Fidelity Advisor Managed Retirement 2025 Fund Class A
FARFX
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- Fidelity Advisor Managed Retirement 2025 Fund Class A (FARFX) is an open-ended investment company that seeks high current income and, as a secondary objective, capital appreciation through approximately 50% allocation to fixed income and 50% to equities as of late 2025, targeting investors nearing retirement in 2025. The fund invests primarily in a diversified mix of Fidelity underlying funds, including Fidelity Series Government Bond Index Fund (10.83%), Fidelity Series Investment Grade Bond Fund (10.09%), Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund (6.92%), Fidelity Series Corporate Bond Fund (6.51%), and Fidelity Series Investment Grade Securitized Fund (6.22%), alongside U.S. equity funds, international equity funds, bond funds, and short-term funds; its portfolio reflects 49.71% U.S. bonds, 21.16% U.S. stocks, 19.52% non-U.S. stocks, 6.02% non-U.S. bonds, 3.25% cash, and 0.34% other assets. It features a Morningstar Target-Date 2025 category classification, a net expense ratio of 0.72%, a front-end load of 5.75%, and total net assets of $56.18 million, with the share class at $2.15 million. Launched on December 31, 2007, with portfolio inception around the same period, the fund is domiciled in the United States and managed by Fidelity Management & Research Company LLC (FMRCo), headquartered in Boston, Massachusetts, as part of Fidelity's broader asset management operations. Key portfolio managers include Andrew Dierdorf (since June 1, 2009), Brett Sumsion (since January 21, 2014), and recent additions Finola McGuire Foley and Cait Dourney (both since June 1, 2025). The fund operates geographically through its underlying holdings, with significant exposure to U.S. markets alongside international diversification across Eurozone (4.31%), emerging Asia (3.34%), United Kingdom (2.29%), and Japan (2.22%). Recent changes include the appointment of new co-managers Finola McGuire Foley and Cait Dourney effective June 1, 2025, enhancing the fund's management team amid Fidelity's ongoing evolution of its target-date series. The portfolio maintains a contractual expense cap, with net expense ratios stable at 0.72% as of late 2025, and exhibits a turnover rate of 45% as of July 1, 2025, reflecting active asset reallocation toward its target date glide path. No major acquisitions, funding rounds, or strategic partnerships specific to this fund were reported in the last 1-2 years, consistent with its role within Fidelity's established managed retirement fund family.