Fidelity Managed Retirement Funds - Fidelity Managed Retirement 2020 Fund
FTRVX
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- Fidelity Managed Retirement Funds - Fidelity Managed Retirement 2020 Fund (FTRVX) is an actively managed target-date mutual fund that seeks high current income with capital appreciation as a secondary objective, designed for investors in or near their retirement around 2020. The fund invests primarily in a diversified portfolio of underlying Fidelity mutual funds, including U.S. and international equity funds, bond funds encompassing government, investment-grade, corporate, inflation-protected, and international bonds, and short-term funds; its neutral asset allocation emphasizes income stability and risk management during the decumulation phase in retirement. It maintains an expense ratio of 0.47% with no sales loads and serves investors through brokerage platforms and retirement accounts globally, with Fidelity Investments headquartered in Boston, Massachusetts, and the broader Fidelity Managed Retirement Funds series launched starting in 2006. The fund operates within the target-date 2020 category, targeting retirees or those sustaining withdrawals post-horizon date, with a turnover rate of approximately 32% and a TTM yield of 2.69% as of recent data. In May 2024, Fidelity consolidated Fidelity Advisor Managed Retirement Fund Class Z6 into Fidelity Managed Retirement 2020 Fund Class K6 (FHRVX), streamlining share classes and enhancing operational efficiency across the series; additionally, the Smart Payment Program for monthly income distributions was discontinued in 2017, prompting investors to utilize alternative systematic withdrawal options. Fidelity Investments continues to evolve its retirement offerings, reporting record-high average 401(k) and IRA balances in Q3 2025 amid positive savers' momentum, alongside expansions in managed accounts like Fidelity Go for hybrid robo-advisory services.