Fidelity Income Fund - Fidelity Simplicity RMD 2005 Fund
FRAPX
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- Fidelity Income Fund: Fidelity Simplicity RMD 2005 Fund (FRAPX) is an actively managed mutual fund that seeks total return through a combination of current income and capital growth. The fund invests primarily in a diversified portfolio of underlying Fidelity equity, fixed income, and short-term funds, including allocations to Fidelity Series Investment Grade Bond Fund (11.96%), Fidelity Series Emerging Markets Opportunities Fund (9.1%), Fidelity Series International Growth Fund, Fidelity Series Long-Term Treasury Bond Index Fund, Fidelity Series High Income Fund, and Fidelity Series Emerging Markets Debt Fund, among others. It targets investors approaching or in retirement, particularly those born around 2005 needing required minimum distribution (RMD) support, with a conservative asset allocation emphasizing income generation and capital preservation. The fund operates as part of Fidelity Investments' Simplicity RMD series, which provides managed retirement income solutions through systematic asset allocations that gradually shift toward fixed income over time. Geographic exposure spans U.S. domestic markets alongside international equities and emerging markets debt, serving individual and institutional investors via retail share classes. Fidelity Investments, the fund's manager and parent organization founded in 1946 and headquartered in Boston, Massachusetts, oversees a broad range of mutual funds across asset classes with operations in 11 countries. In July 2020, the fund underwent a significant reorganization, merging into Fidelity Income Fund: Fidelity Simplicity RMD Income Fund in a tax-free exchange where shareholders received Acquiring Fund shares at a merger ratio of approximately 0.987492, preserving their basis adjusted per IRS Section 368(a). This followed a soft close to most new investors in June 2020 ahead of the merger completion on July 17, 2020. No major acquisitions, partnerships, funding rounds, or new product launches have been reported for FRAPX in the last 1-2 years, with ongoing portfolio management focused on underlying Fidelity central funds for income and stability as of late 2025 holdings reports.