Fidelity Income Replacement Funds^SM

Fidelity Income Replacement Funds are designed for investors who seek to convert accumulated assets into regular payments over a defined period of time and seek total return through a combination of current income and capital growth.

Each fund's investment objective is intended to support a payment strategy to its horizon date. There are 14 horizon dates from 2016 to 2042.

Smart Payment Program^SM

The payment strategy of each fund is designed to be implemented through a shareholder's voluntary participation in the Smart Payment Program. The Smart Payment Program is an optional account feature designed to enable shareholders to receive monthly payments from a fund and have the potential to keep pace with inflation.

A participating shareholder's payment for a given month will consist of a fund's dividends for that month and, if such dividends are less than the dollar amount of the shareholder's monthly payment, the proceeds from the automatic sale of the appropriate number of shares of the fund required to meet the monthly payment. Shareholders who elect to participate in the Smart Payment Program authorize the automatic sale of their shares for this purpose.

Monthly Payments

Monthly payments are calculated based on a schedule of annual target payment rates determined by Strategic Advisers Inc (Strategic Advisers®). The dollar amount of a shareholder's monthly payments will remain the same each month of a given calendar year, except that in the year of the Fidelity Income Replacement Fund's horizon date the final monthly payment may vary in connection with the liquidation of the fund. The dollar amount of a shareholder's monthly payments through the Smart Payment Program will generally fluctuate from one year to the next depending on, among other factors, the annual target payment rate, investment performance, and amount invested in the Fidelity Income Replacement Fund.

Buying additional shares of an Fidelity Income Replacement Fund or selling shares outside of the Smart Payment Program generally will increase or decrease, respectively, the dollar amount of a shareholder's monthly payment. As with any mutual fund, withdrawals will reduce the investment balance and future returns are not earned on amounts withdrawn.

Fund Time Horizon and Liquidation

A shareholder's participation in the Smart Payment Program will result in the gradual liquidation of the shareholder's entire investment in a Fidelity Income Replacement Fund by its horizon date. It is expected that each Fidelity Income Replacement Fund will be liquidated shortly after its horizon date and that each fund will distribute its remaining assets to all shareholders, including those shareholders not currently participating in the Smart Payment Program.

The Fidelity Income Replacement Funds are not designed for the accumulation of assets prior to retirement, and do not provide a complete solution for a shareholder's retirement income needs. Principal preservation is not guaranteed. In fact, your investment will be reduced over time if you participate in the Smart Payment Program.

Before investing, consider the funds' investment objectives, risks, charges and expenses. Contact Fidelity for a prospectus containing this information. Read it carefully.