Fidelity Managed Retirement 2020 Fund is a target-date mutual fund designed to support investors who reached or are near their 2020 retirement horizon by prioritizing income with measured growth. The fund allocates across Fidelity U.S. and international equity funds, bond funds, and short‑term funds, using a neutral allocation aimed at sustaining withdrawals in retirement while managing risk. According to its summary prospectus, the objective shifts over time—from total return before the horizon to seeking high current income with capital appreciation as a secondary goal thereafter. It is actively managed through underlying Fidelity series and index strategies spanning government, investment‑grade, corporate, inflation‑protected, and international bonds, complemented by large‑cap equity exposures. The fund’s expense ratio is 0.47%, with no sales loads, reflecting a cost structure consistent with diversified, multi‑asset implementation. Positioned within the Target‑Date 2020 category, Fidelity Managed Retirement 2020 Fund serves as a post‑retirement allocation solution, emphasizing diversification and income stability through a blend of fixed income and equities tailored for the decumulation phase.
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