sup>H</sup>  | .73%  | .73%  | .73%  | .84%  | .91%  |
| Expenses net of all reductions  | .73% <sup>H</sup>  | .73%  | .73%  | .73%  | .84%  | .91%  |
| Net investment income (loss)  | 5.31% <sup>H</sup>  | 2.19%  | .63%  | 1.32%  | 1.59%  | 1.23%  |
| **Supplemental Data**  |  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $1662  | $1689  | $1867  | $993  | $556  | $577  |
| Portfolio turnover rate <sup>I</sup>  | 32% <sup>H</sup>  | 53%  | 27%  | 67%  | 48%  | 19%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total returns for periods of less than one year are not annualized.*

<sup>D</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>E</sup> *Total returns do not include the effect of the sales charges.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Annualized.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Managed Retirement 2025 Fund℠** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $53.69  | $62.80  | $55.19  | $52.92  | $54.31  | $64.34  |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | 1.398  | 1.421  | .525  | .825  | .950  | .820  |
| Net realized and unrealized gain (loss)  | (1.470)  | (7.388)  | 9.109  | 3.466  | 1.062  | 2.468  |
| Total from investment operations  | (.072)  | (5.967)  | 9.634  | 4.291  | 2.012  | 3.288  |
| Distributions from net investment income  | (1.423)  | (1.413)  | (.558)  | (.870)  | (.952)  | (.794)  |
| Distributions from net realized gain  | (.805)  | (1.730)  | (1.466)  | (1.151)  | (2.450)  | (12.524)  |
| Total distributions  | (2.228)  | (3.143)  | (2.024)  | (2.021)  | (3.402)  | (13.318)  |
| Net asset value, end of period  | $51.39  | $53.69  | $62.80  | $55.19  | $52.92  | $54.31  |
| **Total Return** <sup>C,D</sup>  | .09%  | (10.03)%  | 17.79%  | 8.30%  | 4.11%  | 6.01%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |  |
| Expenses before reductions  | .48% <sup>G</sup>  | .48%  | .48%  | .48%  | .59%  | .66%  |
| Expenses net of fee waivers, if any  | .48% <sup>G</sup>  | .48%  | .48%  | .48%  | .59%  | .66%  |
| Expenses net of all reductions  | .48% <sup>G</sup>  | .48%  | .48%  | .48%  | .59%  | .66%  |
| Net investment income (loss)  | 5.56% <sup>G</sup>  | 2.44%  | .88%  | 1.57%  | 1.84%  | 1.48%  |
| **Supplemental Data**  |  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $47505  | $51468  | $55127  | $30093  | $20130  | $16953  |
| Portfolio turnover rate <sup>H</sup>  | 32% <sup>G</sup>  | 53%  | 27%  | 67%  | 48%  | 19%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total returns for periods of less than one year are not annualized.*

<sup>D</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>E</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>F</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>G</sup> *Annualized.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Managed Retirement 2025 Fund℠ Class K** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $53.71  | $62.82  | $55.20  | $52.82  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | 1.415  | 1.480  | .582  | .879  |
| Net realized and unrealized gain (loss)  | (1.459)  | (7.390)  | 9.109  | 3.572  |
| Total from investment operations  | (.044)  | (5.910)  | 9.691  | 4.451  |
| Distributions from net investment income  | (1.451)  | (1.470)  | (.605)  | (.920)  |
| Distributions from net realized gain  | (.805)  | (1.730)  | (1.466)  | (1.151)  |
| Total distributions  | (2.256)  | (3.200)  | (2.071)  | (2.071)  |
| Net asset value, end of period  | $51.41  | $53.71  | $62.82  | $55.20  |
| **Total Return** <sup>D,E</sup>  | .14%  | (9.94)%  | 17.90%  | 8.63%  |
| **Ratios to Average Net Assets** <sup>C,F,G</sup>  |  |  |  |  |
| Expenses before reductions  | .38% <sup>H</sup>  | .38%  | .38%  | .38%  |
| Expenses net of fee waivers, if any  | .38% <sup>H</sup>  | .38%  | .38%  | .38%  |
| Expenses net of all reductions  | .38% <sup>H</sup>  | .38%  | .38%  | .38%  |
| Net investment income (loss)  | 5.66% <sup>H</sup>  | 2.54%  | .98%  | 1.67%  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $203  | $115  | $128  | $109  |
| Portfolio turnover rate <sup>I</sup>  | 32% <sup>H</sup>  | 53%  | 27%  | 67%  |

---

<sup>A</sup> *For the period August 1, 2019 (commencement of sale of shares) through July 31, 2020.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Annualized.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Managed Retirement 2025 Fund℠ Class K6** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $53.70  | $62.81  | $55.20  | $52.82  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | 1.449  | 1.527  | .648  | .932  |
| Net realized and unrealized gain (loss)  | (1.465)  | (7.379)  | 9.105  | 3.567  |
| Total from investment operations  | (.016)  | (5.852)  | 9.753  | 4.499  |
| Distributions from net investment income  | (1.479)  | (1.528)  | (.677)  | (.968)  |
| Distributions from net realized gain  | (.805)  | (1.730)  | (1.466)  | (1.151)  |
| Total distributions  | (2.284)  | (3.258)  | (2.143)  | (2.119)  |
| Net asset value, end of period  | $51.40  | $53.70  | $62.81  | $55.20  |
| **Total Return** <sup>D,E</sup>  | .20%  | (9.85)%  | 18.03%  | 8.73%  |
| **Ratios to Average Net Assets** <sup>C,F,G</sup>  |  |  |  |  |
| Expenses before reductions  | .28% <sup>H</sup>  | .28%  | .28%  | .28%  |
| Expenses net of fee waivers, if any  | .28% <sup>H</sup>  | .28%  | .28%  | .28%  |
| Expenses net of all reductions  | .28% <sup>H</sup>  | .28%  | .28%  | .28%  |
| Net investment income (loss)  | 5.76% <sup>H</sup>  | 2.64%  | 1.08%  | 1.77%  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $2142  | $2437  | $1351  | $412  |
| Portfolio turnover rate <sup>I</sup>  | 32% <sup>H</sup>  | 53%  | 27%  | 67%  |

---

<sup>A</sup> *For the period August 1, 2019 (commencement of sale of shares) through July 31, 2020.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Annualized.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Advisor Managed Retirement 2025 Fund℠ Class I** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $53.82  | $62.93  | $55.30  | $53.00  | $54.38  | $64.33  |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | 1.410  | 1.427  | .525  | .831  | .906  | .835  |
| Net realized and unrealized gain (loss)  | (1.479)  | (7.400)  | 9.122  | 3.463  | 1.114  | 2.466  |
| Total from investment operations  | (.069)  | (5.973)  | 9.647  | 4.294  | 2.020  | 3.301  |
| Distributions from net investment income  | (1.376)  | (1.407)  | (.551)  | (.843)  | (.950)  | (.727)  |
| Distributions from net realized gain  | (.805)  | (1.730)  | (1.466)  | (1.151)  | (2.450)  | (12.524)  |
| Total distributions  | (2.181)  | (3.137)  | (2.017)  | (1.994)  | (3.400)  | (13.251)  |
| Net asset value, end of period  | $51.57  | $53.82  | $62.93  | $55.30  | $53.00  | $54.38  |
| **Total Return** <sup>C,D</sup>  | .09%  | (10.02)%  | 17.78%  | 8.29%  | 4.12%  | 6.03%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |  |
| Expenses before reductions  | .48% <sup>G</sup>  | .48%  | .48%  | .48%  | .57% <sup>H</sup>  | .66%  |
| Expenses net of fee waivers, if any  | .48% <sup>G</sup>  | .48%  | .48%  | .48%  | .57% <sup>H</sup>  | .66%  |
| Expenses net of all reductions  | .48% <sup>G</sup>  | .48%  | .48%  | .48%  | .57% <sup>H</sup>  | .65%  |
| Net investment income (loss)  | 5.57% <sup>G</sup>  | 2.44%  | .88%  | 1.57%  | 1.87%  | 1.49%  |
| **Supplemental Data**  |  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $132  | $556  | $765  | $498  | $678  | $28  |
| Portfolio turnover rate <sup>I</sup>  | 32% <sup>G</sup>  | 53%  | 27%  | 67%  | 48%  | 19%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total returns for periods of less than one year are not annualized.*

<sup>D</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>E</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>F</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>G</sup> *Annualized.*

<sup>H</sup> *On certain classes, the size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Advisor Managed Retirement 2025 Fund℠ Class Z6** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $53.80  | $62.91  | $55.28  | $52.89  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | 1.450  | 1.541  | .643  | .933  |
| Net realized and unrealized gain (loss)  | (1.468)  | (7.395)  | 9.116  | 3.577  |
| Total from investment operations  | (.018)  | (5.854)  | 9.759  | 4.510  |
| Distributions from net investment income  | (1.477)  | (1.526)  | (.663)  | (.969)  |
| Distributions from net realized gain  | (.805)  | (1.730)  | (1.466)  | (1.151)  |
| Total distributions  | (2.282)  | (3.256)  | (2.129)  | (2.120)  |
| Net asset value, end of period  | $51.50  | $53.80  | $62.91  | $55.28  |
| **Total Return** <sup>D,E</sup>  | .20%  | (9.84)%  | 18.01%  | 8.74%  |
| **Ratios to Average Net Assets** <sup>C,F,G</sup>  |  |  |  |  |
| Expenses before reductions  | .28% <sup>H</sup>  | .28%  | .28%  | .28%  |
| Expenses net of fee waivers, if any  | .28% <sup>H</sup>  | .28%  | .28%  | .28%  |
| Expenses net of all reductions  | .28% <sup>H</sup>  | .28%  | .28%  | .28%  |
| Net investment income (loss)  | 5.76% <sup>H</sup>  | 2.64%  | 1.08%  | 1.77%  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $116  | $116  | $128  | $109  |
| Portfolio turnover rate <sup>I</sup>  | 32% <sup>H</sup>  | 53%  | 27%  | 67%  |

---

<sup>A</sup> *For the period August 1, 2019 (commencement of sale of shares) through July 31, 2020.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Annualized.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

**Fidelity Managed Retirement 2030 Fund℠** 

**Investment Summary January 31, 2023 (Unaudited)**

The information in the following table is based on the direct Investments of the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Fidelity Series Investment Grade Bond Fund  | 8.5  |
| Fidelity Series Government Bond Index Fund  | 8.2  |
| Fidelity Series 5+ Year Inflation-Protected Bond Index Fund  | 7.8  |
| Fidelity Series Emerging Markets Opportunities Fund  | 7.7  |
| Fidelity Series Large Cap Value Index Fund  | 6.5  |
| Fidelity Series Investment Grade Securitized Fund  | 5.9  |
| Fidelity Series Corporate Bond Fund  | 5.6  |
| Fidelity Series Long-Term Treasury Bond Index Fund  | 5.3  |
| Fidelity Series Blue Chip Growth Fund  | 5.0  |
| Fidelity Series International Developed Markets Bond Index Fund  | 4.0  |
|  | 64.5  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88913_10.jpg)  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

*Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.*

**Fidelity Managed Retirement 2030 Fund℠**

**Schedule of Investments January 31, 2023 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Domestic Equity Funds - 22.8%**  | &nbsp;&nbsp; **Domestic Equity Funds - 22.8%**  | &nbsp;&nbsp; **Domestic Equity Funds - 22.8%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series Blue Chip Growth Fund (a)  | 168515  | 1890735  |
|  Fidelity Series Commodity Strategy Fund (a)  | 2690  | 281928  |
|  Fidelity Series Large Cap Growth Index Fund (a)  | 81566  | 1195755  |
|  Fidelity Series Large Cap Stock Fund (a)  | 73703  | 1315601  |
|  Fidelity Series Large Cap Value Index Fund (a)  | 169001  | 2452208  |
|  Fidelity Series Small Cap Core Fund (a)  | 395  | 4236  |
|  Fidelity Series Small Cap Opportunities Fund (a)  | 47550  | 607215  |
|  Fidelity Series Value Discovery Fund (a)  | 59497  | 904357  |
| <br> **TOTAL DOMESTIC EQUITY FUNDS** <br> (Cost $8,862,042)  |  | **8652035**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **International Equity Funds - 23.7%**  | &nbsp;&nbsp; **International Equity Funds - 23.7%**  | &nbsp;&nbsp; **International Equity Funds - 23.7%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series Canada Fund (a)  | 43716  | 622515  |
|  Fidelity Series Emerging Markets Fund (a)  | 37351  | 319725  |
|  Fidelity Series Emerging Markets Opportunities Fund (a)  | 169325  | 2917475  |
|  Fidelity Series International Growth Fund (a)  | 87899  | 1375614  |
|  Fidelity Series International Index Fund (a)  | 51655  | 574405  |
|  Fidelity Series International Small Cap Fund (a)  | 26846  | 427651  |
|  Fidelity Series International Value Fund (a)  | 126403  | 1367683  |
|  Fidelity Series Overseas Fund (a)  | 116352  | 1374119  |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS** <br> (Cost $9,765,834)  |  | **8979187**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bond Funds - 50.0%**  | &nbsp;&nbsp; **Bond Funds - 50.0%**  | &nbsp;&nbsp; **Bond Funds - 50.0%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund (a)  | 131134  | 1226106  |
|  Fidelity Series 5+ Year Inflation-Protected Bond Index Fund (a)  | 373429  | 2968760  |
|  Fidelity Series Corporate Bond Fund (a)  | 227996  | 2118085  |
|  Fidelity Series Emerging Markets Debt Fund (a)  | 26020  | 197228  |
|  Fidelity Series Emerging Markets Debt Local Currency Fund (a)  | 7152  | 64871  |
|  Fidelity Series Floating Rate High Income Fund (a)  | 4151  | 37026  |
|  Fidelity Series Government Bond Index Fund (a)  | 334522  | 3127784  |
|  Fidelity Series High Income Fund (a)  | 24533  | 203869  |
|  Fidelity Series International Credit Fund (a)  | 598  | 4783  |
|  Fidelity Series International Developed Markets Bond Index Fund (a)  | 175284  | 1502182  |
|  Fidelity Series Investment Grade Bond Fund (a)  | 315562  | 3212419  |
|  Fidelity Series Investment Grade Securitized Fund (a)  | 244946  | 2241259  |
|  Fidelity Series Long-Term Treasury Bond Index Fund (a)  | 321211  | 2007567  |
|  Fidelity Series Real Estate Income Fund (a)  | 7276  | 72686  |
| <br> **TOTAL BOND FUNDS** <br> (Cost $21,535,963)  |  | **18984625**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Short-Term Funds - 3.5%**  | &nbsp;&nbsp; **Short-Term Funds - 3.5%**  | &nbsp;&nbsp; **Short-Term Funds - 3.5%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series Government Money Market Fund 4.42% (a)(b)  | 315982  | 315982  |
|  Fidelity Series Short-Term Credit Fund (a)  | 17597  | 169813  |
|  Fidelity Series Treasury Bill Index Fund (a)  | 85802  | 853732  |
| <br> **TOTAL SHORT-TERM FUNDS** <br> (Cost $1,348,662)  |  | **1339527**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $41,512,501) <br>| <br>**37955374**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(625)**  |
| **NET ASSETS - 100.0%**  | **37954749**  |

---

**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 is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  |
|  Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund  | 1028674  | 381021  | 101067  | 56688  | (2942)  | (79580)  | 1226106  |
|  Fidelity Series 5+ Year Inflation-Protected Bond Index Fund  | 2594598  | 932243  | 189938  | 175244  | (11893)  | (356250)  | 2968760  |
|  Fidelity Series Blue Chip Growth Fund  | 1780353  | 575400  | 359997  | 61212  | (98097)  | (6924)  | 1890735  |
|  Fidelity Series Canada Fund  | 594353  | 146325  | 124114  | 17529  | (2585)  | 8536  | 622515  |
|  Fidelity Series Commodity Strategy Fund  | 517746  | 419341  | 322285  | 297662  | (180522)  | (152352)  | 281928  |
|  Fidelity Series Corporate Bond Fund  | 1853100  | 486437  | 179313  | 35668  | (20443)  | (21696)  | 2118085  |
|  Fidelity Series Emerging Markets Debt Fund  | 179402  | 36417  | 22837  | 5445  | (1625)  | 5871  | 197228  |
|  Fidelity Series Emerging Markets Debt Local Currency Fund  | 59742  | 9924  | 9573  | -  | (1138)  | 5916  | 64871  |
|  Fidelity Series Emerging Markets Fund  | 326417  | 61063  | 83601  | 7925  | (14903)  | 30749  | 319725  |
|  Fidelity Series Emerging Markets Opportunities Fund  | 2945650  | 584133  | 760079  | 66940  | (164925)  | 312696  | 2917475  |
|  Fidelity Series Floating Rate High Income Fund  | 34387  | 16541  | 14136  | 1318  | (516)  | 750  | 37026  |
|  Fidelity Series Government Bond Index Fund  | 2721885  | 796826  | 288258  | 28879  | (16387)  | (86282)  | 3127784  |
|  Fidelity Series Government Money Market Fund 4.42%  | 149333  | 180467  | 13818  | 4170  | -  | -  | 315982  |
|  Fidelity Series High Income Fund  | 185661  | 44270  | 21992  | 6446  | (1433)  | (2637)  | 203869  |
|  Fidelity Series International Credit Fund  | 4920  | 190  | -  | 190  | -  | (327)  | 4783  |
|  Fidelity Series International Developed Markets Bond Index Fund  | 1367641  | 356786  | 134600  | 8552  | (10243)  | (77402)  | 1502182  |
|  Fidelity Series International Growth Fund  | 1237274  | 301088  | 197637  | 41960  | (17510)  | 52399  | 1375614  |
|  Fidelity Series International Index Fund  | 518019  | 108261  | 86843  | 13455  | (6255)  | 41223  | 574405  |
|  Fidelity Series International Small Cap Fund  | 382451  | 87965  | 33975  | 23102  | (2568)  | (6222)  | 427651  |
|  Fidelity Series International Value Fund  | 1226921  | 247181  | 228192  | 41087  | (13513)  | 135286  | 1367683  |
|  Fidelity Series Investment Grade Bond Fund  | 2813392  | 773408  | 289696  | 52546  | (22421)  | (62264)  | 3212419  |
|  Fidelity Series Investment Grade Securitized Fund  | 1990052  | 531693  | 195228  | 30163  | (15118)  | (70140)  | 2241259  |
|  Fidelity Series Large Cap Growth Index Fund  | 1126641  | 305303  | 176706  | 7607  | (12307)  | (47176)  | 1195755  |
|  Fidelity Series Large Cap Stock Fund  | 1234468  | 306399  | 234786  | 75670  | (17975)  | 27495  | 1315601  |
|  Fidelity Series Large Cap Value Index Fund  | 2357303  | 536135  | 453025  | 79785  | (23952)  | 35747  | 2452208  |
|  Fidelity Series Long-Term Treasury Bond Index Fund  | 1818918  | 480519  | 149010  | 26279  | (11998)  | (130862)  | 2007567  |
|  Fidelity Series Overseas Fund  | 1244340  | 285097  | 214174  | 22096  | (27126)  | 85982  | 1374119  |
|  Fidelity Series Real Estate Income Fund  | 107776  | 36012  | 62467  | 7175  | (5504)  | (3131)  | 72686  |
|  Fidelity Series Short-Term Credit Fund  | 148987  | 33622  | 12436  | 1617  | (103)  | (257)  | 169813  |
|  Fidelity Series Small Cap Opportunities Fund  | 601276  | 113190  | 113953  | 29051  | (15081)  | 21783  | 607215  |
|  Fidelity Series Small Cap Core Fund  | -  | 3872  | -  | -  | -  | 364  | 4236  |
|  Fidelity Series Treasury Bill Index Fund  | 448198  | 531678  | 124914  | 12347  | (308)  | (922)  | 853732  |
|  Fidelity Series Value Discovery Fund  | 869437  | 224408  | 186183  | 42721  | (8244)  | 4939  | 904357  |
|  | 34469315  | 9933215  | 5384833  | 1280529  | (727635)  | (334688)  | 37955374  |

---

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of January 31, 2023, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Domestic Equity Funds  | 8652035  | 8652035  | -  | -  |
|  International Equity Funds  | 8979187  | 8979187  | -  | -  |
|  Bond Funds  | 18984625  | 18984625  | -  | -  |
|  Short-Term Funds  | 1339527  | 1339527  | -  | -  |
| **Total Investments in Securities:**  | 37955374  | 37955374  | -  | -  |

---

**Fidelity Managed Retirement 2030 Fund℠**

**Financial Statements** **(Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **January 31, 2023** <br> **(Unaudited)**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  |  |  |
|  Affiliated issuers (cost $41,512,501)  | $37955374  |  |
|  Total Investment in Securities (cost $41,512,501)  |  | $37955374  |
|  Cash  |  | 178  |
| Receivable for investments sold  |  | 300922  |
|  Receivable for fund shares sold  |  | 601062  |
| **Total assets**  |  | 38857536  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $837164  |  |
|  Payable for fund shares redeemed  | 51069  |  |
|  Accrued management fee  | 14476  |  |
|  Distribution and service plan fees payable  | 78  |  |
| **Total Liabilities**  |  | 902787  |
| **Net Assets**  |  | $37954749  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $42657275  |
|  Total accumulated earnings (loss)  |  | (4702526)  |
|  **Net Assets**  |  | $37954749  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Class A :**  |  |  |
|  **Net Asset Value** and redemption price per share ($399,883 ÷ 38,788.49 shares) <sup>(a)</sup>  |  | $10.31  |
|  Maximum offering price per share (100/94.25 of $10.31)  |  | $10.94  |
| **Fidelity Managed Retirement 2030 Fund :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($35,778,312 ÷ 3,467,128.13 shares)  |  | $10.32  |
| **Class K :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($255,395 ÷ 24,705.76 shares)  |  | $10.34  |
| **Class K6 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($1,005,629 ÷ 97,278.39 shares)  |  | $10.34  |
| **Class I :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($316,728 ÷ 30,653.9 shares)  |  | $10.33  |
| **Class Z6 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($198,802 ÷ 19,227.82 shares)  |  | $10.34  |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.*  | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.*  | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.*  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | $1050090  |
|  **Expenses**  |  |  |
| Management fee  | $81697  |  |
| Distribution and service plan fees  | 509  |  |
| Independent trustees' fees and expenses  | 65  |  |
| Total expenses before reductions  | 82271  |  |
| Expense reductions  | (76)  |  |
| Total expenses after reductions  |  | 82195  |
| **Net Investment income (loss)**  |  | 967895  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (727635)  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 230439  |  |
| Total net realized gain (loss)  |  | (497196)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (334688)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (334688)  |
| **Net gain (loss)**  |  | (831884)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $136011  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  | **Year ended** <br> **July 31, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $967895  | $855222  |
| &nbsp;&nbsp; Net realized gain (loss)  | (497196) <br>| 669719 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (334688)  | (5791383) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | 136011 <br>| (4266442) <br>|
| Distributions to shareholders  | (1306802) <br>| (1764249) <br>|
| Share transactions - net increase (decrease)  | 4656593 <br>| 8627785 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | 3485802 <br>| 2597094 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 34468947  | 31871853 <br>|
| &nbsp;&nbsp; End of period  | $37954749  | $34468947  |

---

**Financial Highlights** 

 **Fidelity Advisor Managed Retirement 2030 Fund℠ Class A** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $10.68  | $12.51  | $10.78  | $10.00  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .270  | .248  | .056  | .104  |
| Net realized and unrealized gain (loss)  | (.276)  | (1.517)  | 1.993  | .837  |
| Total from investment operations  | (.006)  | (1.269)  | 2.049  | .941  |
| Distributions from net investment income  | (.264)  | (.257)  | (.089)  | (.121)  |
| Distributions from net realized gain  | (.100)  | (.304)  | (.230)  | (.040)  |
| Total distributions  | (.364)  | (.561)  | (.319)  | (.161)  |
| Net asset value, end of period  | $10.31  | $10.68  | $12.51  | $10.78  |
| **Total Return** <sup>D,E,F</sup>  | .15%  | (10.66)%  | 19.28%  | 9.46%  |
| **Ratios to Average Net Assets** <sup>C,G,H</sup>  |  |  |  |  |
| Expenses before reductions  | .73% <sup>I</sup>  | .73%  | .73%  | .73% <sup>I</sup>  |
| Expenses net of fee waivers, if any  | .73% <sup>I</sup>  | .73%  | .73%  | .73% <sup>I</sup>  |
| Expenses net of all reductions  | .73% <sup>I</sup>  | .73%  | .73%  | .73% <sup>I</sup>  |
| Net investment income (loss)  | 5.37% <sup>I</sup>  | 2.13%  | .47%  | 1.06% <sup>I</sup>  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $400  | $455  | $595  | $300  |
| Portfolio turnover rate <sup>J</sup>  | 31% <sup>I</sup>  | 54%  | 46%  | 117% <sup>I</sup>  |

---

<sup>A</sup> *For the period August 16, 2019 (commencement of operations) through July 31, 2020*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Total returns do not include the effect of the sales charges.*

<sup>G</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>H</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>I</sup> *Annualized.*

<sup>J</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Managed Retirement 2030 Fund℠** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $10.69  | $12.51  | $10.77  | $10.00  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .282  | .275  | .086  | .127  |
| Net realized and unrealized gain (loss)  | (.274)  | (1.510)  | 1.990  | .832  |
| Total from investment operations  | .008  | (1.235)  | 2.076  | .959  |
| Distributions from net investment income  | (.278)  | (.281)  | (.106)  | (.149)  |
| Distributions from net realized gain  | (.100)  | (.304)  | (.230)  | (.040)  |
| Total distributions  | (.378)  | (.585)  | (.336)  | (.189)  |
| Net asset value, end of period  | $10.32  | $10.69  | $12.51  | $10.77  |
| **Total Return** <sup>D,E</sup>  | .29%  | (10.39)%  | 19.57%  | 9.66%  |
| **Ratios to Average Net Assets** <sup>C,F,G</sup>  |  |  |  |  |
| Expenses before reductions  | .48% <sup>H</sup>  | .48%  | .48%  | .48% <sup>H</sup>  |
| Expenses net of fee waivers, if any  | .48% <sup>H</sup>  | .48%  | .48%  | .48% <sup>H</sup>  |
| Expenses net of all reductions  | .48% <sup>H</sup>  | .48%  | .48%  | .48% <sup>H</sup>  |
| Net investment income (loss)  | 5.62% <sup>H</sup>  | 2.38%  | .73%  | 1.31% <sup>H</sup>  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $35778  | $32369  | $28958  | $4986  |
| Portfolio turnover rate <sup>I</sup>  | 31% <sup>H</sup>  | 54%  | 46%  | 117% <sup>H</sup>  |

---

<sup>A</sup> *For the period August 16, 2019 (commencement of operations) through July 31, 2020*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Annualized.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Managed Retirement 2030 Fund℠ Class K** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $10.71  | $12.53  | $10.78  | $10.00  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .287  | .289  | .097  | .138  |
| Net realized and unrealized gain (loss)  | (.273)  | (1.514)  | 1.994  | .832  |
| Total from investment operations  | .014  | (1.225)  | 2.091  | .970  |
| Distributions from net investment income  | (.284)  | (.291)  | (.111)  | (.150)  |
| Distributions from net realized gain  | (.100)  | (.304)  | (.230)  | (.040)  |
| Total distributions  | (.384)  | (.595)  | (.341)  | (.190)  |
| Net asset value, end of period  | $10.34  | $10.71  | $12.53  | $10.78  |
| **Total Return** <sup>D,E</sup>  | .35%  | (10.30)%  | 19.69%  | 9.77%  |
| **Ratios to Average Net Assets** <sup>C,F,G</sup>  |  |  |  |  |
| Expenses before reductions  | .38% <sup>H</sup>  | .38%  | .38%  | .38% <sup>H</sup>  |
| Expenses net of fee waivers, if any  | .38% <sup>H</sup>  | .38%  | .38%  | .38% <sup>H</sup>  |
| Expenses net of all reductions  | .38% <sup>H</sup>  | .38%  | .38%  | .38% <sup>H</sup>  |
| Net investment income (loss)  | 5.72% <sup>H</sup>  | 2.48%  | .83%  | 1.41% <sup>H</sup>  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $255  | $196  | $219  | $183  |
| Portfolio turnover rate <sup>I</sup>  | 31% <sup>H</sup>  | 54%  | 46%  | 117% <sup>H</sup>  |

---

<sup>A</sup> *For the period August 16, 2019 (commencement of operations) through July 31, 2020*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Annualized.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Managed Retirement 2030 Fund℠ Class K6** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $10.71  | $12.53  | $10.79  | $10.00  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .293  | .303  | .111  | .148  |
| Net realized and unrealized gain (loss)  | (.275)  | (1.517)  | 1.985  | .840  |
| Total from investment operations  | .018  | (1.214)  | 2.096  | .988  |
| Distributions from net investment income  | (.288)  | (.302)  | (.126)  | (.158)  |
| Distributions from net realized gain  | (.100)  | (.304)  | (.230)  | (.040)  |
| Total distributions  | (.388)  | (.606)  | (.356)  | (.198)  |
| Net asset value, end of period  | $10.34  | $10.71  | $12.53  | $10.79  |
| **Total Return** <sup>D,E</sup>  | .39%  | (10.21)%  | 19.73%  | 9.95%  |
| **Ratios to Average Net Assets** <sup>C,F,G</sup>  |  |  |  |  |
| Expenses before reductions  | .28% <sup>H</sup>  | .28%  | .28%  | .28% <sup>H</sup>  |
| Expenses net of fee waivers, if any  | .28% <sup>H</sup>  | .28%  | .28%  | .28% <sup>H</sup>  |
| Expenses net of all reductions  | .28% <sup>H</sup>  | .28%  | .28%  | .28% <sup>H</sup>  |
| Net investment income (loss)  | 5.82% <sup>H</sup>  | 2.58%  | .93%  | 1.51% <sup>H</sup>  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $1006  | $892  | $1459  | $183  |
| Portfolio turnover rate <sup>I</sup>  | 31% <sup>H</sup>  | 54%  | 46%  | 117% <sup>H</sup>  |

---

<sup>A</sup> *For the period August 16, 2019 (commencement of operations) through July 31, 2020*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Annualized.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Advisor Managed Retirement 2030 Fund℠ Class I** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $10.70  | $12.53  | $10.78  | $10.00  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .284  | .277  | .086  | .128  |
| Net realized and unrealized gain (loss)  | (.276)  | (1.523)  | 1.998  | .833  |
| Total from investment operations  | .008  | (1.246)  | 2.084  | .961  |
| Distributions from net investment income  | (.278)  | (.280)  | (.104)  | (.141)  |
| Distributions from net realized gain  | (.100)  | (.304)  | (.230)  | (.040)  |
| Total distributions  | (.378)  | (.584)  | (.334)  | (.181)  |
| Net asset value, end of period  | $10.33  | $10.70  | $12.53  | $10.78  |
| **Total Return** <sup>D,E</sup>  | .29%  | (10.46)%  | 19.62%  | 9.67%  |
| **Ratios to Average Net Assets** <sup>C,F,G</sup>  |  |  |  |  |
| Expenses before reductions  | .48% <sup>H</sup>  | .48%  | .48%  | .48% <sup>H</sup>  |
| Expenses net of fee waivers, if any  | .48% <sup>H</sup>  | .48%  | .48%  | .48% <sup>H</sup>  |
| Expenses net of all reductions  | .48% <sup>H</sup>  | .48%  | .48%  | .48% <sup>H</sup>  |
| Net investment income (loss)  | 5.62% <sup>H</sup>  | 2.38%  | .73%  | 1.31% <sup>H</sup>  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $317  | $359  | $421  | $254  |
| Portfolio turnover rate <sup>I</sup>  | 31% <sup>H</sup>  | 54%  | 46%  | 117% <sup>H</sup>  |

---

<sup>A</sup> *For the period August 16, 2019 (commencement of operations) through July 31, 2020*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Annualized.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Advisor Managed Retirement 2030 Fund℠ Class Z6** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $10.71  | $12.54  | $10.79  | $10.00  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .293  | .300  | .109  | .148  |
| Net realized and unrealized gain (loss)  | (.274)  | (1.523)  | 1.994  | .840  |
| Total from investment operations  | .019  | (1.223)  | 2.103  | .988  |
| Distributions from net investment income  | (.289)  | (.303)  | (.123)  | (.158)  |
| Distributions from net realized gain  | (.100)  | (.304)  | (.230)  | (.040)  |
| Total distributions  | (.389)  | (.607)  | (.353)  | (.198)  |
| Net asset value, end of period  | $10.34  | $10.71  | $12.54  | $10.79  |
| **Total Return** <sup>D,E</sup>  | .40%  | (10.28)%  | 19.80%  | 9.95%  |
| **Ratios to Average Net Assets** <sup>C,F,G</sup>  |  |  |  |  |
| Expenses before reductions  | .28% <sup>H</sup>  | .28%  | .28%  | .28% <sup>H</sup>  |
| Expenses net of fee waivers, if any  | .28% <sup>H</sup>  | .28%  | .28%  | .28% <sup>H</sup>  |
| Expenses net of all reductions  | .28% <sup>H</sup>  | .28%  | .28%  | .28% <sup>H</sup>  |
| Net investment income (loss)  | 5.82% <sup>H</sup>  | 2.58%  | .93%  | 1.51% <sup>H</sup>  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $199  | $198  | $220  | $183  |
| Portfolio turnover rate <sup>I</sup>  | 31% <sup>H</sup>  | 54%  | 46%  | 117% <sup>H</sup>  |

---

<sup>A</sup> *For the period August 16, 2019 (commencement of operations) through July 31, 2020*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Annualized.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

**Fidelity Managed Retirement 2035 Fund℠** 

**Investment Summary January 31, 2023 (Unaudited)**

The information in the following table is based on the direct Investments of the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Fidelity Series 5+ Year Inflation-Protected Bond Index Fund  | 8.5  |
| Fidelity Series Emerging Markets Opportunities Fund  | 8.2  |
| Fidelity Series Investment Grade Bond Fund  | 7.7  |
| Fidelity Series Government Bond Index Fund  | 7.5  |
| Fidelity Series Large Cap Value Index Fund  | 7.3  |
| Fidelity Series Blue Chip Growth Fund  | 5.6  |
| Fidelity Series Long-Term Treasury Bond Index Fund  | 5.5  |
| Fidelity Series Investment Grade Securitized Fund  | 5.4  |
| Fidelity Series Corporate Bond Fund  | 5.1  |
| Fidelity Series International Developed Markets Bond Index Fund  | 4.0  |
|  | 64.8  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88913_11.jpg)  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

*Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.*

**Fidelity Managed Retirement 2035 Fund℠**

**Schedule of Investments January 31, 2023 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Domestic Equity Funds - 25.7%**  | &nbsp;&nbsp; **Domestic Equity Funds - 25.7%**  | &nbsp;&nbsp; **Domestic Equity Funds - 25.7%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series Blue Chip Growth Fund (a)  | 3315  | 37200  |
|  Fidelity Series Commodity Strategy Fund (a)  | 47  | 4902  |
|  Fidelity Series Large Cap Growth Index Fund (a)  | 1605  | 23527  |
|  Fidelity Series Large Cap Stock Fund (a)  | 1450  | 25883  |
|  Fidelity Series Large Cap Value Index Fund (a)  | 3325  | 48247  |
|  Fidelity Series Small Cap Core Fund (a)  | 7  | 80  |
|  Fidelity Series Small Cap Opportunities Fund (a)  | 936  | 11949  |
|  Fidelity Series Value Discovery Fund (a)  | 1171  | 17794  |
| <br> **TOTAL DOMESTIC EQUITY FUNDS** <br> (Cost $159,526)  |  | **169582**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **International Equity Funds - 25.6%**  | &nbsp;&nbsp; **International Equity Funds - 25.6%**  | &nbsp;&nbsp; **International Equity Funds - 25.6%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series Canada Fund (a)  | 828  | 11789  |
|  Fidelity Series Emerging Markets Fund (a)  | 690  | 5910  |
|  Fidelity Series Emerging Markets Opportunities Fund (a)  | 3129  | 53907  |
|  Fidelity Series International Growth Fund (a)  | 1664  | 26049  |
|  Fidelity Series International Index Fund (a)  | 978  | 10877  |
|  Fidelity Series International Small Cap Fund (a)  | 508  | 8098  |
|  Fidelity Series International Value Fund (a)  | 2393  | 25897  |
|  Fidelity Series Overseas Fund (a)  | 2203  | 26021  |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS** <br> (Cost $155,056)  |  | **168548**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bond Funds - 45.9%**  | &nbsp;&nbsp; **Bond Funds - 45.9%**  | &nbsp;&nbsp; **Bond Funds - 45.9%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund (a)  | 475  | 4442  |
|  Fidelity Series 5+ Year Inflation-Protected Bond Index Fund (a)  | 7059  | 56121  |
|  Fidelity Series Corporate Bond Fund (a)  | 3615  | 33586  |
|  Fidelity Series Emerging Markets Debt Fund (a)  | 446  | 3380  |
|  Fidelity Series Emerging Markets Debt Local Currency Fund (a)  | 124  | 1127  |
|  Fidelity Series Floating Rate High Income Fund (a)  | 72  | 640  |
|  Fidelity Series Government Bond Index Fund (a)  | 5305  | 49597  |
|  Fidelity Series High Income Fund (a)  | 426  | 3539  |
|  Fidelity Series International Developed Markets Bond Index Fund (a)  | 3054  | 26177  |
|  Fidelity Series Investment Grade Bond Fund (a)  | 5004  | 50941  |
|  Fidelity Series Investment Grade Securitized Fund (a)  | 3884  | 35539  |
|  Fidelity Series Long-Term Treasury Bond Index Fund (a)  | 5863  | 36646  |
|  Fidelity Series Real Estate Income Fund (a)  | 126  | 1262  |
| <br> **TOTAL BOND FUNDS** <br> (Cost $302,626)  |  | **302997**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Short-Term Funds - 2.8%**  | &nbsp;&nbsp; **Short-Term Funds - 2.8%**  | &nbsp;&nbsp; **Short-Term Funds - 2.8%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series Government Money Market Fund 4.42% (a)(b)  | 3777  | 3777  |
|  Fidelity Series Short-Term Credit Fund (a)  | 346  | 3338  |
|  Fidelity Series Treasury Bill Index Fund (a)  | 1115  | 11089  |
| <br> **TOTAL SHORT-TERM FUNDS** <br> (Cost $18,177)  |  | **18204**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $635,385) <br>| <br>**659331**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **39**  |
| **NET ASSETS - 100.0%**  | **659370**  |

---

**Legend**

(a) Affiliated Fund

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.38%  | -  | 600000  | 600000  | 72  | -  | -  | -  | 0.0%  |
| Total  | -  | 600000  | 600000  | 72  | -  | -  | -  |  |

---

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  |
|  Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund  | -  | 4430  | 9  | -  | -  | 21  | 4442  |
|  Fidelity Series 5+ Year Inflation-Protected Bond Index Fund  | -  | 56115  | 175  | -  | -  | 181  | 56121  |
|  Fidelity Series Blue Chip Growth Fund  | -  | 36586  | 2482  | -  | 34  | 3062  | 37200  |
|  Fidelity Series Canada Fund  | -  | 11487  | 582  | -  | -  | 884  | 11789  |
|  Fidelity Series Commodity Strategy Fund  | -  | 6477  | 1513  | -  | (11)  | (51)  | 4902  |
|  Fidelity Series Corporate Bond Fund  | -  | 33830  | 544  | 155  | (14)  | 314  | 33586  |
|  Fidelity Series Emerging Markets Debt Fund  | -  | 3351  | 8  | 24  | -  | 37  | 3380  |
|  Fidelity Series Emerging Markets Debt Local Currency Fund  | -  | 1081  | 11  | -  | -  | 57  | 1127  |
|  Fidelity Series Emerging Markets Fund  | -  | 6112  | 841  | -  | 25  | 614  | 5910  |
|  Fidelity Series Emerging Markets Opportunities Fund  | -  | 54869  | 6488  | -  | 145  | 5381  | 53907  |
|  Fidelity Series Floating Rate High Income Fund  | -  | 642  | 10  | 6  | -  | 8  | 640  |
|  Fidelity Series Government Bond Index Fund  | -  | 50587  | 977  | 137  | (22)  | 9  | 49597  |
|  Fidelity Series Government Money Market Fund 4.42%  | -  | 3785  | 8  | 19  | -  | -  | 3777  |
|  Fidelity Series High Income Fund  | -  | 3560  | 47  | 25  | (1)  | 27  | 3539  |
|  Fidelity Series International Developed Markets Bond Index Fund  | -  | 26567  | 58  | 110  | -  | (332)  | 26177  |
|  Fidelity Series International Growth Fund  | -  | 25070  | 691  | -  | (7)  | 1677  | 26049  |
|  Fidelity Series International Index Fund  | -  | 10548  | 457  | -  | (2)  | 788  | 10877  |
|  Fidelity Series International Small Cap Fund  | -  | 7904  | 274  | -  | (2)  | 470  | 8098  |
|  Fidelity Series International Value Fund  | -  | 25292  | 1423  | -  | 8  | 2020  | 25897  |
|  Fidelity Series Investment Grade Bond Fund  | -  | 51609  | 936  | 229  | (22)  | 290  | 50941  |
|  Fidelity Series Investment Grade Securitized Fund  | -  | 36056  | 617  | 149  | (14)  | 114  | 35539  |
|  Fidelity Series Large Cap Growth Index Fund  | -  | 23003  | 679  | -  | 5  | 1198  | 23527  |
|  Fidelity Series Large Cap Stock Fund  | -  | 24747  | 841  | -  | 4  | 1973  | 25883  |
|  Fidelity Series Large Cap Value Index Fund  | -  | 46775  | 770  | -  | (6)  | 2248  | 48247  |
|  Fidelity Series Long-Term Treasury Bond Index Fund  | -  | 37364  | 316  | 129  | (4)  | (398)  | 36646  |
|  Fidelity Series Overseas Fund  | -  | 25128  | 757  | -  | (8)  | 1658  | 26021  |
|  Fidelity Series Real Estate Income Fund  | -  | 1858  | 663  | -  | 23  | 44  | 1262  |
|  Fidelity Series Short-Term Credit Fund  | -  | 3321  | 10  | 10  | -  | 27  | 3338  |
|  Fidelity Series Small Cap Opportunities Fund  | -  | 11302  | 364  | -  | 5  | 1006  | 11949  |
|  Fidelity Series Small Cap Core Fund  | -  | 73  | -  | -  | -  | 7  | 80  |
|  Fidelity Series Treasury Bill Index Fund  | -  | 11113  | 24  | 57  | -  | -  | 11089  |
|  Fidelity Series Value Discovery Fund  | -  | 17429  | 246  | -  | (1)  | 612  | 17794  |
|  | -  | 658071  | 22821  | 1050  | 135  | 23946  | 659331  |

---

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of January 31, 2023, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Domestic Equity Funds  | 169582  | 169582  | -  | -  |
|  International Equity Funds  | 168548  | 168548  | -  | -  |
|  Bond Funds  | 302997  | 302997  | -  | -  |
|  Short-Term Funds  | 18204  | 18204  | -  | -  |
| **Total Investments in Securities:**  | 659331  | 659331  | -  | -  |

---

**Fidelity Managed Retirement 2035 Fund℠**

**Financial Statements** **(Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **January 31, 2023** <br> **(Unaudited)**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  |  |  |
|  Affiliated issuers (cost $635,385)  | $659331  |  |
|  Total Investment in Securities (cost $635,385)  |  | $659331  |
|  Cash  |  | 72  |
| Receivable for investments sold  |  | 8031  |
| **Total assets**  |  | 667434  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $7835  |  |
|  Accrued management fee  | 208  |  |
|  Distribution and service plan fees payable  | 21  |  |
| **Total Liabilities**  |  | 8064  |
| **Net Assets**  |  | $659370  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $635039  |
|  Total accumulated earnings (loss)  |  | 24331  |
|  **Net Assets**  |  | $659370  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Class A :**  |  |  |
|  **Net Asset Value** and redemption price per share ($104,078 ÷ 10,008.11 shares) <sup>(a)</sup>  |  | $10.40  |
|  Maximum offering price per share (100/94.25 of $10.40)  |  | $11.03  |
| **Fidelity Managed Retirement 2035 Fund :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($138,783 ÷ 13,342.57 shares)  |  | $10.40  |
| **Class K :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($104,124 ÷ 10,009.13 shares)  |  | $10.40  |
| **Class K6 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($104,137 ÷ 10,009.13 shares)  |  | $10.40  |
| **Class I :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($104,111 ÷ 10,009.13 shares)  |  | $10.40  |
| **Class Z6 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($104,137 ÷ 10,009.13 shares)  |  | $10.40  |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.*  | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.*  | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.*  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **For the period December 15, 2022 (commencement of operations) through January 31, 2023** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | $1050  |
| Income from Fidelity Central Funds  |  | 72  |
| **Total Income**  |  | 1122  |
|  **Expenses**  |  |  |
| Management fee  | $310  |  |
| Distribution and service plan fees  | 32  |  |
| **Total Expenses**  |  | 342  |
| **Net Investment income (loss)**  |  | 780  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | 135  |  |
| Total net realized gain (loss)  |  | 135  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | 23946  |  |
| Total change in net unrealized appreciation (depreciation)  |  | 23946  |
| **Net gain (loss)**  |  | 24081  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $24861  |

---

---

| | |
|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **For the period December 15, 2022 (commencement of operations) through January 31, 2023** <br> **(Unaudited)**  |
| **Increase (Decrease) in Net Assets**  |  |
| Operations  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $780  |
| &nbsp;&nbsp; Net realized gain (loss)  | 135 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | 23946  |
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | 24861 <br>|
| Distributions to shareholders  | (530) <br>|
| Share transactions - net increase (decrease)  | 635039 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | 659370 <br>|
| **Net Assets**  |  |
| &nbsp;&nbsp; Beginning of period  | -  |
| &nbsp;&nbsp; End of period  | $659370  |

---

**Financial Highlights** 

 **Fidelity Advisor Managed Retirement 2035 Fund℠ Class A** <br>

---

| | |
|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $10.00  |
| Income from Investment Operations  |  |
| Net investment income (loss) <sup>B,C</sup>  | .009  |
| Net realized and unrealized gain (loss)  | .399  |
| Total from investment operations  | .408  |
| Distributions from net investment income  | (.008)  |
| Total distributions  | (.008)  |
| Net asset value, end of period  | $10.40  |
| **Total Return** <sup>D,E</sup>  | 4.08%  |
| **Ratios to Average Net Assets** <sup>C,F,G</sup>  |  |
| Expenses before reductions  | .73% <sup>H</sup>  |
| Expenses net of fee waivers, if any  | .73% <sup>H</sup>  |
| Expenses net of all reductions  | .73% <sup>H</sup>  |
| Net investment income (loss)  | .71% <sup>H</sup>  |
| **Supplemental Data**  |  |
| Net assets, end of period (000 omitted)  | $104  |
| Portfolio turnover rate <sup>I</sup>  | 4% <sup>J</sup>  |

---

<sup>A</sup> *For the period December 15, 2022 (commencement of operations) through January 31, 2023.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

<sup>E</sup> *Total returns do not include the effect of the sales charges.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Annualized.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>J</sup> *Amount not annualized.*

 **Fidelity Managed Retirement 2035 Fund℠** <br>

---

| | |
|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $10.00  |
| Income from Investment Operations  |  |
| Net investment income (loss) <sup>B,C</sup>  | .012  |
| Net realized and unrealized gain (loss)  | .397  |
| Total from investment operations  | .409  |
| Distributions from net investment income  | (.009)  |
| Total distributions  | (.009)  |
| Net asset value, end of period  | $10.40  |
| **Total Return** <sup>D</sup>  | 4.09%  |
| **Ratios to Average Net Assets** <sup>C,E,F</sup>  |  |
| Expenses before reductions  | .48% <sup>G</sup>  |
| Expenses net of fee waivers, if any  | .48% <sup>G</sup>  |
| Expenses net of all reductions  | .48% <sup>G</sup>  |
| Net investment income (loss)  | .97% <sup>G</sup>  |
| **Supplemental Data**  |  |
| Net assets, end of period (000 omitted)  | $139  |
| Portfolio turnover rate <sup>H</sup>  | 4% <sup>I</sup>  |

---

<sup>A</sup> *For the period December 15, 2022 (commencement of operations) through January 31, 2023.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

<sup>E</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>F</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>G</sup> *Annualized.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>I</sup> *Amount not annualized.*

 **Fidelity Managed Retirement 2035 Fund℠ Class K** <br>

---

| | |
|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $10.00  |
| Income from Investment Operations  |  |
| Net investment income (loss) <sup>B,C</sup>  | .014  |
| Net realized and unrealized gain (loss)  | .395  |
| Total from investment operations  | .409  |
| Distributions from net investment income  | (.009)  |
| Total distributions  | (.009)  |
| Net asset value, end of period  | $10.40  |
| **Total Return** <sup>D</sup>  | 4.09%  |
| **Ratios to Average Net Assets** <sup>C,E,F</sup>  |  |
| Expenses before reductions  | .38% <sup>G</sup>  |
| Expenses net of fee waivers, if any  | .38% <sup>G</sup>  |
| Expenses net of all reductions  | .38% <sup>G</sup>  |
| Net investment income (loss)  | 1.06% <sup>G</sup>  |
| **Supplemental Data**  |  |
| Net assets, end of period (000 omitted)  | $104  |
| Portfolio turnover rate <sup>H</sup>  | 4% <sup>I</sup>  |

---

<sup>A</sup> *For the period December 15, 2022 (commencement of operations) through January 31, 2023.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

<sup>E</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>F</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>G</sup> *Annualized.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>I</sup> *Amount not annualized.*

 **Fidelity Managed Retirement 2035 Fund℠ Class K6** <br>

---

| | |
|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $10.00  |
| Income from Investment Operations  |  |
| Net investment income (loss) <sup>B,C</sup>  | .015  |
| Net realized and unrealized gain (loss)  | .394  |
| Total from investment operations  | .409  |
| Distributions from net investment income  | (.009)  |
| Total distributions  | (.009)  |
| Net asset value, end of period  | $10.40  |
| **Total Return** <sup>D</sup>  | 4.09%  |
| **Ratios to Average Net Assets** <sup>C,E,F</sup>  |  |
| Expenses before reductions  | .28% <sup>G</sup>  |
| Expenses net of fee waivers, if any  | .28% <sup>G</sup>  |
| Expenses net of all reductions  | .28% <sup>G</sup>  |
| Net investment income (loss)  | 1.16% <sup>G</sup>  |
| **Supplemental Data**  |  |
| Net assets, end of period (000 omitted)  | $104  |
| Portfolio turnover rate <sup>H</sup>  | 4% <sup>I</sup>  |

---

<sup>A</sup> *For the period December 15, 2022 (commencement of operations) through January 31, 2023.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

<sup>E</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>F</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>G</sup> *Annualized.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>I</sup> *Amount not annualized.*

 **Fidelity Advisor Managed Retirement 2035 Fund℠ Class I** <br>

---

| | |
|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $10.00  |
| Income from Investment Operations  |  |
| Net investment income (loss) <sup>B,C</sup>  | .012  |
| Net realized and unrealized gain (loss)  | .397  |
| Total from investment operations  | .409  |
| Distributions from net investment income  | (.009)  |
| Total distributions  | (.009)  |
| Net asset value, end of period  | $10.40  |
| **Total Return** <sup>D</sup>  | 4.09%  |
| **Ratios to Average Net Assets** <sup>C,E,F</sup>  |  |
| Expenses before reductions  | .48% <sup>G</sup>  |
| Expenses net of fee waivers, if any  | .48% <sup>G</sup>  |
| Expenses net of all reductions  | .48% <sup>G</sup>  |
| Net investment income (loss)  | .96% <sup>G</sup>  |
| **Supplemental Data**  |  |
| Net assets, end of period (000 omitted)  | $104  |
| Portfolio turnover rate <sup>H</sup>  | 4% <sup>I</sup>  |

---

<sup>A</sup> *For the period December 15, 2022 (commencement of operations) through January 31, 2023.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

<sup>E</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>F</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>G</sup> *Annualized.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>I</sup> *Amount not annualized.*

 **Fidelity Advisor Managed Retirement 2035 Fund℠ Class Z6** <br>

---

| | |
|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $10.00  |
| Income from Investment Operations  |  |
| Net investment income (loss) <sup>B,C</sup>  | .015  |
| Net realized and unrealized gain (loss)  | .394  |
| Total from investment operations  | .409  |
| Distributions from net investment income  | (.009)  |
| Total distributions  | (.009)  |
| Net asset value, end of period  | $10.40  |
| **Total Return** <sup>D</sup>  | 4.09%  |
| **Ratios to Average Net Assets** <sup>C,E,F</sup>  |  |
| Expenses before reductions  | .28% <sup>G</sup>  |
| Expenses net of fee waivers, if any  | .28% <sup>G</sup>  |
| Expenses net of all reductions  | .28% <sup>G</sup>  |
| Net investment income (loss)  | 1.16% <sup>G</sup>  |
| **Supplemental Data**  |  |
| Net assets, end of period (000 omitted)  | $104  |
| Portfolio turnover rate <sup>H</sup>  | 4% <sup>I</sup>  |

---

<sup>A</sup> *For the period December 15, 2022 (commencement of operations) through January 31, 2023.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

<sup>E</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>F</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>G</sup> *Annualized.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>I</sup> *Amount not annualized.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended January 31, 2023

**1. Organization.**

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 and Fidelity Managed Retirement 2035 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.

Each Fund offers the following classes of shares: Class A, Fidelity Managed Retirement shares, Class K, Class K6, Class I and Class Z6. Each class has equal rights as to assets and voting privileges, except for matters affecting a single class.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund**  | **Investment Manager**  | **Investment Objective**  | **Investment Practices**  | **Expense Ratio** <sup>A</sup>  |
| Fidelity Money Market Central Funds  | Fidelity Management & Research Company LLC (FMR)  | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.  | Short-term Investments  | Less than .005%  |

---

<sup>A</sup> *Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. 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 - Investment 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. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:

**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 - unadjusted 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 open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy. The aggregate value of investments by input level as of January 31, 2023 is included at the end of each Fund's Schedule of Investments.

**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 any underlying mutual funds or ETFs are recorded on the ex-dividend date. Distributions from any underlying mutual funds or ETFs 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 a 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 a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. 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 that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. 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. 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.

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 mutual funds or ETFs and losses deferred due to wash sales and excise tax regulations.

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**  | $18432513  | $287736  | $(1641951)  | $(1354215)  |
| **Fidelity Managed Retirement 2010 Fund.**  | 6851924  | 158524  | (524953)  | (366429)  |
| **Fidelity Managed Retirement 2015 Fund.**  | 7054605  | 222942  | (635697)  | (412755)  |
| **Fidelity Managed Retirement 2020 Fund.**  | 10109089  | 355841  | (1015041)  | (659200)  |
| **Fidelity Managed Retirement 2025 Fund.**  | 55587032  | 2073858  | (5899760)  | (3825902)  |
| **Fidelity Managed Retirement 2030 Fund.**  | 42426363  | 936224  | (5407213)  | (4470989)  |
| **Fidelity Managed Retirement 2035 Fund.**  | 635497  | 24744  | (910)  | 23834  |

---

Due to large subscriptions in a prior period, Fidelity Managed Retirement 2030 Fund is subject to an annual limit on its use of some of its unrealized capital losses to offset capital gains in future periods. If those capital losses are realized and the limitation prevents the Fund from using any of those capital losses in a future period, those capital losses will be available to offset capital gains in subsequent periods.

Certain of the Funds elected to defer to the next fiscal year capital losses recognized during the period November 1, 2021 to July 31, 2022. Loss deferrals were as follows:

---

| | |
|:---|:---|
|  | **Capital losses**  |
| **Fidelity Managed Retirement Income Fund**  | $(86559)  |

---

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  |
| **Fidelity Managed Retirement Income Fund**  | 2584602  | 2821212  |
| **Fidelity Managed Retirement 2010 Fund**  | 754386  | 710478  |
| **Fidelity Managed Retirement 2015 Fund**  | 850683  | 1299145  |
| **Fidelity Managed Retirement 2020 Fund**  | 1549978  | 1975499  |
| **Fidelity Managed Retirement 2025 Fund**  | 8357594  | 11045820  |
| **Fidelity Managed Retirement 2030 Fund**  | 9933215  | 5384833  |
| **Fidelity Managed Retirement 2035 Fund**  | 658071  | 22821  |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services. Under the management contract, 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.

For the reporting period, the total annual management fee rate for each Fund was as follows:

---

| | | |
|:---|:---|:---|
|  | **Annual % of Class-Level Average Net Assets (Classes A, Retail and I)**  | **Annual % of Class-Level Average Net Assets (Classes K, K6 and Z6)**  |
| **Fidelity Managed Retirement Income Fund**  | .45%  | .35%  |
| **Fidelity Managed Retirement 2010 Fund**  | .46%  | .36%  |
| **Fidelity Managed Retirement 2015 Fund**  | .46%  | .36%  |
| **Fidelity Managed Retirement 2020 Fund**  | .47%  | .37%  |
| **Fidelity Managed Retirement 2025 Fund**  | .48%  | .38%  |
| **Fidelity Managed Retirement 2030 Fund**  | .48%  | .38%  |
| **Fidelity Managed Retirement 2035 Fund**  | .48%  | .38%  |

---

Under the expense contract, the investment adviser pays class-level expenses for Classes K6 and Z6 of each Fund as necessary so that Classes K6 and Z6 total expenses do not exceed certain amounts of Classes K6 and Z6 average net assets on an annual basis with certain exceptions, as noted in the following table:

---

| | |
|:---|:---|
|  | **Annual % of Class-Level Average Net Assets (Classes K6 and Z6)**  |
| **Fidelity Managed Retirement Income Fund**  | .25%  |
| **Fidelity Managed Retirement 2010 Fund**  | .26%  |
| **Fidelity Managed Retirement 2015 Fund**  | .26%  |
| **Fidelity Managed Retirement 2020 Fund**  | .27%  |
| **Fidelity Managed Retirement 2025 Fund**  | .28%  |
| **Fidelity Managed Retirement 2030 Fund**  | .28%  |
| **Fidelity Managed Retirement 2035 Fund**  | .28%  |

---

**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 Company LLC (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%  | <u>$837</u>  | <u>$</u>  |
|  |  |  | <u>$837</u>  | <u>$-</u>  |
| **Fidelity Managed Retirement 2010 Fund**  |  |  |  |  |
| **Class A**  | - %  | .25%  | <u>$375</u>  | <u>$</u>  |
|  |  |  | <u>$375</u>  | <u>$-</u>  |
| **Fidelity Managed Retirement 2015 Fund**  |  |  |  |  |
| **Class A**  | - %  | .25%  | <u>$1457</u>  | <u>$</u>  |
|  |  |  | <u>$1457</u>  | <u>$-</u>  |
| **Fidelity Managed Retirement 2020 Fund**  |  |  |  |  |
| **Class A**  | - %  | .25%  | <u>$645</u>  | <u>$</u>  |
|  |  |  | <u>$645</u>  | <u>$-</u>  |
| **Fidelity Managed Retirement 2025 Fund**  |  |  |  |  |
| **Class A**  | - %  | .25%  | <u>$2016</u>  | <u>$</u>  |
|  |  |  | <u>$2016</u>  | <u>$-</u>  |
| **Fidelity Managed Retirement 2030 Fund**  |  |  |  |  |
| **Class A**  | - %  | .25%  | <u>$509</u>  | <u>$76</u>  |
|  |  |  | <u>$509</u>  | <u>$76</u>  |
| **Fidelity Managed Retirement 2035 Fund**  |  |  |  |  |
| **Class A**  | - %  | .25%  | <u>$32</u>  | <u>$32</u>  |
|  |  |  | <u>$32</u>  | <u>$32</u>  |

---

**Sales Load.** FDC may receive a front-end sales charge of up to 5.75% for selling each Fund's Class A shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A redemptions. The deferred sales charge is 1.00% for certain purchases of each Fund's Class A shares.

For the period, sales charge amounts retained by FDC were as follows:

---

| | |
|:---|:---|
|  | **Retained by FDC**  |
| **Fidelity Managed Retirement Income Fund**  |  |
| **Class A**  | $9  |
| **Fidelity Managed Retirement 2010 Fund**  |  |
| **Class A**  | $-  |
| **Fidelity Managed Retirement 2015 Fund**  |  |
| **Class A**  | $-  |
| **Fidelity Managed Retirement 2020 Fund**  |  |
| **Class A**  | $-  |
| **Fidelity Managed Retirement 2025 Fund**  |  |
| **Class A**  | $236  |
| **Fidelity Managed Retirement 2030 Fund**  |  |
| **Class A**  | $31  |
| **Fidelity Managed Retirement 2035 Fund**  |  |
| **Class A**  | $-  |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

**Prior Year Reallocation of Underlying Fund Investments.** During the prior period, the investment adviser reallocated investments of the Funds. This involved taxable redemptions of the Funds' interest in Fidelity Series Inflation-Protected Bond Index Fund, ("Underlying Fund") for investments and cash and non-taxable exchanges of those investments and cash for shares of Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund and Fidelity Series 5+ Year Inflation-Protected Bond Index Fund which are affiliated investment companies managed by FMR. Net realized gain (loss) on the redemptions of the Underlying Fund in connection with the reallocation is included in the accompanying Statements of Changes in Net Assets as "Net realized gain (loss) on Affiliated issuers."

Details of these transactions with the net related gain (loss) for the Funds are presented in the accompanying table:

---

| | | |
|:---|:---|:---|
|  | **Value of Investments and Cash reallocated ($)**  | **Net realized Gain (Loss) on redemptions of Underlying Fund ($)**  |
| **Fidelity Managed Retirement Income Fund**  | 1944779  | 89719  |
| **Fidelity Managed Retirement 2010 Fund**  | 603205  | 48796  |
| **Fidelity Managed Retirement 2015 Fund**  | 604324  | 33280  |
| **Fidelity Managed Retirement 2020 Fund**  | 771991  | 27286  |
| **Fidelity Managed Retirement 2025 Fund**  | 3340942  | 112223  |
| **Fidelity Managed Retirement 2030 Fund**  | 1816824  | (6325)  |

---

**6. Expense Reductions.** 

Through arrangements with each applicable Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's or class' expenses. All of the applicable expense reductions are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Custodian credits**  | **Transfer Agent credits**  |
| **Fidelity Managed Retirement Income Fund**  |  |  |
| Class A  |  | $15  |
| Fidelity Managed Retirement Income  |  | 66  |
| Class K6  |  | 1  |
| **Fidelity Managed Retirement 2010 Fund**  |  |  |
| Class A  |  | $2  |
| Fidelity Managed Retirement 2010  |  | 62  |
| Class K6  |  | 4  |
| Class I  |  | 1  |
| Class Z6  |  | 2  |
| **Fidelity Managed Retirement 2015 Fund**  |  |  |
| Class A  |  | $10  |
| Fidelity Managed Retirement 2015  |  | 40  |
| Class K6  |  | 16  |
| Class I  |  | 2  |
| Class Z6  |  | 1  |
| **Fidelity Managed Retirement 2020 Fund**  |  |  |
| Class A  |  | $4  |
| Fidelity Managed Retirement 2020  |  | 56  |
| Class K6  |  | 10  |
| Class I  |  | 1  |
| **Fidelity Managed Retirement 2025 Fund**  |  |  |
| Fidelity Managed Retirement 2025  | $1  | $65  |
| Class K6  |  | 4  |
| Class I  |  | 1  |
| **Fidelity Managed Retirement 2030 Fund**  |  |  |
| Fidelity Managed Retirement 2030  | $1  | $64  |
| Class K6  |  | 4  |
| Class I  |  | 6  |
| Class Z6  |  | 1  |

---

**7. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended January 31, 2023** <sup>A</sup>  | **Year ended** **July 31, 2022**  |
| **Fidelity Managed Retirement Income Fund**  |  |  |
| **Distributions to shareholders**  |  |  |
| Class A  | $26366  | $23201  |
| Fidelity Managed Retirement Income  | 645054  | 730653  |
| Class K  | 4540  | 4211  |
| Class K6  | 31599  | 28418  |
| Class I  | 6323  | 9013  |
| Class Z6  | <u>4343</u>  | <u>4339</u>  |
| Total  | <u>$718225</u>  | <u>$799835</u>  |
| **Fidelity Managed Retirement 2010 Fund**  |  |  |
| **Distributions to shareholders**  |  |  |
| Class A  | $13367  | $21558  |
| Fidelity Managed Retirement 2010  | 246268  | 391662  |
| Class K  | 4833  | 7043  |
| Class K6  | 15089  | 11163  |
| Class I  | 4548  | 6595  |
| Class Z6  | <u>7487</u>  | <u>11088</u>  |
| Total  | <u>$291592</u>  | <u>$449109</u>  |
| **Fidelity Managed Retirement 2015 Fund**  |  |  |
| **Distributions to shareholders**  |  |  |
| Class A  | $51202  | $70787  |
| Fidelity Managed Retirement 2015  | 204585  | 340286  |
| Class K  | 4865  | 6403  |
| Class K6  | 17403  | 12656  |
| Class I  | 12012  | 15144  |
| Class Z6  | <u>4933</u>  | <u>6530</u>  |
| Total  | <u>$295000</u>  | <u>$451806</u>  |
| **Fidelity Managed Retirement 2020 Fund**  |  |  |
| **Distributions to shareholders**  |  |  |
| Class A  | $16918  | $27651  |
| Fidelity Managed Retirement 2020  | 241623  | 502416  |
| Class K  | 3565  | 5860  |
| Class K6  | 32030  | 28546  |
| Class I  | 6989  | 14316  |
| Class Z6  | <u>3635</u>  | <u>6001</u>  |
| Total  | <u>$304760</u>  | <u>$584790</u>  |
| **Fidelity Managed Retirement 2025 Fund**  |  |  |
| **Distributions to shareholders**  |  |  |
| Class A  | $69059  | $93730  |
| Fidelity Managed Retirement 2025  | 2132164  | 2917914  |
| Class K  | 4923  | 6623  |
| Class K6  | 103783  | 115837  |
| Class I  | 18655  | 35623  |
| Class Z6  | <u>4983</u>  | <u>6745</u>  |
| Total  | <u>$2333567</u>  | <u>$3176472</u>  |
| **Fidelity Managed Retirement 2030 Fund**  |  |  |
| **Distributions to shareholders**  |  |  |
| Class A  | $14445  | $22711  |
| Fidelity Managed Retirement 2030  | 1240772  | 1630623  |
| Class K  | 8072  | 10537  |
| Class K6  | 24896  | 70002  |
| Class I  | 11337  | 19563  |
| Class Z6  | <u>7280</u>  | <u>10813</u>  |
| Total  | <u>$1306802</u>  | <u>$1764249</u>  |
| **Fidelity Managed Retirement 2035 Fund**  |  |  |
| **Distributions to shareholders**  |  |  |
| Class A  | $80  | $-  |
| Fidelity Managed Retirement 2035  | 90  | -  |
| Class K  | 90  | -  |
| Class K6  | 90  | -  |
| Class I  | 90  | -  |
| Class Z6  | <u>90</u>  | <u>-</u>  |
| Total  | <u>$530</u>  | <u>$-</u>  |

---

<sup>A</sup> *Distributions for Fidelity Managed Retirement 2035 Fund are for the period December 15, 2022 (commencement of sale of shares) through January 31, 2023.*

**8. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares**  | **Shares**  | **Dollars**  | **Dollars**  |
|  | **Six months ended January 1, 2023** <sup>A</sup>  | **Year ended** **July 31, 2022**  | **Six months ended January 31, 2023** <sup>A</sup>  | **Year ended** **July 31, 2022**  |
| **Fidelity Managed Retirement Income Fund**  |  |  |  |  |
| **Class A**  |  |  |  |  |
| Shares sold  | 18  | 4335  | $936  | $258005  |
| Reinvestment of distributions  | 485  | 361  | 25569  | 22335  |
| Shares redeemed  | <u>(574)</u>  | <u>(3295)</u>  | <u>(30550)</u>  | <u>(201987)</u>  |
| Net increase (decrease)  | <u>(71)</u>  | <u>1401</u>  | <u>$(4045)</u>  | <u>$78353</u>  |
| **Fidelity Managed Retirement Income**  |  |  |  |  |
| Shares sold  | 17632  | 79943  | $962929  | $4847918  |
| Reinvestment of distributions  | 10365  | 10359  | 546830  | 639506  |
| Shares redeemed  | <u>(27085)</u>  | <u>(118209)</u>  | <u>(1439225)</u>  | <u>(7007849)</u>  |
| Net increase (decrease)  | <u>912</u>  | <u>(27907)</u>  | <u>$70534</u>  | <u>$(1520425)</u>  |
| **Class K**  |  |  |  |  |
| Shares sold  | 639  | -  | $33710  | $-  |
| Reinvestment of distributions  | 86  | 69  | 4540  | 4211  |
| Shares redeemed  | <u>(297)</u>  | <u>-</u>  | <u>(15918)</u>  | <u>-</u>  |
| Net increase (decrease)  | <u>428</u>  | <u>69</u>  | <u>$22332</u>  | <u>$4211</u>  |
| **Class K6**  |  |  |  |  |
| Shares sold  | 3549  | 9760  | $194054  | $601002  |
| Reinvestment of distributions  | 599  | 462  | 31599  | 28418  |
| Shares redeemed  | <u>(6851)</u>  | <u>(6134)</u>  | <u>(357839)</u>  | <u>(367494)</u>  |
| Net increase (decrease)  | <u>(2703)</u>  | <u>4088</u>  | <u>$(132186)</u>  | <u>$261926</u>  |
| **Class I**  |  |  |  |  |
| Reinvestment of distributions  | 112  | 134  | $5897  | $8270  |
| Shares redeemed  | <u>(614)</u>  | <u>(1268)</u>  | <u>(32227)</u>  | <u>(74871)</u>  |
| Net increase (decrease)  | <u>(502)</u>  | <u>(1134)</u>  | <u>$(26330)</u>  | <u>$(66601)</u>  |
| **Class Z6**  |  |  |  |  |
| Reinvestment of distributions  | <u>82</u>  | <u>70</u>  | <u>$4344</u>  | <u>$4339</u>  |
| Net increase (decrease)  | <u>82</u>  | <u>70</u>  | <u>$4344</u>  | <u>$4339</u>  |
| **Fidelity Managed Retirement 2010 Fund**  |  |  |  |  |
| **Class A**  |  |  |  |  |
| Shares sold  | -  | 47  | $-  | $2509  |
| Reinvestment of distributions  | 266  | 359  | 13367  | 21558  |
| Shares redeemed  | <u>(504)</u>  | <u>(718)</u>  | <u>(25502)</u>  | <u>(41005)</u>  |
| Net increase (decrease)  | <u>(238)</u>  | <u>(312)</u>  | <u>$(12135)</u>  | <u>$(16938)</u>  |
| **Fidelity Managed Retirement 2010**  |  |  |  |  |
| Shares sold  | 640  | 14547  | $32835  | $829091  |
| Reinvestment of distributions  | 4097  | 5806  | 206368  | 348856  |
| Shares redeemed  | <u>(2717)</u>  | <u>(23561)</u>  | <u>(138321)</u>  | <u>(1363916)</u>  |
| Net increase (decrease)  | <u>2020</u>  | <u>(3208)</u>  | <u>$100882</u>  | <u>$(185969)</u>  |
| **Class K**  |  |  |  |  |
| Shares sold  | 366  | -  | $18717  | $-  |
| Reinvestment of distributions  | <u>96</u>  | <u>118</u>  | <u>4832</u>  | <u>7043</u>  |
| Net increase (decrease)  | <u>462</u>  | <u>118</u>  | <u>$23549</u>  | <u>$7043</u>  |
| **Class K6**  |  |  |  |  |
| Shares sold  | 265  | 3756  | $13359  | $209788  |
| Reinvestment of distributions  | 300  | 187  | 15089  | 11163  |
| Shares redeemed  | <u>(345)</u>  | <u>(489)</u>  | <u>(16721)</u>  | <u>(28840)</u>  |
| Net increase (decrease)  | <u>220</u>  | <u>3454</u>  | <u>$11727</u>  | <u>$192111</u>  |
| **Class I**  |  |  |  |  |
| Reinvestment of distributions  | <u>90</u>  | <u>110</u>  | <u>$4547</u>  | <u>$6595</u>  |
| Net increase (decrease)  | <u>90</u>  | <u>110</u>  | <u>$4547</u>  | <u>$6595</u>  |
| **Class Z6**  |  |  |  |  |
| Reinvestment of distributions  | 149  | 185  | $7487  | $11088  |
| Shares redeemed  | <u>(43)</u>  | <u>(43)</u>  | <u>(2153)</u>  | <u>(2515)</u>  |
| Net increase (decrease)  | <u>106</u>  | <u>142</u>  | <u>$5334</u>  | <u>$8573</u>  |
| **Fidelity Managed Retirement 2015 Fund**  |  |  |  |  |
| **Class A**  |  |  |  |  |
| Shares sold  | -  | 112  | $-  | $6591  |
| Reinvestment of distributions  | 1054  | 1208  | 51201  | 70787  |
| Shares redeemed  | <u>(1076)</u>  | <u>(1770)</u>  | <u>(53050)</u>  | <u>(99383)</u>  |
| Net increase (decrease)  | <u>(22)</u>  | <u>(450)</u>  | <u>$(1849)</u>  | <u>$(22005)</u>  |
| **Fidelity Managed Retirement 2015**  |  |  |  |  |
| Shares sold  | 1470  | 12644  | $70268  | $702163  |
| Reinvestment of distributions  | 3833  | 5542  | 186665  | 324754  |
| Shares redeemed  | <u>(2156)</u>  | <u>(38552)</u>  | <u>(105781)</u>  | <u>(2118332)</u>  |
| Net increase (decrease)  | <u>3147</u>  | <u>(20366)</u>  | <u>$151152</u>  | <u>$(1091415)</u>  |
| **Class K**  |  |  |  |  |
| Shares sold  | 376  | -  | $18717  | $-  |
| Reinvestment of distributions  | <u>100</u>  | <u>109</u>  | <u>4865</u>  | <u>6403</u>  |
| Net increase (decrease)  | <u>476</u>  | <u>109</u>  | <u>$23582</u>  | <u>$6403</u>  |
| **Class K6**  |  |  |  |  |
| Shares sold  | 73  | 17000  | $3605  | $908785  |
| Reinvestment of distributions  | 356  | 219  | 17403  | 12656  |
| Shares redeemed  | <u>(11306)</u>  | <u>(4625)</u>  | <u>(573822)</u>  | <u>(237763)</u>  |
| Net increase (decrease)  | <u>(10877)</u>  | <u>12594</u>  | <u>$(552814)</u>  | <u>$683678</u>  |
| **Class I**  |  |  |  |  |
| Shares sold  | 17  | 504  | $863  | $30000  |
| Reinvestment of distributions  | 246  | 259  | 11976  | 15144  |
| Shares redeemed  | <u>(96)</u>  | <u>(40)</u>  | <u>(4566)</u>  | <u>(2347)</u>  |
| Net increase (decrease)  | <u>167</u>  | <u>723</u>  | <u>$8273</u>  | <u>$42797</u>  |
| **Class Z6**  |  |  |  |  |
| Reinvestment of distributions  | <u>101</u>  | <u>112</u>  | <u>$4933</u>  | <u>$6530</u>  |
| Net increase (decrease)  | <u>101</u>  | <u>112</u>  | <u>$4933</u>  | <u>$6530</u>  |
| **Fidelity Managed Retirement 2020 Fund**  |  |  |  |  |
| **Class A**  |  |  |  |  |
| Shares sold  | 2212  | 2597  | $109152  | $151458  |
| Reinvestment of distributions  | 354  | 474  | 16918  | 27651  |
| Shares redeemed  | <u>(93)</u>  | <u>(4580)</u>  | <u>(4541)</u>  | <u>(262598)</u>  |
| Net increase (decrease)  | <u>2473</u>  | <u>(1509)</u>  | <u>$121529</u>  | <u>$(83489)</u>  |
| **Fidelity Managed Retirement 2020**  |  |  |  |  |
| Shares sold  | 5540  | 35832  | $279238  | $2017295  |
| Reinvestment of distributions  | 4563  | 7500  | 218725  | 436751  |
| Shares redeemed  | <u>(19225)</u>  | <u>(76962)</u>  | <u>(925240)</u>  | <u>(4256265)</u>  |
| Net increase (decrease)  | <u>(9122)</u>  | <u>(33630)</u>  | <u>$(427277)</u>  | <u>$(1802219)</u>  |
| **Class K**  |  |  |  |  |
| Shares sold  | 375  | -  | $18717  | $-  |
| Reinvestment of distributions  | <u>74</u>  | <u>101</u>  | <u>3565</u>  | <u>5860</u>  |
| Net increase (decrease)  | <u>449</u>  | <u>101</u>  | <u>$22282</u>  | <u>$5860</u>  |
| **Class K6**  |  |  |  |  |
| Shares sold  | 239  | 34851  | $11715  | $1904684  |
| Reinvestment of distributions  | 668  | 495  | 32030  | 28546  |
| Shares redeemed  | <u>(3755)</u>  | <u>(24400)</u>  | <u>(181245)</u>  | <u>(1299460)</u>  |
| Net increase (decrease)  | <u>(2848)</u>  | <u>10946</u>  | <u>$(137500)</u>  | <u>$633770</u>  |
| **Class I**  |  |  |  |  |
| Shares sold  | 13  | 71  | $618  | $3559  |
| Reinvestment of distributions  | 145  | 244  | 6956  | 14198  |
| Shares redeemed  | <u>(537)</u>  | <u>(852)</u>  | <u>(27081)</u>  | <u>(45768)</u>  |
| Net increase (decrease)  | <u>(379)</u>  | <u>(537)</u>  | <u>$(19507)</u>  | <u>$(28011)</u>  |
| **Class Z6**  |  |  |  |  |
| Reinvestment of distributions  | <u>76</u>  | <u>103</u>  | <u>$3634</u>  | <u>$6001</u>  |
| Net increase (decrease)  | <u>76</u>  | <u>103</u>  | <u>$3634</u>  | <u>$6001</u>  |
| **Fidelity Managed Retirement 2025 Fund**  |  |  |  |  |
| **Class A**  |  |  |  |  |
| Shares sold  | 897  | 1857  | $45916  | $112295  |
| Reinvestment of distributions  | 1397  | 1538  | 69059  | 93730  |
| Shares redeemed  | <u>(1413)</u>  | <u>(1639)</u>  | <u>(70554)</u>  | <u>(92245)</u>  |
| Net increase (decrease)  | <u>881</u>  | <u>1756</u>  | <u>$44421</u>  | <u>$113780</u>  |
| **Fidelity Managed Retirement 2025**  |  |  |  |  |
| Shares sold  | 44536  | 296505  | $2301062  | $17455286  |
| Reinvestment of distributions  | 36860  | 43173  | 1829383  | 2631538  |
| Shares redeemed  | <u>(115667)</u>  | <u>(258937)</u>  | <u>(5829777)</u>  | <u>(14955162)</u>  |
| Net increase (decrease)  | <u>(34271)</u>  | <u>80741</u>  | <u>$(1699332)</u>  | <u>$5131662</u>  |
| **Class K**  |  |  |  |  |
| Shares sold  | 1695  | -  | $86701  | $-  |
| Reinvestment of distributions  | <u>99</u>  | <u>109</u>  | <u>4923</u>  | <u>6623</u>  |
| Net increase (decrease)  | <u>1794</u>  | <u>109</u>  | <u>$91624</u>  | <u>$6623</u>  |
| **Class K6**  |  |  |  |  |
| Shares sold  | 4356  | 64022  | $213140  | $3799515  |
| Reinvestment of distributions  | 2095  | 1905  | 103784  | 115837  |
| Shares redeemed  | <u>(10168)</u>  | <u>(42047)</u>  | <u>(511893)</u>  | <u>(2507197)</u>  |
| Net increase (decrease)  | <u>(3717)</u>  | <u>23880</u>  | <u>$(194969)</u>  | <u>$1408155</u>  |
| **Class I**  |  |  |  |  |
| Shares sold  | 39  | 987  | $2005  | $52884  |
| Reinvestment of distributions  | 375  | 583  | 18655  | 35623  |
| Shares redeemed  | <u>(8183)</u>  | <u>(3393)</u>  | <u>(412831)</u>  | <u>(195953)</u>  |
| Net increase (decrease)  | <u>(7769)</u>  | <u>(1823)</u>  | <u>$(392171)</u>  | <u>$(107446)</u>  |
| **Class Z6**  |  |  |  |  |
| Reinvestment of distributions  | <u>100</u>  | <u>109</u>  | <u>$4983</u>  | <u>$6745</u>  |
| Net increase (decrease)  | <u>100</u>  | <u>109</u>  | <u>$4983</u>  | <u>$6745</u>  |
| **Fidelity Managed Retirement 2030 Fund**  |  |  |  |  |
| **Class A**  |  |  |  |  |
| Shares sold  | 2530  | 10183  | $25981  | $117544  |
| Reinvestment of distributions  | 1469  | 1860  | 14445  | 22711  |
| Shares redeemed  | <u>(7850)</u>  | <u>(17015)</u>  | <u>(78774)</u>  | <u>(207301)</u>  |
| Net increase (decrease)  | <u>(3851)</u>  | <u>(4972)</u>  | <u>$(38348)</u>  | <u>$(67046)</u>  |
| **Fidelity Managed Retirement 2030**  |  |  |  |  |
| Shares sold  | 556168  | 1410617  | $5708213  | $17095755  |
| Reinvestment of distributions  | 107527  | 119058  | 1058442  | 1449121  |
| Shares redeemed  | <u>(225338)</u>  | <u>(814796)</u>  | <u>(2237206)</u>  | <u>(9513672)</u>  |
| Net increase (decrease)  | <u>438357</u>  | <u>714879</u>  | <u>$4529449</u>  | <u>$9031204</u>  |
| **Class K**  |  |  |  |  |
| Shares sold  | 5548  | -  | $55207  | $-  |
| Reinvestment of distributions  | 819  | 865  | 8072  | 10537  |
| Shares redeemed  | <u>-</u>  | <u>-</u>  | <u>5</u>  | <u>-</u>  |
| Net increase (decrease)  | <u>6367</u>  | <u>865</u>  | <u>$63284</u>  | <u>$10537</u>  |
| **Class K6**  |  |  |  |  |
| Shares sold  | 40070  | 172801  | $406647  | $1982234  |
| Reinvestment of distributions  | 2525  | 5738  | 24895  | 70002  |
| Shares redeemed  | <u>(28629)</u>  | <u>(211644)</u>  | <u>(307370)</u>  | <u>(2410238)</u>  |
| Net increase (decrease)  | <u>13966</u>  | <u>(33105)</u>  | <u>$124172</u>  | <u>$(358002)</u>  |
| **Class I**  |  |  |  |  |
| Shares sold  | 1745  | 3559  | $17557  | $41327  |
| Reinvestment of distributions  | 1150  | 1604  | 11337  | 19563  |
| Shares redeemed  | <u>(5814)</u>  | <u>(5199)</u>  | <u>(58493)</u>  | <u>(61062)</u>  |
| Net increase (decrease)  | <u>(2919)</u>  | <u>(36)</u>  | <u>$(29599)</u>  | <u>$(172)</u>  |
| **Class Z6**  |  |  |  |  |
| Shares sold  | 79  | 36  | $790  | $451  |
| Reinvestment of distributions  | 738  | 888  | 7279  | 10813  |
| Shares redeemed  | <u>(46)</u>  | <u>-</u>  | <u>(434)</u>  | <u>-</u>  |
| Net increase (decrease)  | <u>771</u>  | <u>924</u>  | <u>$7635</u>  | <u>$11264</u>  |
| **Fidelity Managed Retirement 2035 Fund**  |  |  |  |  |
| **Class A**  |  |  |  |  |
| Shares sold  | 10000  | -  | $100000  | $-  |
| Reinvestment of distributions  | <u>8</u>  | <u>-</u>  | <u>80</u>  | <u>-</u>  |
| Net increase (decrease)  | <u>10008</u>  | <u>-</u>  | <u>$100080</u>  | <u>$</u> <u>-</u>  |
| **Fidelity Managed Retirement 2035**  |  |  |  |  |
| Shares sold  | 13497  | -  | $136215  | $-  |
| Reinvestment of distributions  | 9  | -  | 90  | -  |
| Shares redeemed  | <u>(164)</u>  | <u>-</u>  | <u>(1706)</u>  | <u>-</u>  |
| Net increase (decrease)  | <u>13342</u>  | <u>-</u>  | <u>$134599</u>  | <u>$</u> <u>-</u>  |
| **Class K**  |  |  |  |  |
| Shares sold  | 10000  | -  | $100000  | $-  |
| Reinvestment of distributions  | <u>9</u>  | <u>-</u>  | <u>90</u>  | <u>-</u>  |
| Net increase (decrease)  | <u>10009</u>  | <u>-</u>  | <u>$100090</u>  | <u>$</u> <u>-</u>  |
| **Class K6**  |  |  |  |  |
| Shares sold  | 10000  | -  | $100000  | $-  |
| Reinvestment of distributions  | <u>9</u>  | <u>-</u>  | <u>90</u>  | <u>-</u>  |
| Net increase (decrease)  | <u>10009</u>  | <u>-</u>  | <u>$100090</u>  | <u>$</u> <u>-</u>  |
| **Class I**  |  |  |  |  |
| Shares sold  | 10000  | -  | $100000  | $-  |
| Reinvestment of distributions  | <u>9</u>  | <u>-</u>  | <u>90</u>  | <u>-</u>  |
| Net increase (decrease)  | <u>10009</u>  | <u>-</u>  | <u>$100090</u>  | <u>$</u> <u>-</u>  |
| **Class Z6**  |  |  |  |  |
| Shares sold  | 10000  | -  | $100000  | $-  |
| Reinvestment of distributions  | <u>9</u>  | <u>-</u>  | <u>90</u>  | <u>-</u>  |
| Net increase (decrease)  | <u>10009</u>  | <u>-</u>  | <u>$100090</u>  | <u>$</u> <u>-</u>  |

---

<sup>A</sup> *Share transactions for Fidelity Managed Retirement 2035 Fund are for the period December 15, 2022 (commencement of sale of shares) through January 31, 2023.*

**9. Other.**

A fund's 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 fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:

---

| | |
|:---|:---|
| **Fund**  | **Affiliated %**  |
| **Fidelity Managed Retirement 2035 Fund**  | 63%  |

---

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.

**Shareholder Expense Example**

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2022 to January 31, 2023) for each fund, with the exception of Fidelity Managed Retirement 2035 Fund℠ and for the period (December 15, 2022 to January 31, 2023) for Fidelity Managed Retirement 2035 Fund℠. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (August 1, 2022 to January 31, 2023). <br>

***Actual Expenses***

The first line of the accompanying table 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/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

***Hypothetical Example for Comparison Purposes***

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate 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-** <sup>A</sup>  | **Beginning Account Value**  | **Ending Account Value January 31, 2023**  |
| **Fidelity Managed Retirement Income Fund℠**  |  |  |  |
| **Class A**  | .70%  |  |  |
| **Actual**  |  | $1000  | $990.90 <br> $3.51 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1021.68 <br> $3.57 <sup>D</sup> <br>|
| **Fidelity Managed Retirement Income Fund℠**  | .45%  |  |  |
| **Actual**  |  | $1000  | $992.20 <br> $2.26 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.94 <br> $2.29 <sup>D</sup> <br>|
| **Class K**  | .35%  |  |  |
| **Actual**  |  | $1000  | $992.50 <br> $1.76 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.44 <br> $1.79 <sup>D</sup> <br>|
| **Class K6**  | .25%  |  |  |
| **Actual**  |  | $1000  | $993.10 <br> $1.26 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.95 <br> $1.28 <sup>D</sup> <br>|
| **Class I**  | .45%  |  |  |
| **Actual**  |  | $1000  | $992.00 <br> $2.26 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.94 <br> $2.29 <sup>D</sup> <br>|
| **Class Z6**  | .25%  |  |  |
| **Actual**  |  | $1000  | $993.10 <br> $1.26 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.95 <br> $1.28 <sup>D</sup> <br>|
| **Fidelity Managed Retirement 2010 Fund℠**  |  |  |  |
| **Class A**  | .71%  |  |  |
| **Actual**  |  | $1000  | $991.90 <br> $3.56 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1021.63 <br> $3.62 <sup>D</sup> <br>|
| **Fidelity Managed Retirement 2010 Fund℠**  | .46%  |  |  |
| **Actual**  |  | $1000  | $993.10 <br> $2.31 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.89 <br> $2.35 <sup>D</sup> <br>|
| **Class K**  | .36%  |  |  |
| **Actual**  |  | $1000  | $993.60 <br> $1.81 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.39 <br> $1.84 <sup>D</sup> <br>|
| **Class K6**  | .26%  |  |  |
| **Actual**  |  | $1000  | $994.20 <br> $1.31 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.89 <br> $1.33 <sup>D</sup> <br>|
| **Class I**  | .46%  |  |  |
| **Actual**  |  | $1000  | $993.10 <br> $2.31 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.89 <br> $2.35 <sup>D</sup> <br>|
| **Class Z6**  | .26%  |  |  |
| **Actual**  |  | $1000  | $994.00 <br> $1.31 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.89 <br> $1.33 <sup>D</sup> <br>|
| **Fidelity Managed Retirement 2015 Fund℠**  |  |  |  |
| **Class A**  | .71%  |  |  |
| **Actual**  |  | $1000  | $994.60 <br> $3.57 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1021.63 <br> $3.62 <sup>D</sup> <br>|
| **Fidelity Managed Retirement 2015 Fund℠**  | .46%  |  |  |
| **Actual**  |  | $1000  | $995.80 <br> $2.31 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.89 <br> $2.35 <sup>D</sup> <br>|
| **Class K**  | .36%  |  |  |
| **Actual**  |  | $1000  | $996.30 <br> $1.81 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.39 <br> $1.84 <sup>D</sup> <br>|
| **Class K6**  | .26%  |  |  |
| **Actual**  |  | $1000  | $996.90 <br> $1.31 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.89 <br> $1.33 <sup>D</sup> <br>|
| **Class I**  | .46%  |  |  |
| **Actual**  |  | $1000  | $995.80 <br> $2.31 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.89 <br> $2.35 <sup>D</sup> <br>|
| **Class Z6**  | .26%  |  |  |
| **Actual**  |  | $1000  | $996.80 <br> $1.31 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.89 <br> $1.33 <sup>D</sup> <br>|
| **Fidelity Managed Retirement 2020 Fund℠**  |  |  |  |
| **Class A**  | .72%  |  |  |
| **Actual**  |  | $1000  | $997.00 <br> $3.62 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1021.58 <br> $3.67 <sup>D</sup> <br>|
| **Fidelity Managed Retirement 2020 Fund℠**  | .47%  |  |  |
| **Actual**  |  | $1000  | $998.30 <br> $2.37 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.84 <br> $2.40 <sup>D</sup> <br>|
| **Class K**  | .37%  |  |  |
| **Actual**  |  | $1000  | $998.90 <br> $1.86 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.34 <br> $1.89 <sup>D</sup> <br>|
| **Class K6**  | .27%  |  |  |
| **Actual**  |  | $1000  | $999.40 <br> $1.36 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.84 <br> $1.38 <sup>D</sup> <br>|
| **Class I**  | .47%  |  |  |
| **Actual**  |  | $1000  | $998.40 <br> $2.37 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.84 <br> $2.40 <sup>D</sup> <br>|
| **Class Z6**  | .27%  |  |  |
| **Actual**  |  | $1000  | $999.20 <br> $1.36 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.84 <br> $1.38 <sup>D</sup> <br>|
| **Fidelity Managed Retirement 2025 Fund℠**  |  |  |  |
| **Class A**  | .73%  |  |  |
| **Actual**  |  | $1000  | $999.70 <br> $3.68 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1021.53 <br> $3.72 <sup>D</sup> <br>|
| **Fidelity Managed Retirement 2025 Fund℠**  | .48%  |  |  |
| **Actual**  |  | $1000  | $1000.90 <br> $2.42 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.79 <br> $2.45 <sup>D</sup> <br>|
| **Class K**  | .38%  |  |  |
| **Actual**  |  | $1000  | $1001.40 <br> $1.92 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.29 <br> $1.94 <sup>D</sup> <br>|
| **Class K6**  | .28%  |  |  |
| **Actual**  |  | $1000  | $1002.00 <br> $1.41 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.79 <br> $1.43 <sup>D</sup> <br>|
| **Class I**  | .48%  |  |  |
| **Actual**  |  | $1000  | $1000.90 <br> $2.42 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.79 <br> $2.45 <sup>D</sup> <br>|
| **Class Z6**  | .28%  |  |  |
| **Actual**  |  | $1000  | $1002.00 <br> $1.41 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.79 <br> $1.43 <sup>D</sup> <br>|
| **Fidelity Managed Retirement 2030 Fund℠**  |  |  |  |
| **Class A**  | .73%  |  |  |
| **Actual**  |  | $1000  | $1001.50 <br> $3.68 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1021.53 <br> $3.72 <sup>D</sup> <br>|
| **Fidelity Managed Retirement 2030 Fund℠**  | .48%  |  |  |
| **Actual**  |  | $1000  | $1002.90 <br> $2.42 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.79 <br> $2.45 <sup>D</sup> <br>|
| **Class K**  | .38%  |  |  |
| **Actual**  |  | $1000  | $1003.50 <br> $1.92 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.29 <br> $1.94 <sup>D</sup> <br>|
| **Class K6**  | .28%  |  |  |
| **Actual**  |  | $1000  | $1003.90 <br> $1.41 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.79 <br> $1.43 <sup>D</sup> <br>|
| **Class I**  | .48%  |  |  |
| **Actual**  |  | $1000  | $1002.90 <br> $2.42 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.79 <br> $2.45 <sup>D</sup> <br>|
| **Class Z6**  | .28%  |  |  |
| **Actual**  |  | $1000  | $1004.00 <br> $1.41 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.79 <br> $1.43 <sup>D</sup> <br>|
| **Fidelity Managed Retirement 2035 Fund℠**  |  |  |  |
| **Class A**  | .73%  |  |  |
| **Actual**  |  | $1000  | $1040.80 <br> $.98 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1021.53 <br> $3.72 <sup>D</sup> <br>|
| **Fidelity Managed Retirement 2035 Fund℠**  | .48%  |  |  |
| **Actual**  |  | $1000  | $1040.90 <br> $.64 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.79 <br> $2.45 <sup>D</sup> <br>|
| **Class K**  | .38%  |  |  |
| **Actual**  |  | $1000  | $1040.90 <br> $.51 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.29 <br> $1.94 <sup>D</sup> <br>|
| **Class K6**  | .28%  |  |  |
| **Actual**  |  | $1000  | $1040.90 <br> $.38 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.79 <br> $1.43 <sup>D</sup> <br>|
| **Class I**  | .48%  |  |  |
| **Actual**  |  | $1000  | $1040.90 <br> $.64 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.79 <br> $2.45 <sup>D</sup> <br>|
| **Class Z6**  | .28%  |  |  |
| **Actual**  |  | $1000  | $1040.90 <br> $.38 <sup>C</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.79 <br> $1.43 <sup>D</sup> <br>|

---

*A Annualized expense ratio reflects expenses net of applicable fee waivers.*

*B 5% return per year before expenses*

*C Actual expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 / 365 (to reflect the one-half year period) for each fund, with the exception of Fidelity Managed Retirement 2035 Fund℠ and multiplied by 48 / 365 (to reflect the period December 15, 2022 to January 31, 2023) for Fidelity Managed Retirement 2035 Fund℠.*

*D Hypothetical expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).*

**Board Approval of Investment Advisory Contracts**

**Board Approval of Investment Advisory Contracts and Management Fees** 

**Fidelity Managed Retirement Funds** 

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) (the Advisory Contract) for each fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contract, including the services and support provided to each fund and its shareholders. The Board has established four standing committees (Committees) - Operations, Audit, Fair Valuation, and Governance and Nominating - each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of each fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2022 meeting, the Board unanimously determined to renew each fund's Advisory Contract. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and the total expense ratio of a representative class (the retail class); (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered that each fund pays an all-inclusive management fee that covers all operating expenses of the fund, subject to certain exceptions, and varies by class (unified fee) and the underlying Fidelity funds in which the fund invests (Series Funds) do not pay expenses, with certain limited exceptions.

In considering whether to renew the Advisory Contract for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contract was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contract was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.

**Nature, Extent, and Quality of Services Provided.** The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of FMR, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups with responsibility for the Series Funds. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds throughout the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.

<u>Resources Dedicated to Investment Management and Support Services</u> . The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u> . The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by Fidelity under the Advisory Contract and under separate agreements covering transfer agency and pricing and bookkeeping services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family.</u> The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds, ETFs, and share classes with innovative structures, strategies and pricing and making other enhancements to meet investor needs; (iv) broadening eligibility requirements for certain funds and share classes; (v) reducing management fees and total expenses for certain funds and classes; (vi) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (vii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (ix) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.

<u>Investment Performance</u> . The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board considered that each fund's investment objective is intended to support a payment strategy designed to be administered through a complementary systematic withdrawal plan that enables shareholders to receive regular payments from the fund.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the investment adviser about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for each fund for different time periods, measured against one or more appropriate securities market indices, including a customized blended index that reflects the respective weights of the fund's asset classes (each a benchmark index). The Board also receives and considers information about performance attribution. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and discussed with the investment adviser the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses, including acquired fund fees and expenses, but after transaction costs, if any) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, taking into account relevant factors including the following: general market conditions; the extent to which particular underlying funds affected performance; and fund cash flows and other factors. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the representative class and an appropriate benchmark index for the most recent one-, three-, and five-year periods (for Managed Retirement 2030 Fund, the most recent one-year period). No performance peer group information was considered by the Board as Fidelity advised the Board that competitor funds differ significantly in their asset allocation strategy, degree of active management and glidepath construction. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.

**Competitiveness of Management Fee and Total Expense Ratio** . The Board considered each fund's management fee and total expense ratio compared to selected groups of competitive funds and classes (referred to as "mapped groups" below) for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. Combining funds with similar investment objective categories aids the Board's comparisons of management fees and total expense ratios by broadening the competitive group used for such comparisons.

<u>Management Fee.</u> The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked, is also included in the charts and was considered by the Board. The Board considered that the charts below reflect the funds' fee structure effective June 1, 2017, as if it was in effect for the entire year, as applicable.

**Fidelity Managed Retirement 2010 Fund**![](img88913_12.jpg)

**Fidelity Managed Retirement 2015 Fund**![](img88913_13.jpg)

**Fidelity Managed Retirement 2020 Fund**![](img88913_14.jpg)

**Fidelity Managed Retirement 2025 Fund**![](img88913_15.jpg)

**Fidelity Managed Retirement 2030 Fund**![](img88913_15.jpg)

**Fidelity Managed Retirement Income Fund**![](img88913_16.jpg)

The Board compared each fund's class-level management fee rate for the current fiscal year relative to the median of its competitor funds in the applicable Total Mapped Group based on competitive data for 2021. The Board noted that each fund's class-level management fee rate ranks above the median of its competitor funds in the applicable Total Mapped Group based on competitive data for 2021. The Board noted that each fund's unified fee arrangement covers all operating expenses of the fund, subject to certain exceptions, and that the fee structures of the majority of peer funds do not include top-level management fees.

Furthermore, the Board considered that, on March 6, 2019, it had approved an amended and restated management contract for each fund (effective April 1, 2019) that lowered each fund's management fee by 1.5 BP to 17 BP, depending on the vintage, and that the charts above reflect the funds' fee structure for 2019 as if it was in effect for the entire year.

Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

<u>Total Expense Ratio.</u> In its review of the total expense ratio of the representative class (the retail class) of each fund, the Board considered the fund's class-level management fee rate under the Advisory Contract. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under the unified fee arrangement. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund. Each fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the similar sales load structure group that are similar in size and management fee structure. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.

The Board noted that the total net expense ratio of the retail class of each fund (including expenses of the Series Funds) ranked below the similar sales load structure group competitive median for 2021 and below the ASPG competitive median for 2021.

The Board considered that current contractual arrangements for the fund oblige FMR to pay all "class-level" expenses of each of Class Z6 and Class K6 of each fund to the extent necessary to limit total operating expenses, with certain exceptions, to an amount specified in the applicable expense contract. These contractual arrangements may not be amended to increase the fees or expenses payable except by a vote of a majority of the Board.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of each fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability** . The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and the Series Funds in which each fund invests and in servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board** . In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable and that each fund's Advisory Contract should be renewed.

**Board Approval of Investment Advisory Contracts and Management Fees** 

**Fidelity Managed Retirement 2035 Fund** 

At its September 2022 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract (the Advisory Contract) with Fidelity Management & Research Company LLC (FMR) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.

**Nature, Extent, and Quality of Services Provided.** The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of FMR, and also considered the fund's investment objective, strategies, and related investment philosophy. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.

<u>Resources Dedicated to Investment Management and Support Services</u> . The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services.</u> The Board considered the nature, extent, quality, and cost of advisory, administrative, and shareholder services to be performed by Fidelity under the Advisory Contract and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund. The Board also considered the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment Performance</u> . The fund is a new fund and therefore had no historical performance for the Board to review at the time it approved the fund's Advisory Contract. The Board considered FMR's strength in managing asset allocation funds, which the Board is familiar with through its supervision of other horizon date funds. The Board also considered the fact that it oversees funds managed by FMR that have similar investment objectives and policies as the fund.

Based on its review, the Board concluded that the nature, extent, and quality of services to be provided to the fund under the Advisory Contract should benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio** . The Board considered the fund's proposed class-level management fee rates, which will cover most expenses of the top-level fund and underlying Fidelity funds in which the fund invests (Series Funds). In reviewing the Advisory Contract, the Board also considered the projected total expense ratio of each class of the fund. The Board noted that the fund's proposed class-level management fee rates rank above the median of its competitor funds because the majority of such competitor funds do not have top-level management fees. The Board also considered that the projected total expense ratio (including acquired fund fees and expenses) of each class of the fund is below the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure. The Board noted that the difference in management fee rates between classes is the result of separate distribution or service arrangements and/or waivers of certain expenses for different classes. The Board further noted that such difference is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class. The Board considered that the proposed contractual arrangements for the fund oblige FMR to pay all "class-level" expenses of Class K6 and Class Z6 of the fund to the extent necessary to limit total operating expenses of each class (excluding interest, certain taxes, fees and expenses of the Independent Trustees, proxy and shareholder meeting expenses, 12b-1 fees and extraordinary expenses, as well as non-operating expenses such as brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable) to an amount specified in the applicable expense contract. These contractual arrangements may not be amended to increase the fees or expenses payable by Class K6 and Class Z6 of the fund except by a vote of a majority of the Board.

Based on its review, the Board concluded that the management fee and the projected total expense ratio of each class of the fund were reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.

**Costs of the Services and Profitability** . The fund is a new fund and therefore no revenue, cost, or profitability data were available for the Board to review in respect of the fund at the time it approved the Advisory Contract. In connection with its consideration of future renewals of the fund's Advisory Contract, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the Series Funds in which the fund invests and servicing the fund's shareholders.

**Economies of Scale** . The Board will consider economies of scale when there is operating experience to permit assessment thereof. It noted that, notwithstanding the entrepreneurial risk associated with a new fund, the management fee was at a level normally associated with very high fund net assets, and Fidelity asserted to the Board that the level of the fee anticipated economies of scale at lower asset levels even before, if ever, economies of scale are achieved. The Board also noted that the fund and its shareholders would have access to the very considerable number and variety of services available through Fidelity and its affiliates.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contract should be approved.

**Liquidity Risk Management Program**

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Funds have adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage each Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. Each Fund's Board of Trustees (the Board) has designated each Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factor specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.

In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

* Highly liquid investments - cash or convertible to cash within three business days or less 

* Moderately liquid investments - convertible to cash in three to seven calendar days 

* Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days 

* Illiquid investments - cannot be sold or disposed of within seven calendar days 

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.

![](img88913_2.jpg) <br>

1.9881730.105 MRI-SANN-0423

**Fidelity® GNMA Fund**

**Semi-Annual Report**

**January 31, 2023**

![](img88920_1.jpg)

![](img88920_2.jpg)

**Contents**

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| |
|:---|
| **[Investment Summary](#Sec_InvestmentSummary15)** |
| **[Schedule of Investments](#Sec_ScheduleOfInvestments15)** |
| **[Financial Statements](#Sec_FinancialStatements15)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Board Approval of Investment Advisory Contracts](#Sec_Board Approval of Investment Advisory Contracts and Management Fees)** |
| **[Liquidity Risk Management Program](#Sec_Liquidity Risk Management Program)** |

---

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.© 2023 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund 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-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT 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 Fund nor Fidelity Distributors Corporation is a bank.*

**Investment Summary January 31, 2023 (Unaudited)**

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| | |
|:---|:---|
| &nbsp;&nbsp; **Coupon Distribution (% of Fund's Investments)**  | &nbsp;&nbsp; **Coupon Distribution (% of Fund's Investments)**  |
| 0.01 - 0.99%  | 0.4  |
| 1 - 1.99%  | 0.6  |
| 2 - 2.99%  | 29.4  |
| 3 - 3.99%  | 21.7  |
| 4 - 4.99%  | 10.7  |
| 5 - 5.99%  | 4.3  |
| 6 - 6.99%  | 0.6  |
| 7 - 7.99%  | 0.1  |
| 8 - 8.99%  | 0.0  |
| 13 - 13.99%  | 0.0  |
| <br> *Coupon distribution shows the range of stated interest rates on the fund's investments, excluding short-term investments.*  | <br> *Coupon distribution shows the range of stated interest rates on the fund's investments, excluding short-term investments.*  |

---

*Percentages shown as 0.0% may reflect amounts less than 0.05%.*

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88920_5.jpg)  |
| *Short-Term Investments and Net Other Assets (Liabilities) - (39.4)%\**  |
| *Futures and Swaps - 2.4%*  |
| *GNMA Securities - 115.2%*  |
| *Short-Term Investments and Net Other Assets (Liabilities) are not available in the pie chart.*  |
| *Percentages in the above tables are adjusted for the effect of TBA Sale Commitments.*  |

---

**Schedule of Investments January 31, 2023 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Government and Government Agency Obligations - 0.4%**  | &nbsp;&nbsp; **U.S. Government and Government Agency Obligations - 0.4%**  | &nbsp;&nbsp; **U.S. Government and Government Agency Obligations - 0.4%**  |
|  | Principal <br> Amount (a) <br> (000s) <br>| Value ($) <br> (000s) <br>|
| U.S. Treasury Obligations - 0.4%  |  |  |
|  U.S. Treasury Bonds 4% 11/15/52  | 5070  | 5422  |
|  U.S. Treasury Notes 1.125% 8/31/28 (b)(c)  | 4812  | 4212  |
| <br> **TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS** <br> (Cost $10,228)  |  | <br> **9634**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Government Agency - Mortgage Securities - 127.1%**  | &nbsp;&nbsp; **U.S. Government Agency - Mortgage Securities - 127.1%**  | &nbsp;&nbsp; **U.S. Government Agency - Mortgage Securities - 127.1%**  |
|  | Principal <br> Amount (a) <br> (000s) <br>| Value ($) <br> (000s) <br>|
| Fannie Mae - 1.8%  |  |  |
|  12 month U.S. LIBOR + 1.460% 3.151% 1/1/35 (d)(e)  | 35  | 35  |
|  12 month U.S. LIBOR + 1.480% 3.796% 7/1/34 (d)(e)  | 9  | 9  |
|  12 month U.S. LIBOR + 1.530% 1.94% 3/1/36 (d)(e)  | 38  | 39  |
|  12 month U.S. LIBOR + 1.620% 3.2% 3/1/33 (d)(e)  | 33  | 33  |
|  12 month U.S. LIBOR + 1.620% 3.87% 5/1/35 (d)(e)  | 80  | 81  |
|  12 month U.S. LIBOR + 1.630% 3.281% 11/1/36 (d)(e)  | 43  | 44  |
|  12 month U.S. LIBOR + 1.640% 3.895% 6/1/47 (d)(e)  | 53  | 54  |
|  12 month U.S. LIBOR + 1.710% 3.926% 8/1/35 (d)(e)  | 104  | 106  |
|  12 month U.S. LIBOR + 1.890% 3.221% 8/1/35 (d)(e)  | 66  | 67  |
|  6 month U.S. LIBOR + 1.510% 4.416% 2/1/33 (d)(e)  | 8  | 8  |
|  6 month U.S. LIBOR + 1.530% 2.785% 12/1/34 (d)(e)  | 13  | 13  |
|  6 month U.S. LIBOR + 1.530% 2.835% 3/1/35 (d)(e)  | 22  | 22  |
|  6 month U.S. LIBOR + 1.550% 3.926% 9/1/33 (d)(e)  | 143  | 146  |
|  6 month U.S. LIBOR + 1.550% 4.011% 10/1/33 (d)(e)  | 6  | 6  |
|  6 month U.S. LIBOR + 1.560% 4.038% 7/1/35 (d)(e)  | 11  | 11  |
|  U.S. TREASURY 1 YEAR INDEX + 2.180% 3.721% 7/1/36 (d)(e)  | 38  | 39  |
|  U.S. TREASURY 1 YEAR INDEX + 2.280% 4.407% 10/1/33 (d)(e)  | 16  | 17  |
|  U.S. TREASURY 1 YEAR INDEX + 2.460% 3.986% 7/1/34 (d)(e)  | 158  | 162  |
|  U.S. TREASURY 1 YEAR INDEX + 2.460% 4.585% 9/1/34 (d)(e)  | 24  | 24  |
|  2.5% 2/1/52  | 3187  | 2804  |
|  3% 2/1/33 to 3/1/52  | 2785  | 2645  |
|  3.5% 1/1/52 to 4/1/52  | 17706  | 16636  |
|  4% 9/1/52  | 1186  | 1152  |
|  4.5% 7/1/52  | 597  | 590  |
|  5% 10/1/52 to 12/1/52  | 7424  | 7561  |
|  5.5% 11/1/52 to 12/1/52  | 12025  | 12264  |
|  6% 11/1/52  | 2230  | 2303  |
|  8.5% 12/1/27  | 10  | 10  |
|  TOTAL FANNIE MAE  |  | 46881  |
| Freddie Mac - 4.0%  |  |  |
|  12 month U.S. LIBOR + 1.860% 3.239% 4/1/36 (d)(e)  | 51  | 52  |
|  12 month U.S. LIBOR + 1.860% 4.11% 8/1/34 (d)(e)  | 46  | 46  |
|  12 month U.S. LIBOR + 1.960% 3.711% 6/1/33 (d)(e)  | 220  | 223  |
|  12 month U.S. LIBOR + 2.030% 4.158% 3/1/33 (d)(e)  | 1  | 1  |
|  6 month U.S. LIBOR + 1.580% 5.08% 12/1/35 (d)(e)  | 0  | 0  |
|  6 month U.S. LIBOR + 1.880% 3.488% 10/1/36 (d)(e)  | 121  | 121  |
|  6 month U.S. LIBOR + 1.990% 3.665% 10/1/35 (d)(e)  | 65  | 66  |
|  U.S. TREASURY 1 YEAR INDEX + 2.030% 2.975% 6/1/33 (d)(e)  | 97  | 98  |
|  U.S. TREASURY 1 YEAR INDEX + 2.230% 4.337% 12/1/35 (d)(e)  | 421  | 430  |
|  U.S. TREASURY 1 YEAR INDEX + 2.260% 3.229% 6/1/33 (d)(e)  | 178  | 180  |
|  U.S. TREASURY 1 YEAR INDEX + 2.430% 4.061% 3/1/35 (d)(e)  | 350  | 358  |
|  2.5% 1/1/52  | 2585  | 2274  |
|  3% 2/1/34 to 6/1/51  | 5397  | 5202  |
|  3.5% 9/1/51 to 3/1/52  | 15982  | 15093  |
|  4.5% 9/1/52  | 51765  | 51120  |
|  5% 10/1/52 to 12/1/52  | 20445  | 20611  |
|  5.5% 12/1/52 to 1/1/53  | 5834  | 5927  |
|  TOTAL FREDDIE MAC  |  | 101802  |
| Ginnie Mae - 115.2%  |  |  |
|  3% 5/15/27 to 12/20/50  | 276258  | 256913  |
|  3.5% 9/15/26 to 5/20/50 (b)(c)  | 259985  | 250279  |
|  3.7% 10/15/42  | 4310  | 4161  |
|  4% 5/15/44  | 879  | 863  |
|  4.5% 7/15/33 to 11/20/52  | 99630  | 99409  |
|  4.75% 7/15/40  | 356  | 359  |
|  4.875% 9/15/39 to 12/15/39  | 3247  | 3284  |
|  5.09% 4/15/36 to 11/15/36  | 3051  | 3091  |
|  5.15% 2/15/36 to 4/15/36  | 148  | 150  |
|  5.2% 7/15/36  | 50  | 51  |
|  5.25% 4/15/36 to 4/15/37  | 174  | 177  |
|  5.39% 5/15/36  | 46  | 47  |
|  5.45% 2/15/37  | 427  | 438  |
|  5.5% 7/20/24 to 2/20/42  | 4154  | 4318  |
|  5.6% 11/15/36  | 138  | 144  |
|  5.85% 1/15/37  | 54  | 57  |
|  6.45% 1/15/32 to 8/15/32  | 102  | 106  |
|  6.5% 9/15/23 to 1/15/39  | 2940  | 3108  |
|  7% to 7% 4/15/23 to 9/20/34  | 6408  | 6710  |
|  7.25% 9/15/27  | 21  | 22  |
|  7.5% to 7.5% 2/15/23 to 8/20/32  | 2225  | 2338  |
|  8% 12/15/23 to 9/15/31  | 551  | 576  |
|  8.5% 9/15/30 to 2/15/31  | 108  | 116  |
|  9% 9/15/23 to 5/15/30  | 2  | 3  |
|  2% 9/20/50 to 4/20/51  | 249534  | 217031  |
|  2% 2/1/53 (f)  | 146100  | 126349  |
|  2% 2/1/53 (f)  | 182600  | 157915  |
|  2% 2/1/53 (f)  | 73150  | 63261  |
|  2% 2/1/53 (f)  | 57900  | 50073  |
|  2% 3/1/53 (f)  | 36500  | 31591  |
|  2% 3/1/53 (f)  | 157750  | 136535  |
|  2% 3/1/53 (f)  | 47450  | 41069  |
|  2% 3/1/53 (f)  | 31700  | 27437  |
|  2% 3/1/53 (f)  | 39350  | 34058  |
|  2.25% 5/20/50  | 2162  | 1877  |
|  2.375% 5/20/50  | 1392  | 1219  |
|  2.5% 3/15/28 to 10/20/52  | 337602  | 303062  |
|  2.5% 2/1/53 (f)  | 167300  | 149211  |
|  2.5% 2/1/53 (f)  | 78250  | 69789  |
|  2.5% 2/1/53 (f)  | 62500  | 55742  |
|  2.5% 2/1/53 (f)  | 52700  | 47002  |
|  2.5% 3/1/53 (f)  | 81050  | 72334  |
|  2.5% 3/1/53 (f)  | 161150  | 143821  |
|  2.625% 5/20/50  | 4015  | 3585  |
|  2.75% 5/20/50  | 1981  | 1783  |
|  3% 2/1/53 (f)  | 160100  | 147081  |
|  3% 2/1/53 (f)  | 40050  | 36793  |
|  3% 2/1/53 (f)  | 23200  | 21313  |
|  3.25% 2/20/41 to 7/20/46  | 880  | 798  |
|  3.375% 5/20/50  | 458  | 430  |
|  3.5% 2/1/53 (f)  | 59350  | 56164  |
|  3.5% 2/1/53 (f)  | 52200  | 49398  |
|  3.74% 7/20/42 to 8/20/42  | 329  | 318  |
|  3.75% 10/20/41 to 7/20/47  | 17674  | 17149  |
|  4% 2/20/33 to 1/20/50  | 185806  | 182838  |
|  4.25% 1/20/46  | 299  | 299  |
|  5% 6/20/29 to 7/20/48  | 45306  | 46112  |
|  5.35% 4/20/29 to 12/20/30  | 4069  | 4110  |
|  5.75% 9/20/39 to 9/20/40  | 6223  | 6558  |
|  6% to 6% 12/15/23 to 3/15/39  | 6084  | 6339  |
|  7.395% 7/20/25 to 2/20/27  | 113  | 116  |
|  TOTAL GINNIE MAE  |  | 2947280  |
| Uniform Mortgage Backed Securities - 6.1%  |  |  |
|  1.5% 2/1/53 (f)  | 9100  | 7272  |
|  1.5% 3/1/53 (f)  | 5600  | 4480  |
|  3% 2/1/53 (f)  | 10150  | 9213  |
|  3% 2/1/53 (f)  | 5200  | 4720  |
|  3% 2/1/53 (f)  | 2550  | 2315  |
|  3% 2/1/53 (f)  | 2300  | 2088  |
|  3% 3/1/53 (f)  | 1450  | 1317  |
|  3% 3/1/53 (f)  | 1000  | 908  |
|  3% 3/1/53 (f)  | 1000  | 908  |
|  3% 3/1/53 (f)  | 400  | 363  |
|  3.5% 2/1/53 (f)  | 18650  | 17503  |
|  3.5% 2/1/53 (f)  | 1175  | 1103  |
|  3.5% 2/1/53 (f)  | 38300  | 35945  |
|  4% 2/1/53 (f)  | 2525  | 2437  |
|  4% 2/1/53 (f)  | 475  | 459  |
|  4% 2/1/53 (f)  | 3000  | 2896  |
|  4.5% 2/1/53 (f)  | 17900  | 17680  |
|  5% 2/1/53 (f)  | 20400  | 20481  |
|  5.5% 2/1/53 (f)  | 16500  | 16763  |
|  5.5% 3/1/53 (f)  | 6450  | 6548  |
|  TOTAL UNIFORM MORTGAGE BACKED SECURITIES  |  | 155399  |
| <br> **TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES** <br> (Cost $3,324,627)  |  | <br> **3251362**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Collateralized Mortgage Obligations - 11.7%**  | &nbsp;&nbsp; **Collateralized Mortgage Obligations - 11.7%**  | &nbsp;&nbsp; **Collateralized Mortgage Obligations - 11.7%**  |
|  | Principal <br> Amount (a) <br> (000s) <br>| Value ($) <br> (000s) <br>|
| U.S. Government Agency - 11.7%  |  |  |
|  Fannie Mae:  |  |  |
|  planned amortization class Series G93-32 Class PJ, 6.75% 9/25/23  | 58  | 58  |
|  Series 2016-3 Class IP, 4% 2/25/46 (g)  | 17117  | 3134  |
|  Series 2016-78 Class IO, 3.5% 11/25/46 (g)  | 4311  | 688  |
|  Series 2017-74 Class SH, 6.200% - 1 month U.S. LIBOR 1.6941% 10/25/47 (d)(g)(h)  | 13870  | 1680  |
|  Fannie Mae Stripped Mortgage-Backed Securities:  |  |  |
|  Series 331 Class 12, 6.5% 2/25/33 (d)(g)  | 100  | 17  |
|  Series 339 Class 5, 5.5% 7/25/33 (g)  | 125  | 21  |
|  Series 343 Class 16, 5.5% 5/25/34 (g)  | 117  | 19  |
|  Freddie Mac:  |  |  |
|  planned amortization class:  |  |  |
|  Series 2220 Class PD, 8% 3/15/30 <br>| 267  | 280  |
|  Series 40 Class K, 6.5% 8/17/24 <br>| 10  | 10  |
|  sequential payer Series 2204 Class N, 7.5% 12/20/29  | 487  | 509  |
|  Series 2018-4763 Class SC, 6.200% - 1 month U.S. LIBOR 1.741% 8/15/47 (d)(g)(h)  | 6189  | 722  |
|  Ginnie Mae Series 2011-93 Class SA, 6.660% - 1 month U.S. LIBOR 2.1743% 7/20/41 (d)(g)(h)  | 7327  | 988  |
|  Ginnie Mae guaranteed REMIC pass-thru certificates:  |  |  |
|  floater:  |  |  |
|  Series 2007-37 Class TS, 6.690% - 1 month U.S. LIBOR 2.231% 6/16/37 (d)(g)(h) <br>| 654  | 74  |
|  Series 2008-51 Class FE, 1 month U.S. LIBOR + 0.750% 5.209% 6/16/38 (d)(e) <br>| 165  | 165  |
|  Series 2008-57 Class AF, 1 month U.S. LIBOR + 0.580% 5.0657% 7/20/38 (d)(e) <br>| 431  | 431  |
|  Series 2010-130 Class KF, 1 month U.S. LIBOR + 0.650% 5.109% 10/16/40 (d)(e) <br>| 805  | 805  |
|  Series 2010-H03 Class FA, 1 month U.S. LIBOR + 0.550% 4.9369% 3/20/60 (d)(e)(i) <br>| 7759  | 7734  |
|  Series 2010-H17 Class FA, 1 month U.S. LIBOR + 0.330% 4.7169% 7/20/60 (d)(e)(i) <br>| 6485  | 6435  |
|  Series 2010-H18 Class AF, 1 month U.S. LIBOR + 0.300% 4.4849% 9/20/60 (d)(e)(i) <br>| 8054  | 7994  |
|  Series 2010-H19 Class FG, 1 month U.S. LIBOR + 0.300% 4.4849% 8/20/60 (d)(e)(i) <br>| 6216  | 6168  |
|  Series 2010-H27 Class FA, 1 month U.S. LIBOR + 0.380% 4.5649% 12/20/60 (d)(e)(i) <br>| 2862  | 2844  |
|  Series 2011-H05 Class FA, 1 month U.S. LIBOR + 0.500% 4.6849% 12/20/60 (d)(e)(i) <br>| 2856  | 2845  |
|  Series 2011-H07 Class FA, 1 month U.S. LIBOR + 0.500% 4.6849% 2/20/61 (d)(e)(i) <br>| 557  | 554  |
|  Series 2011-H12 Class FA, 1 month U.S. LIBOR + 0.490% 4.6749% 2/20/61 (d)(e)(i) <br>| 3422  | 3407  |
|  Series 2011-H13 Class FA, 1 month U.S. LIBOR + 0.500% 4.6849% 4/20/61 (d)(e)(i) <br>| 2367  | 2356  |
|  Series 2011-H14: <br>|  |  |
|  Class FB, 1 month U.S. LIBOR + 0.500% 4.6849% 5/20/61 (d)(e)(i) <br>| 3947  | 3931  |
|  Class FC, 1 month U.S. LIBOR + 0.500% 4.6849% 5/20/61 (d)(e)(i) <br>| 2824  | 2813  |
|  Series 2011-H17 Class FA, 1 month U.S. LIBOR + 0.530% 4.7149% 6/20/61 (d)(e)(i) <br>| 3446  | 3434  |
|  Series 2011-H21 Class FA, 1 month U.S. LIBOR + 0.600% 4.7849% 10/20/61 (d)(e)(i) <br>| 3943  | 3933  |
|  Series 2012-48 Class FA, 1 month U.S. LIBOR + 0.350% 4.809% 4/16/42 (d)(e) <br>| 309  | 305  |
|  Series 2012-76 Class GF 1 month U.S. LIBOR + 0.300% 4.759% 6/16/42 (d)(e) <br>| 361  | 358  |
|  Series 2012-H01 Class FA, 1 month U.S. LIBOR + 0.700% 4.8849% 11/20/61 (d)(e)(i) <br>| 3755  | 3749  |
|  Series 2012-H03 Class FA, 1 month U.S. LIBOR + 0.700% 4.8849% 1/20/62 (d)(e)(i) <br>| 2123  | 2120  |
|  Series 2012-H06 Class FA, 1 month U.S. LIBOR + 0.630% 4.8149% 1/20/62 (d)(e)(i) <br>| 3434  | 3425  |
|  Series 2012-H07 Class FA, 1 month U.S. LIBOR + 0.630% 4.8149% 3/20/62 (d)(e)(i) <br>| 1710  | 1701  |
|  Series 2012-H21 Class DF, 1 month U.S. LIBOR + 0.650% 4.8349% 5/20/61 (d)(e)(i) <br>| 30  | 30  |
|  Series 2015-H13 Class FL, 1 month U.S. LIBOR + 0.280% 4.4649% 5/20/63 (d)(e)(i) <br>| 26  | 26  |
|  Series 2015-H19 Class FA, 1 month U.S. LIBOR + 0.200% 4.3849% 4/20/63 (d)(e)(i) <br>| 41  | 41  |
|  Series 2016-12 Class FA, 1 month U.S. LIBOR + 0.350% 4.8357% 1/20/46 (d)(e) <br>| 802  | 786  |
|  Series 2019-42 Class FK, 1 month U.S. LIBOR + 0.450% 4.9357% 4/20/49 (d)(e) <br>| 5710  | 5622  |
|  planned amortization class:  |  |  |
|  Series 2003-74 Class PZ, 5.5% 8/20/33 <br>| 2784  | 2860  |
|  Series 2004-19 Class DP, 5.5% 3/20/34 <br>| 1  | 1  |
|  Series 2005-24 Class TC, 5.5% 3/20/35 <br>| 1914  | 1960  |
|  Series 2005-57 Class PB, 5.5% 7/20/35 <br>| 2816  | 2934  |
|  Series 2006-50 Class JC, 5% 6/20/36 <br>| 557  | 556  |
|  Series 2010-158 Class MS, 10.000% - 1 month U.S. LIBOR 1.0286% 12/20/40 (d)(h) <br>| 2307  | 2027  |
|  Series 2011-136 Class WI, 4.5% 5/20/40 (g) <br>| 204  | 14  |
|  Series 2015-24 Class PI, 3.5% 2/20/45 (g) <br>| 8908  | 1367  |
|  Series 2016-69 Class WA, 3% 2/20/46 <br>| 1071  | 1014  |
|  Series 2017-134 Class BA, 2.5% 11/20/46 <br>| 464  | 429  |
|  Series 2017-139 Class K, 3% 8/20/47 <br>| 15233  | 14324  |
|  Series 2017-153 Class GA, 3% 9/20/47 <br>| 3006  | 2806  |
|  Series 2017-182 Class KA, 3% 10/20/47 <br>| 2309  | 2160  |
|  Series 2018-13 Class Q, 3% 4/20/47 <br>| 2954  | 2798  |
|  sequential payer:  |  |  |
|  Series 2003-75 Class ZA, 5.5% 9/20/33 <br>| 846  | 877  |
|  Series 2004-24 Class ZM, 5% 4/20/34 <br>| 1766  | 1759  |
|  Series 2004-46 Class BZ, 6% 6/20/34 <br>| 1064  | 1091  |
|  Series 2004-86 Class G, 6% 10/20/34 <br>| 6273  | 6626  |
|  Series 2005-26 Class ZA, 5.5% 1/20/35 <br>| 8013  | 8312  |
|  Series 2005-47 Class ZY, 6% 6/20/35 <br>| 5764  | 6007  |
|  Series 2005-6 Class EX, 5.5% 11/20/34 <br>| 1001  | 1045  |
|  Series 2005-82 Class JV, 5% 6/20/35 <br>| 1519  | 1556  |
|  Series 2006-2 Class Z, 5.5% 1/20/36 <br>| 3500  | 3634  |
|  Series 2010-160 Class DY, 4% 12/20/40 <br>| 15255  | 15038  |
|  Series 2010-168 Class BG, 4% 4/20/40 <br>| 6374  | 6255  |
|  Series 2010-170 Class B, 4% 12/20/40 <br>| 2413  | 2378  |
|  Series 2011-21 Class SB, 9.500% - 1 month U.S. LIBOR 0.582% 2/16/41 (d)(h) <br>| 5372  | 4720  |
|  Series 2011-72 Class SE, 7.420% - 1 month U.S. LIBOR 1.1774% 5/16/41 (d)(h) <br>| 10030  | 8882  |
|  Series 2017-139 Class BA, 3% 9/20/47 <br>| 5095  | 4672  |
|  Series 2018-H12 Class HA, 3.25% 8/20/68 (i) <br>| 13711  | 13251  |
|  Series 2004-32:  |  |  |
|  Class GS, 6.500% - 1 month U.S. LIBOR 2.041% 5/16/34 (d)(g)(h) <br>| 209  | 17  |
|  Class SG, 6.500% - 1 month U.S. LIBOR 2.0143% 3/20/33 (d)(g)(h) <br>| 2671  | 171  |
|  Series 2004-59 Class SC, 7.200% - 1 month U.S. LIBOR 2.741% 8/16/34 (d)(g)(h)  | 1213  | 126  |
|  Series 2004-73 Class AL, 7.200% - 1 month U.S. LIBOR 2.741% 8/17/34 (d)(g)(h)  | 363  | 44  |
|  Series 2005-13 Class SA, 6.800% - 1 month U.S. LIBOR 2.3143% 2/20/35 (d)(g)(h)  | 2044  | 176  |
|  Series 2005-6 Class EY, 5.5% 11/20/33  | 1016  | 1034  |
|  Series 2005-82 Class NS, 6.300% - 1 month U.S. LIBOR 1.8143% 7/20/34 (d)(g)(h)  | 2078  | 209  |
|  Series 2006-13 Class DS, 11.100% - 1 month U.S. LIBOR 4.3714% 3/20/36 (d)(h)  | 2151  | 2221  |
|  Series 2007-35 Class SC, 40.200% - 1 month U.S. LIBOR 13.446% 6/16/37 (d)(h)  | 490  | 586  |
|  Series 2009-13 Class E, 4.5% 3/16/39  | 1805  | 1808  |
|  Series 2009-42 Class AY, 5% 6/16/37  | 1247  | 1263  |
|  Series 2010-14 Class SN, 5.950% - 1 month U.S. LIBOR 1.491% 2/16/40 (d)(g)(h)  | 1465  | 97  |
|  Series 2010-H10 Class FA, 1 month U.S. LIBOR + 0.330% 4.7169% 5/20/60 (d)(e)(i)  | 4523  | 4491  |
|  Series 2011-52 Class HI, 7% 4/16/41 (g)  | 298  | 47  |
|  Series 2011-54 Class SA, 6.000% - 1 month U.S. LIBOR 1.5143% 4/20/41 (d)(g)(h)  | 3404  | 354  |
|  Series 2012-103 Class IL, 3% 8/20/27 (g)  | 7755  | 326  |
|  Series 2012-75 Class SA, 6.050% - 1 month U.S. LIBOR 1.5643% 6/20/42 (d)(g)(h)  | 6724  | 773  |
|  Series 2012-76 Class GS, 6.700% - 1 month U.S. LIBOR 2.241% 6/16/42 (d)(g)(h)  | 1097  | 114  |
|  Series 2013-149 Class MA, 2.5% 5/20/40  | 11403  | 10933  |
|  Series 2013-182 Class IQ, 4.5% 12/16/43 (g)  | 2956  | 502  |
|  Series 2013-39 Class GS, 9.500% - 1 month U.S. LIBOR 0.5286% 3/20/41 (d)(h)  | 13449  | 11879  |
|  Series 2014-133 Class IB, 5% 9/20/44 (g)  | 2868  | 559  |
|  Series 2014-146 Class EI, 5% 10/20/44 (g)  | 5483  | 1112  |
|  Series 2014-154 Class IO, 5% 10/20/44 (g)  | 1106  | 224  |
|  Series 2014-158 Class ID, 5% 10/20/44 (g)  | 4784  | 987  |
|  Series 2014-178 Class IO, 5% 11/20/44 (g)  | 6857  | 1363  |
|  Series 2014-2 Class BA, 3% 1/20/44  | 3678  | 3434  |
|  Series 2014-21 Class HA, 3% 2/20/44  | 1357  | 1269  |
|  Series 2014-25 Class HC, 3% 2/20/44  | 2337  | 2185  |
|  Series 2014-5 Class A, 3% 1/20/44  | 2013  | 1880  |
|  Series 2015-117 Class KI, 5% 8/20/45 (g)  | 6575  | 1290  |
|  Series 2015-14 Class IO, 5% 10/20/44 (g)  | 7453  | 1486  |
|  Series 2015-79 Class IC, 5% 5/20/45 (g)  | 3570  | 701  |
|  Series 2015-H21:  |  |  |
|  Class HZ, 4.2796% 6/20/63 (d)(i) <br>| 440  | 434  |
|  Class JZ, 4.2426% 6/20/65 (d)(i) <br>| 419  | 414  |
|  Series 2016-146 Class AL, 5.7075% 5/20/40 (d)  | 2364  | 2454  |
|  Series 2016-17 Class A, 3% 2/16/46  | 14823  | 14014  |
|  Series 2016-171 Class BI, 5% 10/20/44 (g)  | 6687  | 1333  |
|  Series 2017-186 Class HK, 3% 11/16/45  | 6960  | 6513  |
|  Series 2017-75 Class PT, 5.7441% 4/20/47 (d)  | 8184  | 8504  |
|  Series 2017-H06 Class FA, U.S. TREASURY 1 YEAR INDEX + 0.350% 5.08% 8/20/66 (d)(e)(i)  | 10261  | 10214  |
| <br> **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br> (Cost $328,188)  |  | <br> **301106**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Commercial Mortgage Securities - 0.2%**  | &nbsp;&nbsp; **Commercial Mortgage Securities - 0.2%**  | &nbsp;&nbsp; **Commercial Mortgage Securities - 0.2%**  |
|  | Principal <br> Amount (a) <br> (000s) <br>| Value ($) <br> (000s) <br>|
|  Freddie Mac Series 2022-K150 Class A2, 3.71% 11/25/32  | 5000  | 4857  |
|  Ginnie Mae guaranteed Multi-family REMIC pass-thru securities sequential payer Series 2001-58 Class X, 0.4902% 9/16/41 (d)(g)  | 284  | 0  |
|  Ginnie Mae guaranteed REMIC pass-thru certificates:  |  |  |
|  sequential payer Series 2002-81 Class IO, 0.9792% 9/16/42 (d)(g)  | 1419  | 0  |
|  Series 2002-62 Class IO, 1.1663% 8/16/42 (d)(g)  | 655  | 0  |
| <br> **TOTAL COMMERCIAL MORTGAGE SECURITIES** <br> (Cost $10,339)  |  | **4857**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 25.5%**  | &nbsp;&nbsp; **Money Market Funds - 25.5%**  | &nbsp;&nbsp; **Money Market Funds - 25.5%**  |
|  | Shares  | Value ($) <br> (000s) <br>|
|  Fidelity Cash Central Fund 4.38% (j) <br>(Cost $651,938) <br>| 651807763  | **651938**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 164.9%** <br> (Cost $4,325,320) <br>| <br>**4218897**  |
| **NET OTHER ASSETS (LIABILITIES) - (64.9)%**  | **(1660360)**  |
| **NET ASSETS - 100.0%**  | **2558537**  |

---

---

| | | |
|:---|:---|:---|
| **TBA Sale Commitments**  | **TBA Sale Commitments**  | **TBA Sale Commitments**  |
|  | Principal <br> Amount (a) <br> (000s)  | Value ($) <br>(000s) <br>|
| Ginnie Mae  |  |  |
|  2% 2/1/53  | (36500)  | (31566)  |
|  2% 2/1/53  | (19300)  | (16691)  |
|  2% 2/1/53  | (12500)  | (10810)  |
|  2% 2/1/53  | (157750)  | (136424)  |
|  2% 2/1/53  | (47450)  | (41035)  |
|  2% 2/1/53  | (31700)  | (27415)  |
|  2% 2/1/53  | (39350)  | (34030)  |
|  2.5% 2/1/53  | (81050)  | (72287)  |
|  2.5% 2/1/53  | (161150)  | (143726)  |
|  3.5% 2/1/53  | (38300)  | (36241)  |
| TOTAL GINNIE MAE  |  | (550225)  |
| Uniform Mortgage Backed Securities  |  |  |
|  1.5% 2/1/53  | (5600)  | (4475)  |
|  3% 2/1/53  | (15900)  | (14432)  |
|  3% 2/1/53  | (1450)  | (1316)  |
|  3% 2/1/53  | (1000)  | (908)  |
|  3% 2/1/53  | (1000)  | (908)  |
|  3% 2/1/53  | (400)  | (363)  |
|  3.5% 2/1/53  | (16100)  | (15110)  |
|  3.5% 2/1/53  | (17000)  | (15955)  |
|  3.5% 2/1/53  | (38300)  | (35945)  |
|  4% 2/1/53  | (3000)  | (2896)  |
|  4% 2/1/53  | (3000)  | (2896)  |
|  4.5% 2/1/53  | (24000)  | (23706)  |
|  5% 2/1/53  | (150)  | (151)  |
|  5% 2/1/53  | (25000)  | (25100)  |
|  5.5% 2/1/53  | (6450)  | (6553)  |
|  5.5% 2/1/53  | (6700)  | (6807)  |
|  5.5% 2/1/53  | (1750)  | (1778)  |
| TOTAL UNIFORM MORTGAGE BACKED SECURITIES  |  | (159299)  |
| **TOTAL TBA SALE COMMITMENTS** <br> (Proceeds $710,136)  |  | <br> **(709524)**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  |
|  | Number <br> of contracts  | Expiration <br> Date  | Notional <br> Amount ($) <br> (000s) <br>| Value ($) <br> (000s) <br>| Unrealized <br> Appreciation/ <br> (Depreciation) ($) <br> (000s) <br>|
| Purchased  |  |  |  |  |  |
| Treasury Contracts  |  |  |  |  |  |
| CBOT 2-Year U.S. Treasury Note Contracts (United States)  | 634  | Mar 2023  | 130381  | 453  | 453  |
| CBOT 5-Year U.S. Treasury Note Contracts (United States)  | 587  | Mar 2023  | 64125  | (221)  | (221)  |
| TOTAL PURCHASED  |  |  |  |  | 232  |
| Sold  |  |  |  |  |  |
| Treasury Contracts  |  |  |  |  |  |
| CBOT 10-Year U.S. Treasury Note Contracts (United States)  | 1278  | Mar 2023  | 146351  | (1829)  | (1829)  |
| CBOT Long Term U.S. Treasury Bond Contracts (United States)  | 714  | Mar 2023  | 92731  | (2885)  | (2885)  |
| TOTAL SOLD  |  |  |  |  | (4714)  |
| **TOTAL FUTURES CONTRACTS**  |  |  |  |  | **(4482)**  |
| The notional amount of futures purchased as a percentage of Net Assets is 7.6%  | The notional amount of futures purchased as a percentage of Net Assets is 7.6%  | The notional amount of futures purchased as a percentage of Net Assets is 7.6%  | The notional amount of futures purchased as a percentage of Net Assets is 7.6%  | The notional amount of futures purchased as a percentage of Net Assets is 7.6%  | The notional amount of futures purchased as a percentage of Net Assets is 7.6%  |
| The notional amount of futures sold as a percentage of Net Assets is 9.3%  | The notional amount of futures sold as a percentage of Net Assets is 9.3%  | The notional amount of futures sold as a percentage of Net Assets is 9.3%  | The notional amount of futures sold as a percentage of Net Assets is 9.3%  | The notional amount of futures sold as a percentage of Net Assets is 9.3%  | The notional amount of futures sold as a percentage of Net Assets is 9.3%  |

---

For the period, the average monthly notional amount at value for futures contracts in the aggregate was $387,608,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps**  | **Interest Rate Swaps**  | **Interest Rate Swaps**  | **Interest Rate Swaps**  | **Interest Rate Swaps**  | **Interest Rate Swaps**  | **Interest Rate Swaps**  | **Interest Rate Swaps**  | **Interest Rate Swaps**  |
| Payment Received  | Payment <br> Frequency  | Payment Paid  | Payment <br> Frequency <br> Clearinghouse / <br> Counterparty <sup>(1)</sup>  | Maturity <br> Date  | Notional <br> Amount (000s) <sup>(2)</sup>  | Value ($) <br> (000s)  | Upfront <br> Premium <br> Received/ <br> (Paid) ($) (000s) <sup>(3)</sup>  | Unrealized <br> Appreciation/ <br> (Depreciation) ($) <br> (000s) <br>|
| 4.5%  | Annual  | U.S. Secured Overnight Fin. Rate (SOFR) Index <sup>(4)</sup>  | Annual <br> LCH  | Mar 2025  | 7421  | (10)  | 0  | (10)  |
| 4%  | Annual  | U.S. Secured Overnight Fin. Rate (SOFR) Index <sup>(4)</sup>  | Annual <br> LCH  | Mar 2028  | 3429  | 1  | 0  | 1  |
| 3.75%  | Annual  | U.S. Secured Overnight Fin. Rate (SOFR) Index <sup>(4)</sup>  | Annual <br> LCH  | Mar 2033  | 1296  | (1)  | 0  | (1)  |
| 3.25%  | Annual  | U.S. Secured Overnight Fin. Rate (SOFR) Index <sup>(4)</sup>  | Annual <br> LCH  | Mar 2053  | 3655  | (78)  | 0  | (78)  |
| **TOTAL INTEREST RATE SWAPS**  |  |  |  |  |  | **(88)**  | **0**  | **(88)**  |

---

(1)Swaps with LCH Clearnet Group (LCH) are centrally cleared over-the-counter (OTC) swaps.

(2)Notional amount is stated in U.S. Dollars unless otherwise noted.

(3)Any premiums for centrally cleared over-the-counter (OTC) swaps are recorded periodically throughout the term of the swap to variation margin and included in unrealized appreciation (depreciation).

(4)Represents floating rate.

*Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.*

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $5,323,000.

(c) Security or a portion of the security was pledged to cover margin requirements for centrally cleared OTC swaps. At period end, the value of securities pledged amounted to $638,000.

(d) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(e) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

(f) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(g) Interest Only (IO) security represents the right to receive only monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool as of the end of the period.

(h) Coupon is inversely indexed to a floating interest rate multiplied by a specified factor. The price may be considerably more volatile than the price of a comparable fixed rate security.

(i) Represents an investment in an underlying pool of reverse mortgages which typically do not require regular principal and interest payments as repayment is deferred until a maturity event.

(j) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate (Amounts in thousands)  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.38%  | 877434  | 481479  | 706975  | 11697  | -  | -  | 651938  | 1.4%  |
|  Fidelity Securities Lending Cash Central Fund 4.38%  | -  | 11389  | 11389  | -  | -  | -  | -  | 0.0%  |
| Total  | 877434  | 492868  | 718364  | 11697  | -  | -  | 651938  |  |

---

Amounts in the dividend 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.

Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of January 31, 2023, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description** <br> **(Amounts in thousands)**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  U.S. Government and Government Agency Obligations  | 9634  | -  | 9634  | -  |
|  U.S. Government Agency - Mortgage Securities  | 3251362  | -  | 3251362  | -  |
|  Collateralized Mortgage Obligations  | 301106  | -  | 301106  | -  |
|  Commercial Mortgage Securities  | 4857  | -  | 4857  | -  |
|  Money Market Funds  | 651938  | 651938  | -  | -  |
| **Total Investments in Securities:**  | 4218897  | 651938  | 3566959  | -  |
| **<u>Derivative Instruments:</u>**  |  |  |  |  |
|  **Assets**  |  |  |  |  |
| Futures Contracts  | 453  | 453  | -  | -  |
| Swaps  | 1  | -  | 1  | -  |
| Total Assets  | 454  | 453  | 1  | -  |
|  **Liabilities**  |  |  |  |  |
| Futures Contracts  | (4935)  | (4935)  | -  | -  |
| Swaps  | (89)  | -  | (89)  | -  |
| Total Liabilities  | (5024)  | (4935)  | (89)  | -  |
| **Total Derivative Instruments:**  | (4570)  | (4482)  | (88)  | -  |
| **<u>Other Financial Instruments:</u>**  |  |  |  |  |
|  TBA Sale Commitments  | (709524)  | -  | (709524)  | -  |
| **Total Other Financial Instruments:**  | (709524)  | -  | (709524)  | -  |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2023. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value**  | **Value**  |
| <br> **(Amounts in thousands)**  | **Asset ($)**  | **Liability ($)**  |
| **Interest Rate Risk**  |  |  |
| Futures Contracts (a)  | 453  | (4935)  |
| Swaps (b)  | 1  | (89)  |
| **Total Interest Rate Risk**  | 454  | (5024)  |
| **Total Value of Derivatives**  | 454  | (5024)  |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

(b)For centrally cleared over-the-counter (OTC) swaps, reflects gross cumulative appreciation (depreciation) as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin for centrally cleared OTC swaps is included in receivable or payable for daily variation margin on centrally cleared OTC swaps, and the net cumulative appreciation (depreciation) for centrally cleared OTC swaps is included in Total accumulated earnings (loss).

**Financial Statements** **(Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  **Amounts in thousands (except per-share amount)**  |  | **January 31, 2023** <br> **(Unaudited)**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  |  |  |
|  Unaffiliated issuers (cost $3,673,382)  | $3566959  |  |
|  Fidelity Central Funds (cost $651,938)  | 651938  |  |
|  Total Investment in Securities (cost $4,325,320)  |  | $4218897  |
|  Cash  |  | 750  |
| Receivable for investments sold  |  | 39  |
|  Receivable for TBA sale commitments  |  | 710136  |
|  Receivable for fund shares sold  |  | 575  |
|  Interest receivable  |  | 5689  |
|  Distributions receivable from Fidelity Central Funds  |  | 2155  |
|  Receivable for daily variation margin on centrally cleared OTC swaps  |  | 64  |
| Other receivables  |  | 5  |
| **Total assets**  |  | 4938310  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  |  |  |
|  Regular delivery  | $8594  |  |
|  Delayed delivery  | 1657816  |  |
|  TBA sale commitments, at value  | 709524  |  |
|  Payable for fund shares redeemed  | 2018  |  |
|  Distributions payable  | 747  |  |
|  Accrued management fee  | 636  |  |
|  Payable for daily variation margin on futures contracts  | 109  |  |
|  Other affiliated payables  | 323  |  |
|  Other payables and accrued expenses  | 6  |  |
| **Total Liabilities**  |  | 2379773  |
| **Net Assets**  |  | $2558537  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $2895205  |
|  Total accumulated earnings (loss)  |  | (336668)  |
|  **Net Assets**  |  | $2558537  |
|  **Net Asset Value** , offering price and redemption price per share ($2,558,537 ÷ 246,738 shares)  |  | $10.37  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
| **Amounts in thousands**  |  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Interest  |  | $32402  |
| Income from Fidelity Central Funds  |  | 11697  |
| **Total Income**  |  | 44099  |
|  **Expenses**  |  |  |
| Management fee  | $3930  |  |
| Transfer agent fees  | 1317  |  |
| Fund wide operations fee  | 675  |  |
| Independent trustees' fees and expenses  | 5  |  |
| Total expenses before reductions  | 5927  |  |
| Total expenses after reductions  |  | 5927  |
| **Net Investment income (loss)**  |  | 38172  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (63072)  |  |
| Futures contracts  | 12857  |  |
| Swaps  | 238  |  |
| Total net realized gain (loss)  |  | (49977)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (91854)  |  |
| Futures contracts  | (391)  |  |
| Swaps  | (1892)  |  |
| TBA Sale commitments  | 7701  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (86436)  |
| **Net gain (loss)**  |  | (136413)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(98241)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
| **Amount in thousands**  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  | **Year ended** <br> **July 31, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $38172  | $34502  |
| &nbsp;&nbsp; Net realized gain (loss)  | (49977) <br>| (156978) <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (86436)  | (98381) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (98241) <br>| (220857) <br>|
| Distributions to shareholders  | (36870) <br>| (43898) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 128445  | 252722  |
| Reinvestment of distributions  | 32904 <br>| 39254 <br>|
| &nbsp;&nbsp; Cost of shares redeemed  | (360460)  | (1092057)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | (199111) <br>| (800081) <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (334222) <br>| (1064836) <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 2892759  | 3957595 <br>|
| &nbsp;&nbsp; End of period  | $2558537  | $2892759  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 12578  | 22670  |
| Issued in reinvestment of distributions  | 3242 <br>| 3488 <br>|
| &nbsp;&nbsp; Redeemed  | (35520)  | (97015)  |
| &nbsp;&nbsp; Net increase (decrease)  | (19700)  | (70857)  |

---

**Financial Highlights** 

 **Fidelity® GNMA Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.86  | $11.73  | $11.80  | $11.51  | $11.12  | $11.45  |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .148  | .116  | .097  | .229  | .292  | .257  |
| Net realized and unrealized gain (loss)  | (.495)  | (.838)  | (.065)  | .307  | .371  | (.337)  |
| Total from investment operations  | (.347)  | (.722)  | .032  | .536  | .663  | (.080)  |
| Distributions from net investment income  | (.143)  | (.121)  | (.093) <sup>C</sup>  | (.246)  | (.273)  | (.250)  |
| Distributions from net realized gain  | -  | (.027)  | (.009) <sup>C</sup>  | -  | -  | -  |
| Total distributions  | (.143)  | (.148)  | (.102)  | (.246)  | (.273)  | (.250)  |
| Net asset value, end of period  | $10.37  | $10.86  | $11.73  | $11.80  | $11.51  | $11.12  |
| **Total Return** <sup>D,E</sup>  | (3.15)%  | (6.19)%  | .27%  | 4.71%  | 6.04%  | (.71)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |  |
| Expenses before reductions  | .45% <sup>H</sup>  | .45%  | .45%  | .45%  | .45%  | .45%  |
| Expenses net of fee waivers, if any  | .45% <sup>H</sup>  | .45%  | .45%  | .45%  | .45%  | .45%  |
| Expenses net of all reductions  | .45% <sup>H</sup>  | .45%  | .45%  | .45%  | .45%  | .45%  |
| Net investment income (loss)  | 2.87% <sup>H</sup>  | 1.03%  | .83%  | 1.96%  | 2.60%  | 2.28%  |
| **Supplemental Data**  |  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $2559  | $2893  | $3958  | $4303  | $4172  | $4321  |
| Portfolio turnover rate <sup>I</sup>  | 889% <sup>H</sup>  | 863%  | 593%  | 561%  | 420%  | 252%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Annualized.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

**Notes to Financial Statements** **(Unaudited)**

For the period ended January 31, 2023

*(Amounts in thousands except percentages)*

**1. Organization.**

Fidelity GNMA Fund (the Fund) is a fund of Fidelity Income Fund (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. 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.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund**  | **Investment Manager**  | **Investment Objective**  | **Investment Practices**  | **Expense Ratio** <sup>A</sup>  |
| Fidelity Money Market Central Funds  | Fidelity Management & Research Company LLC (FMR)  | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.  | Short-term Investments  | Less than .005%  |

---

<sup>A</sup> *Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The 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 - Investment 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 any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The 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 - unadjusted 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 the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Collateralized mortgage obligations, commercial mortgage securities and U.S. government agency mortgage securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Swaps are marked-to-market daily based on valuations from third party pricing services, registered derivatives clearing organizations (clearinghouses) or broker-supplied valuations. These pricing sources may utilize inputs such as interest rate curves, credit spread curves, default possibilities and recovery rates. When independent prices are unavailable or unreliable, debt securities and swaps may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities and swaps are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2023 is included at the end of the Fund's Schedule of Investments.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's 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 Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

**Expenses.** 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 that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Fidelity GNMA Fund**  | $6  |

---

**Income Tax Information and Distributions to Shareholders.** Each year, the 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. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The 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 daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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 futures contracts, swaps, market discount, deferred Trustees compensation, and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $24435  |
| **Gross unrealized depreciation**  | <u>(134838)</u>  |
| **Net unrealized appreciation (depreciation)**  | <u>$(110403)</u>  |
| **Tax cost**  | <u>$4325342</u>  |

---

The Fund elected to defer to its next fiscal year approximately $166,683 of capital losses recognized during the period November 1, 2021 to July 31, 2022.

**Delayed Delivery Transactions and When-Issued Securities.** During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

**To-Be-Announced (TBA) Securities and Mortgage Dollar Rolls.** TBA securities involve buying or selling mortgage-backed securities (MBS) on a forward commitment basis. A TBA transaction typically does not designate the actual security to be delivered and only includes an approximate principal amount; however delivered securities must meet specified terms defined by industry guidelines, including issuer, rate and current principal amount outstanding on underlying mortgage pools. Funds may enter into a TBA transaction with the intent to take possession of or deliver the underlying MBS, or a fund may elect to extend the settlement by entering into either a mortgage or reverse mortgage dollar roll. Mortgage dollar rolls are transactions where a fund sells TBA securities and simultaneously agrees to repurchase MBS on a later date at a lower price and with the same counterparty. Reverse mortgage dollar rolls involve the purchase and simultaneous agreement to sell TBA securities on a later date at a lower price. Transactions in mortgage dollar rolls and reverse mortgage dollar rolls are accounted for as purchases and sales and may result in an increase to a fund's portfolio turnover rate.

Purchases and sales of TBA securities involve risks similar to those discussed above for delayed delivery and when-issued securities. Also, if the counterparty in a mortgage dollar roll or a reverse mortgage dollar roll transaction files for bankruptcy or becomes insolvent, a fund's right to repurchase or sell securities may be limited. Additionally, when a fund sells TBA securities without already owning or having the right to obtain the deliverable securities (an uncovered forward commitment to sell), it incurs a risk of loss because it could have to purchase the securities at a price that is higher than the price at which it sold them. A fund may be unable to purchase the deliverable securities if the corresponding market is illiquid.

TBA securities subject to a forward commitment to sell at period end are included at the end of the Schedule of Investments under the caption "TBA Sale Commitments." The proceeds and value of these commitments are reflected in the Statement of Assets and Liabilities as "Receivable for TBA sale commitments" and "TBA sale commitments, at value," respectively.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including futures contracts and swaps. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns, to gain exposure to certain types of assets and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

<br> Interest Rate Risk Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Exchange-traded contracts are not covered by the ISDA Master Agreement; however counterparty credit risk related to these contracts may be mitigated by the protection provided by the exchange on which they trade. Counterparty credit risk related to centrally cleared OTC swaps may be mitigated by the protection provided by the clearinghouse.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives.** The table below, which reflects the impacts of derivatives on the financial performance, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Statement of Operations.

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| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type**  | **Net Realized Gain (Loss)**  | **Change in Net Unrealized Appreciation (Depreciation)**  |
| **Fidelity GNMA Fund**  |  |  |
| **Interest Rate Risk**  |  |  |
| Futures Contracts  | $12857  | $(391)  |
| Swaps  | <u>238</u>  | <u>(1892)</u>  |
| **Total Interest Rate Risk**  | <u>13095</u>  | <u>(2283)</u>  |
| Totals  | <u>$13095</u>  | <u>$(2283)</u>  |

---

If there are any open positions at period end, a summary of the value of derivatives by primary risk exposure is included at the end of the Schedule of Investments.

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the bond market and fluctuations in interest rates.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**Swaps.** A swap is a contract between two parties to exchange future cash flows at periodic intervals based on a notional principal amount. A centrally cleared OTC swap is a transaction executed between a fund and a dealer counterparty, then cleared by a futures commission merchant (FCM) through a clearinghouse. Once cleared, the clearinghouse serves as a central counterparty, with whom a fund exchanges cash flows for the life of the transaction, similar to transactions in futures contracts.

Centrally cleared OTC swaps require a fund to deposit either cash or securities (initial margin) with the FCM, at the instruction of and for the benefit of the clearinghouse. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented in segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities. Centrally cleared OTC swaps are marked-to-market daily and subsequent payments (variation margin) are made or received depending on the daily fluctuations in the value of the swaps and are recorded as unrealized appreciation or (depreciation). These daily payments, if any, are included in receivable or payable for daily variation margin on centrally cleared OTC swaps in the Statement of Assets and Liabilities. Any premiums for centrally cleared OTC swaps are recorded periodically throughout the term of the swap to variation margin and included in Total accumulated earnings (loss) in the Statement of Assets and Liabilities. Any premiums are recognized as realized gain (loss) upon termination or maturity of the swap.

Payments are exchanged at specified intervals, accrued daily commencing with the effective date of the contract and recorded as realized gain or (loss). Some swaps may be terminated prior to the effective date and realize a gain or loss upon termination. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on swaps during the period is presented in the Statement of Operations.

Any open swaps at period end are included in the Schedule of Investments under the caption "Swaps", and are representative of volume of activity during the period unless an average notional amount is presented.

**Interest Rate Swaps.** Interest rate swaps are agreements between counterparties to exchange cash flows, one based on a fixed rate, and the other on a floating rate. A fund enters into interest rate swaps to manage its exposure to interest rate changes. Changes in interest rates can have an effect on both the value of bond holdings as well as the amount of interest income earned. In general, the value of bonds can fall when interest rates rise and can rise when interest rates fall.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.

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| | | |
|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  |
| **Fidelity GNMA Fund**  | 2483659  | 2557807  |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .20% of the Fund's average net assets and an annualized group fee rate that averaged .10% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .30% of the Fund's average net assets.

**Transfer Agent Fees.** Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives an asset-based fee of .10% of the Fund's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

**Fund Wide Operations Fee.** Pursuant to the Fund Wide Operations and Expense Agreement (FWOE), the investment adviser has agreed to provide for fund-level expenses (which may not include transfer agent, the compensation of the independent Trustees, interest, taxes or extraordinary expenses, as applicable) in return for a FWOE fee equal to .35% of fund-level average net assets less the total amount of the management fee. The FWOE paid by a fund is reduced by an amount equal to the fees and expenses paid to the independent Trustees. For the period, the FWOE fees were equivalent to the following annualized rate expressed as a percentage of average net assets:

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| | |
|:---|:---|
| **Fidelity GNMA Fund**  | .05%  |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS**  | **Security Lending Income From Securities Loaned to NFS**  | **Value of Securities Loaned to NFS at Period End**  |
| **Fidelity GNMA Fund**  | $- <sup>A</sup>  | $-  | $-  |

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<sup>A</sup> *Amount represents less than five hundred dollars.*

**9. Other.**

A fund's 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 fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.

**Shareholder Expense Example**

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a 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 (August 1, 2022 to January 31, 2023). <br>

***Actual Expenses***

The first line of the accompanying table 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/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

***Hypothetical Example for Comparison Purposes***

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate 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.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value August 1, 2022**  | **Ending Account Value January 31, 2023**  | **Expenses Paid During Period-** <sup>C</sup> **August 1, 2022 to January 31, 2023**  |
| **Fidelity® GNMA Fund**  | .45%  |  |  |  |
| **Actual**  |  | $1000  | $968.50  | $2.23  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.94  | $2.29  |

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*A Annualized expense ratio reflects expenses net of applicable fee waivers.*

*B 5% return per year before expenses*

*C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.*

**Board Approval of Investment Advisory Contracts**

**Board Approval of Investment Advisory Contracts and Management Fees** 

**Fidelity GNMA Fund** 

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) - Operations, Audit, Fair Valuation, and Governance and Nominating - each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

**Nature, Extent, and Quality of Services Provided** . The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds throughout the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.

<u>Resources Dedicated to Investment Management and Support Services.</u> The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, managing, training, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services.</u> The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u> . The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds, ETFs, and share classes with innovative structures, strategies and pricing and making other enhancements to meet investor needs; (iv) broadening eligibility requirements for certain funds and share classes; (v) reducing management fees and total expenses for certain funds and classes; (vi) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (vii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (ix) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.

<u>Investment Performance.</u> The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also receives and considers information about performance attribution. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and on net performance (after fees and expenses) compared to appropriate peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; the potential for incremental return versus the fund's benchmark index weighed against the risks involved in obtaining that incremental return, including the risk of diminished or negative total returns; and fund cash flows and other factors. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio** . The Board considered the fund's management fee and total expense ratio compared to selected groups of competitive funds and classes (referred to as "mapped groups" below) for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. Combining funds with similar investment objective categories aids the Board's comparison of management fees and total expense ratios by broadening the competitive group used for such comparison.

<u>Management Fee</u> . The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.

![](img88920_6.jpg)

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2021.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

<u>Total Expense Ratio</u> . In its review of the fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the similar sales load structure group that are similar in size and management fee structure. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.

The Board noted that the fund's total net expense ratio ranked below the similar sales load structure group competitive median and below the ASPG median for 2021.

The Board considered that the current contractual arrangements for the fund have the effect of setting the total "fund-level" expenses (including, among certain other "fund-level" expenses, the management fee) at 0.35%. These contractual arrangements may not be amended to increase the fees or expenses payable except by a vote of a majority of the Board.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board noted, however, that because the current contractual arrangements set the total "fund-level" expenses at 0.35%, increases or decreases in the management fee due to changes in the group fee rate will not impact the total expense ratio.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board** . In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable and that the fund's Advisory Contracts should be renewed.

**Liquidity Risk Management Program**

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.

In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

* Highly liquid investments - cash or convertible to cash within three business days or less 

* Moderately liquid investments - convertible to cash in three to seven calendar days 

* Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days 

* Illiquid investments - cannot be sold or disposed of within seven calendar days 

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.

![](img88920_2.jpg) <br>

1.930529.111 MOG-SANN-0423

**Fidelity Simplicity RMD Income Fund℠**

**Fidelity Simplicity RMD 2010 Fund℠**

**Fidelity Simplicity RMD 2015 Fund℠**

**Fidelity Simplicity RMD 2020 Fund℠**

**Fidelity Simplicity RMD 2025 Fund℠**

**Fidelity Simplicity RMD 2030 Fund**

**Semi-Annual Report**

**January 31, 2023**

![](img88895_1.jpg)

![](img88895_2.jpg)

**Contents**

---

| |
|:---|
| **[Fidelity Simplicity RMD Income Fund℠](#Sec_FundName1888)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary1888)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments1888)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements1888)** |
| **[Fidelity Simplicity RMD 2010 Fund℠](#Sec_FundName1892)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary1892)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments1892)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements1892)** |
| **[Fidelity Simplicity RMD 2015 Fund℠](#Sec_FundName1894)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary1894)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments1894)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements1894)** |
| **[Fidelity Simplicity RMD 2020 Fund℠](#Sec_FundName2009)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary2009)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments2009)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements2009)** |
| **[Fidelity Simplicity RMD 2025 Fund℠](#Sec_FundName3497)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary3497)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments3497)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements3497)** |
| **[Fidelity Simplicity RMD 2030 Fund](#Sec_FundName7247)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary7247)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments7247)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements7247)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Board Approval of Investment Advisory Contracts](#Sec_Board Approval of Investment Advisory Contracts and Management Fees)** |
| **[Liquidity Risk Management Program](#Sec_Liquidity Risk Management Program)** |

---

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.© 2023 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-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT 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℠** 

**Investment Summary January 31, 2023 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Fidelity Series Investment Grade Bond Fund  | 39.7  |
| Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund  | 19.9  |
| Fidelity Series Government Money Market Fund 4.42%  | 8.8  |
| Fidelity Series Emerging Markets Opportunities Fund  | 4.9  |
| Fidelity Series Long-Term Treasury Bond Index Fund  | 4.4  |
| Fidelity Series International Developed Markets Bond Index Fund  | 3.9  |
| Fidelity Series International Growth Fund  | 2.0  |
| Fidelity Series Overseas Fund  | 2.0  |
| Fidelity Series International Value Fund  | 2.0  |
| Fidelity Series Short-Term Credit Fund  | 1.8  |
|  | 89.4  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88895_5.jpg)  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

*Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.*

**Fidelity Simplicity RMD Income Fund℠**

**Schedule of Investments January 31, 2023 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Domestic Equity Funds - 6.4%**  | &nbsp;&nbsp; **Domestic Equity Funds - 6.4%**  | &nbsp;&nbsp; **Domestic Equity Funds - 6.4%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series All-Sector Equity Fund (a)  | 7968  | 74656  |
|  Fidelity Series Blue Chip Growth Fund (a)  | 18042  | 202436  |
|  Fidelity Series Commodity Strategy Fund (a)  | 2598  | 272370  |
|  Fidelity Series Growth Company Fund (a)  | 24816  | 376205  |
|  Fidelity Series Intrinsic Opportunities Fund (a)  | 8080  | 99793  |
|  Fidelity Series Large Cap Stock Fund (a)  | 20184  | 360288  |
|  Fidelity Series Large Cap Value Index Fund (a)  | 7789  | 113013  |
|  Fidelity Series Opportunistic Insights Fund (a)  | 14673  | 223329  |
|  Fidelity Series Small Cap Discovery Fund (a)  | 3230  | 35272  |
|  Fidelity Series Small Cap Opportunities Fund (a)  | 9099  | 116194  |
|  Fidelity Series Stock Selector Large Cap Value Fund (a)  | 20025  | 252520  |
|  Fidelity Series Value Discovery Fund (a)  | 14186  | 215631  |
| <br> **TOTAL DOMESTIC EQUITY FUNDS** <br> (Cost $2,257,458)  |  | **2341707**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **International Equity Funds - 12.9%**  | &nbsp;&nbsp; **International Equity Funds - 12.9%**  | &nbsp;&nbsp; **International Equity Funds - 12.9%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series Canada Fund (a)  | 20541  | 292510  |
|  Fidelity Series Emerging Markets Fund (a)  | 22907  | 196087  |
|  Fidelity Series Emerging Markets Opportunities Fund (a)  | 104563  | 1801615  |
|  Fidelity Series International Growth Fund (a)  | 47185  | 738446  |
|  Fidelity Series International Small Cap Fund (a)  | 12691  | 202164  |
|  Fidelity Series International Value Fund (a)  | 67858  | 734221  |
|  Fidelity Series Overseas Fund (a)  | 62459  | 737643  |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS** <br> (Cost $4,506,117)  |  | **4702686**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bond Funds - 70.1%**  | &nbsp;&nbsp; **Bond Funds - 70.1%**  | &nbsp;&nbsp; **Bond Funds - 70.1%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund (a)  | 778203  | 7276195  |
|  Fidelity Series 5+ Year Inflation-Protected Bond Index Fund (a)  | 27768  | 220755  |
|  Fidelity Series Emerging Markets Debt Fund (a)  | 25151  | 190641  |
|  Fidelity Series Emerging Markets Debt Local Currency Fund (a)  | 6895  | 62539  |
|  Fidelity Series Floating Rate High Income Fund (a)  | 4066  | 36271  |
|  Fidelity Series High Income Fund (a)  | 23736  | 197245  |
|  Fidelity Series International Credit Fund (a)  | 1938  | 15508  |
|  Fidelity Series International Developed Markets Bond Index Fund (a)  | 167647  | 1436736  |
|  Fidelity Series Investment Grade Bond Fund (a)  | 1424652  | 14502961  |
|  Fidelity Series Long-Term Treasury Bond Index Fund (a)  | 259250  | 1620314  |
|  Fidelity Series Real Estate Income Fund (a)  | 6997  | 69904  |
| <br> **TOTAL BOND FUNDS** <br> (Cost $28,302,321)  |  | **25629069**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Short-Term Funds - 10.6%**  | &nbsp;&nbsp; **Short-Term Funds - 10.6%**  | &nbsp;&nbsp; **Short-Term Funds - 10.6%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series Government Money Market Fund 4.42% (a)(b)  | 3208605  | 3208605  |
|  Fidelity Series Short-Term Credit Fund (a)  | 69613  | 671768  |
| <br> **TOTAL SHORT-TERM FUNDS** <br> (Cost $3,897,738)  |  | **3880373**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $38,963,634) <br>| <br>**36553835**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(491)**  |
| **NET ASSETS - 100.0%**  | **36553344**  |

---

**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 is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  |
|  Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund  | 8094778  | 900480  | 1150676  | 368638  | (41745)  | (526642)  | 7276195  |
|  Fidelity Series 5+ Year Inflation-Protected Bond Index Fund  | 40949  | 207426  | 21217  | 13968  | (1215)  | (5188)  | 220755  |
|  Fidelity Series All-Sector Equity Fund  | 96163  | 11444  | 29426  | 3711  | 1553  | (5078)  | 74656  |
|  Fidelity Series Blue Chip Growth Fund  | 221277  | 66464  | 71013  | 7456  | (8283)  | (6009)  | 202436  |
|  Fidelity Series Canada Fund  | 335477  | 26618  | 70869  | 8543  | (2211)  | 3495  | 292510  |
|  Fidelity Series Commodity Strategy Fund  | 609160  | 353101  | 333763  | 318105  | (168283)  | (187845)  | 272370  |
|  Fidelity Series Emerging Markets Debt Fund  | 210696  | 9062  | 33092  | 5944  | (8020)  | 11995  | 190641  |
|  Fidelity Series Emerging Markets Debt Local Currency Fund  | 69444  | 915  | 12763  | -  | (1878)  | 6821  | 62539  |
|  Fidelity Series Emerging Markets Fund  | 255837  | 12139  | 80359  | 5419  | (16681)  | 25151  | 196087  |
|  Fidelity Series Emerging Markets Opportunities Fund  | 2325027  | 126697  | 736491  | 45370  | (154573)  | 240955  | 1801615  |
|  Fidelity Series Floating Rate High Income Fund  | 40337  | 2523  | 6878  | 1470  | (373)  | 662  | 36271  |
|  Fidelity Series Government Money Market Fund 4.42%  | 3008644  | 580259  | 380298  | 53367  | -  | -  | 3208605  |
|  Fidelity Series Growth Company Fund  | 447520  | 83764  | 147060  | 2011  | (33434)  | 25415  | 376205  |
|  Fidelity Series High Income Fund  | 219158  | 12981  | 30239  | 6976  | (4509)  | (146)  | 197245  |
|  Fidelity Series International Credit Fund  | 15950  | 617  | -  | 616  | -  | (1059)  | 15508  |
|  Fidelity Series International Developed Markets Bond Index Fund  | 1620441  | 94387  | 180638  | 8908  | (20833)  | (76621)  | 1436736  |
|  Fidelity Series International Growth Fund  | 796229  | 85615  | 156585  | 23331  | (29155)  | 42342  | 738446  |
|  Fidelity Series International Small Cap Fund  | 215731  | 21990  | 29948  | 11283  | (5925)  | 316  | 202164  |
|  Fidelity Series International Value Fund  | 789401  | 56267  | 177894  | 22846  | (19371)  | 85818  | 734221  |
|  Fidelity Series Intrinsic Opportunities Fund  | 298066  | 92452  | 214459  | 78690  | (6402)  | (69864)  | 99793  |
|  Fidelity Series Investment Grade Bond Fund  | 15788656  | 1034467  | 1810504  | 270233  | (178404)  | (331254)  | 14502961  |
|  Fidelity Series Large Cap Stock Fund  | 424363  | 102928  | 163987  | 25694  | (2924)  | (92)  | 360288  |
|  Fidelity Series Large Cap Value Index Fund  | 142919  | 16606  | 46622  | 3803  | 2138  | (2028)  | 113013  |
|  Fidelity Series Long-Term Treasury Bond Index Fund  | 1787427  | 244589  | 269940  | 23903  | (59495)  | (82267)  | 1620314  |
|  Fidelity Series Opportunistic Insights Fund  | 250821  | 63204  | 80221  | 9891  | (4444)  | (6031)  | 223329  |
|  Fidelity Series Overseas Fund  | 800917  | 77215  | 166919  | 12289  | (20540)  | 46970  | 737643  |
|  Fidelity Series Real Estate Income Fund  | 124842  | 31798  | 76505  | 7802  | (8436)  | (1795)  | 69904  |
|  Fidelity Series Short-Term Credit Fund  | 749457  | 15082  | 89603  | 7318  | (3433)  | 265  | 671768  |
|  Fidelity Series Small Cap Discovery Fund  | 45776  | 3643  | 13537  | 1821  | 535  | (1145)  | 35272  |
|  Fidelity Series Small Cap Opportunities Fund  | 149091  | 16174  | 48358  | 6756  | (2804)  | 2091  | 116194  |
|  Fidelity Series Stock Selector Large Cap Value Fund  | 316212  | 56599  | 117685  | 16593  | 1654  | (4260)  | 252520  |
|  Fidelity Series Value Discovery Fund  | 243747  | 55836  | 83220  | 10027  | 2319  | (3051)  | 215631  |
|  | 40534513  | 4463342  | 6830769  | 1382782  | (795172)  | (818079)  | 36553835  |

---

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of January 31, 2023, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Domestic Equity Funds  | 2341707  | 2341707  | -  | -  |
|  International Equity Funds  | 4702686  | 4702686  | -  | -  |
|  Bond Funds  | 25629069  | 25629069  | -  | -  |
|  Short-Term Funds  | 3880373  | 3880373  | -  | -  |
| **Total Investments in Securities:**  | 36553835  | 36553835  | -  | -  |

---

**Fidelity Simplicity RMD Income Fund℠**

**Financial Statements** **(Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **January 31, 2023** <br> **(Unaudited)**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  |  |  |
|  Affiliated issuers (cost $38,963,634)  | $36553835  |  |
|  Total Investment in Securities (cost $38,963,634)  |  | $36553835  |
|  Cash  |  | 209  |
| Receivable for investments sold  |  | 345453  |
|  Receivable for fund shares sold  |  | 5105  |
| **Total assets**  |  | 36904602  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $336891  |  |
|  Payable for fund shares redeemed  | 418  |  |
|  Accrued management fee  | 13949  |  |
| **Total Liabilities**  |  | 351258  |
| **Net Assets**  |  | $36553344  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $39903929  |
|  Total accumulated earnings (loss)  |  | (3350585)  |
|  **Net Assets**  |  | $36553344  |
|  **Net Asset Value** , offering price and redemption price per share ($36,553,344 ÷ 676,564 shares)  |  | $54.03  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | $1219942  |
|  **Expenses**  |  |  |
| Management fee  | $86472  |  |
| Independent trustees' fees and expenses  | 73  |  |
| Total expenses before reductions  | 86545  |  |
| Expense reductions  | (71)  |  |
| Total expenses after reductions  |  | 86474  |
| **Net Investment income (loss)**  |  | 1133468  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (795172)  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 162840  |  |
| Total net realized gain (loss)  |  | (632332)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (818079)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (818079)  |
| **Net gain (loss)**  |  | (1450411)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(316943)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  | **Year ended** <br> **July 31, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $1133468  | $1129170  |
| &nbsp;&nbsp; Net realized gain (loss)  | (632332) <br>| 933383 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (818079)  | (5536828) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (316943) <br>| (3474275) <br>|
| Distributions to shareholders  | (1769921) <br>| (2059213) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 586284  | 7800124  |
| Reinvestment of distributions  | 1562193 <br>| 1830077 <br>|
| &nbsp;&nbsp; Cost of shares redeemed  | (4042223)  | (9786111)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | (1893746) <br>| (155910) <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (3980610) <br>| (5689398) <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 40533954  | 46223352 <br>|
| &nbsp;&nbsp; End of period  | $36553344  | $40533954  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 10724  | 126863  |
| Issued in reinvestment of distributions  | 29438 <br>| 29375 <br>|
| &nbsp;&nbsp; Redeemed  | (75797)  | (161848)  |
| &nbsp;&nbsp; Net increase (decrease)  | (35635)  | (5610)  |

---

**Financial Highlights** 

 **Fidelity Simplicity RMD Income Fund℠** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $56.91  | $64.40  | $61.11  | $58.52  | $57.61  | $61.22  |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | 1.615  | 1.542  | .572  | .950  | 1.164  | 1.013  |
| Net realized and unrealized gain (loss)  | (1.962)  | (6.196)  | 4.418  | 3.181  | 1.632  | .513  |
| Total from investment operations  | (.347)  | (4.654)  | 4.990  | 4.131  | 2.796  | 1.526  |
| Distributions from net investment income  | (1.637)  | (1.516)  | (.562)  | (1.020)  | (1.163)  | (.986)  |
| Distributions from net realized gain  | (.896)  | (1.320)  | (1.138)  | (.521)  | (.723)  | (4.150)  |
| Total distributions  | (2.533)  | (2.836)  | (1.700)  | (1.541)  | (1.886)  | (5.136)  |
| Net asset value, end of period  | $54.03  | $56.91  | $64.40  | $61.11  | $58.52  | $57.61  |
| **Total Return** <sup>C,D</sup>  | (.45)%  | (7.54)%  | 8.26%  | 7.19%  | 5.03%  | 2.61%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |  |
| Expenses before reductions  | .46% <sup>G</sup>  | .46%  | .46%  | .46%  | .46%  | .47%  |
| Expenses net of fee waivers, if any  | .46% <sup>G</sup>  | .46%  | .46%  | .46%  | .46%  | .47%  |
| Expenses net of all reductions  | .46% <sup>G</sup>  | .46%  | .46%  | .46%  | .46%  | .46%  |
| Net investment income (loss)  | 6.02% <sup>G</sup>  | 2.56%  | .91%  | 1.62%  | 2.04%  | 1.74%  |
| **Supplemental Data**  |  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $36553  | $40534  | $46223  | $39908  | $21145  | $13457  |
| Portfolio turnover rate <sup>H</sup>  | 24% <sup>G</sup>  | 59%  | 37%  | 42% <sup>I</sup>  | 38%  | 46%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total returns for periods of less than one year are not annualized.*

<sup>D</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>E</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>F</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>G</sup> *Annualized.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>I</sup> *The portfolio turnover rate does not include the assets acquired in the merger.*

**Fidelity Simplicity RMD 2010 Fund℠** 

**Investment Summary January 31, 2023 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Fidelity Series Investment Grade Bond Fund  | 35.1  |
| Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund  | 12.8  |
| Fidelity Series Government Money Market Fund 4.42%  | 6.3  |
| Fidelity Series Emerging Markets Opportunities Fund  | 6.1  |
| Fidelity Series Long-Term Treasury Bond Index Fund  | 4.7  |
| Fidelity Series International Developed Markets Bond Index Fund  | 4.0  |
| Fidelity Series 5+ Year Inflation-Protected Bond Index Fund  | 3.9  |
| Fidelity Series International Growth Fund  | 2.9  |
| Fidelity Series Overseas Fund  | 2.9  |
| Fidelity Series International Value Fund  | 2.9  |
|  | 81.6  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88895_6.jpg)  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

*Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.*

**Fidelity Simplicity RMD 2010 Fund℠**

**Schedule of Investments January 31, 2023 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Domestic Equity Funds - 13.2%**  | &nbsp;&nbsp; **Domestic Equity Funds - 13.2%**  | &nbsp;&nbsp; **Domestic Equity Funds - 13.2%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series All-Sector Equity Fund (a)  | 4997  | 46818  |
|  Fidelity Series Blue Chip Growth Fund (a)  | 11315  | 126959  |
|  Fidelity Series Commodity Strategy Fund (a)  | 738  | 77397  |
|  Fidelity Series Growth Company Fund (a)  | 15563  | 235941  |
|  Fidelity Series Intrinsic Opportunities Fund (a)  | 5148  | 63572  |
|  Fidelity Series Large Cap Stock Fund (a)  | 12658  | 225953  |
|  Fidelity Series Large Cap Value Index Fund (a)  | 4884  | 70870  |
|  Fidelity Series Opportunistic Insights Fund (a)  | 9202  | 140052  |
|  Fidelity Series Small Cap Discovery Fund (a)  | 2025  | 22118  |
|  Fidelity Series Small Cap Opportunities Fund (a)  | 5706  | 72869  |
|  Fidelity Series Stock Selector Large Cap Value Fund (a)  | 12556  | 158328  |
|  Fidelity Series Value Discovery Fund (a)  | 8827  | 134166  |
| <br> **TOTAL DOMESTIC EQUITY FUNDS** <br> (Cost $1,355,499)  |  | **1375043**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **International Equity Funds - 17.3%**  | &nbsp;&nbsp; **International Equity Funds - 17.3%**  | &nbsp;&nbsp; **International Equity Funds - 17.3%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series Canada Fund (a)  | 8389  | 119453  |
|  Fidelity Series Emerging Markets Fund (a)  | 8057  | 68969  |
|  Fidelity Series Emerging Markets Opportunities Fund (a)  | 36650  | 631484  |
|  Fidelity Series International Growth Fund (a)  | 19294  | 301950  |
|  Fidelity Series International Small Cap Fund (a)  | 5180  | 82512  |
|  Fidelity Series International Value Fund (a)  | 27699  | 299703  |
|  Fidelity Series Overseas Fund (a)  | 25497  | 301124  |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS** <br> (Cost $1,746,383)  |  | **1805195**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bond Funds - 62.1%**  | &nbsp;&nbsp; **Bond Funds - 62.1%**  | &nbsp;&nbsp; **Bond Funds - 62.1%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund (a)  | 142799  | 1335173  |
|  Fidelity Series 5+ Year Inflation-Protected Bond Index Fund (a)  | 50784  | 403731  |
|  Fidelity Series Emerging Markets Debt Fund (a)  | 7158  | 54254  |
|  Fidelity Series Emerging Markets Debt Local Currency Fund (a)  | 1962  | 17799  |
|  Fidelity Series Floating Rate High Income Fund (a)  | 1149  | 10246  |
|  Fidelity Series High Income Fund (a)  | 6745  | 56049  |
|  Fidelity Series International Credit Fund (a)  | 419  | 3355  |
|  Fidelity Series International Developed Markets Bond Index Fund (a)  | 47842  | 410002  |
|  Fidelity Series Investment Grade Bond Fund (a)  | 359159  | 3656244  |
|  Fidelity Series Long-Term Treasury Bond Index Fund (a)  | 78787  | 492421  |
|  Fidelity Series Real Estate Income Fund (a)  | 1997  | 19952  |
| <br> **TOTAL BOND FUNDS** <br> (Cost $7,152,519)  |  | **6459226**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Short-Term Funds - 7.4%**  | &nbsp;&nbsp; **Short-Term Funds - 7.4%**  | &nbsp;&nbsp; **Short-Term Funds - 7.4%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series Government Money Market Fund 4.42% (a)(b)  | 649734  | 649734  |
|  Fidelity Series Short-Term Credit Fund (a)  | 12318  | 118873  |
| <br> **TOTAL SHORT-TERM FUNDS** <br> (Cost $771,876)  |  | **768607**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $11,026,277) <br>| <br>**10408071**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(176)**  |
| **NET ASSETS - 100.0%**  | **10407895**  |

---

**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 is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  |
|  Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund  | 1403450  | 202244  | 171723  | 65115  | (4905)  | (93893)  | 1335173  |
|  Fidelity Series 5+ Year Inflation-Protected Bond Index Fund  | 422238  | 92513  | 57131  | 25491  | (9207)  | (44682)  | 403731  |
|  Fidelity Series All-Sector Equity Fund  | 59213  | 4499  | 14784  | 2343  | (2790)  | 680  | 46818  |
|  Fidelity Series Blue Chip Growth Fund  | 132935  | 36900  | 35519  | 4380  | (5508)  | (1849)  | 126959  |
|  Fidelity Series Canada Fund  | 139778  | 8474  | 29638  | 3494  | (822)  | 1661  | 119453  |
|  Fidelity Series Commodity Strategy Fund  | 171741  | 100500  | 95548  | 88775  | (48528)  | (50768)  | 77397  |
|  Fidelity Series Emerging Markets Debt Fund  | 59494  | 2298  | 8733  | 1643  | (2399)  | 3594  | 54254  |
|  Fidelity Series Emerging Markets Debt Local Currency Fund  | 19815  | 266  | 3673  | -  | (677)  | 2068  | 17799  |
|  Fidelity Series Emerging Markets Fund  | 88289  | 3014  | 25566  | 1828  | (4199)  | 7431  | 68969  |
|  Fidelity Series Emerging Markets Opportunities Fund  | 796754  | 38961  | 236087  | 15366  | (42226)  | 74082  | 631484  |
|  Fidelity Series Floating Rate High Income Fund  | 11402  | 578  | 1824  | 409  | (75)  | 165  | 10246  |
|  Fidelity Series Government Money Market Fund 4.42%  | 523665  | 181761  | 55692  | 10036  | -  | -  | 649734  |
|  Fidelity Series Growth Company Fund  | 269035  | 34968  | 65252  | 1273  | (14032)  | 11222  | 235941  |
|  Fidelity Series High Income Fund  | 61566  | 3658  | 7953  | 1927  | (934)  | (288)  | 56049  |
|  Fidelity Series International Credit Fund  | 3451  | 133  | -  | 133  | -  | (229)  | 3355  |
|  Fidelity Series International Developed Markets Bond Index Fund  | 455236  | 32279  | 50694  | 2476  | (4917)  | (21902)  | 410002  |
|  Fidelity Series International Growth Fund  | 331753  | 26789  | 62516  | 9541  | (13790)  | 19714  | 301950  |
|  Fidelity Series International Small Cap Fund  | 89837  | 6403  | 11506  | 4616  | (3022)  | 800  | 82512  |
|  Fidelity Series International Value Fund  | 328927  | 13502  | 70188  | 9343  | (7780)  | 35242  | 299703  |
|  Fidelity Series Intrinsic Opportunities Fund  | 172684  | 55167  | 121685  | 46615  | (6337)  | (36257)  | 63572  |
|  Fidelity Series Investment Grade Bond Fund  | 3882104  | 307028  | 414706  | 65654  | (43566)  | (74616)  | 3656244  |
|  Fidelity Series Large Cap Stock Fund  | 255107  | 46410  | 75661  | 15478  | (3430)  | 3527  | 225953  |
|  Fidelity Series Large Cap Value Index Fund  | 85932  | 5093  | 20446  | 2406  | (235)  | 526  | 70870  |
|  Fidelity Series Long-Term Treasury Bond Index Fund  | 539551  | 63087  | 69089  | 7064  | (3834)  | (37294)  | 492421  |
|  Fidelity Series Opportunistic Insights Fund  | 150723  | 28992  | 33692  | 6272  | (2877)  | (3094)  | 140052  |
|  Fidelity Series Overseas Fund  | 333700  | 21973  | 65691  | 5025  | (10576)  | 21718  | 301124  |
|  Fidelity Series Real Estate Income Fund  | 32013  | 4775  | 14403  | 2049  | (1653)  | (780)  | 19952  |
|  Fidelity Series Short-Term Credit Fund  | 130581  | 2143  | 13358  | 1264  | (340)  | (153)  | 118873  |
|  Fidelity Series Small Cap Discovery Fund  | 27522  | 1667  | 6852  | 1141  | (1376)  | 1157  | 22118  |
|  Fidelity Series Small Cap Opportunities Fund  | 91352  | 7218  | 26052  | 3960  | (1885)  | 2236  | 72869  |
|  Fidelity Series Stock Selector Large Cap Value Fund  | 190122  | 20936  | 52059  | 10525  | (3557)  | 2886  | 158328  |
|  Fidelity Series Value Discovery Fund  | 146563  | 24601  | 36750  | 6357  | (919)  | 671  | 134166  |
|  | 11406533  | 1378830  | 1954471  | 421999  | (246396)  | (176425)  | 10408071  |

---

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of January 31, 2023, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Domestic Equity Funds  | 1375043  | 1375043  | -  | -  |
|  International Equity Funds  | 1805195  | 1805195  | -  | -  |
|  Bond Funds  | 6459226  | 6459226  | -  | -  |
|  Short-Term Funds  | 768607  | 768607  | -  | -  |
| **Total Investments in Securities:**  | 10408071  | 10408071  | -  | -  |

---

**Fidelity Simplicity RMD 2010 Fund℠**

**Financial Statements** **(Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **January 31, 2023** <br> **(Unaudited)**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  |  |  |
|  Affiliated issuers (cost $11,026,277)  | $10408071  |  |
|  Total Investment in Securities (cost $11,026,277)  |  | $10408071  |
|  Cash  |  | 32  |
| Receivable for investments sold  |  | 125790  |
|  Receivable for fund shares sold  |  | 10013  |
| **Total assets**  |  | 10543906  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $127701  |  |
|  Payable for fund shares redeemed  | 4094  |  |
|  Accrued management fee  | 4216  |  |
| **Total Liabilities**  |  | 136011  |
| **Net Assets**  |  | $10407895  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $11354210  |
|  Total accumulated earnings (loss)  |  | (946315)  |
|  **Net Assets**  |  | $10407895  |
|  **Net Asset Value** , offering price and redemption price per share ($10,407,895 ÷ 209,489 shares)  |  | $49.68  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | $329696  |
|  **Expenses**  |  |  |
| Management fee  | $25444  |  |
| Independent trustees' fees and expenses  | 20  |  |
| Total expenses before reductions  | 25464  |  |
| Expense reductions  | (72)  |  |
| Total expenses after reductions  |  | 25392  |
| **Net Investment income (loss)**  |  | 304304  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (246396)  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 92303  |  |
| Total net realized gain (loss)  |  | (154093)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (176425)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (176425)  |
| **Net gain (loss)**  |  | (330518)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(26214)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  | **Year ended** <br> **July 31, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $304304  | $345511  |
| &nbsp;&nbsp; Net realized gain (loss)  | (154093) <br>| 262718 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (176425)  | (1841306) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (26214) <br>| (1233077) <br>|
| Distributions to shareholders  | (488672) <br>| (663449) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 51977  | 2025768  |
| Reinvestment of distributions  | 434074 <br>| 591517 <br>|
| &nbsp;&nbsp; Cost of shares redeemed  | (969610)  | (4140067)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | (483559) <br>| (1522782) <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (998445) <br>| (3419308) <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 11406340  | 14825648 <br>|
| &nbsp;&nbsp; End of period  | $10407895  | $11406340  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 1097  | 35677  |
| Issued in reinvestment of distributions  | 8970 <br>| 10199 <br>|
| &nbsp;&nbsp; Redeemed  | (19554)  | (74473)  |
| &nbsp;&nbsp; Net increase (decrease)  | (9487)  | (28597)  |

---

**Financial Highlights** 

 **Fidelity Simplicity RMD 2010 Fund℠** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $52.09  | $59.88  | $55.75  | $53.53  | $53.40  | $60.82  |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | 1.433  | 1.444  | .508  | .888  | 1.026  | .877  |
| Net realized and unrealized gain (loss)  | (1.527)  | (6.454)  | 5.365  | 3.009  | 1.329  | 1.285  |
| Total from investment operations  | (.094)  | (5.010)  | 5.873  | 3.897  | 2.355  | 2.162  |
| Distributions from net investment income  | (1.450)  | (1.433)  | (.533)  | (.908)  | (1.028)  | (.850)  |
| Distributions from net realized gain  | (.866)  | (1.347)  | (1.210)  | (.769)  | (1.197)  | (8.732)  |
| Total distributions  | (2.316)  | (2.780)  | (1.743)  | (1.677)  | (2.225)  | (9.582)  |
| Net asset value, end of period  | $49.68  | $52.09  | $59.88  | $55.75  | $53.53  | $53.40  |
| **Total Return** <sup>C,D</sup>  | .02%  | (8.77)%  | 10.69%  | 7.44%  | 4.66%  | 3.98%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |  |
| Expenses before reductions  | .49% <sup>G</sup>  | .49%  | .50%  | .51%  | .52%  | .53%  |
| Expenses net of fee waivers, if any  | .49% <sup>G</sup>  | .49%  | .50%  | .51%  | .52%  | .53%  |
| Expenses net of all reductions  | .49% <sup>G</sup>  | .49%  | .50%  | .51%  | .52%  | .53%  |
| Net investment income (loss)  | 5.85% <sup>G</sup>  | 2.58%  | .88%  | 1.66%  | 1.97%  | 1.62%  |
| **Supplemental Data**  |  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $10408  | $11406  | $14826  | $11105  | $10548  | $6867  |
| Portfolio turnover rate <sup>H</sup>  | 26% <sup>G</sup>  | 58%  | 32%  | 51%  | 32%  | 44%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total returns for periods of less than one year are not annualized.*

<sup>D</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>E</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>F</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>G</sup> *Annualized.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

**Fidelity Simplicity RMD 2015 Fund℠** 

**Investment Summary January 31, 2023 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Fidelity Series Investment Grade Bond Fund  | 31.6  |
| Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund  | 7.2  |
| Fidelity Series Emerging Markets Opportunities Fund  | 7.0  |
| Fidelity Series 5+ Year Inflation-Protected Bond Index Fund  | 6.5  |
| Fidelity Series Long-Term Treasury Bond Index Fund  | 5.0  |
| Fidelity Series Government Money Market Fund 4.42%  | 3.9  |
| Fidelity Series International Developed Markets Bond Index Fund  | 3.9  |
| Fidelity Series International Growth Fund  | 3.6  |
| Fidelity Series Overseas Fund  | 3.6  |
| Fidelity Series International Value Fund  | 3.6  |
|  | 75.9  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88895_7.jpg)  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

*Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.*

**Fidelity Simplicity RMD 2015 Fund℠**

**Schedule of Investments January 31, 2023 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Domestic Equity Funds - 18.8%**  | &nbsp;&nbsp; **Domestic Equity Funds - 18.8%**  | &nbsp;&nbsp; **Domestic Equity Funds - 18.8%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series All-Sector Equity Fund (a)  | 16838  | 157768  |
|  Fidelity Series Blue Chip Growth Fund (a)  | 38127  | 427780  |
|  Fidelity Series Commodity Strategy Fund (a)  | 1718  | 180090  |
|  Fidelity Series Growth Company Fund (a)  | 52444  | 795051  |
|  Fidelity Series Intrinsic Opportunities Fund (a)  | 17265  | 213219  |
|  Fidelity Series Large Cap Stock Fund (a)  | 42656  | 761405  |
|  Fidelity Series Large Cap Value Index Fund (a)  | 16432  | 238421  |
|  Fidelity Series Opportunistic Insights Fund (a)  | 31006  | 471910  |
|  Fidelity Series Small Cap Discovery Fund (a)  | 6825  | 74530  |
|  Fidelity Series Small Cap Opportunities Fund (a)  | 19227  | 245535  |
|  Fidelity Series Stock Selector Large Cap Value Fund (a)  | 42308  | 533509  |
|  Fidelity Series Value Discovery Fund (a)  | 29827  | 453372  |
| <br> **TOTAL DOMESTIC EQUITY FUNDS** <br> (Cost $4,558,931)  |  | **4552590**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **International Equity Funds - 21.0%**  | &nbsp;&nbsp; **International Equity Funds - 21.0%**  | &nbsp;&nbsp; **International Equity Funds - 21.0%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series Canada Fund (a)  | 24440  | 348024  |
|  Fidelity Series Emerging Markets Fund (a)  | 21737  | 186072  |
|  Fidelity Series Emerging Markets Opportunities Fund (a)  | 98645  | 1699652  |
|  Fidelity Series International Growth Fund (a)  | 55981  | 876096  |
|  Fidelity Series International Small Cap Fund (a)  | 15028  | 239397  |
|  Fidelity Series International Value Fund (a)  | 80497  | 870978  |
|  Fidelity Series Overseas Fund (a)  | 74101  | 875138  |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS** <br> (Cost $4,948,478)  |  | **5095357**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bond Funds - 55.7%**  | &nbsp;&nbsp; **Bond Funds - 55.7%**  | &nbsp;&nbsp; **Bond Funds - 55.7%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund (a)  | 187783  | 1755773  |
|  Fidelity Series 5+ Year Inflation-Protected Bond Index Fund (a)  | 197098  | 1566932  |
|  Fidelity Series Emerging Markets Debt Fund (a)  | 16668  | 126346  |
|  Fidelity Series Emerging Markets Debt Local Currency Fund (a)  | 4572  | 41470  |
|  Fidelity Series Floating Rate High Income Fund (a)  | 2660  | 23729  |
|  Fidelity Series High Income Fund (a)  | 15695  | 130421  |
|  Fidelity Series International Credit Fund (a)  | 556  | 4445  |
|  Fidelity Series International Developed Markets Bond Index Fund (a)  | 111785  | 957994  |
|  Fidelity Series Investment Grade Bond Fund (a)  | 751991  | 7655272  |
|  Fidelity Series Long-Term Treasury Bond Index Fund (a)  | 192498  | 1203113  |
|  Fidelity Series Real Estate Income Fund (a)  | 4657  | 46525  |
| <br> **TOTAL BOND FUNDS** <br> (Cost $15,110,693)  |  | **13512020**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Short-Term Funds - 4.5%**  | &nbsp;&nbsp; **Short-Term Funds - 4.5%**  | &nbsp;&nbsp; **Short-Term Funds - 4.5%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series Government Money Market Fund 4.42% (a)(b)  | 960059  | 960059  |
|  Fidelity Series Short-Term Credit Fund (a)  | 14242  | 137433  |
| <br> **TOTAL SHORT-TERM FUNDS** <br> (Cost $1,100,248)  |  | **1097492**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $25,718,350) <br>| <br>**24257459**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(526)**  |
| **NET ASSETS - 100.0%**  | **24256933**  |

---

**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 is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  |
|  Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund  | 1803857  | 325480  | 244942  | 84587  | (7455)  | (121167)  | 1755773  |
|  Fidelity Series 5+ Year Inflation-Protected Bond Index Fund  | 1702834  | 309365  | 225116  | 97703  | (45537)  | (174614)  | 1566932  |
|  Fidelity Series All-Sector Equity Fund  | 195613  | 16134  | 46673  | 7864  | (10793)  | 3487  | 157768  |
|  Fidelity Series Blue Chip Growth Fund  | 438965  | 130196  | 116515  | 14756  | (16354)  | (8512)  | 427780  |
|  Fidelity Series Canada Fund  | 410640  | 31384  | 95582  | 10194  | (3336)  | 4918  | 348024  |
|  Fidelity Series Commodity Strategy Fund  | 404602  | 256023  | 239729  | 215512  | (125115)  | (115691)  | 180090  |
|  Fidelity Series Emerging Markets Debt Fund  | 140166  | 5834  | 22097  | 3856  | (4766)  | 7209  | 126346  |
|  Fidelity Series Emerging Markets Debt Local Currency Fund  | 46646  | 672  | 8957  | -  | (1332)  | 4441  | 41470  |
|  Fidelity Series Emerging Markets Fund  | 236052  | 11559  | 69936  | 4854  | (16579)  | 24976  | 186072  |
|  Fidelity Series Emerging Markets Opportunities Fund  | 2130574  | 132506  | 644610  | 40929  | (182887)  | 264069  | 1699652  |
|  Fidelity Series Floating Rate High Income Fund  | 26876  | 6309  | 9632  | 939  | (601)  | 777  | 23729  |
|  Fidelity Series Government Money Market Fund 4.42%  | 626134  | 431224  | 97299  | 14156  | -  | -  | 960059  |
|  Fidelity Series Growth Company Fund  | 888543  | 124988  | 208326  | 4278  | (30633)  | 20479  | 795051  |
|  Fidelity Series High Income Fund  | 145113  | 11844  | 23405  | 4524  | (2979)  | (152)  | 130421  |
|  Fidelity Series International Credit Fund  | 4572  | 177  | -  | 177  | -  | (304)  | 4445  |
|  Fidelity Series International Developed Markets Bond Index Fund  | 1070824  | 97424  | 145667  | 5824  | (18236)  | (46351)  | 957994  |
|  Fidelity Series International Growth Fund  | 974490  | 93908  | 207317  | 27835  | (41053)  | 56068  | 876096  |
|  Fidelity Series International Small Cap Fund  | 264486  | 19656  | 37313  | 13465  | (12932)  | 5500  | 239397  |
|  Fidelity Series International Value Fund  | 965986  | 44667  | 218331  | 27258  | (26012)  | 104668  | 870978  |
|  Fidelity Series Intrinsic Opportunities Fund  | 562926  | 170278  | 376152  | 156486  | (27158)  | (116675)  | 213219  |
|  Fidelity Series Investment Grade Bond Fund  | 8195651  | 873531  | 1151783  | 138108  | (147504)  | (114623)  | 7655272  |
|  Fidelity Series Large Cap Stock Fund  | 842555  | 158130  | 239421  | 51132  | (11629)  | 11770  | 761405  |
|  Fidelity Series Large Cap Value Index Fund  | 283842  | 23331  | 69167  | 8085  | (1411)  | 1826  | 238421  |
|  Fidelity Series Long-Term Treasury Bond Index Fund  | 1333213  | 165730  | 190687  | 17419  | (11729)  | (93414)  | 1203113  |
|  Fidelity Series Opportunistic Insights Fund  | 497805  | 103027  | 107977  | 21094  | (11170)  | (9775)  | 471910  |
|  Fidelity Series Overseas Fund  | 979758  | 81644  | 217268  | 14660  | (32542)  | 63546  | 875138  |
|  Fidelity Series Real Estate Income Fund  | 81973  | 10136  | 39069  | 5099  | (4169)  | (2346)  | 46525  |
|  Fidelity Series Short-Term Credit Fund  | 155926  | 5572  | 23347  | 1501  | (635)  | (83)  | 137433  |
|  Fidelity Series Small Cap Discovery Fund  | 90903  | 7093  | 22638  | 3819  | (4072)  | 3244  | 74530  |
|  Fidelity Series Small Cap Opportunities Fund  | 305067  | 30362  | 90831  | 13354  | (7769)  | 8706  | 245535  |
|  Fidelity Series Stock Selector Large Cap Value Fund  | 627995  | 66718  | 157746  | 35403  | (12800)  | 9342  | 533509  |
|  Fidelity Series Value Discovery Fund  | 484128  | 97497  | 126603  | 21380  | (3020)  | 1370  | 453372  |
|  | 26918715  | 3842399  | 5474136  | 1066251  | (822208)  | (207311)  | 24257459  |

---

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of January 31, 2023, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Domestic Equity Funds  | 4552590  | 4552590  | -  | -  |
|  International Equity Funds  | 5095357  | 5095357  | -  | -  |
|  Bond Funds  | 13512020  | 13512020  | -  | -  |
|  Short-Term Funds  | 1097492  | 1097492  | -  | -  |
| **Total Investments in Securities:**  | 24257459  | 24257459  | -  | -  |

---

**Fidelity Simplicity RMD 2015 Fund℠**

**Financial Statements** **(Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **January 31, 2023** <br> **(Unaudited)**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  |  |  |
|  Affiliated issuers (cost $25,718,350)  | $24257459  |  |
|  Total Investment in Securities (cost $25,718,350)  |  | $24257459  |
|  Cash  |  | 1  |
| Receivable for investments sold  |  | 301980  |
| **Total assets**  |  | 24559440  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $287695  |  |
|  Payable for fund shares redeemed  | 4168  |  |
|  Accrued management fee  | 10644  |  |
| **Total Liabilities**  |  | 302507  |
| **Net Assets**  |  | $24256933  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $26605593  |
|  Total accumulated earnings (loss)  |  | (2348660)  |
|  **Net Assets**  |  | $24256933  |
|  **Net Asset Value** , offering price and redemption price per share ($24,256,933 ÷ 435,711 shares)  |  | $55.67  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | $761748  |
|  **Expenses**  |  |  |
| Management fee  | $64674  |  |
| Independent trustees' fees and expenses  | 48  |  |
| Total expenses before reductions  | 64722  |  |
| Expense reductions  | (70)  |  |
| Total expenses after reductions  |  | 64652  |
| **Net Investment income (loss)**  |  | 697096  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (822208)  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 304503  |  |
| Total net realized gain (loss)  |  | (517705)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (207311)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (207311)  |
| **Net gain (loss)**  |  | (725016)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(27920)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  | **Year ended** <br> **July 31, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $697096  | $785008  |
| &nbsp;&nbsp; Net realized gain (loss)  | (517705) <br>| 883754 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (207311)  | (4769552) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (27920) <br>| (3100790) <br>|
| Distributions to shareholders  | (1258216) <br>| (1738925) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 642911  | 6526136  |
| Reinvestment of distributions  | 1107902 <br>| 1595979 <br>|
| &nbsp;&nbsp; Cost of shares redeemed  | (3125346)  | (7740580)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | (1374533) <br>| 381535 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (2660669) <br>| (4458180) <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 26917602  | 31375782 <br>|
| &nbsp;&nbsp; End of period  | $24256933  | $26917602  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 11694  | 99713  |
| Issued in reinvestment of distributions  | 20524 <br>| 24193 <br>|
| &nbsp;&nbsp; Redeemed  | (57613)  | (122767)  |
| &nbsp;&nbsp; Net increase (decrease)  | (25395)  | 1139  |

---

**Financial Highlights** 

 **Fidelity Simplicity RMD 2015 Fund℠** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $58.38  | $68.21  | $61.80  | $59.41  | $59.14  | $64.98  |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | 1.556  | 1.629  | .565  | .947  | 1.093  | .869  |
| Net realized and unrealized gain (loss)  | (1.457)  | (7.886)  | 7.894  | 3.526  | 1.336  | 2.076  |
| Total from investment operations  | .099  | (6.257)  | 8.459  | 4.473  | 2.429  | 2.945  |
| Distributions from net investment income  | (1.569)  | (1.569)  | (.598)  | (.987)  | (1.092)  | (.877)  |
| Distributions from net realized gain  | (1.240)  | (2.004)  | (1.451)  | (1.096)  | (1.067)  | (7.908)  |
| Total distributions  | (2.809)  | (3.573)  | (2.049)  | (2.083)  | (2.159)  | (8.785)  |
| Net asset value, end of period  | $55.67  | $58.38  | $68.21  | $61.80  | $59.41  | $59.14  |
| **Total Return** <sup>C,D</sup>  | .41%  | (9.69)%  | 13.92%  | 7.71%  | 4.36%  | 5.00%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |  |
| Expenses before reductions  | .53% <sup>G</sup>  | .54%  | .55%  | .55%  | .57%  | .58%  |
| Expenses net of fee waivers, if any  | .53% <sup>G</sup>  | .54%  | .55%  | .55%  | .57%  | .58%  |
| Expenses net of all reductions  | .53% <sup>G</sup>  | .54%  | .55%  | .55%  | .57%  | .57%  |
| Net investment income (loss)  | 5.71% <sup>G</sup>  | 2.58%  | .86%  | 1.60%  | 1.89%  | 1.47%  |
| **Supplemental Data**  |  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $24257  | $26918  | $31376  | $21546  | $20922  | $13754  |
| Portfolio turnover rate <sup>H</sup>  | 31% <sup>G</sup>  | 58%  | 30%  | 48%  | 28%  | 44%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total returns for periods of less than one year are not annualized.*

<sup>D</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>E</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>F</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>G</sup> *Annualized.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

**Fidelity Simplicity RMD 2020 Fund℠** 

**Investment Summary January 31, 2023 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Fidelity Series Investment Grade Bond Fund  | 26.9  |
| Fidelity Series 5+ Year Inflation-Protected Bond Index Fund  | 9.0  |
| Fidelity Series Emerging Markets Opportunities Fund  | 8.0  |
| Fidelity Series Long-Term Treasury Bond Index Fund  | 5.6  |
| Fidelity Series International Growth Fund  | 4.3  |
| Fidelity Series Overseas Fund  | 4.3  |
| Fidelity Series International Value Fund  | 4.3  |
| Fidelity Series Growth Company Fund  | 4.3  |
| Fidelity Series Large Cap Stock Fund  | 4.1  |
| Fidelity Series International Developed Markets Bond Index Fund  | 4.0  |
|  | 74.8  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88895_8.jpg)  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

*Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.*

**Fidelity Simplicity RMD 2020 Fund℠**

**Schedule of Investments January 31, 2023 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Domestic Equity Funds - 24.3%**  | &nbsp;&nbsp; **Domestic Equity Funds - 24.3%**  | &nbsp;&nbsp; **Domestic Equity Funds - 24.3%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series All-Sector Equity Fund (a)  | 48802  | 457276  |
|  Fidelity Series Blue Chip Growth Fund (a)  | 110498  | 1239785  |
|  Fidelity Series Commodity Strategy Fund (a)  | 3800  | 398344  |
|  Fidelity Series Growth Company Fund (a)  | 151998  | 2304289  |
|  Fidelity Series Intrinsic Opportunities Fund (a)  | 50069  | 618346  |
|  Fidelity Series Large Cap Stock Fund (a)  | 123638  | 2206943  |
|  Fidelity Series Large Cap Value Index Fund (a)  | 47524  | 689576  |
|  Fidelity Series Opportunistic Insights Fund (a)  | 89870  | 1367815  |
|  Fidelity Series Small Cap Discovery Fund (a)  | 19780  | 215998  |
|  Fidelity Series Small Cap Opportunities Fund (a)  | 55726  | 711618  |
|  Fidelity Series Stock Selector Large Cap Value Fund (a)  | 122423  | 1543758  |
|  Fidelity Series Value Discovery Fund (a)  | 86694  | 1317749  |
| <br> **TOTAL DOMESTIC EQUITY FUNDS** <br> (Cost $13,308,570)  |  | **13071497**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **International Equity Funds - 24.7%**  | &nbsp;&nbsp; **International Equity Funds - 24.7%**  | &nbsp;&nbsp; **International Equity Funds - 24.7%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series Canada Fund (a)  | 64804  | 922813  |
|  Fidelity Series Emerging Markets Fund (a)  | 54638  | 467703  |
|  Fidelity Series Emerging Markets Opportunities Fund (a)  | 247641  | 4266859  |
|  Fidelity Series International Growth Fund (a)  | 148437  | 2323032  |
|  Fidelity Series International Small Cap Fund (a)  | 39848  | 634779  |
|  Fidelity Series International Value Fund (a)  | 213443  | 2309453  |
|  Fidelity Series Overseas Fund (a)  | 196484  | 2320482  |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS** <br> (Cost $12,998,383)  |  | **13245121**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bond Funds - 48.6%**  | &nbsp;&nbsp; **Bond Funds - 48.6%**  | &nbsp;&nbsp; **Bond Funds - 48.6%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund (a)  | 93405  | 873341  |
|  Fidelity Series 5+ Year Inflation-Protected Bond Index Fund (a)  | 607121  | 4826608  |
|  Fidelity Series Emerging Markets Debt Fund (a)  | 36872  | 279490  |
|  Fidelity Series Emerging Markets Debt Local Currency Fund (a)  | 10110  | 91699  |
|  Fidelity Series Floating Rate High Income Fund (a)  | 5850  | 52181  |
|  Fidelity Series High Income Fund (a)  | 34662  | 288039  |
|  Fidelity Series International Credit Fund (a)  | 1284  | 10274  |
|  Fidelity Series International Developed Markets Bond Index Fund (a)  | 247308  | 2119433  |
|  Fidelity Series Investment Grade Bond Fund (a)  | 1415995  | 14414825  |
|  Fidelity Series Long-Term Treasury Bond Index Fund (a)  | 481513  | 3009456  |
|  Fidelity Series Real Estate Income Fund (a)  | 10305  | 102950  |
| <br> **TOTAL BOND FUNDS** <br> (Cost $29,410,833)  |  | **26068296**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Short-Term Funds - 2.4%**  | &nbsp;&nbsp; **Short-Term Funds - 2.4%**  | &nbsp;&nbsp; **Short-Term Funds - 2.4%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series Government Money Market Fund 4.42% (a)(b)  | 1190506  | 1190506  |
|  Fidelity Series Short-Term Credit Fund (a)  | 8418  | 81231  |
| <br> **TOTAL SHORT-TERM FUNDS** <br> (Cost $1,273,288)  |  | **1271737**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $56,991,074) <br>| <br>**53656651**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(1059)**  |
| **NET ASSETS - 100.0%**  | **53655592**  |

---

**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 is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  |
|  Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund  | 627050  | 368468  | 70242  | 37663  | (921)  | (51014)  | 873341  |
|  Fidelity Series 5+ Year Inflation-Protected Bond Index Fund  | 5202740  | 875884  | 581494  | 293596  | (107512)  | (563010)  | 4826608  |
|  Fidelity Series All-Sector Equity Fund  | 546976  | 44123  | 113574  | 22383  | (30501)  | 10252  | 457276  |
|  Fidelity Series Blue Chip Growth Fund  | 1227195  | 371012  | 289802  | 41262  | (48763)  | (19857)  | 1239785  |
|  Fidelity Series Canada Fund  | 1066585  | 95722  | 243999  | 26673  | (9399)  | 13904  | 922813  |
|  Fidelity Series Commodity Strategy Fund  | 877329  | 552405  | 510596  | 465833  | (270458)  | (250336)  | 398344  |
|  Fidelity Series Emerging Markets Debt Fund  | 303956  | 14169  | 43957  | 8312  | (8804)  | 14126  | 279490  |
|  Fidelity Series Emerging Markets Debt Local Currency Fund  | 101211  | 2680  | 18885  | -  | (3107)  | 9800  | 91699  |
|  Fidelity Series Emerging Markets Fund  | 573728  | 37654  | 165277  | 11836  | (39171)  | 60769  | 467703  |
|  Fidelity Series Emerging Markets Opportunities Fund  | 5177815  | 333459  | 1444646  | 100071  | (416909)  | 617140  | 4266859  |
|  Fidelity Series Floating Rate High Income Fund  | 58277  | 22697  | 29145  | 1986  | (1856)  | 2208  | 52181  |
|  Fidelity Series Government Money Market Fund 4.42%  | 362121  | 891250  | 62865  | 15358  | -  | -  | 1190506  |
|  Fidelity Series Growth Company Fund  | 2484256  | 367422  | 521287  | 12150  | (98700)  | 72598  | 2304289  |
|  Fidelity Series High Income Fund  | 314647  | 29191  | 48931  | 9765  | (6970)  | 102  | 288039  |
|  Fidelity Series International Credit Fund  | 10567  | 409  | -  | 408  | -  | (702)  | 10274  |
|  Fidelity Series International Developed Markets Bond Index Fund  | 2316678  | 251489  | 309514  | 12465  | (38637)  | (100583)  | 2119433  |
|  Fidelity Series International Growth Fund  | 2531624  | 242732  | 490904  | 72828  | (121425)  | 161005  | 2323032  |
|  Fidelity Series International Small Cap Fund  | 687059  | 50515  | 82658  | 35225  | (37115)  | 16978  | 634779  |
|  Fidelity Series International Value Fund  | 2510416  | 135659  | 540024  | 71315  | (65129)  | 268531  | 2309453  |
|  Fidelity Series Intrinsic Opportunities Fund  | 1567418  | 454468  | 998240  | 438855  | (59862)  | (345438)  | 618346  |
|  Fidelity Series Investment Grade Bond Fund  | 15049798  | 1869511  | 2032242  | 252361  | (257756)  | (214486)  | 14414825  |
|  Fidelity Series Large Cap Stock Fund  | 2355875  | 432844  | 583107  | 143638  | (32974)  | 34305  | 2206943  |
|  Fidelity Series Large Cap Value Index Fund  | 793629  | 55696  | 161543  | 23019  | (5207)  | 7001  | 689576  |
|  Fidelity Series Long-Term Treasury Bond Index Fund  | 3262420  | 404409  | 402811  | 42410  | (53297)  | (201265)  | 3009456  |
|  Fidelity Series Opportunistic Insights Fund  | 1391594  | 290615  | 255806  | 60067  | (27036)  | (31552)  | 1367815  |
|  Fidelity Series Overseas Fund  | 2546099  | 212968  | 519622  | 38355  | (94676)  | 175713  | 2320482  |
|  Fidelity Series Real Estate Income Fund  | 182145  | 18869  | 84216  | 11069  | (9047)  | (4801)  | 102950  |
|  Fidelity Series Short-Term Credit Fund  | 90087  | 7888  | 16307  | 872  | (277)  | (160)  | 81231  |
|  Fidelity Series Small Cap Discovery Fund  | 254178  | 20071  | 56227  | 10861  | (12654)  | 10630  | 215998  |
|  Fidelity Series Small Cap Opportunities Fund  | 853502  | 73771  | 218947  | 37308  | (22041)  | 25333  | 711618  |
|  Fidelity Series Stock Selector Large Cap Value Fund  | 1755837  | 169621  | 371718  | 100816  | (38368)  | 28386  | 1543758  |
|  Fidelity Series Value Discovery Fund  | 1353615  | 285402  | 315231  | 60881  | (4391)  | (1646)  | 1317749  |
|  | 58436427  | 8983073  | 11583817  | 2459641  | (1922963)  | (256069)  | 53656651  |

---

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of January 31, 2023, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Domestic Equity Funds  | 13071497  | 13071497  | -  | -  |
|  International Equity Funds  | 13245121  | 13245121  | -  | -  |
|  Bond Funds  | 26068296  | 26068296  | -  | -  |
|  Short-Term Funds  | 1271737  | 1271737  | -  | -  |
| **Total Investments in Securities:**  | 53656651  | 53656651  | -  | -  |

---

**Fidelity Simplicity RMD 2020 Fund℠**

**Financial Statements** **(Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **January 31, 2023** <br> **(Unaudited)**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  |  |  |
|  Affiliated issuers (cost $56,991,074)  | $53656651  |  |
|  Total Investment in Securities (cost $56,991,074)  |  | $53656651  |
|  Cash  |  | 188  |
| Receivable for investments sold  |  | 642442  |
|  Receivable for fund shares sold  |  | 647  |
| **Total assets**  |  | 54299928  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $613967  |  |
|  Payable for fund shares redeemed  | 5364  |  |
|  Accrued management fee  | 25005  |  |
| **Total Liabilities**  |  | 644336  |
| **Net Assets**  |  | $53655592  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $59076669  |
|  Total accumulated earnings (loss)  |  | (5421077)  |
|  **Net Assets**  |  | $53655592  |
|  **Net Asset Value** , offering price and redemption price per share ($53,655,592 ÷ 944,292 shares)  |  | $56.82  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | $1609920  |
|  **Expenses**  |  |  |
| Management fee  | $149757  |  |
| Independent trustees' fees and expenses  | 102  |  |
| Total expenses before reductions  | 149859  |  |
| Expense reductions  | (70)  |  |
| Total expenses after reductions  |  | 149789  |
| **Net Investment income (loss)**  |  | 1460131  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (1922963)  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 849721  |  |
| Total net realized gain (loss)  |  | (1073242)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (256069)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (256069)  |
| **Net gain (loss)**  |  | (1329311)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $130820  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  | **Year ended** <br> **July 31, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $1460131  | $1681186  |
| &nbsp;&nbsp; Net realized gain (loss)  | (1073242) <br>| 2511654 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (256069)  | (11882740) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | 130820 <br>| (7689900) <br>|
| Distributions to shareholders  | (3006998) <br>| (4086853) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 1021706  | 16359796  |
| Reinvestment of distributions  | 2818067 <br>| 3771778 <br>|
| &nbsp;&nbsp; Cost of shares redeemed  | (5743238)  | (17530600)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | (1903465) <br>| 2600974 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (4779643) <br>| (9175779) <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 58435235  | 67611014 <br>|
| &nbsp;&nbsp; End of period  | $53655592  | $58435235  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 18465  | 241238  |
| Issued in reinvestment of distributions  | 51392 <br>| 55153 <br>|
| &nbsp;&nbsp; Redeemed  | (104492)  | (272603)  |
| &nbsp;&nbsp; Net increase (decrease)  | (34635)  | 23788  |

---

**Financial Highlights** 

 **Fidelity Simplicity RMD 2020 Fund℠** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $59.69  | $70.79  | $62.18  | $59.88  | $59.80  | $64.06  |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | 1.538  | 1.637  | .586  | .930  | 1.031  | .813  |
| Net realized and unrealized gain (loss)  | (1.240)  | (8.714)  | 9.999  | 3.672  | 1.221  | 2.708  |
| Total from investment operations  | .298  | (7.077)  | 10.585  | 4.602  | 2.252  | 3.521  |
| Distributions from net investment income  | (1.558)  | (1.614)  | (.617)  | (.966)  | (1.061)  | (.810)  |
| Distributions from net realized gain  | (1.610)  | (2.409)  | (1.358)  | (1.336)  | (1.111)  | (6.971)  |
| Total distributions  | (3.168)  | (4.023)  | (1.975)  | (2.302)  | (2.172)  | (7.781)  |
| Net asset value, end of period  | $56.82  | $59.69  | $70.79  | $62.18  | $59.88  | $59.80  |
| **Total Return** <sup>C,D</sup>  | .80%  | (10.63)%  | 17.29%  | 7.88%  | 4.04%  | 6.01%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |  |
| Expenses before reductions  | .57% <sup>G</sup>  | .58%  | .59%  | .60%  | .61%  | .62%  |
| Expenses net of fee waivers, if any  | .57% <sup>G</sup>  | .58%  | .59%  | .60%  | .61%  | .62%  |
| Expenses net of all reductions  | .57% <sup>G</sup>  | .58%  | .59%  | .60%  | .61%  | .62%  |
| Net investment income (loss)  | 5.55% <sup>G</sup>  | 2.51%  | .87%  | 1.57%  | 1.78%  | 1.37%  |
| **Supplemental Data**  |  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $53656  | $58435  | $67611  | $49365  | $43005  | $26667  |
| Portfolio turnover rate <sup>H</sup>  | 34% <sup>G</sup>  | 62%  | 34%  | 48%  | 29%  | 29%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total returns for periods of less than one year are not annualized.*

<sup>D</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>E</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>F</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>G</sup> *Annualized.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

**Fidelity Simplicity RMD 2025 Fund℠** 

**Investment Summary January 31, 2023 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Fidelity Series Investment Grade Bond Fund  | 23.4  |
| Fidelity Series Emerging Markets Opportunities Fund  | 8.6  |
| Fidelity Series 5+ Year Inflation-Protected Bond Index Fund  | 7.9  |
| Fidelity Series Long-Term Treasury Bond Index Fund  | 6.1  |
| Fidelity Series Growth Company Fund  | 5.0  |
| Fidelity Series International Growth Fund  | 4.9  |
| Fidelity Series Overseas Fund  | 4.9  |
| Fidelity Series International Value Fund  | 4.8  |
| Fidelity Series Large Cap Stock Fund  | 4.8  |
| Fidelity Series International Developed Markets Bond Index Fund  | 3.9  |
|  | 74.3  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88895_9.jpg)  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

*Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.*

**Fidelity Simplicity RMD 2025 Fund℠**

**Schedule of Investments January 31, 2023 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Domestic Equity Funds - 28.5%**  | &nbsp;&nbsp; **Domestic Equity Funds - 28.5%**  | &nbsp;&nbsp; **Domestic Equity Funds - 28.5%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series All-Sector Equity Fund (a)  | 11858  | 111113  |
|  Fidelity Series Blue Chip Growth Fund (a)  | 26851  | 301272  |
|  Fidelity Series Commodity Strategy Fund (a)  | 784  | 82213  |
|  Fidelity Series Growth Company Fund (a)  | 36933  | 559908  |
|  Fidelity Series Intrinsic Opportunities Fund (a)  | 12155  | 150109  |
|  Fidelity Series Large Cap Stock Fund (a)  | 30039  | 536198  |
|  Fidelity Series Large Cap Value Index Fund (a)  | 11559  | 167719  |
|  Fidelity Series Opportunistic Insights Fund (a)  | 21813  | 331995  |
|  Fidelity Series Small Cap Discovery Fund (a)  | 4809  | 52513  |
|  Fidelity Series Small Cap Opportunities Fund (a)  | 13543  | 172949  |
|  Fidelity Series Stock Selector Large Cap Value Fund (a)  | 29760  | 375272  |
|  Fidelity Series Value Discovery Fund (a)  | 21075  | 320334  |
| <br> **TOTAL DOMESTIC EQUITY FUNDS** <br> (Cost $3,325,534)  |  | **3161595**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **International Equity Funds - 27.4%**  | &nbsp;&nbsp; **International Equity Funds - 27.4%**  | &nbsp;&nbsp; **International Equity Funds - 27.4%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series Canada Fund (a)  | 15056  | 214394  |
|  Fidelity Series Emerging Markets Fund (a)  | 12289  | 105191  |
|  Fidelity Series Emerging Markets Opportunities Fund (a)  | 55657  | 958966  |
|  Fidelity Series International Growth Fund (a)  | 34483  | 539658  |
|  Fidelity Series International Small Cap Fund (a)  | 9257  | 147462  |
|  Fidelity Series International Value Fund (a)  | 49575  | 536404  |
|  Fidelity Series Overseas Fund (a)  | 45643  | 539046  |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS** <br> (Cost $3,114,812)  |  | **3041121**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bond Funds - 42.8%**  | &nbsp;&nbsp; **Bond Funds - 42.8%**  | &nbsp;&nbsp; **Bond Funds - 42.8%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series 5+ Year Inflation-Protected Bond Index Fund (a)  | 110792  | 880799  |
|  Fidelity Series Emerging Markets Debt Fund (a)  | 7621  | 57769  |
|  Fidelity Series Emerging Markets Debt Local Currency Fund (a)  | 2093  | 18979  |
|  Fidelity Series Floating Rate High Income Fund (a)  | 1205  | 10748  |
|  Fidelity Series High Income Fund (a)  | 7165  | 59543  |
|  Fidelity Series International Credit Fund (a)  | 347  | 2775  |
|  Fidelity Series International Developed Markets Bond Index Fund (a)  | 50029  | 428752  |
|  Fidelity Series Investment Grade Bond Fund (a)  | 255557  | 2601568  |
|  Fidelity Series Long-Term Treasury Bond Index Fund (a)  | 108364  | 677274  |
|  Fidelity Series Real Estate Income Fund (a)  | 2128  | 21260  |
| <br> **TOTAL BOND FUNDS** <br> (Cost $5,413,386)  |  | **4759467**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Short-Term Funds - 1.3%**  | &nbsp;&nbsp; **Short-Term Funds - 1.3%**  | &nbsp;&nbsp; **Short-Term Funds - 1.3%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series Government Money Market Fund 4.42% (a)(b)  | 142759  | 142759  |
|  Fidelity Series Short-Term Credit Fund (a)  | 395  | 3807  |
| <br> **TOTAL SHORT-TERM FUNDS** <br> (Cost $146,517)  |  | **146566**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $12,000,249) <br>| <br>**11108749**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(288)**  |
| **NET ASSETS - 100.0%**  | **11108461**  |

---

**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 is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  |
|  Fidelity Series 5+ Year Inflation-Protected Bond Index Fund  | 779438  | 284197  | 79019  | 50835  | (6782)  | (97035)  | 880799  |
|  Fidelity Series All-Sector Equity Fund  | 118129  | 23073  | 26312  | 5279  | (4768)  | 991  | 111113  |
|  Fidelity Series Blue Chip Growth Fund  | 264971  | 120047  | 72901  | 9063  | (13013)  | 2168  | 301272  |
|  Fidelity Series Canada Fund  | 222220  | 45789  | 56447  | 6027  | (1609)  | 4441  | 214394  |
|  Fidelity Series Commodity Strategy Fund  | 163734  | 115764  | 99175  | 87579  | (50687)  | (47423)  | 82213  |
|  Fidelity Series Emerging Markets Debt Fund  | 56737  | 10166  | 10404  | 1627  | (1687)  | 2957  | 57769  |
|  Fidelity Series Emerging Markets Debt Local Currency Fund  | 18918  | 2861  | 4217  | -  | (392)  | 1809  | 18979  |
|  Fidelity Series Emerging Markets Fund  | 115194  | 19513  | 35304  | 2573  | (4120)  | 9908  | 105191  |
|  Fidelity Series Emerging Markets Opportunities Fund  | 1039199  | 185142  | 319262  | 21759  | (56635)  | 110522  | 958966  |
|  Fidelity Series Floating Rate High Income Fund  | 10870  | 6009  | 6204  | 384  | (225)  | 298  | 10748  |
|  Fidelity Series Government Money Market Fund 4.42%  | -  | 151686  | 8927  | 1739  | -  | -  | 142759  |
|  Fidelity Series Growth Company Fund  | 536464  | 150379  | 127290  | 2870  | (522)  | 877  | 559908  |
|  Fidelity Series High Income Fund  | 58689  | 13211  | 11188  | 1922  | (858)  | (311)  | 59543  |
|  Fidelity Series International Credit Fund  | 2855  | 110  | -  | 110  | -  | (190)  | 2775  |
|  Fidelity Series International Developed Markets Bond Index Fund  | 422550  | 88742  | 57065  | 2401  | (5290)  | (20185)  | 428752  |
|  Fidelity Series International Growth Fund  | 527448  | 117237  | 119831  | 16505  | (14154)  | 28958  | 539658  |
|  Fidelity Series International Small Cap Fund  | 143102  | 26005  | 18415  | 7955  | (4329)  | 1099  | 147462  |
|  Fidelity Series International Value Fund  | 523044  | 96164  | 132110  | 16110  | (8645)  | 57951  | 536404  |
|  Fidelity Series Intrinsic Opportunities Fund  | 337872  | 113804  | 212385  | 98438  | (10697)  | (78485)  | 150109  |
|  Fidelity Series Investment Grade Bond Fund  | 2444056  | 576814  | 350803  | 43235  | (21933)  | (46566)  | 2601568  |
|  Fidelity Series Large Cap Stock Fund  | 508741  | 162674  | 141423  | 31333  | (7015)  | 13221  | 536198  |
|  Fidelity Series Large Cap Value Index Fund  | 171391  | 33804  | 38658  | 5430  | (2116)  | 3298  | 167719  |
|  Fidelity Series Long-Term Treasury Bond Index Fund  | 663856  | 164861  | 102627  | 9065  | (3696)  | (45120)  | 677274  |
|  Fidelity Series Opportunistic Insights Fund  | 300481  | 108818  | 65959  | 14170  | (895)  | (10450)  | 331995  |
|  Fidelity Series Overseas Fund  | 530449  | 110520  | 125747  | 8664  | (7617)  | 31441  | 539046  |
|  Fidelity Series Real Estate Income Fund  | 33185  | 9777  | 19137  | 2127  | (1829)  | (736)  | 21260  |
|  Fidelity Series Short-Term Credit Fund  | -  | 3758  | -  | 14  | -  | 49  | 3807  |
|  Fidelity Series Small Cap Discovery Fund  | 54890  | 11086  | 13579  | 2561  | (2238)  | 2354  | 52513  |
|  Fidelity Series Small Cap Opportunities Fund  | 184410  | 39617  | 53708  | 8218  | (4435)  | 7065  | 172949  |
|  Fidelity Series Stock Selector Large Cap Value Fund  | 379199  | 86121  | 89488  | 23783  | (5352)  | 4792  | 375272  |
|  Fidelity Series Value Discovery Fund  | 292341  | 97480  | 68717  | 14361  | (2501)  | 1731  | 320334  |
|  | 10904433  | 2975229  | 2466302  | 496137  | (244040)  | (60571)  | 11108749  |

---

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of January 31, 2023, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Domestic Equity Funds  | 3161595  | 3161595  | -  | -  |
|  International Equity Funds  | 3041121  | 3041121  | -  | -  |
|  Bond Funds  | 4759467  | 4759467  | -  | -  |
|  Short-Term Funds  | 146566  | 146566  | -  | -  |
| **Total Investments in Securities:**  | 11108749  | 11108749  | -  | -  |

---

**Fidelity Simplicity RMD 2025 Fund℠**

**Financial Statements** **(Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **January 31, 2023** <br> **(Unaudited)**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  |  |  |
|  Affiliated issuers (cost $12,000,249)  | $11108749  |  |
|  Total Investment in Securities (cost $12,000,249)  |  | $11108749  |
| Receivable for investments sold  |  | 359709  |
| **Total assets**  |  | 11468458  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $4295  |  |
|  Payable for fund shares redeemed  | 350000  |  |
|  Accrued management fee  | 5702  |  |
| **Total Liabilities**  |  | 359997  |
| **Net Assets**  |  | $11108461  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $12448789  |
|  Total accumulated earnings (loss)  |  | (1340328)  |
|  **Net Assets**  |  | $11108461  |
|  **Net Asset Value** , offering price and redemption price per share ($11,108,461 ÷ 1,099,291 shares)  |  | $10.11  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | $304715  |
|  **Expenses**  |  |  |
| Management fee  | $31470  |  |
| Independent trustees' fees and expenses  | 20  |  |
| Total expenses before reductions  | 31490  |  |
| Expense reductions  | (72)  |  |
| Total expenses after reductions  |  | 31418  |
| **Net Investment income (loss)**  |  | 273297  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (244040)  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 191422  |  |
| Total net realized gain (loss)  |  | (52618)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (60571)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (60571)  |
| **Net gain (loss)**  |  | (113189)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $160108  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  | **Year ended** <br> **July 31, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $273297  | $274958  |
| &nbsp;&nbsp; Net realized gain (loss)  | (52618) <br>| 242545 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (60571)  | (2094819) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | 160108 <br>| (1577316) <br>|
| Distributions to shareholders  | (512077) <br>| (733824) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 1629745  | 6604735  |
| Reinvestment of distributions  | 492298 <br>| 719705 <br>|
| &nbsp;&nbsp; Cost of shares redeemed  | (1565773)  | (5508059)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | 556270 <br>| 1816381 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | 204301 <br>| (494759) <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 10904160  | 11398919 <br>|
| &nbsp;&nbsp; End of period  | $11108461  | $10904160  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 171779  | 554677  |
| Issued in reinvestment of distributions  | 50946 <br>| 59330 <br>|
| &nbsp;&nbsp; Redeemed  | (162238)  | (482095)  |
| &nbsp;&nbsp; Net increase (decrease)  | 60487  | 131912  |

---

**Financial Highlights** 

 **Fidelity Simplicity RMD 2025 Fund℠** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $10.50  | $12.57  | $10.77  | $10.00  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .259  | .269  | .088  | .118  |
| Net realized and unrealized gain (loss)  | (.151)  | (1.561)  | 2.054  | .822  |
| Total from investment operations  | .108  | (1.292)  | 2.142  | .940  |
| Distributions from net investment income  | (.264)  | (.283)  | (.106)  | (.134)  |
| Distributions from net realized gain  | (.234)  | (.495)  | (.236)  | (.036)  |
| Total distributions  | (.498)  | (.778)  | (.342)  | (.170)  |
| Net asset value, end of period  | $10.11  | $10.50  | $12.57  | $10.77  |
| **Total Return** <sup>D,E</sup>  | 1.33%  | (11.01)%  | 20.21%  | 9.45%  |
| **Ratios to Average Net Assets** <sup>C,F,G</sup>  |  |  |  |  |
| Expenses before reductions  | .61% <sup>H</sup>  | .62%  | .63%  | .64% <sup>H</sup>  |
| Expenses net of fee waivers, if any  | .61% <sup>H</sup>  | .62%  | .63%  | .64% <sup>H</sup>  |
| Expenses net of all reductions  | .61% <sup>H</sup>  | .62%  | .63%  | .64% <sup>H</sup>  |
| Net investment income (loss)  | 5.30% <sup>H</sup>  | 2.35%  | .74%  | 1.21% <sup>H</sup>  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $11108  | $10904  | $11399  | $5676  |
| Portfolio turnover rate <sup>I</sup>  | 48% <sup>H</sup>  | 79%  | 66%  | 54% <sup>H</sup>  |

---

<sup>A</sup> *For the period August 16, 2019 (commencement of operations) through July 31, 2020.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Annualized.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

**Fidelity Simplicity RMD 2030 Fund** 

**Investment Summary January 31, 2023 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Fidelity Series Investment Grade Bond Fund  | 20.6  |
| Fidelity Series Emerging Markets Opportunities Fund  | 9.3  |
| Fidelity Series Long-Term Treasury Bond Index Fund  | 6.5  |
| Fidelity Series Growth Company Fund  | 5.8  |
| Fidelity Series Large Cap Stock Fund  | 5.5  |
| Fidelity Series International Growth Fund  | 5.4  |
| Fidelity Series Overseas Fund  | 5.4  |
| Fidelity Series International Value Fund  | 5.3  |
| Fidelity Series International Developed Markets Bond Index Fund  | 3.9  |
| Fidelity Series Stock Selector Large Cap Value Fund  | 3.9  |
|  | 71.6  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88895_10.jpg)  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

*Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.*

**Fidelity Simplicity RMD 2030 Fund**

**Schedule of Investments January 31, 2023 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Domestic Equity Funds - 32.4%**  | &nbsp;&nbsp; **Domestic Equity Funds - 32.4%**  | &nbsp;&nbsp; **Domestic Equity Funds - 32.4%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series All-Sector Equity Fund (a)  | 140  | 1315  |
|  Fidelity Series Blue Chip Growth Fund (a)  | 318  | 3564  |
|  Fidelity Series Commodity Strategy Fund (a)  | 8  | 852  |
|  Fidelity Series Growth Company Fund (a)  | 437  | 6624  |
|  Fidelity Series Intrinsic Opportunities Fund (a)  | 148  | 1827  |
|  Fidelity Series Large Cap Stock Fund (a)  | 355  | 6345  |
|  Fidelity Series Large Cap Value Index Fund (a)  | 136  | 1971  |
|  Fidelity Series Opportunistic Insights Fund (a)  | 257  | 3916  |
|  Fidelity Series Small Cap Discovery Fund (a)  | 57  | 621  |
|  Fidelity Series Small Cap Opportunities Fund (a)  | 160  | 2046  |
|  Fidelity Series Stock Selector Large Cap Value Fund (a)  | 351  | 4427  |
|  Fidelity Series Value Discovery Fund (a)  | 249  | 3777  |
| <br> **TOTAL DOMESTIC EQUITY FUNDS** <br> (Cost $35,048)  |  | **37285**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **International Equity Funds - 30.0%**  | &nbsp;&nbsp; **International Equity Funds - 30.0%**  | &nbsp;&nbsp; **International Equity Funds - 30.0%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series Canada Fund (a)  | 172  | 2451  |
|  Fidelity Series Emerging Markets Fund (a)  | 137  | 1175  |
|  Fidelity Series Emerging Markets Opportunities Fund (a)  | 621  | 10701  |
|  Fidelity Series International Growth Fund (a)  | 394  | 6170  |
|  Fidelity Series International Small Cap Fund (a)  | 106  | 1686  |
|  Fidelity Series International Value Fund (a)  | 567  | 6134  |
|  Fidelity Series Overseas Fund (a)  | 522  | 6163  |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS** <br> (Cost $31,825)  |  | **34480**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bond Funds - 36.3%**  | &nbsp;&nbsp; **Bond Funds - 36.3%**  | &nbsp;&nbsp; **Bond Funds - 36.3%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series 5+ Year Inflation-Protected Bond Index Fund (a)  | 551  | 4381  |
|  Fidelity Series Emerging Markets Debt Fund (a)  | 78  | 588  |
|  Fidelity Series Emerging Markets Debt Local Currency Fund (a)  | 22  | 196  |
|  Fidelity Series Floating Rate High Income Fund (a)  | 12  | 111  |
|  Fidelity Series High Income Fund (a)  | 74  | 616  |
|  Fidelity Series International Developed Markets Bond Index Fund (a)  | 517  | 4433  |
|  Fidelity Series Investment Grade Bond Fund (a)  | 2329  | 23709  |
|  Fidelity Series Long-Term Treasury Bond Index Fund (a)  | 1197  | 7479  |
|  Fidelity Series Real Estate Income Fund (a)  | 22  | 219  |
| <br> **TOTAL BOND FUNDS** <br> (Cost $41,671)  |  | **41732**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Short-Term Funds - 1.3%**  | &nbsp;&nbsp; **Short-Term Funds - 1.3%**  | &nbsp;&nbsp; **Short-Term Funds - 1.3%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Series Government Money Market Fund 4.42% (a)(b)  | 1222  | 1222  |
|  Fidelity Series Short-Term Credit Fund (a)  | 31  | 300  |
| <br> **TOTAL SHORT-TERM FUNDS** <br> (Cost $1,520)  |  | **1522**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $110,064) <br>| <br>**115019**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **10**  |
| **NET ASSETS - 100.0%**  | **115029**  |

---

**Legend**

(a) Affiliated Fund

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.38%  | -  | 100000  | 100000  | 12  | -  | -  | -  | 0.0%  |
| Total  | -  | 100000  | 100000  | 12  | -  | -  | -  |  |

---

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  |
|  Fidelity Series 5+ Year Inflation-Protected Bond Index Fund  | -  | 4364  | -  | -  | -  | 17  | 4381  |
|  Fidelity Series All-Sector Equity Fund  | -  | 1265  | 23  | -  | -  | 73  | 1315  |
|  Fidelity Series Blue Chip Growth Fund  | -  | 3451  | 173  | -  | 3  | 283  | 3564  |
|  Fidelity Series Canada Fund  | -  | 2377  | 103  | -  | -  | 177  | 2451  |
|  Fidelity Series Commodity Strategy Fund  | -  | 1112  | 249  | -  | (2)  | (9)  | 852  |
|  Fidelity Series Emerging Markets Debt Fund  | -  | 582  | -  | 4  | -  | 6  | 588  |
|  Fidelity Series Emerging Markets Debt Local Currency Fund  | -  | 186  | -  | -  | -  | 10  | 196  |
|  Fidelity Series Emerging Markets Fund  | -  | 1190  | 135  | -  | (1)  | 121  | 1175  |
|  Fidelity Series Emerging Markets Opportunities Fund  | -  | 10657  | 994  | -  | (7)  | 1045  | 10701  |
|  Fidelity Series Floating Rate High Income Fund  | -  | 111  | 1  | 1  | -  | 1  | 111  |
|  Fidelity Series Government Money Market Fund 4.42%  | -  | 1223  | 1  | 6  | -  | -  | 1222  |
|  Fidelity Series Growth Company Fund  | -  | 6320  | 108  | -  | -  | 412  | 6624  |
|  Fidelity Series High Income Fund  | -  | 617  | 6  | 4  | -  | 5  | 616  |
|  Fidelity Series International Developed Markets Bond Index Fund  | -  | 4488  | -  | 18  | -  | (55)  | 4433  |
|  Fidelity Series International Growth Fund  | -  | 5926  | 136  | -  | (1)  | 381  | 6170  |
|  Fidelity Series International Small Cap Fund  | -  | 1637  | 45  | -  | -  | 94  | 1686  |
|  Fidelity Series International Value Fund  | -  | 5984  | 314  | -  | 2  | 462  | 6134  |
|  Fidelity Series Intrinsic Opportunities Fund  | -  | 1949  | 241  | -  | 2  | 117  | 1827  |
|  Fidelity Series Investment Grade Bond Fund  | -  | 24027  | 443  | 104  | (13)  | 138  | 23709  |
|  Fidelity Series Large Cap Stock Fund  | -  | 5997  | 117  | -  | -  | 465  | 6345  |
|  Fidelity Series Large Cap Value Index Fund  | -  | 1890  | 9  | -  | -  | 90  | 1971  |
|  Fidelity Series Long-Term Treasury Bond Index Fund  | -  | 7592  | 42  | 25  | (1)  | (70)  | 7479  |
|  Fidelity Series Opportunistic Insights Fund  | -  | 3748  | 35  | -  | -  | 203  | 3916  |
|  Fidelity Series Overseas Fund  | -  | 5940  | 152  | -  | (2)  | 377  | 6163  |
|  Fidelity Series Real Estate Income Fund  | -  | 329  | 121  | -  | 4  | 7  | 219  |
|  Fidelity Series Short-Term Credit Fund  | -  | 298  | -  | 1  | -  | 2  | 300  |
|  Fidelity Series Small Cap Discovery Fund  | -  | 582  | 16  | -  | -  | 55  | 621  |
|  Fidelity Series Small Cap Opportunities Fund  | -  | 1921  | 43  | -  | 1  | 167  | 2046  |
|  Fidelity Series Stock Selector Large Cap Value Fund  | -  | 4202  | 32  | -  | -  | 257  | 4427  |
|  Fidelity Series Value Discovery Fund  | -  | 3680  | 27  | -  | -  | 124  | 3777  |
|  | -  | 113645  | 3566  | 163  | (15)  | 4955  | 115019  |

---

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of January 31, 2023, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Domestic Equity Funds  | 37285  | 37285  | -  | -  |
|  International Equity Funds  | 34480  | 34480  | -  | -  |
|  Bond Funds  | 41732  | 41732  | -  | -  |
|  Short-Term Funds  | 1522  | 1522  | -  | -  |
| **Total Investments in Securities:**  | 115019  | 115019  | -  | -  |

---

**Fidelity Simplicity RMD 2030 Fund**

**Financial Statements** **(Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **January 31, 2023** <br> **(Unaudited)**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  |  |  |
|  Affiliated issuers (cost $110,064)  | $115019  |  |
|  Total Investment in Securities (cost $110,064)  |  | $115019  |
|  Cash  |  | 12  |
| Receivable for investments sold  |  | 1257  |
| **Total assets**  |  | 116288  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $1202  |  |
|  Accrued management fee  | 57  |  |
| **Total Liabilities**  |  | 1259  |
| **Net Assets**  |  | $115029  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $110070  |
|  Total accumulated earnings (loss)  |  | 4959  |
|  **Net Assets**  |  | $115029  |
|  **Net Asset Value** , offering price and redemption price per share ($115,029 ÷ 10,965 shares)  |  | $10.49  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **For the period December 15, 2022 (commencement of operations) through January 31, 2023** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends (including $163 earned from affiliated issuers)  |  | $163  |
| Income from Fidelity Central Funds  |  | 12  |
| **Total Income**  |  | 175  |
|  **Expenses**  |  |  |
| Management fee  | $86  |  |
| **Total Expenses**  |  | 86  |
| **Net Investment income (loss)**  |  | 89  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (15)  |  |
| Total net realized gain (loss)  |  | (15)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | 4955  |  |
| Total change in net unrealized appreciation (depreciation)  |  | 4955  |
| **Net gain (loss)**  |  | 4940  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $5029  |

---

---

| | |
|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **For the period December 15, 2022 (commencement of operations) through January 31, 2023** <br> **(Unaudited)**  |
| **Increase (Decrease) in Net Assets**  |  |
| Operations  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $89  |
| &nbsp;&nbsp; Net realized gain (loss)  | (15) <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | 4955  |
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | 5029 <br>|
| Distributions to shareholders  | (70) <br>|
| Share transactions  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 110000  |
| Reinvestment of distributions  | 70 <br>|
| **Net increase (decrease) in net assets resulting from share transactions**  | 110070 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | 115029 <br>|
| **Net Assets**  |  |
| &nbsp;&nbsp; Beginning of period  | -  |
| &nbsp;&nbsp; End of period  | $115029  |
| **Other Information**  |  |
| Shares  |  |
| &nbsp;&nbsp; Sold  | 10958  |
| Issued in reinvestment of distributions  | 7 <br>|
| &nbsp;&nbsp; Redeemed  | -  |
| &nbsp;&nbsp; Net increase (decrease)  | 10965  |

---

**Financial Highlights** 

 **Fidelity Simplicity RMD 2030 Fund** <br>

---

| | |
|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $10.00  |
| Income from Investment Operations  |  |
| Net investment income (loss) <sup>B,C</sup>  | .009  |
| Net realized and unrealized gain (loss)  | .488  |
| Total from investment operations  | .497  |
| Distributions from net investment income  | (.007)  |
| Total distributions  | (.007)  |
| Net asset value, end of period  | $10.49  |
| **Total Return** <sup>D</sup>  | 4.97%  |
| **Ratios to Average Net Assets** <sup>C,E,F</sup>  |  |
| Expenses before reductions  | .65% <sup>G,H</sup>  |
| Expenses net of fee waivers, if any  | .65% <sup>G,H</sup>  |
| Expenses net of all reductions  | .65% <sup>G,H</sup>  |
| Net investment income (loss)  | .68% <sup>G</sup>  |
| **Supplemental Data**  |  |
| Net assets, end of period (000 omitted)  | $115  |
| Portfolio turnover rate <sup>I</sup>  | 3%  |

---

<sup>A</sup> *For the period December 15, 2022 (commencement of operations) through January 31, 2023.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

<sup>E</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>F</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>G</sup> *Annualized.*

<sup>H</sup> *The size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

**Notes to Financial Statements** **(Unaudited)**

For the period ended January 31, 2023

**1. Organization.**

Fidelity Simplicity RMD Income Fund, Fidelity Simplicity RMD 2010 Fund, Fidelity Simplicity RMD 2015 Fund, Fidelity Simplicity RMD 2020 Fund, Fidelity Simplicity RMD 2025 Fund and Fidelity Simplicity RMD 2030 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.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund**  | **Investment Manager**  | **Investment Objective**  | **Investment Practices**  | **Expense Ratio** <sup>A</sup>  |
| Fidelity Money Market Central Funds  | Fidelity Management & Research Company LLC (FMR)  | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.  | Short-term Investments  | Less than .005%  |

---

<sup>A</sup> *Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. 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 - Investment 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. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:

**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 - unadjusted 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 open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy. The aggregate value of investments by input level as of January 31, 2023 is included at the end of each Fund's Schedule of Investments.

**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 any underlying mutual funds or exchange-traded funds (ETFs) are recorded on the ex-dividend date. Distributions from any underlying mutual funds or exchange-traded funds (ETFs) that are deemed to be return of capital are recorded as a reduction of cost of investments.

**Expenses.** 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 that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. 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. 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 determined in accordance with income tax regulations, which may differ from GAAP.

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 mutual funds or exchange-traded funds (ETFs) and losses deferred due to wash sales and excise tax regulations.

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**  | $39291291  | $537124  | $(3274580)  | $(2737456)  |
| **Fidelity Simplicity RMD 2010 Fund**  | 11191721  | 203481  | (987131)  | (783650)  |
| **Fidelity Simplicity RMD 2015 Fund**  | 26157903  | 636198  | (2536642)  | (1900444)  |
| **Fidelity Simplicity RMD 2020 Fund**  | 57939607  | 1619762  | (5902718)  | (4282956)  |
| **Fidelity Simplicity RMD 2025 Fund**  | 12182638  | 329347  | (1403236)  | (1073889)  |
| **Fidelity Simplicity RMD 2030 Fund**  | 110081  | 5102  | (164)  | 4938  |

---

Certain of the Funds elected to defer to the next fiscal year capital losses recognized during the period November 1, 2021 to July 31, 2022. Loss deferrals were as follows:

---

| | |
|:---|:---|
|  | **Capital losses**  |
| **Fidelity Simplicity RMD Income Fund**  | $(50173)  |
| **Fidelity Simplicity RMD 2010 Fund**  | (26809)  |
| **Fidelity Simplicity RMD 2020 Fund**  | (197942)  |
| **Fidelity Simplicity RMD 2025 Fund**  | (164688)  |

---

Due to large subscriptions in a prior period, Fidelity Simplicity RMD 2025 Fund is subject to an annual limit on its use of some of its unrealized capital losses to offset capital gains in future periods. If those capital losses are realized and the limitation prevents the Fund from using any of those capital losses in a future period, those capital losses will be available to offset capital gains in subsequent periods.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities, and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  |
| **Fidelity Simplicity RMD Income Fund**  | 4463342  | 6830769  |
| **Fidelity Simplicity RMD 2010 Fund**  | 1378830  | 1954471  |
| **Fidelity Simplicity RMD 2015 Fund**  | 3842399  | 5474136  |
| **Fidelity Simplicity RMD 2020 Fund**  | 8983073  | 11583817  |
| **Fidelity Simplicity RMD 2025 Fund**  | 2975229  | 2466302  |
| **Fidelity Simplicity RMD 2030 Fund**  | 113645  | 3566  |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services. Under the management contract, 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 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 fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

For the reporting period, the total annual management fee rate for each Fund was as follows:

---

| | |
|:---|:---|
| **Fidelity Simplicity RMD Income Fund**  | .46%  |
| **Fidelity Simplicity RMD 2010 Fund**  | .49%  |
| **Fidelity Simplicity RMD 2015 Fund**  | .53%  |
| **Fidelity Simplicity RMD 2020 Fund**  | .57%  |
| **Fidelity Simplicity RMD 2025 Fund**  | .61%  |
| **Fidelity Simplicity RMD 2030 Fund**  | .66%  |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

**Prior Year Reallocation of Underlying Fund Investments.** During the prior period, the investment adviser reallocated investments of the Funds. This involved taxable redemptions of the Funds' interest in Fidelity Series Inflation-Protected Bond Index Fund, ("Underlying Fund") for investments and cash and non-taxable exchanges of those investments and cash for shares of Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund and Fidelity Series 5+ Year Inflation-Protected Bond Index Fund which are affiliated investment companies managed by FMR. Net realized gain (loss) on the redemptions of the Underlying Fund in connection with the reallocation is included in the accompanying Statements of Changes in Net Assets as "Net realized gain (loss)."

Details of these transactions with the net related gain (loss) for the Funds are presented in the accompanying table:

---

| | | |
|:---|:---|:---|
|  | **Value of Investments and Cash reallocated ($)**  | **Net realized Gain (Loss) on redemptions of Underlying Fund**  |
| **Fidelity Simplicity RMD Income Fund**  | 4050355  | 286682  |
| **Fidelity Simplicity RMD 2010 Fund**  | 1122865  | 65739  |
| **Fidelity Simplicity RMD 2015 Fund**  | 2210765  | 101629  |
| **Fidelity Simplicity RMD 2020 Fund**  | 4135488  | 188898  |
| **Fidelity Simplicity RMD 2025 Fund**  | 580441  | 8469  |

---

**6. Expense Reductions.** 

Through arrangements with each applicable Fund's custodian and transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Custodian credits**  | **Transfer Agent credits**  |
| **Fidelity Simplicity RMD Income Fund**  | $1  | $70  |
| **Fidelity Simplicity RMD 2010 Fund**  | -  | 72  |
| **Fidelity Simplicity RMD 2015 Fund**  | -  | 70  |
| **Fidelity Simplicity RMD 2020 Fund**  | 1  | 69  |
| **Fidelity Simplicity RMD 2025 Fund**  | -  | 72  |

---

**7. Other.**

A fund's 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 fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:

---

| | |
|:---|:---|
| **Fund**  | **Affiliated %**  |
| Fidelity Simplicity RMD 2030 Fund  | 91%  |

---

**8. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.

**Shareholder Expense Example**

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2022 to January 31, 2023) for each fund, with the exception of Fidelity Simplicity RMD 2030 Fund and for the period (December 15, 2022 to January 31, 2023) for Fidelity Simplicity RMD 2030 Fund. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (August 1, 2022 to January 31, 2023). <br>

***Actual Expenses***

The first line of the accompanying table 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/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

***Hypothetical Example for Comparison Purposes***

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate 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-** <sup>A</sup>  | **Beginning Account Value**  | **Ending Account Value January 31, 2023**  |
| **Fidelity Simplicity RMD Income Fund℠**  | .46%  |  |  |
| **Actual**  |  | $1000  | $995.50 <br> $2.31 <sup>C</sup>  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.89 <br> $2.35 <sup>D</sup>  |
| **Fidelity Simplicity RMD 2010 Fund℠**  | .49%  |  |  |
| **Actual**  |  | $1000  | $1000.20 <br> $2.47 <sup>C</sup>  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.74 <br> $2.50 <sup>D</sup>  |
| **Fidelity Simplicity RMD 2015 Fund℠**  | .53%  |  |  |
| **Actual**  |  | $1000  | $1004.10 <br> $2.68 <sup>C</sup>  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.53 <br> $2.70 <sup>D</sup>  |
| **Fidelity Simplicity RMD 2020 Fund℠**  | .57%  |  |  |
| **Actual**  |  | $1000  | $1008.00 <br> $2.88 <sup>C</sup>  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.33 <br> $2.91 <sup>D</sup>  |
| **Fidelity Simplicity RMD 2025 Fund℠**  | .61%  |  |  |
| **Actual**  |  | $1000  | $1013.30 <br> $3.10 <sup>C</sup>  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.13 <br> $3.11 <sup>D</sup>  |
| **Fidelity Simplicity RMD 2030 Fund**  | .65%  |  |  |
| **Actual**  |  | $1000  | $1049.70 <br> $.88 <sup>C</sup>  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1021.93 <br> $3.31 <sup>D</sup>  |

---

*A Annualized expense ratio reflects expenses net of applicable fee waivers.*

*B 5% return per year before expenses*

*C Actual expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 / 365 (to reflect the one-half year period) for each fund, with the exception of Fidelity Simplicity RMD 2030 Fund and multiplied by 48 / 365 (to reflect the period December 15, 2022 to January 31, 2023) for Fidelity Simplicity RMD 2030 Fund.*

*D Hypothetical expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).*

**Board Approval of Investment Advisory Contracts**

**Board Approval of Investment Advisory Contracts and Management Fees** 

**Fidelity Simplicity RMD Funds** 

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) (the Advisory Contract) for each fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contract, including the services and support provided to each fund and its shareholders. The Board has established four standing committees (Committees) - Operations, Audit, Fair Valuation, and Governance and Nominating - each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of each fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2022 meeting, the Board unanimously determined to renew each fund's Advisory Contract. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and the total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered that each fund pays an all-inclusive management fee that covers all operating expenses of the fund, subject to certain exceptions, and varies by class (unified fee) and the underlying Fidelity funds in which the fund invests (Series Funds) do not pay expenses, with certain limited exceptions.

In considering whether to renew the Advisory Contract for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contract was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contract was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.

**Nature, Extent, and Quality of Services Provided** . The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of FMR, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups with responsibility for the Series Funds. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds throughout the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.

<u>Resources Dedicated to Investment Management and Support Services</u> . The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services.</u> The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by Fidelity under the Advisory Contract and under separate agreements covering transfer agency and pricing and bookkeeping services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u> . The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds, ETFs, and share classes with innovative structures, strategies and pricing and making other enhancements to meet investor needs; (iv) broadening eligibility requirements for certain funds and share classes; (v) reducing management fees and total expenses for certain funds and classes; (vi) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (vii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (ix) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.

<u>Investment Performance</u> . The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board considered that each fund's investment objective is intended to support a payment strategy designed to be administered through a complementary systematic withdrawal plan that enables shareholders to receive regular payments from the fund based on their expected required minimum distributions from certain types of retirement accounts as mandated by the Internal Revenue Service.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the investment adviser about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for each fund for different time periods, measured against one or more appropriate securities market indices, including a customized blended index that reflects the respective weights of the fund's asset classes (each a benchmark index). The Board also receives and considers information about performance attribution. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and discussed with the investment adviser the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses, including acquired fund fees and expenses, but after transaction costs, if any) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, taking into account relevant factors including the following: general market conditions; the extent to which particular underlying funds affected performance; and fund cash flows and other factors. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for each fund and an appropriate benchmark index for the most recent one-, three-, and five-year periods (for Simplicity RMD 2025 Fund, the most recent one-year period). No performance peer group information was considered by the Board as Fidelity advised the Board that competitor funds differ significantly in their asset allocation strategy, degree of active management and glidepath construction. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.

**Competitiveness of Management Fee and Total Expense Ratio** . The Board considered each fund's management fee and total expense ratio compared to selected groups of competitive funds and classes (referred to as "mapped groups" below) for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. Combining funds with similar investment objective categories aids the Board's comparisons of management fees and total expense ratios by broadening the competitive group used for such comparisons.

<u>Management Fee.</u> The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked, is also included in the charts and was considered by the Board. The Board considered that the charts below reflect the funds' fee structure effective June 1, 2017, as if it was in effect for the entire year, as applicable.

**Fidelity Simplicity RMD 2010 Fund**![](img88895_11.jpg)

**Fidelity Simplicity RMD 2015 Fund**![](img88895_12.jpg)

**Fidelity Simplicity RMD 2020 Fund**![](img88895_13.jpg)

**Fidelity Simplicity RMD 2025 Fund**![](img88895_14.jpg)

**Fidelity Simplicity RMD Income Fund**![](img88895_15.jpg)

The Board compared each fund's class-level management fee rate for the current fiscal year relative to the median of its competitor funds in the applicable Total Mapped Group based on competitive data for 2021. The Board noted that each fund's class-level management fee rate ranks above the median of its competitor funds in the applicable Total Mapped Group based on competitive data for 2021. The Board noted that each fund's unified fee arrangement covers all operating expenses of the fund, subject to certain exceptions, and that the fee structures of the majority of peer funds do not include top-level management fees. The Board also noted that, as discussed below, the funds' total expense comparisons, which include the expenses of the Series Funds, facilitate better comparisons with funds and classes that use different expense structures.

Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

<u>Total Expense Ratio</u> . In its review of the total expense ratio of each fund, the Board considered the fund's class-level management fee rate under the Advisory Contract. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under the unified fee arrangement. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund. Each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the similar sales load structure group that are similar in size and management fee structure. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.

The Board noted that the total net expense ratio of each fund (including expenses of the Series Funds) ranked below the similar sales load structure group competitive median and below the ASPG competitive median for 2021.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and the Series Funds in which each fund invests and in servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board** . In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable and that each fund's Advisory Contract should be renewed.

**Board Approval of Investment Advisory Contracts and Management Fees** 

**Fidelity Simplicity RMD 2030 Fund** 

At its September 2022 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract (the Advisory Contract) with Fidelity Management & Research Company LLC (FMR) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.

**Nature, Extent, and Quality of Services Provided.** The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of FMR, and also considered the fund's investment objective, strategies, and related investment philosophy. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.

<u>Resources Dedicated to Investment Management and Support Services</u> . The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u> . The Board considered the nature, extent, quality, and cost of advisory, administrative, and shareholder services to be performed by Fidelity under the Advisory Contract and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund. The Board also considered the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment Performance.</u> The fund is a new fund and therefore had no historical performance for the Board to review at the time it approved the fund's Advisory Contract. The Board considered FMR's strength in managing asset allocation funds, which the Board is familiar with through its supervision of other horizon date funds. The Board also considered the fact that it oversees funds managed by FMR that have similar investment objectives and policies as the fund.

Based on its review, the Board concluded that the nature, extent, and quality of services to be provided to the fund under the Advisory Contract should benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio** . The Board considered the fund's proposed class-level management fee rates, which will cover most expenses of the top-level fund and underlying Fidelity funds in which the fund invests (Series Funds). In reviewing the Advisory Contract, the Board also considered the projected total expense ratio of the fund. The Board noted that the fund's proposed class-level management fee rates rank above the median of its competitor funds because the majority of such competitor funds do not have top-level management fees. The Board also considered that the projected total expense ratio (including acquired fund fees and expenses) of the fund is below the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure.

Based on its review, the Board concluded that the fund's management fee and projected total expense ratio were reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.

**Costs of the Services and Profitability** . The fund is a new fund and therefore no revenue, cost, or profitability data were available for the Board to review in respect of the fund at the time it approved the Advisory Contract. In connection with its consideration of future renewals of the fund's Advisory Contract, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the Series Funds in which the fund invests and servicing the fund's shareholders.

**Economies of Scale** . The Board will consider economies of scale when there is operating experience to permit assessment thereof. It noted that, notwithstanding the entrepreneurial risk associated with a new fund, the management fee was at a level normally associated with very high fund net assets, and Fidelity asserted to the Board that the level of the fee anticipated economies of scale at lower asset levels even before, if ever, economies of scale are achieved. The Board also noted that the fund and its shareholders would have access to the very considerable number and variety of services available through Fidelity and its affiliates.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contract should be approved.

**Liquidity Risk Management Program**

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Funds have adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage each Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. Each Fund's Board of Trustees (the Board) has designated each Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factor specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.

In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

* Highly liquid investments - cash or convertible to cash within three business days or less 

* Moderately liquid investments - convertible to cash in three to seven calendar days 

* Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days 

* Illiquid investments - cannot be sold or disposed of within seven calendar days 

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.

![](img88895_2.jpg) <br>

1.9881722.105 SRD-SANN-0423

Item 2.

<u>Code of Ethics</u>

Not applicable.

Item 3.

<u>Audit Committee Financial Expert</u>

Not applicable.

Item 4.

<u>Principal Accountant Fees and Services</u>

Not applicable.

Item 5.

<u>Audit Committee of Listed Registrants</u>

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable

Item 7.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 8.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 9.

<u>Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 10.

<u>Submission of Matters to a Vote of Security Holders</u>

There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Income Fund's Board of Trustees.

Item 11.

<u>Controls and Procedures</u>

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Income Fund's (the "Trust") 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.

<u>Disclosure of Securities Lending Activities for Closed-End Management</u>

<u>Investment Companies</u>

Not applicable.

Item 13.

<u>Exhibits</u>

(a) (1) Not applicable.

(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.](ex99cert.htm)

(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.](ex99906cert.htm)

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: | <u>/s/Laura M. Del Prato</u> |
|  | Laura M. Del Prato |
|  | President and Treasurer |
| Date: | March 23, 2023 |

---

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: | <u>/s/Laura M. Del Prato</u> |
|  | Laura M. Del Prato |
|  | President and Treasurer |
| Date: | March 23, 2023 |

---

---

| | |
|:---|:---|
| By: | <u>/s/John J. Burke III</u> |
|  | John J. Burke III |
|  | Chief Financial Officer |
| Date: | March 23, 2023 |

---

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Exhibit EX-99.CERT</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I, Laura M. Del Prato, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Fidelity Income Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the registrant 's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant 's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 23, 2023

---

| |
|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/Laura M. Del Prato</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laura M. Del Prato  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Treasurer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I, John J. Burke III, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Fidelity Income Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the registrant 's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant 's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 23, 2023

---

| |
|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/John J. Burke III</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John J. Burke III  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

## Exhibit 99.906

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibit EX-99.906CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In connection with the attached Report of Fidelity Income Fund (the "Trust ") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report "), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer 's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dated: March 23, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| |
|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/Laura M. Del Prato</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laura M. Del Prato  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Treasurer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dated: March 23, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| |
|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/John J. Burke III</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John J. Burke III  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>