NOTICE IS HEREBY GIVEN that a Special Meeting of Shareholders of Fidelity Managed Retirement Income Fund^SM (the Fidelity Managed Retirement Income Fund^SM Meeting) will be held on April 16, 2026, at 8:00 A.M. Eastern Time (ET). The Fidelity Managed Retirement Income Fund^SM Meeting will be accessible solely by means of remote audio communication. The purpose of the Fidelity Managed Retirement Income Fund^SM Meeting is to consider and act upon the following proposal, and to transact such other business as may properly come before the Fidelity Managed Retirement Income Fund^SM Meeting or any adjournments thereof.

NOTICE IS HEREBY GIVEN that a Special Meeting of Shareholders of Fidelity Managed Retirement 2010 Fund^SM (the Fidelity Managed Retirement 2010 Fund^SM Meeting) will be held on April 16, 2026, at 8:00 A.M. ET. The Fidelity Managed Retirement 2010 Fund^SM Meeting will be accessible solely by means of remote audio communication. The purpose of the Fidelity Managed Retirement 2010 Fund^SM Meeting is to consider and act upon the following proposal, and to transact such other business as may properly come before the Fidelity Managed Retirement 2010 Fund^SM Meeting or any adjournments thereof.

NOTICE IS HEREBY GIVEN that a Special Meeting of Shareholders of Fidelity Managed Retirement 2015 Fund^SM (the Fidelity Managed Retirement 2015 Fund^SM Meeting) will be held on April 16, 2026, at 8:00 A.M. ET. The Fidelity Managed Retirement 2015 Fund^SM Meeting will be accessible solely by means of remote audio communication. The purpose of the Fidelity Managed Retirement 2015 Fund^SM Meeting is to consider and act upon the following proposal, and to transact such other business as may properly come before the Fidelity Managed Retirement 2015 Fund^SM Meeting or any adjournments thereof.

NOTICE IS HEREBY GIVEN that a Special Meeting of Shareholders of Fidelity Managed Retirement 2020 Fund^SM (the Fidelity Managed Retirement 2020 Fund^SM Meeting) will be held on April 16, 2026, at 8:00 A.M. ET. The Fidelity Managed Retirement 2020 Fund^SM Meeting will be accessible solely by means of remote audio communication. The purpose of the Fidelity Managed Retirement 2020 Fund^SM Meeting is to consider and act upon the following proposal, and to transact such other business as may properly come before the Fidelity Managed Retirement 2020 Fund^SM Meeting or any adjournments thereof.

NOTICE IS HEREBY GIVEN that a Special Meeting of Shareholders of Fidelity Managed Retirement 2025 Fund^SM (the Fidelity Managed Retirement 2025 Fund^SM Meeting) will be held on April 16, 2026, at 8:00 A.M. ET. The Fidelity Managed Retirement 2025 Fund^SM Meeting will be accessible solely by means of remote audio communication. The purpose of the Fidelity Managed Retirement 2025 Fund^SM Meeting is to consider and act upon the following proposal, and to transact such other business as may properly come before the Fidelity Managed Retirement 2025 Fund^SM Meeting or any adjournments thereof.

NOTICE IS HEREBY GIVEN that a Special Meeting of Shareholders of Fidelity Managed Retirement 2030 Fund^SM (the Fidelity Managed Retirement 2030 Fund^SM Meeting) will be held on April 16, 2026, at 8:00 A.M. ET. The Fidelity Managed Retirement 2030 Fund^SM Meeting will be accessible solely by means of remote audio communication. The purpose of the Fidelity Managed Retirement 2030 Fund^SM Meeting is to consider and act upon the following proposal, and to transact such other business as may properly come before the Fidelity Managed Retirement 2030 Fund^SM Meeting or any adjournments thereof.

NOTICE IS HEREBY GIVEN that a Special Meeting of Shareholders of Fidelity Managed Retirement 2035 Fund^SM (the Fidelity Managed Retirement 2035 Fund^SM Meeting) will be held on April 16, 2026, at 8:00 A.M. ET. The Fidelity Managed Retirement 2035 Fund^SM Meeting will be accessible solely by means of remote audio communication. The purpose of the Fidelity Managed Retirement 2035 Fund^SM Meeting is to consider and act upon the following proposal, and to transact such other business as may properly come before the Fidelity Managed Retirement 2035 Fund^SM Meeting or any adjournments thereof.

The Board of Trustees has fixed the close of business on February 9, 2026 as the record date for the determination of the shareholders of each of Fidelity Managed Retirement Income Fund^SM, Fidelity Managed Retirement 2010 Fund^SM, Fidelity Managed Retirement 2015 Fund^SM, Fidelity Managed Retirement 2020 Fund^SM, Fidelity Managed Retirement 2025 Fund^SM, Fidelity Managed Retirement 2030 Fund^SM, and Fidelity Managed Retirement 2035 Fund^SM entitled to notice of, and to vote at, the Fidelity Managed Retirement Income Fund^SM Meeting, Fidelity Managed Retirement 2010 Fund^SM Meeting, Fidelity Managed Retirement 2015 Fund^SM Meeting, Fidelity Managed Retirement 2020 Fund^SM Meeting, Fidelity Managed Retirement 2025 Fund^SM Meeting, Fidelity Managed Retirement 2030 Fund^SM Meeting, and Fidelity Managed Retirement 2035 Fund^SM Meeting, respectively, and any adjournments thereof.

The Fidelity Managed Retirement Income Fund^SM Meeting, Fidelity Managed Retirement 2010 Fund^SM Meeting, Fidelity Managed Retirement 2015 Fund^SM Meeting, Fidelity Managed Retirement 2020 Fund^SM Meeting, Fidelity Managed Retirement 2025 Fund^SM Meeting, Fidelity Managed Retirement 2030 Fund^SM Meeting, and Fidelity Managed Retirement 2035 Fund^SM Meeting (each, a Meeting) will be held in a virtual format only. Shareholders are invited to attend a Meeting by means of remote audio communication. To participate in a Meeting, you must register at https://viewproxy.com/fidelityfunds2/broadridgevsm/. You will be required to enter your name, an email address, and the control number found on your proxy card or notice you previously received. If you have lost or misplaced your control number, call Fidelity at 1-800-544-8544 to verify your identity and obtain your control number. Requests for registration must be received no later than 5:00 p.m. ET on Wednesday, April 15, 2026. Once your registration is approved, you will receive an email confirming your registration with an event link and optional dial-in information to attend a Meeting. You may vote during a Meeting at www.proxyvote.com/proxy. You will need your control number to vote.

Questions from shareholders to be considered at a Meeting must be submitted to Broadridge at https://viewproxy.com/fidelityfunds2/broadridgevsm/ no later than 8:00 a.m. ET on Wednesday, April 15, 2026.

Shareholders whose shares are held by a broker, bank or other nominee must first obtain a “legal proxy” from the applicable nominee/record holder, who will then provide the shareholder with a newly-issued control number. We note that obtaining a legal proxy may take several days. Requests for registration should be received no later than 5:00 p.m. ET on Wednesday, April 15, 2026. Once shareholders have obtained a new control number, they must visit https://viewproxy.com/fidelityfunds2/broadridgevsm/ and submit their name and newly issued control number in order to register to participate in and vote at a Meeting.

Any shareholder who does not expect to virtually attend a Meeting is urged to vote using the touch-tone telephone or internet voting instructions that follow or by indicating voting instructions on the enclosed proxy card, dating and signing it, and returning it in the envelope provided, which needs no postage if mailed in the United States. In order to avoid unnecessary expense, we ask for your cooperation in responding promptly, no matter how large or small your holdings may be. If you wish to wait until a Meeting to vote your shares, you will need to follow the instructions available on a Meeting’s website during a Meeting in order to do so.

The following general rules for executing proxy cards may be of assistance to you and help avoid the time and expense involved in validating your vote if you fail to execute your proxy card properly.

This combined Proxy Statement and Prospectus (Proxy Statement) is furnished to shareholders of Fidelity Managed Retirement Income Fund^SM, Fidelity Managed Retirement 2010 Fund^SM, Fidelity Managed Retirement 2015 Fund^SM, Fidelity Managed Retirement 2020 Fund^SM, Fidelity Managed Retirement 2025 Fund^SM, Fidelity Managed Retirement 2030 Fund^SM, and Fidelity Managed Retirement 2035 Fund^SM, each a series of Fidelity Income Fund (the trust), in connection with a solicitation of proxies made by, and on behalf of, the trust’s Board of Trustees to be used at the Special Meeting of Shareholders of Fidelity Managed Retirement Income Fund^SM, the Special Meeting of Shareholders of Fidelity Managed Retirement 2010 Fund^SM, the Special Meeting of Shareholders of Fidelity Managed Retirement 2015 Fund^SM, the Special Meeting of Shareholders of Fidelity Managed Retirement 2020 Fund^SM, the Special Meeting of Shareholders of Fidelity Managed Retirement 2025 Fund^SM, the Special Meeting of Shareholders of Fidelity Managed Retirement 2030 Fund^SM, and the Special Meeting of Shareholders of Fidelity Managed Retirement 2035 Fund^SM and at any adjournments thereof (each a Meeting, and together, the Meetings), to be held on April 16, 2026 at 8:00 A.M. Eastern Time (ET).

The Board of Trustees and Fidelity Management & Research Company LLC (FMR or the Adviser), each fund’s manager, have determined that the Meetings will be held in a virtual format only. The Meetings will be accessible solely by means of remote audio communication. This Proxy Statement and the accompanying proxy card are first being mailed on or about March 9, 2026.

As more fully described in the Proxy Statement, shareholders of each proposed fund listed in the Target Fund column in the following table (each a Target Fund, and together the Target Funds) are being asked to consider and vote on an Agreement and Plan of Reorganization (each an Agreement, and together, the Agreements) relating to the proposed acquisition of the Target Fund by the corresponding proposed fund listed in the Acquiring Fund column in the following table (each an Acquiring Fund, and together the Acquiring Funds). The Target Funds and the Acquiring Funds may be referred to herein collectively as the “funds.”

The transactions contemplated by each Agreement are each referred to as a Reorganization and, together, the Reorganizations. Approval of each Reorganization will be determined solely by approval of the shareholders of the individual Target Fund affected. It will not be necessary for all Reorganizations to be approved for any one of them to occur.

If the Agreement relating to your fund is approved by the fund’s shareholders and the related Reorganization occurs, you will become a shareholder of the corresponding Acquiring Fund. Your fund will transfer all of its assets to the Acquiring Fund in exchange solely for corresponding shares of beneficial interest of the Retail Class, Class A, Class I, Class K, and Class K6, as applicable, of the Acquiring Fund and the assumption by the Acquiring Fund of your fund’s liabilities in complete liquidation of your fund. The total value of your fund holdings will not change as a result of the Reorganization. Each Reorganization is currently scheduled to take place as of the close of

business of the New York Stock Exchange (the NYSE) on the closing date indicated on the table above, or such other time and date as the parties to the respective Agreement may agree (the Closing Date). If shareholder approval of the Agreement relating to your fund cannot be achieved, the Board of Trustees has approved a plan of liquidation for each Target Fund and your fund would liquidate on or about the closing date indicated on the table above.

Each of the Acquiring Funds is a diversified series of Fidelity Aberdeen Street Trust, an open-end management investment company registered with the Securities and Exchange Commission (the SEC). Each of Fidelity Freedom^® Blend Retirement Fund, Fidelity Freedom^® Blend 2010 Fund, and Fidelity Freedom^® Blend 2015 Fund seeks high current income and, as a secondary objective, capital appreciation. Each of Fidelity Freedom^® Blend 2020 Fund, Fidelity Freedom^® Blend 2025 Fund, and Fidelity Freedom^® Blend 2030 Fund seeks high total return until its target retirement date, and thereafter the fund’s objective will be to seek high current income and, as a secondary objective, capital appreciation. Each of the Acquiring Funds seeks to achieve its investment objective by investing primarily in a combination of Fidelity U.S. equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity^® funds), some of which are actively managed and others of which are passively managed, meaning they seek to provide investment results that correspond to the total return of a specific index.

The Proxy Statement sets forth concisely the information about each Reorganization and each Acquiring Fund that shareholders should know before voting on the proposed Reorganizations. Please read it carefully and keep it for future reference.

The following documents have been filed with the SEC and are incorporated into this Proxy Statement by reference, which means they are part of this Proxy statement for legal purposes:

For a free copy of the funds’ current Prospectuses, Statements of Additional Information, Form N-CSR, or N-CSRS, call 1-800-544-8544 (Retail Class), 1-877-208-0098 (Advisor Classes), or 1-800-835-5092 (Class K and Class K6),visit Fidelity’s web sites at www.fidelity.com, institutional.fidelity.com, or www.401k.com, or write to Fidelity Distributors Company LLC (FDC), 900 Salem Street, Smithfield, Rhode Island 02917.

The trust and Fidelity Aberdeen Street Trust are subject to the informational requirements of the Securities and Exchange Act of 1934, as amended. Accordingly, each must file proxy material, reports, and other information with the SEC. You can review and copy such information from the EDGAR database on the SEC’s web site at http://www.sec.gov. You can also obtain copies of such information, after paying a duplicating fee, by sending a request by e-mail to publicinfo@sec.gov or by writing the SEC’s Public Reference Room, Office of Consumer Affairs and Information Services, Washington, DC 20549. You may obtain information on the operation of the SEC’s Public Reference Room by calling the SEC at 1-202-551-8090.

An investment in the funds is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the funds.

The following is a summary of certain information contained elsewhere in this Proxy Statement, in each Agreement, and/or in the Prospectuses and Statements of Additional Information of each Target Fund, or the Prospectuses and Statements of Additional Information of each Acquiring Fund, as applicable, each of which is incorporated herein by reference. Shareholders should read the entire Proxy Statement and the Prospectuses of the relevant Acquiring Fund carefully for more complete information.

Shareholders of Fidelity Managed Retirement Income Fund^SM are being asked to vote on Proposal 1. As more fully described in Proposal 1 below, shareholders of Fidelity Managed Retirement Income Fund^SM are being asked to approve the Agreement relating to the proposed acquisition of Fidelity Managed Retirement Income Fund^SM by Fidelity Freedom^® Blend Retirement Fund.

Shareholders of Fidelity Managed Retirement 2010 Fund^SM are being asked to vote on Proposal 2. As more fully described in Proposal 2 below, shareholders of Fidelity Managed Retirement 2010 Fund^SM are being asked to approve the Agreement relating to the proposed acquisition of Fidelity Managed Retirement 2010 Fund^SM by Fidelity Freedom^® Blend Retirement Fund.

Shareholders of Fidelity Managed Retirement 2015 Fund^SM are being asked to vote on Proposal 3. As more fully described in Proposal 3 below, shareholders of Fidelity Managed Retirement 2015 Fund^SM are being asked to approve the Agreement relating to the proposed acquisition of Fidelity Managed Retirement 2015 Fund^SM by Fidelity Freedom^® Blend 2010 Fund.

Shareholders of Fidelity Managed Retirement 2020 Fund^SM are being asked to vote on Proposal 4. As more fully described in Proposal 4 below, shareholders of Fidelity Managed Retirement 2020 Fund^SM are being asked to approve the Agreement relating to the proposed acquisition of Fidelity Managed Retirement 2020 Fund^SM by Fidelity Freedom^® Blend 2015 Fund.

Shareholders of Fidelity Managed Retirement 2025 Fund^SM are being asked to vote on Proposal 5. As more fully described in Proposal 5 below, shareholders of Fidelity Managed Retirement 2025 Fund^SM are being asked to approve the Agreement relating to the proposed acquisition of Fidelity Managed Retirement 2025 Fund^SM by Fidelity Freedom^® Blend 2020 Fund.

Shareholders of Fidelity Managed Retirement 2030 Fund^SM are being asked to vote on Proposal 6. As more fully described in Proposal 6 below, shareholders of Fidelity Managed Retirement 2030 Fund^SM are being asked to approve the Agreement relating to the proposed acquisition of Fidelity Managed Retirement 2030 Fund^SM by Fidelity Freedom^® Blend 2025 Fund.

Shareholders of Fidelity Managed Retirement 2035 Fund^SM are being asked to vote on Proposal 7. As more fully described in Proposal 7 below, shareholders of Fidelity Managed Retirement 2035 Fund^SM are being asked to approve the Agreement relating to the proposed acquisition of Fidelity Managed Retirement 2035 Fund^SM by Fidelity Freedom^® Blend 2030 Fund.

Approval of each Reorganization will be determined solely by approval of the shareholders of the individual Target Fund affected. It will not be necessary for all Reorganizations to be approved for any one of them to occur. Additionally, although it is proposed that Fidelity Managed Retirement Income Fund and Fidelity Managed Retirement 2010 Fund be merged into the same Acquiring Fund, neither Reorganization is subject to, or contingent upon, the approval by the other Target Fund’s shareholders of that fund’s Reorganization.

Shareholders of record as of the close of business on February 9, 2026, will be entitled to vote at a Meeting.

If the Agreement relating to your fund is approved by fund shareholders and the related Reorganization occurs, you will become a shareholder of the corresponding Acquiring Fund instead. Your fund will transfer all of its assets to the corresponding Acquiring Fund in exchange solely for shares of beneficial interest of the Retail Class, Class A, Class I, Class K, and Class K6, as applicable, of the Acquiring Fund and the assumption by the Acquiring Fund of your fund’s liabilities in complete liquidation of your fund. Each shareholder of the Target Fund will receive corresponding shares of the Acquiring Fund. Each Reorganization is currently scheduled to take place as of the close of business of the NYSE on the Closing Date.

For more information, shareholders of Fidelity Managed Retirement Income Fund^SM please refer to the section entitled “The Proposed Transactions – Proposal 1 – Agreement and Plan of Reorganization.”

For more information, shareholders of Fidelity Managed Retirement 2010 Fund^SM please refer to the section entitled “The Proposed Transactions – Proposal 2 – Agreement and Plan of Reorganization.”

For more information, shareholders of Fidelity Managed Retirement 2015 Fund^SM please refer to the section entitled “The Proposed Transactions – Proposal 3 – Agreement and Plan of Reorganization.”

For more information, shareholders of Fidelity Managed Retirement 2020 Fund^SM please refer to the section entitled “The Proposed Transactions – Proposal 4 – Agreement and Plan of Reorganization.”

For more information, shareholders of Fidelity Managed Retirement 2025 Fund^SM please refer to the section entitled “The Proposed Transactions – Proposal 5 – Agreement and Plan of Reorganization.”

For more information, shareholders of Fidelity Managed Retirement 2030 Fund^SM please refer to the section entitled “The Proposed Transactions – Proposal 6 – Agreement and Plan of Reorganization.”

For more information, shareholders of Fidelity Managed Retirement 2035 Fund^SM please refer to the section entitled “The Proposed Transactions – Proposal 7 – Agreement and Plan of Reorganization.”

Yes. Each fund’s Board of Trustees has carefully reviewed the proposal and approved the Agreement and the Reorganization. The Board of Trustees unanimously recommends that you vote in favor of your fund’s Reorganization by approving your fund’s Agreement.

The Board of Trustees considered the following factors, among others, in determining to recommend that you vote in favor of your fund’s Reorganization by approving your fund’s Agreement:

If shareholder approval of the Agreement cannot be achieved for Fidelity Managed Retirement 2025 Fund^SM, Fidelity Managed Retirement 2030 Fund^SM, or Fidelity Managed Retirement 2035 Fund^SM, such Target Fund or Target Funds for which approval was not obtained will liquidate on or about June 5, 2026.

If shareholder approval of the Agreement cannot be achieved for Fidelity Managed Retirement Income Fund^SM, Fidelity Managed Retirement 2010 Fund^SM, Fidelity Managed Retirement 2015 Fund^SM, or Fidelity Managed Retirement 2020 Fund^SM, such Target Fund or Target Funds for which approval was not obtained will liquidate on or about June 12, 2026.

For more information, shareholders of Fidelity Managed Retirement Income Fund^SM please refer to the section entitled “The Proposed Transactions – Proposal 1 – Reasons for the Reorganization.”

For more information, shareholders of Fidelity Managed Retirement 2010 Fund^SM please refer to the section entitled “The Proposed Transactions – Proposal 2 – Reasons for the Reorganization.”

For more information, shareholders of Fidelity Managed Retirement 2015 Fund^SM please refer to the section entitled “The Proposed Transactions – Proposal 3 – Reasons for the Reorganization.”

For more information, shareholders of Fidelity Managed Retirement 2020 Fund^SM please refer to the section entitled “The Proposed Transactions – Proposal 4 – Reasons for the Reorganization.”

For more information, shareholders of Fidelity Managed Retirement 2025 Fund^SM please refer to the section entitled “The Proposed Transactions – Proposal 5 – Reasons for the Reorganization.”

For more information, shareholders of Fidelity Managed Retirement 2030 Fund^SM please refer to the section entitled “The Proposed Transactions – Proposal 6 – Reasons for the Reorganization.”

For more information, shareholders of Fidelity Managed Retirement 2035 Fund^SM please refer to the section entitled “The Proposed Transactions – Proposal 7 – Reasons for the Reorganization.”

Although the number of shares you own will most likely change, the total value of your holdings will not change as a result of your fund’s Reorganization.

As provided in the Agreement relating to each Proposal, each Target Fund will distribute shares of the Acquiring Fund to its shareholders so that each shareholder will receive the number of full and fractional shares of the Retail Class, Class A, Class I, Class K, and Class K6, as applicable, of the Acquiring Fund equal in value to the net asset value of shares of the applicable Target Fund held by such shareholder on the Closing Date.

For more information, shareholders of Fidelity Managed Retirement Income Fund^SM please refer to the section entitled “The Proposed Transactions – Proposal 1 – Agreement and Plan of Reorganization.”

For more information, shareholders of Fidelity Managed Retirement 2010 Fund^SM please refer to the section entitled “The Proposed Transactions – Proposal 2 – Agreement and Plan of Reorganization.”

For more information, shareholders of Fidelity Managed Retirement 2015 Fund^SM please refer to the section entitled “The Proposed Transactions – Proposal 3 – Agreement and Plan of Reorganization.”

For more information, shareholders of Fidelity Managed Retirement 2020 Fund^SM please refer to the section entitled “The Proposed Transactions – Proposal 4 – Agreement and Plan of Reorganization.”

For more information, shareholders of Fidelity Managed Retirement 2025 Fund^SM please refer to the section entitled “The Proposed Transactions – Proposal 5 – Agreement and Plan of Reorganization.”

For more information, shareholders of Fidelity Managed Retirement 2030 Fund^SM please refer to the section entitled “The Proposed Transactions – Proposal 6 – Agreement and Plan of Reorganization.”

For more information, shareholders of Fidelity Managed Retirement 2035 Fund^SM please refer to the section entitled “The Proposed Transactions – Proposal 7 – Agreement and Plan of Reorganization.”

Holders of each Target Fund will receive Retail Class, Class A, Class I, Class K, and Class K6 shares, respectively, of the corresponding Acquiring Fund.

No. Each fund will receive an opinion of counsel that its Reorganization will not result in any gain or loss for federal income tax purposes either to the applicable Target Fund or the applicable Acquiring Fund or to the shareholders of either fund. Any portfolio adjustments to the funds may result in net realized gains which may need to be distributed in the form of taxable distributions to shareholders before and/or after the date of a Reorganization.

For more information, shareholders of Fidelity Managed Retirement Income Fund^SM please refer to the section entitled “The Proposed Transactions – Proposal 1 – Federal Income Tax Considerations.”

For more information, shareholders of Fidelity Managed Retirement 2010 Fund^SM please refer to the section entitled “The Proposed Transactions – Proposal 2 – Federal Income Tax Considerations.”

For more information, shareholders of Fidelity Managed Retirement 2015 Fund^SM please refer to the section entitled “The Proposed Transactions – Proposal 3 – Federal Income Tax Considerations.”

For more information, shareholders of Fidelity Managed Retirement 2020 Fund^SM please refer to the section entitled “The Proposed Transactions – Proposal 4 – Federal Income Tax Considerations.”

For more information, shareholders of Fidelity Managed Retirement 2025 Fund^SM please refer to the section entitled “The Proposed Transactions – Proposal 5 – Federal Income Tax Considerations.”

For more information, shareholders of Fidelity Managed Retirement 2030 Fund^SM please refer to the section entitled “The Proposed Transactions – Proposal 6 – Federal Income Tax Considerations.”

For more information, shareholders of Fidelity Managed Retirement 2035 Fund^SM please refer to the section entitled “The Proposed Transactions – Proposal 7 – Federal Income Tax Considerations.”

Each Target Fund and each Acquiring Fund have similar investment objectives and similar principal investment strategies as set forth in the chart below, although, unlike its respective Acquiring Fund, each of Fidelity Managed Retirement Income Fund^SM’s, Fidelity Managed Retirement 2010 Fund^SM’s, Fidelity Managed Retirement 2015 Fund^SM’s, Fidelity Managed Retirement 2020 Fund^SM’s, and Fidelity Managed Retirement 2025 Fund^SM’s investment objective is fundamental, that is, subject to change only by shareholder approval. Like its respective Acquiring Fund, each of Fidelity Managed Retirement 2030 Fund^SM’s and Fidelity Managed Retirement 2035 Fund^SM’s investment objective is non-fundamental and may be changed without shareholder approval. Each Target Fund is designed for investors

at or around age 60 and above who turn age 70 in or near the target date in each fund’s name and plan to gradually withdraw the value of their account in the fund over time. Each Acquiring Fund is intended for investors who turn age 65 on or near a given target date and the Acquiring Funds are designed for a broader range of customers in accumulation and decumulation. The current neutral asset allocation for each product suite reflects Fidelity’s research and views on customer needs and sensitivities, capital markets, and diversification. The difference in the current neutral asset allocations combined with the difference in customer age at a fund’s target date year (70 versus 65) currently results in similar neutral asset allocations for the same vintage years. Below is additional information on the funds.

For a comparison of the principal risks associated with the funds’ principal investment strategies, please refer to the section entitled “Comparison of Principal Risk Factors.”

Except as noted above, the funds have the same fundamental and non-fundamental investment policies and limitations.

For more information about the funds’ investment objectives, strategies, policies, and limitations, please refer to the “Investment Details” section of the funds’ Prospectuses, and to the “Investment Policies and Limitations” section of the funds’ Statements of Additional Information, each of which is incorporated herein by reference.

Following a Reorganization, the combined fund will be managed in accordance with the investment objective, strategies, policies, and limitations of the corresponding Acquiring Fund.

The following summarizes the management and distribution arrangements of each Target Fund and its corresponding Acquiring Fund:

The principal business address of FMR, the Target Funds’ and the Acquiring Funds’ investment adviser, is 245 Summer Street, Boston, Massachusetts 02210. As the manager, FMR administers the asset allocation program for each fund and is responsible for handling the business affairs for each fund

As of December 31, 2024, FMR had approximately $4.7 trillion in discretionary assets under management, and approximately $5.9 trillion when combined with all of its affiliates’ assets under management.

Andrew Dierdorf is Co-Portfolio Manager of each Target Fund, which he has managed since 2009 (other than Fidelity Managed Retirement 2030 Fund^SM and Fidelity Managed Retirement 2035 Fund^SM). He has managed Fidelity Managed Retirement 2030 Fund^SM since 2019 and has managed Fidelity Managed Retirement 2035 Fund^SM since 2022. He is also Co-Portfolio Manager of each Acquiring Fund, which he has managed since 2018. He also manages other funds. Since joining Fidelity Investments in 2004, Mr. Dierdorf has worked as a portfolio manager.

Cait Dourney is Co-Portfolio Manager of each Target Fund, which she has managed since 2025. She is also Co-Portfolio Manager of each Acquiring Fund, which she has managed since 2025. She also manages other funds. Since joining Fidelity Investments in 2014, Ms. Dourney has worked as a research analyst and portfolio manager.

Finola McGuire Foley is Co-Portfolio Manager of each Target Fund, which she has managed since 2025. She is also Co-Portfolio Manager of each Acquiring Fund, which she has managed since 2025. She also manages other funds. Since joining Fidelity Investments in 2003, Ms. Foley has worked as an assistant portfolio manager and portfolio manager.

Brett Sumsion is Co-Portfolio Manager of each Target Fund, which he has managed since 2014 (other than Fidelity Managed Retirement 2030 Fund^SM and Fidelity Managed Retirement 2035 Fund^SM). He has managed Fidelity Managed Retirement 2030 Fund^SM since 2019 and has managed Fidelity Managed Retirement 2035 Fund^SM since 2022. Mr. Sumsion is also Co-Portfolio Manager of each Acquiring Fund, which he has managed since 2018. He also manages other funds. Since joining Fidelity Investments in 2014, Mr. Sumsion has worked as a portfolio manager.

Andrew Dierdorf, Cait Dourney, Finola McGuire Foley, and Brett Sumsion, who are currently the Co-Portfolio Managers of each Target Fund and each Acquiring Fund, are expected to continue to be responsible for portfolio management of each combined fund after each Reorganization.

For information about the compensation of, any other accounts managed by, and any fund shares held by a fund’s portfolio manager(s), please refer to the “Management Contracts” section of each fund’s Statements of Additional Information, which are incorporated herein by reference.

Each fund has entered into a management contract with FMR, pursuant to which FMR furnishes investment advisory and other services.

Each class of each Target Fund pays an all-inclusive management fee to the Adviser at an annual rate based on the average daily net assets of the class. The management fee is set by referring to the number of years to each Target Fund’s horizon date, determined on the first day of the fund’s current fiscal year, such that the management fees applicable to each class of each Target Fund decline as the fund approaches, and then passes, its horizon date.

A different all-inclusive management fee rate is applicable to each class of each Target Fund. For Class K6, such fee is subject to the expense contract arrangements discussed in greater detail in the “Expense Limitation” section below. The difference between classes is the result of separate arrangements for class level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of each Target fund’s assets, which do not vary by class.

The all-inclusive management fee is calculated and paid to the Adviser each month. Out of each class of each Target Fund’s all-inclusive management fee, the Adviser or an affiliate pays all expenses of managing and operating each fund, with limited exceptions.

The current management fee, as a percentage of each class of each Target Fund’s average net assets for each Target Fund is shown in the following table:

The basis for the Board of Trustees approving the management contract for each Target Fund is available in each Target Fund’s Form N-CSRS report for the fiscal period ended January 31, 2025, and for the fiscal period ended January 31, 2026, when available.

From time to time, the Adviser or its affiliates may agree to reimburse or waive certain fund expenses while retaining the ability to be repaid if expenses fall below the specified limit prior to the end of the fiscal year.

Reimbursement or waiver arrangements can decrease expenses and boost performance.

Each class of each Acquiring Fund pays an all-inclusive management fee to the Adviser at an annual rate based on the average daily net assets of the class that is set by referring to each Acquiring Fund’s target date such that the management fees applicable to each class of each Acquiring Fund are reduced as the fund approaches, and then passes, its target date.

A different all-inclusive management fee rate is applicable to each class of each Acquiring Fund. For Class K6, such fee is subject to the expense contract arrangements discussed in greater detail in the “Expense Limitation” section below. The difference between classes is the result of separate arrangements for class level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of each Acquiring Fund’s assets, which do not vary by class.

The all-inclusive management fee is calculated and paid to the Adviser each month. Out of each class of each Acquiring Fund’s all-inclusive management fee, the Adviser or an affiliate pays all expenses of managing and operating each fund, with limited exceptions.

The current management fee, as a percentage of each class of each Acquiring Fund’s average net assets, for each Acquiring Fund is shown in the following table:

The basis for the Board of Trustees approving the management contract for each Acquiring Fund is available in each Acquiring Fund’s Form N-CSRS report for the fiscal period ended September 30, 2025.

From time to time, the Adviser or its affiliates may agree to reimburse or waive certain fund expenses while retaining the ability to be repaid if expenses fall below the specified limit prior to the end of the fiscal year.

Reimbursement or waiver arrangements can decrease expenses and boost performance.

If a Reorganization is approved, the combined fund will retain the respective Acquiring Fund’s management fee structure.

For more information about fund management, please refer to the “Fund Management” section of the funds’ Prospectuses, and to the “Control of Investment Adviser” and “Management Contracts” sections of the funds’ Statements of Additional Information, each of which is incorporated herein by reference.

Each Target Fund and Acquiring Fund has entered into an expense contract relating to Class K6 that obligates FMR to pay or provide for the payment of any fee or expense allocated at the class level and attributable to Class K6 and waive a portion of the management fee payable by such class, such that the ordinary operating expenses incurred by Class K6 in any fiscal year (excluding (i) taxes; (ii) the fees and expenses of all Trustees of the Trust who are not "interested persons" of the Trust or of the Adviser; (iii) interest expenses with respect to borrowings by the fund; (iv) Rule 12b-1 fees, if any; (v) expenses of printing and mailing proxy materials to shareholders of the fund; (vi) all other expenses incidental to holding meetings of the fund’s shareholders, including proxy solicitations therefor; and (vii) such non-recurring and/or extraordinary expenses as may arise, including actions, suits or proceedings to which the fund is or is threatened to be a party and the legal obligation that the fund may have to indemnify the trust’s Trustees and officers with respect thereto) will not exceed the annual rate set forth below of the average daily net assets of the class (computed in the manner set forth in the trust’s Trust Instrument) throughout the month. Each Target Fund and Acquiring Fund shall pay its non-operating expenses such as brokerage commissions and fees and expenses associated with the fund’s securities lending program, if applicable.

These expense contracts may not be amended to increase the fees or expenses payable by Class K6 except by a vote of a majority of the Board of Trustees (for each Target and Acquiring Fund), and by a vote of a majority of the outstanding voting securities of Class K6 (for each Acquiring Fund). Each fund may offer other share classes in the future that may be subject to higher or lower fees and expenses.

If a Reorganization is approved, the combined fund will retain the respective Acquiring Fund’s expense limitation.

For more information about the funds’ fees and operating expenses, please refer to the funds’ Prospectuses, which are incorporated herein by reference, and to “Annual Fund and Class Operating Expenses” below.

The principal business address of Fidelity Distributors Corporation (FDC), the Target Funds’ and the Acquiring Funds’ principal underwriter and distribution agent, is 900 Salem Street, Smithfield, Rhode Island 02917.

The Retail Class of each Target Fund and each Acquiring Fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the Investment Company Act of 1940 (1940 Act) that recognizes that FMR may use its management fee revenues, as well as its past profits or its resources from any other source, to pay FDC for expenses incurred in connection with providing services intended to result in the sale of fund shares and/or shareholder support services The Adviser, directly or through FDC, may pay significant amounts to intermediaries that provide those services. Currently, the Board of Trustees of each fund has authorized such payments for Retail Class shares of each fund.

Class A of each Target Fund and each Acquiring Fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. Under the plan, Class A of each fund is authorized to pay FDC a monthly 12b-1 (distribution) fee as compensation for providing services intended to result in the sale of Class A shares. Class A of each fund may pay this 12b-1 (distribution) fee at an annual rate of 0.50% of its average net assets, or such lesser amount as the Trustees may determine from time to time. Currently, the Trustees have not approved such payments. The Trustees may approve 12b-1 (distribution) fee payments at an annual rate of up to 0.50% of Class A’s average net assets when the Trustees believe that it is in the best interests of Class A shareholders to do so.

In addition, pursuant to each Class A plan, Class A of each Target Fund and each Acquiring Fund pays FDC a monthly 12b-1 (service) fee at an annual rate of 0.25% of Class A’s average net assets throughout the month for providing shareholder support services.

Class I of each Target Fund and each Acquiring Fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act that recognizes that the Adviser may use its revenues, including management fees paid to the Adviser by Class I, as well as its past profits or its resources from any other source, to pay FDC for expenses incurred in connection with providing services intended to result in the sale of Class I shares and/or shareholder support services. The Adviser, directly or through FDC, may pay significant amounts to intermediaries that provide those services. Currently, the Board of Trustees of each fund has authorized such payments for Class I.

Class K of each Target Fund and each Acquiring Fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act that recognizes that the Adviser may use its revenues, including management fees paid to the Adviser by Class K, as well as its past profits or its resources from any other source, to pay FDC for expenses incurred in connection with providing services intended to result in the sale of Class K shares and/or shareholder support services. The Adviser, directly or through FDC, may pay significant amounts to intermediaries that provide those services. Currently, the Board of Trustees of each fund has authorized such payments for Class K.

Class K6 of each Target Fund and each Acquiring Fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act that recognizes that the Adviser may use its revenues, including management fees paid to the Adviser by Class K6, as well as its past profits or its resources from any other source, to pay FDC for expenses incurred in connection with providing services intended to result in the sale of Class K6 shares and/or shareholder support services. The Adviser, directly or through FDC, may pay significant amounts to intermediaries that provide those services. Currently, the Board of Trustees of each fund has not authorized such payments for Class K6.

If a Reorganization is approved, the Retail Class, Class A, Class I, Class K, and Class K6 Distribution and Service Plans for the combined fund will be the same as the corresponding class of the respective Acquiring Fund.

For more information about fund distribution, please refer to the “Fund Distribution” section of the funds’ Prospectuses, and to the “Distribution Services” section of the funds’ Statements of Additional Information, each of which is incorporated herein by reference.

The following tables allow you to compare the fees and expenses of each fund and to analyze the pro forma estimated fees and expenses of the combined fund.

The following tables show the fees and expenses of each Target Fund and each corresponding Acquiring Fund for the 12 months ended September 30, 2025. Annual fund or class operating expenses are paid by each fund or class, as applicable. In addition to the fees and expenses described below, you may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.