UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-4085

Fidelity Income Fund
(Exact name of registrant as specified in charter)

82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)

Scott C. Goebel, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:	July 31
Date of reporting period:	April 30, 2008

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Ginnie Mae Fund

April 30, 2008

1.800337.104

MOG-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Net Assets

U.S. Government Agency - Mortgage Securities - 94.9%
	Principal Amount (000s)		Value (000s)
Fannie Mae - 8.3%
3.593% 9/1/33 (d)	$ 1,235		$ 1,246
3.713% 6/1/33 (d)	3,663		3,705
3.745% 10/1/33 (d)	359		359
3.786% 6/1/33 (d)	4,123		4,112
3.797% 4/1/33 (d)	765		765
3.816% 10/1/33 (d)	3,286		3,308
3.873% 9/1/33 (d)	3,503		3,557
3.942% 8/1/33 (d)	1,637		1,654
3.971% 6/1/33 (d)	1,375		1,372
3.992% 4/1/34 (d)	4,134		4,165
4.016% 6/1/34 (d)	7,499		7,470
4.023% 3/1/34 (d)	7,649		7,717
4.103% 7/1/34 (d)	10,066		10,166
4.109% 4/1/34 (d)	4,734		4,732
4.119% 5/1/34 (d)	3,951		3,981
4.134% 2/1/35 (d)	13,852		13,913
4.163% 8/1/34 (d)	2,013		2,025
4.168% 12/1/33 (d)	2,914		2,951
4.177% 9/1/33 (d)	2,486		2,507
4.189% 10/1/33 (d)	3,521		3,564
4.196% 11/1/34 (d)	3,555		3,560
4.234% 1/1/34 (d)	947		956
4.257% 10/1/33 (d)	149		151
4.291% 3/1/33 (d)	180		181
4.372% 6/1/35 (d)	1,131		1,144
4.399% 10/1/34 (d)	1,816		1,828
4.452% 5/1/34 (d)	4,456		4,461
4.494% 3/1/35 (d)	1,462		1,477
4.502% 6/1/33 (d)	121		123
4.52% 5/1/35 (d)	997		1,001
4.526% 7/1/35 (d)	1,255		1,267
4.57% 10/1/35 (d)	91		92
4.614% 1/1/34 (d)	8,764		8,924
4.638% 4/1/35 (d)	135		137
4.656% 8/1/35 (d)	4,029		4,106
4.669% 6/1/35 (d)	1,305		1,319
4.683% 8/1/35 (d)	1,963		1,985
4.692% 8/1/35 (d)	1,835		1,856
4.696% 2/1/36 (d)	4,835		4,872
4.737% 8/1/34 (d)	6,148		6,162
4.751% 1/1/35 (d)	1,313		1,327
4.751% 9/1/36 (d)	3,359		3,412
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
4.771% 12/1/34 (d)	$ 360		$ 363
4.814% 10/1/35 (d)	805		812
4.819% 9/1/34 (d)	1,519		1,533
4.832% 10/1/34 (d)	3,781		3,816
4.841% 1/1/35 (d)	1,342		1,359
4.848% 9/1/34 (d)	1,711		1,728
4.869% 9/1/34 (d)	565		573
4.906% 3/1/33 (d)	1,044		1,056
4.958% 9/1/34 (d)	465		470
5.017% 7/1/34 (d)	173		176
5.023% 1/1/35 (d)	7,196		7,223
5.06% 10/1/36 (d)	8,721		8,804
5.071% 8/1/34 (d)	252		253
5.081% 5/1/35 (d)	1,956		1,975
5.086% 9/1/34 (d)	329		332
5.111% 3/1/34 (d)	5,893		5,963
5.135% 3/1/35 (d)	177		179
5.151% 7/1/35 (d)	1,587		1,606
5.166% 8/1/33 (d)	445		449
5.237% 11/1/36 (d)	1,202		1,225
5.247% 6/1/35 (d)	1,429		1,444
5.303% 12/1/34 (d)	452		457
5.309% 7/1/35 (d)	150		151
5.357% 1/1/36 (d)	4,147		4,210
5.444% 11/1/36 (d)	4,116		4,183
5.473% 6/1/47 (d)	801		814
5.491% 3/1/35 (d)	84		85
5.5% 11/1/13 to 3/1/20 (c)	14,239		14,446
5.512% 2/1/37 (d)	10,237		10,401
5.616% 4/1/37 (d)	4,512		4,593
5.758% 4/1/36 (d)	4,449		4,552
5.812% 1/1/35 (d)	5,543		5,606
5.835% 5/1/34 (d)	9,720		9,843
5.854% 3/1/36 (d)	3,488		3,571
5.864% 12/1/35 (d)	4,269		4,324
5.906% 5/1/36 (d)	3,284		3,359
5.969% 3/1/33 (d)	174		177
6.048% 1/1/35 (d)	4,324		4,382
6.245% 2/1/35 (d)	13,091		13,133
6.284% 2/1/33 (d)	329		330
6.398% 7/1/36 (d)	6,875		7,079
6.5% 10/1/17 to 7/1/32	13,389		13,950
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
7% 11/1/16 to 3/1/17	$ 1,648		$ 1,730
7.5% 5/1/08 to 4/1/17	1,402		1,460
8.5% 12/1/27	208		225
9.5% 9/1/30	464		518
10.25% 10/1/18	10		11
11.5% 5/1/14 to 7/1/15	25		27
12.5% 11/1/13 to 7/1/16	55		62
13.25% 9/1/11	30		33
			288,661
Freddie Mac - 5.2%
3.764% 10/1/33 (d)	4,171		4,213
3.899% 6/1/33 (d)	4,776		4,829
4.071% 6/1/33 (d)	4,977		5,048
4.12% 7/1/35 (d)	2,557		2,578
4.172% 1/1/35 (d)	5,493		5,550
4.311% 6/1/33 (d)	4,776		4,764
4.377% 9/1/36 (d)	17,147		17,332
4.493% 6/1/35 (d)	10,602		10,610
4.649% 6/1/33 (d)	1,632		1,623
4.665% 6/1/35 (d)	8,449		8,544
4.673% 5/1/35 (d)	3,470		3,451
4.688% 3/1/34 (d)	5,306		5,305
4.87% 10/1/35 (d)	2,220		2,254
4.962% 10/1/36 (d)	2,288		2,311
5.071% 3/1/36 (d)	10,518		10,651
5.204% 12/1/35 (d)	1,963		1,990
5.271% 11/1/35 (d)	2,005		2,025
5.352% 10/1/35 (d)	6,964		7,094
5.43% 3/1/37 (d)	706		715
5.5% 11/1/17 to 1/1/25 (c)	11,580		11,724
5.612% 3/1/35 (d)	7,532		7,598
5.645% 4/1/36 (d)	2,288		2,332
5.728% 6/1/37 (d)	11,949		12,153
5.802% 11/1/36 (d)	6,771		6,916
5.841% 5/1/37 (d)	797		809
6.294% 3/1/33 (d)	102		104
6.375% 8/1/34 (d)	935		944
6.51% 7/1/36 (d)	4,352		4,394
6.586% 10/1/36 (d)	11,181		11,511
6.737% 9/1/36 (d)	18,357		18,956
8.5% 2/1/09 to 6/1/25	50		54
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Freddie Mac - continued
9% 7/1/08 to 4/1/21	$ 46		$ 48
9.5% 7/1/30	74		83
10% 1/1/09 to 11/1/19	204		224
10.25% 2/1/09 to 11/1/16	45		47
10.5% 5/1/10	1		1
11.25% 2/1/10	6		6
12% 5/1/10 to 6/1/15	48		54
12.5% 11/1/12 to 5/1/15	64		72
13% 5/1/14 to 11/1/14	9		11
13.5% 1/1/13 to 12/1/14	5		6
			178,934
Government National Mortgage Association - 81.4%
3.5% 3/20/34	1,210		1,091
3.5% 5/20/35 (d)	1,563		1,544
3.5% 6/20/35 (d)	1,601		1,579
3.75% 4/20/35 (d)	603		596
4% 11/20/33	1,392		1,282
4% 4/20/35 (d)	8,471		8,439
4% 5/20/35 (d)	9,503		9,465
4.5% 7/20/33 to 4/20/34	49,347		46,891
4.5% 5/20/34 (d)	1,020		1,033
4.5% 3/20/35 (d)	691		685
4.75% 4/20/34 (d)	16,482		16,449
4.75% 6/20/34 (d)	15,892		15,860
4.75% 10/20/35 (d)	4,404		4,430
5% 8/15/18 to 4/20/36 (c)	344,287		342,299
5% 4/20/37 (d)	41,118		41,607
5.25% 7/20/34 (d)	857		866
5.25% 7/20/34 (d)	2,343		2,374
5.5% 12/20/18 to 3/20/38	428,271		434,966
5.5% 9/20/34 (d)	3,783		3,832
5.5% 6/20/35 (d)	2,934		2,953
5.5% 5/1/38 (a)	52,200		52,876
5.5% 5/1/38 (a)	50,000		50,531
5.5% 5/1/38 (a)	50,000		50,531
5.5% 5/1/38 (a)	48,000		48,621
5.5% 5/1/38 (a)	26,000		26,276
5.5% 5/1/38 (a)	53,000		53,686
5.5% 5/1/38 (a)	79,000		80,022
5.5% 5/1/38 (a)	26,000		26,276
5.5% 5/1/38 (a)	1,000		1,013
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Government National Mortgage Association - continued
5.5% 5/1/38 (a)	$ 500		$ 506
5.5% 5/1/38 (a)	500		506
5.5% 5/20/38 (a)	4,000		4,052
5.5% 5/20/38 (a)	6,000		6,078
5.5% 5/20/38 (a)	3,000		3,032
5.5% 5/20/38 (a)	5,000		5,065
5.5% 5/20/38 (a)	5,000		5,053
5.5% 5/20/38 (a)	1,000		1,013
5.5% 5/20/38 (a)	380		385
5.5% 5/20/38 (a)	100		101
5.5% 6/1/38 (a)	26,000		26,200
5.75% 8/20/35 (d)	615		628
6% 8/15/17 to 12/15/37	846,285		876,051
6% 5/1/38 (a)(b)	53,000		54,436
6% 5/1/38 (a)	3,000		3,080
6% 5/1/38 (a)	1,000		1,027
6% 5/1/38 (a)	500		513
6% 5/1/38 (a)	500		513
6% 5/20/38 (a)	380		390
6% 5/20/38 (a)	100		103
6% 5/20/38 (a)	60,000		61,626
6.5% 4/15/23 to 12/15/37 (b)	262,601		275,302
7% 10/20/16 to 9/20/34	99,142		105,176
7.25% 9/15/27	252		269
7.395% 6/20/25 to 11/20/27	1,776		1,888
7.5% 5/15/17 to 9/20/32	39,065		41,692
8% 7/15/08 to 7/15/32	10,160		10,943
8.5% 7/15/08 to 2/15/31	3,431		3,713
9% 2/15/09 to 5/15/30	1,486		1,648
9.5% 12/20/15 to 4/20/17	528		585
10.5% 1/15/14 to 5/15/19	631		711
13% 2/15/11 to 1/15/15	108		124
13.5% 7/15/10 to 1/15/15	17		19
			2,820,501
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES (Cost $3,253,696)		3,288,096
Asset-Backed Securities - 0.2%
	Principal Amount (000s)		Value (000s)
Fannie Mae Grantor Trust Series 2005-T4 Class A1C, 3.045% 9/25/35 (d) (Cost $5,584)	$ 5,584		$ 5,538
Collateralized Mortgage Obligations - 16.6%
U.S. Government Agency - 16.6%
Fannie Mae:
floater Series 2007-95 Class A1, 3.145% 8/27/36 (c)(d)	29,556		29,353
Series 2003-39 Class IA, 5.5% 10/25/22 (d)(e)	3,907		547
Series 2006-48 Class LF, 0% 8/25/34 (d)	206		205
target amortization class Series G94-2 Class D, 6.45% 1/25/24	2,600		2,669
Fannie Mae STRIP:
Series 331 Class 12, 6.5% 2/1/33 (e)	2,513		546
Series 339 Class 5, 5.5% 7/1/33 (e)	3,975		862
Series 343 Class 16, 5.5% 5/1/34 (e)	2,859		611
Freddie Mac Multi-class participation certificates guaranteed:
floater:
Series 2861 Class JF, 3.0159% 4/15/17 (d)	2,411		2,395
Series 3094 Class UF, 0% 9/15/34 (d)	1,177		940
planned amortization class:
Series 2220 Class PD, 8% 3/15/30	3,524		3,680
Series 2787 Class OI, 5.5% 10/15/24 (e)	1,855		39
Series 40 Class K, 6.5% 8/17/24	1,565		1,623
sequential payer:
Series 2204 Class N, 7.5% 12/20/29	6,626		6,876
Series 2601 Class TI, 5.5% 10/15/22 (e)	16,243		2,430
Series 2750 Class ZT, 5% 2/15/34	6,303		5,174
Series 2866 Class CY, 4.5% 10/15/19	4,491		4,266
Series 2957 Class SW, 3.2841% 4/15/35 (d)(e)	11,504		628
Ginnie Mae guaranteed Multi-family REMIC pass-thru securities sequential payer Series 2002-71:
Class Z, 5.5% 10/20/32	47,553		46,652
Class ZJ, 6% 10/20/32	24,322		24,342
Ginnie Mae guaranteed REMIC pass-thru securities:
floater:
Series 2001-22 Class FM, 3.15% 5/20/31 (d)	623		613
Series 2002-41 Class HF, 3.1131% 6/16/32 (d)	704		695
Series 2007-22 Class TC, 0% 4/20/37 (d)	2,172		2,411
Collateralized Mortgage Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Government Agency - continued
Ginnie Mae guaranteed REMIC pass-thru securities: - continued
planned amortization class:
Series 1993-13 Class PD, 6% 5/20/29	$ 15,971		$ 16,299
Series 1994-4 Class KQ, 7.9875% 7/16/24	1,017		1,090
Series 2000-26 Class PK, 7.5% 9/20/30	2,657		2,725
Series 2001-65 Class PH, 6% 11/20/28	6,323		6,480
Series 2002-5 Class PD, 6.5% 5/16/31	5,621		5,671
Series 2002-50 Class PE, 6% 7/20/32	17,485		17,699
Series 2003-31 Class PI, 5.5% 4/16/30 (e)	2,772		138
Series 2003-7 Class IN, 5.5% 1/16/28 (e)	769		1
Series 2003-70 Class LE, 5% 7/20/32	44,000		43,241
Series 2004-19:
Class DJ, 4.5% 3/20/34	2,353		2,345
Class DP, 5.5% 3/20/34	3,895		3,966
Series 2004-30:
Class PC, 5% 11/20/30	19,736		19,714
Class UA, 3.5% 2/20/32	4,501		4,429
Series 2004-64 Class KE, 5.5% 12/20/33	22,978		22,959
Series 2004-98 Class IG, 5.5% 2/20/30 (e)	2,581		229
Series 2005-17 Class IA, 5.5% 8/20/33 (e)	6,711		576
Series 2005-24 Class TC, 5.5% 3/20/35	5,403		5,388
Series 2005-54 Class BM, 5% 7/20/35	9,658		9,610
Series 2005-57 Class PB, 5.5% 7/20/35	5,673		5,459
Series 2006-50 Class JC, 5% 6/20/36	11,780		11,425
Series 2008-28 Class PC, 5.5% 4/20/34	18,652		18,666
sequential payer:
Series 1995-4 Class CQ, 8% 6/20/25	733		784
Series 2001-40 Class Z, 6% 8/20/31	7,999		8,104
Series 2002-18 Class ZB, 6% 3/20/32	7,840		7,979
Series 2002-29 Class SK, 8.25% 5/20/32 (d)	346		369
Series 2002-42 Class ZA, 6% 6/20/32	4,495		4,523
Series 2002-45 Class Z, 6% 6/20/32	2,836		2,875
Series 2002-67 Class ZA, 6% 9/20/32	85,799		88,641
Series 2003-7 Class VP, 6% 11/20/13	4,499		4,559
Series 2004-65 Class VE, 5.5% 7/20/15	4,318		4,417
Series 2004-86 Class G, 6% 10/20/34	6,273		6,623
Series 2005-28 Class AJ, 5.5% 4/20/35	31,141		31,463
Series 2005-47 Class ZY, 6% 6/20/35	4,739		4,492
Series 2005-6 Class EX, 5.5% 11/20/34	1,001		931
Series 2005-82 Class JV, 5% 6/20/35	3,500		3,109
Collateralized Mortgage Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Government Agency - continued
Ginnie Mae guaranteed REMIC pass-thru securities: - continued
Series 1995-6 Class Z, 7% 9/20/25	$ 2,086		$ 2,212
Series 2003-11 Class S, 3.8369% 2/16/33 (d)(e)	9,741		689
Series 2003-92 Class SN, 3.7169% 10/16/33 (d)(e)	29,109		2,192
Series 2004-32 Class GS, 3.7869% 5/16/34 (d)(e)	2,673		184
Series 2005-6 Class EY, 5.5% 11/20/33	1,016		945
Series 2006-13 Class DS, 6.9% 3/20/36 (d)	42,452		38,755
Series 2007-18 Class S, 4.0869% 4/16/37 (d)(e)	44,959		3,408
Series 2007-35 Class SC, 23.9212% 6/16/37 (d)	15,202		20,397
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $565,681)		573,318
Commercial Mortgage Securities - 0.4%
Fannie Mae Series 1997-M1 Class N, 0.445% 10/17/36 (d)(e)	7,359		57
Fannie Mae subordinate REMIC pass-thru certificates:
Series 1998-M3 Class IB, 0.8076% 1/17/38 (d)(e)	21,240		284
Series 1998-M4 Class N, 0.7231% 2/25/35 (d)(e)	7,120		59
Ginnie Mae guaranteed Multi-family REMIC pass-thru securities:
sequential payer Series 2001-58 Class X, 1.1075% 9/16/41 (d)(e)	129,935		2,152
Series 2001-12 Class X, 0.8011% 7/16/40 (d)(e)	39,397		554
Ginnie Mae guaranteed REMIC pass-thru securities:
sequential payer Series 2002-81 Class IO, 1.8367% 9/16/42 (d)(e)	119,244		3,466
Series 2002-62 Class IO, 1.4114% 8/16/42 (d)(e)	80,413		2,412
Series 2002-85 Class X, 1.7317% 3/16/42 (d)(e)	65,149		4,228
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $34,495)		13,212

Cash Equivalents - 3.4%
	Maturity Amount (000s)		Value (000s)
Investments in repurchase agreements in a joint trading account at 2.01%, dated 4/30/08 due 5/1/08 (Collateralized by U.S. Government Obligations) # (Cost $118,529)	$ 118,536		$ 118,529
TOTAL INVESTMENT PORTFOLIO - 115.5% (Cost $3,977,985)			3,998,693
NET OTHER ASSETS - (15.5)%			(535,289)
NET ASSETS - 100%		$ 3,463,404

Swap Agreements
	Expiration Date	Notional Amount (000s)
Interest Rate Swaps
Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 3.554% with Credit Suisse First Boston	April 2013	$ 54,000	523
Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 4.0075% with Bank of America	March 2018	28,000	762
Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 4.92% with Morgan Stanley, Inc.	Sept. 2012	75,000	(3,939)
Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 5.32% with Morgan Stanley, Inc.	July 2010	40,000	(2,380)
Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 5.523% with JPMorgan Chase, Inc.	August 2017	12,000	(1,175)
Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 5.524% with Credit Suisse First Boston	June 2009	121,000	(5,615)
		$ 330,000	$ (11,824)

Legend

(a) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(b) A portion of the security is subject to a forward commitment to sell.

(c) Security or a portion of the security has been segregated as collateral for open swap agreements. At the period end, the value of securities pledged amounted to $7,919,000.

(d) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(e) Security represents right to receive monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool held as of the end of the period.

# Additional Information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value (Amounts in thousands)
$118,529,000 due 5/01/08 at 2.01%
Banc of America Securities LLC	$ 15,993
Barclays Capital, Inc.	88,689
UBS Securities LLC	12,739
WestLB AG	1,108
	$ 118,529

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $3,979,650,000. Net unrealized appreciation aggregated $19,043,000, of which $53,169,000 related to appreciated investment securities and $34,126,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Debt securities, including restricted securities, for which quotes are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Swaps are marked-to-market daily based on dealer-supplied valuations. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. The frequency of when fair value pricing is used is unpredictable. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Government Income Fund

April 30, 2008

1.800338.104

GOV-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Net Assets

U.S. Government and Government Agency Obligations - 56.7%
	Principal Amount (000s)		Value (000s)
U.S. Government Agency Obligations - 21.8%
Fannie Mae:
2.5% 4/9/10	$ 14,000		$ 13,926
3.625% 2/12/13 (b)	104,505		104,615
4.75% 11/19/12	29,255		30,736
4.875% 4/15/09	43,349		44,238
4.875% 5/18/12	170,000		179,145
5.125% 4/15/11	188,800		199,507
5.375% 6/12/17	212,163		229,319
6% 5/15/11	53,715		57,833
6.625% 9/15/09	149,585		157,092
Federal Home Loan Bank 5.375% 8/19/11	35,350		37,736
Freddie Mac:
3.5% 5/29/13 (b)	103,800		103,136
4.75% 3/5/12	10,000		10,490
4.875% 2/9/10	27,220		28,169
5% 6/11/09 (b)	100,000		102,442
5% 1/30/14	25,000		26,484
5.125% 4/18/11	31,220		33,000
5.25% 5/21/09	154,235		158,258
5.25% 7/18/11	29,530		31,346
5.5% 8/23/17	2,000		2,183
5.75% 1/15/12	1,686		1,829
Israeli State (guaranteed by U.S. Government through Agency for International Development):
5.5% 9/18/23 (f)	110,500		121,353
6.8% 2/15/12	30,000		31,695
Overseas Private Investment Corp. U.S. Government guaranteed participation certificates:
6.77% 11/15/13	5,883		6,302
6.99% 5/21/16	20,242		22,994
Private Export Funding Corp. secured:
4.974% 8/15/13	22,940		24,352
5.66% 9/15/11 (c)	18,000		19,361
5.685% 5/15/12	24,035		26,053
6.67% 9/15/09	3,500		3,680
Small Business Administration guaranteed development participation certificates:
Series 2002-20J Class 1, 4.75% 10/1/22	5,675		5,609
Series 2002-20K Class 1, 5.08% 11/1/22	13,568		13,676
Series 2003-P10B, Class 1 5.136% 8/10/13	8,849		8,926
Series 2004-20H Class 1, 5.17% 8/1/24	3,521		3,547
U.S. Government and Government Agency Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Government Agency Obligations - continued
Tennessee Valley Authority 5.375% 4/1/56	$ 8,429		$ 8,872
U.S. Department of Housing and Urban Development Government guaranteed participation certificates Series 1999-A, 5.96% 8/1/09	18,380		18,516
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS			1,866,420
U.S. Treasury Inflation Protected Obligations - 2.9%
U.S. Treasury Inflation-Indexed Notes:
2% 4/15/12	138,736		145,901
2.375% 4/15/11	100,244		105,899
TOTAL U.S. TREASURY INFLATION PROTECTED OBLIGATIONS			251,800
U.S. Treasury Obligations - 32.0%
U.S. Treasury Bonds:
4.375% 2/15/38	73,700		72,266
4.75% 2/15/37 (f)	19,000		19,797
5% 5/15/37 (b)	139,000		150,641
6.125% 8/15/29 (b)	162,102		197,587
6.25% 8/15/23	1,500		1,805
8% 11/15/21 (f)	146,794		201,899
U.S. Treasury Notes:
1.75% 3/31/10 (b)	248,922		246,569
2% 2/28/10 (b)	96,125		95,697
2.125% 1/31/10 (b)	298,280		297,697
2.5% 3/31/13	43,781		42,721
2.75% 2/28/13 (b)	54,231		53,536
3.125% 11/30/09 (b)	29,100		29,527
3.125% 4/30/13	2,700		2,711
3.375% 11/30/12 (b)	209,450		212,608
3.5% 2/15/18 (b)	43,000		42,086
3.625% 12/31/12 (b)	32,788		33,669
3.875% 10/31/12	8,500		8,816
4% 9/30/09	3,000		3,077
4.25% 11/15/14 (b)	77,185		81,665
4.25% 11/15/17 (b)	186,000		193,208
4.5% 2/28/11	4,190		4,427
4.625% 8/31/11	593		632
4.625% 7/31/12	20		21
4.625% 11/15/16 (b)	117,000		125,391
4.75% 5/15/14 (b)	78,733		85,598
U.S. Government and Government Agency Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Treasury Obligations - continued
U.S. Treasury Notes: - continued
4.75% 8/15/17 (b)	$ 231,000		$ 248,866
5.125% 5/15/16	264,330		292,642
TOTAL U.S. TREASURY OBLIGATIONS			2,745,159
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $4,792,555)		4,863,379
U.S. Government Agency - Mortgage Securities - 32.8%
Fannie Mae - 23.0%
3.706% 10/1/33 (g)	622		627
3.745% 10/1/33 (g)	592		592
3.75% 1/1/34 (g)	511		516
3.861% 6/1/33 (g)	401		400
3.878% 6/1/33 (g)	2,047		2,040
3.902% 5/1/33 (g)	3,591		3,581
3.907% 5/1/33 (g)	165		166
3.908% 5/1/34 (g)	5,786		5,831
3.92% 5/1/34 (g)	4,051		4,080
3.97% 9/1/33 (g)	5,923		5,963
3.999% 4/1/34 (g)	9,256		9,341
4% 9/1/13 to 6/1/20	23,696		23,037
4% 3/1/34 (g)	8,366		8,442
4.024% 6/1/34 (g)	8,337		8,404
4.076% 10/1/18 (g)	372		376
4.138% 5/1/33 (g)	5,923		5,969
4.168% 1/1/35 (g)	1,325		1,332
4.191% 6/1/34 (g)	9,111		9,176
4.234% 1/1/34 (g)	1,825		1,843
4.25% 2/1/35 (g)	666		670
4.257% 10/1/33 (g)	279		282
4.287% 6/1/34 (g)	11,541		11,631
4.291% 3/1/33 (g)	250		252
4.296% 3/1/33 (g)	311		313
4.297% 4/1/33 (g)	107		108
4.311% 1/1/35 (g)	7,919		7,975
4.341% 1/1/35 (g)	733		738
4.343% 10/1/19 (g)	1,057		1,064
4.344% 5/1/35 (g)	410		414
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
4.362% 2/1/34 (g)	$ 1,070		$ 1,081
4.363% 11/1/35 (g)	25,591		25,895
4.388% 2/1/35 (g)	1,003		1,010
4.397% 8/1/33 (g)	961		960
4.399% 10/1/34 (g)	3,495		3,518
4.416% 8/1/34 (g)	1,761		1,779
4.428% 11/1/33 (g)	1,337		1,349
4.431% 3/1/35 (g)	1,027		1,035
4.476% 12/1/34 (g)	515		519
4.486% 1/1/35 (g)	4,813		4,856
4.499% 1/1/35 (g)	670		669
4.5% 2/1/18 to 4/1/20	14,225		14,183
4.502% 6/1/33 (g)	231		234
4.52% 5/1/35 (g)	1,672		1,677
4.521% 3/1/35 (g)	451		456
4.526% 7/1/35 (g)	2,135		2,156
4.551% 5/1/35 (g)	513		519
4.57% 10/1/35 (g)	273		276
4.577% 7/1/35 (g)	2,502		2,499
4.638% 4/1/35 (g)	227		230
4.644% 10/1/34 (g)	3,041		3,068
4.686% 9/1/34 (g)	11,989		12,106
4.712% 7/1/34 (g)	1,735		1,755
4.717% 2/1/35 (g)	5,894		5,960
4.731% 12/1/35 (g)	53,611		54,130
4.771% 12/1/34 (g)	603		608
4.772% 12/1/35 (g)	3,731		3,774
4.784% 7/1/35 (g)	4,250		4,304
4.803% 11/1/34 (g)	1,897		1,916
4.804% 6/1/35 (g)	2,777		2,811
4.814% 10/1/35 (g)	1,587		1,601
4.832% 1/1/35 (g)	9,539		9,641
4.836% 9/1/34 (g)	7,993		8,069
4.852% 7/1/34 (g)	4,973		5,033
4.852% 10/1/34 (g)	6,937		7,007
4.855% 7/1/35 (g)	5,378		5,450
4.88% 5/1/35 (g)	1,697		1,720
4.884% 8/1/34 (g)	4,547		4,590
4.932% 8/1/34 (g)	8,012		8,061
4.952% 3/1/35 (g)	4,699		4,758
4.966% 11/1/35 (g)	7,665		7,703
4.971% 2/1/35 (g)	4,740		4,801
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
4.996% 2/1/34 (g)	$ 6,941		$ 7,056
5% 6/1/14 to 9/1/37	288,718		286,962
5.017% 7/1/34 (g)	328		333
5.058% 1/1/37 (g)	5,643		5,723
5.071% 8/1/34 (g)	472		473
5.082% 7/1/34 (g)	1,805		1,833
5.083% 1/1/34 (g)	58		58
5.086% 9/1/34 (g)	658		665
5.107% 10/1/35 (g)	3,807		3,870
5.128% 8/1/34 (g)	5,538		5,601
5.135% 3/1/35 (g)	353		358
5.142% 8/1/36 (g)	24,506		24,853
5.165% 3/1/36 (g)	12,697		12,918
5.166% 8/1/33 (g)	833		840
5.212% 5/1/35 (g)	5,148		5,230
5.247% 6/1/35 (g)	2,421		2,445
5.257% 12/1/36 (g)	2,425		2,460
5.283% 4/1/36 (g)	4,760		4,887
5.303% 12/1/34 (g)	868		878
5.304% 3/1/36 (g)	34,894		35,561
5.309% 7/1/35 (g)	279		282
5.312% 7/1/35 (g)	2,037		2,070
5.369% 2/1/37 (g)	2,509		2,552
5.37% 2/1/36 (g)	6,860		6,967
5.378% 2/1/37 (g)	12,258		12,454
5.445% 8/1/36 (g)	5,812		5,939
5.491% 3/1/35 (g)	159		161
5.5% 4/1/09 to 6/1/37	547,268		553,407
5.5% 5/1/38 (d)(e)	4,367		4,393
5.5% 5/1/38 (d)(e)	4,200		4,225
5.5% 5/1/38 (d)(e)	3,200		3,219
5.5% 5/13/38 (d)(e)	5,000		5,030
5.5% 5/13/38 (d)(e)	7,233		7,276
5.5% 5/13/38 (d)(e)	3,000		3,018
5.588% 3/1/35 (g)	442		444
5.59% 2/1/36 (g)	2,844		2,906
5.645% 4/1/36 (g)	11,423		11,675
5.664% 6/1/36 (g)	6,783		6,927
5.695% 1/1/36 (g)	29,886		30,534
5.791% 3/1/36 (g)	7,909		8,086
5.792% 5/1/36 (g)	3,127		3,192
5.796% 1/1/36 (g)	2,417		2,472
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
5.826% 5/1/36 (g)	$ 17,493		$ 17,889
5.854% 3/1/36 (g)	7,481		7,660
5.865% 6/1/35 (g)	1,882		1,922
5.875% 3/1/36 (g)	6,403		6,547
5.894% 12/1/36 (g)	4,190		4,296
5.924% 5/1/36 (g)	4,940		5,066
5.949% 2/1/35 (g)	164		167
5.95% 5/1/36 (g)	2,570		2,635
5.969% 3/1/33 (g)	327		332
6% 4/1/12 to 1/1/38	211,937		218,110
6% 5/13/38 (d)(e)	5,000		5,110
6.01% 4/1/36 (g)	47,723		48,875
6.023% 12/1/36 (g)	28,132		28,862
6.066% 4/1/36 (g)	24,561		25,182
6.095% 3/1/37 (g)	4,492		4,618
6.163% 4/1/36 (g)	4,530		4,647
6.226% 3/1/37 (g)	1,494		1,538
6.229% 5/1/36 (g)	12,923		13,289
6.231% 2/1/35 (g)	392		397
6.239% 6/1/36 (g)	681		696
6.284% 2/1/33 (g)	648		650
6.301% 10/1/36 (g)	20,958		21,577
6.378% 2/1/35 (g)	164		165
6.5% 2/1/12 to 12/1/37	114,107		118,415
6.551% 9/1/36 (g)	8,934		9,220
7% 7/1/13 to 7/1/32	5,032		5,305
7.5% 8/1/10 to 4/1/29	110		114
8.5% 1/1/15 to 7/1/31	512		550
9% 11/1/11 to 5/1/14	513		531
9.5% 11/15/09 to 10/1/20	702		767
11% 8/1/10	7		7
11.25% 5/1/14	8		9
11.5% 6/15/19 to 1/15/21	1,121		1,255
12.5% 8/1/15 to 3/1/16	2		2
			1,975,568
Freddie Mac - 5.2%
4% 5/1/19 to 11/1/20	24,341		23,497
4.301% 12/1/34 (g)	869		872
4.39% 6/1/35 (g)	1,012		1,024
4.414% 3/1/35 (g)	1,010		1,015
4.421% 2/1/34 (g)	586		584
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Freddie Mac - continued
4.443% 3/1/35 (g)	$ 952		$ 957
4.5% 2/1/18 to 8/1/33	24,472		24,226
4.683% 3/1/35 (g)	620		627
4.697% 9/1/36 (g)	3,091		3,100
4.722% 2/1/34 (g)	7,429		7,513
4.787% 2/1/36 (g)	1,210		1,222
4.797% 3/1/35 (g)	2,531		2,550
5% 1/1/09 to 9/1/35	12,145		12,051
5.022% 4/1/35 (g)	526		533
5.112% 7/1/35 (g)	4,450		4,512
5.172% 4/1/35 (g)	3,552		3,586
5.267% 2/1/36 (g)	302		307
5.485% 1/1/36 (g)	4,056		4,129
5.5% 8/1/14 to 7/1/37	122,546		124,591
5.528% 1/1/36 (g)	5,737		5,831
5.583% 2/1/35 (g)	1,215		1,229
5.77% 10/1/35 (g)	1,216		1,238
5.829% 5/1/37 (g)	3,092		3,143
6% 7/1/16 to 11/1/37	45,540		46,879
6% 5/13/38 (d)(e)	10,000		10,230
6% 5/13/38 (d)(e)	15,000		15,344
6% 5/13/38 (d)(e)	9,000		9,207
6.016% 6/1/36 (g)	3,206		3,274
6.224% 5/1/36 (g)	2,660		2,725
6.287% 3/1/37 (g)	8,503		8,721
6.294% 3/1/33 (g)	193		195
6.342% 7/1/36 (g)	3,173		3,254
6.432% 10/1/36 (g)	8,916		9,163
6.5% 11/1/10 to 10/1/36	49,639		51,485
6.605% 12/1/36 (g)	16,788		17,299
6.701% 10/1/36 (g)	8,292		8,542
6.726% 1/1/37 (g)	12,141		12,523
6.849% 10/1/36 (g)	11,340		11,683
7% 4/1/11	3		3
7.5% 5/1/11 to 7/1/16	1,775		1,874
8.5% 8/1/08 to 9/1/29	199		216
9% 8/1/08 to 10/1/20	76		81
9.5% 6/1/09 to 8/1/21	283		312
9.75% 8/1/14	143		155
10% 7/1/09 to 8/1/21	25		27
11% 7/1/13 to 5/1/14	61		68
12% 8/1/13 to 3/1/15	2		2
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Freddie Mac - continued
12.25% 4/1/11	$ 1		$ 1
12.5% 2/1/10 to 6/1/19	21		24
13% 8/1/10 to 6/1/15	7		8
			441,632
Government National Mortgage Association - 4.6%
5% 5/1/38 (d)(e)	100,000		98,738
5.25% 7/20/34 (g)	857		866
5.5% 5/1/38 (d)(e)	10,000		10,129
5.5% 5/1/38 (d)(e)	14,000		14,181
5.5% 5/1/38 (d)(e)	7,000		7,091
5.5% 5/1/38 (d)(e)	7,000		7,091
5.5% 5/1/38 (d)(e)	7,000		7,091
5.5% 5/1/38 (d)(e)	7,000		7,091
5.5% 5/1/38 (d)(e)	22,000		22,285
5.5% 5/20/38 (d)(e)	13,000		13,168
5.5% 5/20/38 (d)(e)	20,000		20,259
5.5% 5/20/38 (d)(e)	3,000		3,039
6% 7/15/08 to 9/15/35	53,845		55,705
6% 5/1/38 (d)	50,000		51,355
6% 5/1/38 (d)(e)	44,000		45,193
6% 5/1/38 (d)	11,000		11,298
6.5% 2/15/24 to 10/15/35	20,597		21,580
7% 10/15/26 to 8/15/32	90		96
7.5% 3/15/28 to 8/15/29	113		121
8% 6/15/18 to 12/15/23	1,273		1,368
8.5% 10/15/08 to 1/15/25	5		5
9% 12/15/09	0		0
9.5% 2/15/25	1		1
10.5% 4/15/14 to 1/20/18	95		108
13.5% 7/15/11	6		7
			397,866
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES (Cost $2,790,042)		2,815,066
Asset-Backed Securities - 0.1%
Fannie Mae Grantor Trust Series 2005-T4 Class A1C, 3.045% 9/25/35 (g) (Cost $9,642)	9,642		9,563
Collateralized Mortgage Obligations - 6.5%
	Principal Amount (000s)		Value (000s)
U.S. Government Agency - 6.5%
Fannie Mae:
planned amortization class:
Series 1992-168 Class KB, 7% 10/25/22	$ 1,396		$ 1,445
Series 1993-109 Class NZ, 6% 7/25/08	177		178
Series 1993-207 Class H, 6.5% 11/25/23	18,360		18,952
Series 1993-240 Class PD, 6.25% 12/25/13	4,853		5,004
Series 1994-23:
Class PG, 6% 4/25/23	3,798		3,822
Class PZ, 6% 2/25/24	10,518		10,663
Series 1996-28 Class PK, 6.5% 7/25/25	4,007		4,140
Series 2003-28 Class KG, 5.5% 4/25/23	4,940		4,764
Series 2006-45 Class OP, 6/25/36 (i)	6,043		4,685
Series 2006-62 Class KP, 4/25/36 (i)	12,654		9,237
sequential payer Series 1997-41 Class J, 7.5% 6/18/27	2,710		2,867
Series 2003-22 6% 4/25/33 (h)	18,855		4,098
Fannie Mae Grantor Trust planned amortization class Series 2005-81 Class PC, 5.5% 9/25/35	2,150		2,094
Fannie Mae subordinate REMIC pass-thru certificates:
floater:
Series 2001-38 Class QF, 3.875% 8/25/31 (g)	666		667
Series 2002-49 Class FB, 3.3322% 11/18/31 (g)	1,056		1,040
Series 2002-60 Class FV, 3.895% 4/25/32 (g)	449		449
Series 2002-75 Class FA, 3.895% 11/25/32 (g)	919		921
Series 2004-54 Class FE, 4.045% 2/25/33 (g)	522		516
planned amortization class:
Series 2002-11 Class QC, 5.5% 3/25/17	13,352		13,487
Series 2002-18 Class PC, 5.5% 4/25/17	1,170		1,204
Series 2002-47 Class QE, 5.5% 8/25/17	9,085		9,246
Series 2003-113 Class PE, 4% 11/25/18	7,545		7,081
Series 2004-21 Class QE, 4.5% 11/25/32	1,500		1,451
Series 2005-102 Class CO, 11/25/35 (i)	6,304		4,850
Series 2006-12 Class BO, 10/25/35 (i)	28,365		21,795
Series 2006-37 Class OW, 5/25/36 (i)	6,781		5,394
sequential payer:
Series 2001-20 Class Z, 6% 5/25/31	21,259		21,615
Series 2001-46 Class ZG, 6% 9/25/31	7,775		7,878
Series 2002-79 Class Z, 5.5% 11/25/22	11,666		11,536
Series 2004-3 Class BA, 4% 7/25/17	620		614
Series 2004-91 Class AH, 4.5% 5/25/29	5,725		5,690
Series 2005-117, Class JN, 4.5% 1/25/36	645		551
Collateralized Mortgage Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Government Agency - continued
Fannie Mae subordinate REMIC pass-thru certificates: - continued
sequential payer:
Series 2006-72 Class CY, 6% 8/25/26	$ 10,215		$ 10,202
Series 2007-36:
Class GO, 4/25/37 (i)	1,289		975
Class PO, 4/25/37 (i)	2,871		2,146
Class SB, 3.705% 4/25/37 (g)(h)	37,285		3,288
Class SG, 3.705% 4/25/37 (g)(h)	16,766		1,631
Series 2007-66 Class SA, 22.23% 7/25/37 (g)	5,009		6,452
Freddie Mac:
planned amortization class:
Series 2115 Class PE, 6% 1/15/14	834		862
Series 3149 Class OD, 5/15/36 (i)	33,101		24,126
sequential payer Series 2114 Class ZM, 6% 1/15/29	2,430		2,475
Freddie Mac Manufactured Housing participation certificates guaranteed:
floater Series 1686 Class FA, 3.65% 2/15/24 (g)	1,017		1,013
planned amortization class Series 1681 Class PJ, 7% 12/15/23	6,814		6,982
Series 1560 Class PN, 7% 12/15/12	1,860		1,862
Freddie Mac Multi-class participation certificates guaranteed:
floater:
Series 2389 Class DA, 3.6159% 11/15/30 (g)	253		253
Series 2530 Class FE, 3.3159% 2/15/32 (g)	623		613
Series 2630 Class FL, 3.2159% 6/15/18 (g)	550		556
Series 3008 Class SM, 0% 7/15/35 (g)	376		346
planned amortization class:
Series 1141 Class G, 9% 9/15/21	395		417
Series 1614 Class L, 6.5% 7/15/23	4,232		4,327
Series 1671 Class G, 6.5% 8/15/23	310		310
Series 2006-15 Class OP, 3/25/36 (i)	7,532		5,544
Series 2131 Class BG, 6% 3/15/29	48,920		49,883
Series 2356 Class GD, 6% 9/15/16	518		530
Series 2376 Class JE, 5.5% 11/15/16	3,574		3,644
Series 2378 Class PE, 5.5% 11/15/16	10,237		10,372
Series 2381 Class OG, 5.5% 11/15/16	2,864		2,902
Series 2390 Class CH, 5.5% 12/15/16	9,276		9,400
Series 2543 Class PM, 5.5% 8/15/18	40		40
Series 2625 Class QX, 2.25% 3/15/22	0		0
Series 2628 Class OE, 4.5% 6/15/18	6,815		6,725
Collateralized Mortgage Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Government Agency - continued
Freddie Mac Multi-class participation certificates guaranteed: - continued
planned amortization class:
Series 2640:
Class GE, 4.5% 7/15/18	$ 7,310		$ 7,229
Class QG, 2% 4/15/22	20		20
Series 2660 Class ML, 3.5% 7/15/22	1,859		1,855
Series 2682 Class LD, 4.5% 10/15/33	777		702
Series 2752 Class PW, 4% 4/15/22	1,504		1,507
Series 2802 Class OB, 6% 5/15/34	10,455		10,565
Series 2810 Class PD, 6% 6/15/33	995		1,012
Series 2937 Class KC, 4.5% 2/15/20	19,686		19,238
Series 3077 Class TO, 4/15/35 (i)	16,521		12,417
Series 3110 Class OP, 9/15/35 (i)	15,627		11,657
Series 3119 Class PO, 2/15/36 (i)	18,903		14,409
Series 3121 Class KO, 3/15/36 (i)	6,560		5,227
Series 3123 Class LO, 3/15/36 (i)	12,261		8,906
Series 3145 Class GO, 4/15/36 (i)	11,011		8,124
Series 3151 Class PO, 5/15/36 (i)	11,912		8,627
sequential payer:
Series 2388 Class ZA, 6% 12/15/31	6,788		6,855
Series 2546 Class MJ, 5.5% 3/15/23	2,861		2,764
Series 2570 Class CU, 4.5% 7/15/17	1,745		1,737
Series 2587 Class AD, 4.71% 3/15/33	5,785		4,859
Series 2601 Class TB, 5.5% 4/15/23	869		837
Series 2617 Class GW, 3.5% 6/15/16	2,656		2,656
Series 2675 Class CB, 4% 5/15/16	1,688		1,676
Series 2677 Class HG, 3% 8/15/12	291		290
Series 2683 Class JA, 4% 10/15/16	1,796		1,779
Series 2685 Class ND, 4% 10/15/18	9,064		8,517
Series 2750 Class ZT, 5% 2/15/34	1,059		869
Series 2773 Class HC, 4.5% 4/15/19	704		660
Series 2809 Class UA, 4% 12/15/14	2,171		2,165
Series 2849 Class AL, 5% 5/15/18	7,522		7,551
Series 2860 Class CP, 4% 10/15/17	2,004		1,985
Series 2866 Class N, 4.5% 12/15/18	7,031		7,068
Series 2937 Class HJ, 5% 10/15/19	8,335		8,367
Series 2998 Class LY, 5.5% 7/15/25	2,011		1,909
Series 3007 Class EW, 5.5% 7/15/25	8,875		8,495
Series 3013 Class VJ, 5% 1/15/14	1,784		1,802
Series 3401 Class EB, 5% 12/15/22	7,495		7,376
Series 2769 Class BU, 5% 3/15/34	5,712		5,365
Collateralized Mortgage Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Government Agency - continued
Freddie Mac Multi-class participation certificates guaranteed: - continued
Series 2863 Class DB, 4% 9/15/14	$ 1,266		$ 1,249
Series 2957 Class SW, 3.2841% 4/15/35 (g)(h)	26,767		1,461
Series 3002 Class SN, 3.7841% 7/15/35 (g)(h)	26,520		2,189
target amortization class:
Series 2156 Class TC, 6.25% 5/15/29	8,802		9,224
Series 2877 Class JC, 5% 10/15/34	1,324		1,347
Ginnie Mae guaranteed REMIC pass-thru securities planned amortization class Series 1997-8 Class PE, 7.5% 5/16/27	4,347		4,617
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $557,919)		562,974

Cash Equivalents - 29.7%
	Maturity Amount (000s)
Investments in repurchase agreements in a joint trading account at:
1.97%, dated 4/30/08 due 5/1/08 (Collateralized by U.S. Treasury Obligations) #	$ 17,560		17,559
2.01%, dated 4/30/08 due 5/1/08 (Collateralized by U.S. Government Obligations) #	683,547		683,509
2.02%, dated 4/30/08 due 5/1/08 (Collateralized by U.S. Government Obligations) # (a)	1,847,943		1,847,839
TOTAL CASH EQUIVALENTS (Cost $2,548,907)		2,548,907
TOTAL INVESTMENT PORTFOLIO - 125.8% (Cost $10,699,065)			10,799,889
NET OTHER ASSETS - (25.8)%			(2,217,423)
NET ASSETS - 100%		$ 8,582,466

Swap Agreements
	Expiration Date	Notional Amount (000s)	Value (000s)
Interest Rate Swaps
Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 2.528% with Goldman Sachs	March 2010	$ 69,000	$ (734)
Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 4.64% with JPMorgan Chase, Inc.	April 2038	35,000	1,035
Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 5.03% with Credit Suisse First Boston	Oct. 2017	72,000	(3,921)
Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 5.57% with Goldman Sachs	August 2017	100,000	(11,006)
Receive semi-annually a fixed rate equal to 3.1899% and pay quarterly a floating rate based on 3-month LIBOR with Goldman Sachs	April 2010	173,100	268
Receive semi-annually a fixed rate equal to 3.427% and pay quarterly a floating rate based on 3-month LIBOR with Credit Suisse First Boston	March 2013	88,000	(1,308)
Receive semi-annually a fixed rate equal to 4.42% and pay quarterly a floating rate based on 3-month LIBOR with Credit Suisse First Boston	Oct. 2009	300,000	6,272
Receive semi-annually a fixed rate equal to 4.88% and pay quarterly a floating rate based on 3-month LIBOR with Bank of America	Sept. 2010	106,700	4,268
Receive semi-annually a fixed rate equal to 5.03% and pay quarterly a floating rate based on 3-month LIBOR with JPMorgan Chase, Inc.	August 2010	91,000	4,029
Receive semi-annually a fixed rate equal to 5.706% and pay quarterly a floating rate based on 3-month LIBOR with Deutsche Bank	June 2017	75,000	9,289
Receive semi-annully a fixed rate equal to 2.8575% and pay quarterly a floating rate based on 3-month LIBOR with JPMorgan Chase, Inc.	April 2011	201,000	(2,870)
		$ 1,310,800	$ 5,322

Legend

(a) Includes investment made with cash collateral received from securities on loan.

(b) Security or a portion of the security is on loan at period end.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $19,361,000 or 0.2% of net assets.

(d) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(e) A portion of the security is subject to a forward commitment to sell.

(f) Security or a portion of the security has been segregated as collateral for open swap agreements. At the period end, the value of securities pledged amounted to $11,778,000.

(g) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(h) Security represents right to receive monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool held as of the end of the period.

(i) Principal Only Strips represent the right to receive the monthly principal payments on an underlying pool of mortgage loans.

# Additional Information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value (Amounts in thousands)
$17,559,000 due 5/01/08 at 1.97%
BNP Paribas Securities Corp.	$ 6,674
Banc of America Securities LLC	2,149
Dresdner Kleinwort Securities LLC	3,640
J.P. Morgan Securities, Inc.	5,096
	$ 17,559
$683,509,000 due 5/01/08 at 2.01%
Banc of America Securities LLC	$ 92,226
Barclays Capital, Inc.	511,437
UBS Securities LLC	73,458
WestLB AG	6,388
	$ 683,509
$1,847,839,000 due 5/01/08 at 2.02%
Banc of America Securities LLC	$ 246,971
Bank of America, NA	1,600,868
	$ 1,847,839

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $10,699,643,000. Net unrealized appreciation aggregated $100,246,000, of which $142,637,000 related to appreciated investment securities and $42,391,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Debt securities, including restricted securities, for which quotes are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. Swaps are marked-to-market daily based on dealer-supplied valuations. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. The frequency of when fair value pricing is used is unpredictable. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Government
Income Fund
Class A
Class T
Class B
Class C
Institutional Class

April 30, 2008

Class A, Class T, Class B, Class C and
Institutional Class
are classes of
Fidelity Government Income Fund

1.847931.101

AGVT-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Net Assets

U.S. Government and Government Agency Obligations - 56.7%
	Principal Amount (000s)		Value (000s)
U.S. Government Agency Obligations - 21.8%
Fannie Mae:
2.5% 4/9/10	$ 14,000		$ 13,926
3.625% 2/12/13 (b)	104,505		104,615
4.75% 11/19/12	29,255		30,736
4.875% 4/15/09	43,349		44,238
4.875% 5/18/12	170,000		179,145
5.125% 4/15/11	188,800		199,507
5.375% 6/12/17	212,163		229,319
6% 5/15/11	53,715		57,833
6.625% 9/15/09	149,585		157,092
Federal Home Loan Bank 5.375% 8/19/11	35,350		37,736
Freddie Mac:
3.5% 5/29/13 (b)	103,800		103,136
4.75% 3/5/12	10,000		10,490
4.875% 2/9/10	27,220		28,169
5% 6/11/09 (b)	100,000		102,442
5% 1/30/14	25,000		26,484
5.125% 4/18/11	31,220		33,000
5.25% 5/21/09	154,235		158,258
5.25% 7/18/11	29,530		31,346
5.5% 8/23/17	2,000		2,183
5.75% 1/15/12	1,686		1,829
Israeli State (guaranteed by U.S. Government through Agency for International Development):
5.5% 9/18/23 (f)	110,500		121,353
6.8% 2/15/12	30,000		31,695
Overseas Private Investment Corp. U.S. Government guaranteed participation certificates:
6.77% 11/15/13	5,883		6,302
6.99% 5/21/16	20,242		22,994
Private Export Funding Corp. secured:
4.974% 8/15/13	22,940		24,352
5.66% 9/15/11 (c)	18,000		19,361
5.685% 5/15/12	24,035		26,053
6.67% 9/15/09	3,500		3,680
Small Business Administration guaranteed development participation certificates:
Series 2002-20J Class 1, 4.75% 10/1/22	5,675		5,609
Series 2002-20K Class 1, 5.08% 11/1/22	13,568		13,676
Series 2003-P10B, Class 1 5.136% 8/10/13	8,849		8,926
Series 2004-20H Class 1, 5.17% 8/1/24	3,521		3,547
U.S. Government and Government Agency Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Government Agency Obligations - continued
Tennessee Valley Authority 5.375% 4/1/56	$ 8,429		$ 8,872
U.S. Department of Housing and Urban Development Government guaranteed participation certificates Series 1999-A, 5.96% 8/1/09	18,380		18,516
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS			1,866,420
U.S. Treasury Inflation Protected Obligations - 2.9%
U.S. Treasury Inflation-Indexed Notes:
2% 4/15/12	138,736		145,901
2.375% 4/15/11	100,244		105,899
TOTAL U.S. TREASURY INFLATION PROTECTED OBLIGATIONS			251,800
U.S. Treasury Obligations - 32.0%
U.S. Treasury Bonds:
4.375% 2/15/38	73,700		72,266
4.75% 2/15/37 (f)	19,000		19,797
5% 5/15/37 (b)	139,000		150,641
6.125% 8/15/29 (b)	162,102		197,587
6.25% 8/15/23	1,500		1,805
8% 11/15/21 (f)	146,794		201,899
U.S. Treasury Notes:
1.75% 3/31/10 (b)	248,922		246,569
2% 2/28/10 (b)	96,125		95,697
2.125% 1/31/10 (b)	298,280		297,697
2.5% 3/31/13	43,781		42,721
2.75% 2/28/13 (b)	54,231		53,536
3.125% 11/30/09 (b)	29,100		29,527
3.125% 4/30/13	2,700		2,711
3.375% 11/30/12 (b)	209,450		212,608
3.5% 2/15/18 (b)	43,000		42,086
3.625% 12/31/12 (b)	32,788		33,669
3.875% 10/31/12	8,500		8,816
4% 9/30/09	3,000		3,077
4.25% 11/15/14 (b)	77,185		81,665
4.25% 11/15/17 (b)	186,000		193,208
4.5% 2/28/11	4,190		4,427
4.625% 8/31/11	593		632
4.625% 7/31/12	20		21
4.625% 11/15/16 (b)	117,000		125,391
4.75% 5/15/14 (b)	78,733		85,598
U.S. Government and Government Agency Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Treasury Obligations - continued
U.S. Treasury Notes: - continued
4.75% 8/15/17 (b)	$ 231,000		$ 248,866
5.125% 5/15/16	264,330		292,642
TOTAL U.S. TREASURY OBLIGATIONS			2,745,159
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $4,792,555)		4,863,379
U.S. Government Agency - Mortgage Securities - 32.8%
Fannie Mae - 23.0%
3.706% 10/1/33 (g)	622		627
3.745% 10/1/33 (g)	592		592
3.75% 1/1/34 (g)	511		516
3.861% 6/1/33 (g)	401		400
3.878% 6/1/33 (g)	2,047		2,040
3.902% 5/1/33 (g)	3,591		3,581
3.907% 5/1/33 (g)	165		166
3.908% 5/1/34 (g)	5,786		5,831
3.92% 5/1/34 (g)	4,051		4,080
3.97% 9/1/33 (g)	5,923		5,963
3.999% 4/1/34 (g)	9,256		9,341
4% 9/1/13 to 6/1/20	23,696		23,037
4% 3/1/34 (g)	8,366		8,442
4.024% 6/1/34 (g)	8,337		8,404
4.076% 10/1/18 (g)	372		376
4.138% 5/1/33 (g)	5,923		5,969
4.168% 1/1/35 (g)	1,325		1,332
4.191% 6/1/34 (g)	9,111		9,176
4.234% 1/1/34 (g)	1,825		1,843
4.25% 2/1/35 (g)	666		670
4.257% 10/1/33 (g)	279		282
4.287% 6/1/34 (g)	11,541		11,631
4.291% 3/1/33 (g)	250		252
4.296% 3/1/33 (g)	311		313
4.297% 4/1/33 (g)	107		108
4.311% 1/1/35 (g)	7,919		7,975
4.341% 1/1/35 (g)	733		738
4.343% 10/1/19 (g)	1,057		1,064
4.344% 5/1/35 (g)	410		414
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
4.362% 2/1/34 (g)	$ 1,070		$ 1,081
4.363% 11/1/35 (g)	25,591		25,895
4.388% 2/1/35 (g)	1,003		1,010
4.397% 8/1/33 (g)	961		960
4.399% 10/1/34 (g)	3,495		3,518
4.416% 8/1/34 (g)	1,761		1,779
4.428% 11/1/33 (g)	1,337		1,349
4.431% 3/1/35 (g)	1,027		1,035
4.476% 12/1/34 (g)	515		519
4.486% 1/1/35 (g)	4,813		4,856
4.499% 1/1/35 (g)	670		669
4.5% 2/1/18 to 4/1/20	14,225		14,183
4.502% 6/1/33 (g)	231		234
4.52% 5/1/35 (g)	1,672		1,677
4.521% 3/1/35 (g)	451		456
4.526% 7/1/35 (g)	2,135		2,156
4.551% 5/1/35 (g)	513		519
4.57% 10/1/35 (g)	273		276
4.577% 7/1/35 (g)	2,502		2,499
4.638% 4/1/35 (g)	227		230
4.644% 10/1/34 (g)	3,041		3,068
4.686% 9/1/34 (g)	11,989		12,106
4.712% 7/1/34 (g)	1,735		1,755
4.717% 2/1/35 (g)	5,894		5,960
4.731% 12/1/35 (g)	53,611		54,130
4.771% 12/1/34 (g)	603		608
4.772% 12/1/35 (g)	3,731		3,774
4.784% 7/1/35 (g)	4,250		4,304
4.803% 11/1/34 (g)	1,897		1,916
4.804% 6/1/35 (g)	2,777		2,811
4.814% 10/1/35 (g)	1,587		1,601
4.832% 1/1/35 (g)	9,539		9,641
4.836% 9/1/34 (g)	7,993		8,069
4.852% 7/1/34 (g)	4,973		5,033
4.852% 10/1/34 (g)	6,937		7,007
4.855% 7/1/35 (g)	5,378		5,450
4.88% 5/1/35 (g)	1,697		1,720
4.884% 8/1/34 (g)	4,547		4,590
4.932% 8/1/34 (g)	8,012		8,061
4.952% 3/1/35 (g)	4,699		4,758
4.966% 11/1/35 (g)	7,665		7,703
4.971% 2/1/35 (g)	4,740		4,801
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
4.996% 2/1/34 (g)	$ 6,941		$ 7,056
5% 6/1/14 to 9/1/37	288,718		286,962
5.017% 7/1/34 (g)	328		333
5.058% 1/1/37 (g)	5,643		5,723
5.071% 8/1/34 (g)	472		473
5.082% 7/1/34 (g)	1,805		1,833
5.083% 1/1/34 (g)	58		58
5.086% 9/1/34 (g)	658		665
5.107% 10/1/35 (g)	3,807		3,870
5.128% 8/1/34 (g)	5,538		5,601
5.135% 3/1/35 (g)	353		358
5.142% 8/1/36 (g)	24,506		24,853
5.165% 3/1/36 (g)	12,697		12,918
5.166% 8/1/33 (g)	833		840
5.212% 5/1/35 (g)	5,148		5,230
5.247% 6/1/35 (g)	2,421		2,445
5.257% 12/1/36 (g)	2,425		2,460
5.283% 4/1/36 (g)	4,760		4,887
5.303% 12/1/34 (g)	868		878
5.304% 3/1/36 (g)	34,894		35,561
5.309% 7/1/35 (g)	279		282
5.312% 7/1/35 (g)	2,037		2,070
5.369% 2/1/37 (g)	2,509		2,552
5.37% 2/1/36 (g)	6,860		6,967
5.378% 2/1/37 (g)	12,258		12,454
5.445% 8/1/36 (g)	5,812		5,939
5.491% 3/1/35 (g)	159		161
5.5% 4/1/09 to 6/1/37	547,268		553,407
5.5% 5/1/38 (d)(e)	4,367		4,393
5.5% 5/1/38 (d)(e)	4,200		4,225
5.5% 5/1/38 (d)(e)	3,200		3,219
5.5% 5/13/38 (d)(e)	5,000		5,030
5.5% 5/13/38 (d)(e)	7,233		7,276
5.5% 5/13/38 (d)(e)	3,000		3,018
5.588% 3/1/35 (g)	442		444
5.59% 2/1/36 (g)	2,844		2,906
5.645% 4/1/36 (g)	11,423		11,675
5.664% 6/1/36 (g)	6,783		6,927
5.695% 1/1/36 (g)	29,886		30,534
5.791% 3/1/36 (g)	7,909		8,086
5.792% 5/1/36 (g)	3,127		3,192
5.796% 1/1/36 (g)	2,417		2,472
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
5.826% 5/1/36 (g)	$ 17,493		$ 17,889
5.854% 3/1/36 (g)	7,481		7,660
5.865% 6/1/35 (g)	1,882		1,922
5.875% 3/1/36 (g)	6,403		6,547
5.894% 12/1/36 (g)	4,190		4,296
5.924% 5/1/36 (g)	4,940		5,066
5.949% 2/1/35 (g)	164		167
5.95% 5/1/36 (g)	2,570		2,635
5.969% 3/1/33 (g)	327		332
6% 4/1/12 to 1/1/38	211,937		218,110
6% 5/13/38 (d)(e)	5,000		5,110
6.01% 4/1/36 (g)	47,723		48,875
6.023% 12/1/36 (g)	28,132		28,862
6.066% 4/1/36 (g)	24,561		25,182
6.095% 3/1/37 (g)	4,492		4,618
6.163% 4/1/36 (g)	4,530		4,647
6.226% 3/1/37 (g)	1,494		1,538
6.229% 5/1/36 (g)	12,923		13,289
6.231% 2/1/35 (g)	392		397
6.239% 6/1/36 (g)	681		696
6.284% 2/1/33 (g)	648		650
6.301% 10/1/36 (g)	20,958		21,577
6.378% 2/1/35 (g)	164		165
6.5% 2/1/12 to 12/1/37	114,107		118,415
6.551% 9/1/36 (g)	8,934		9,220
7% 7/1/13 to 7/1/32	5,032		5,305
7.5% 8/1/10 to 4/1/29	110		114
8.5% 1/1/15 to 7/1/31	512		550
9% 11/1/11 to 5/1/14	513		531
9.5% 11/15/09 to 10/1/20	702		767
11% 8/1/10	7		7
11.25% 5/1/14	8		9
11.5% 6/15/19 to 1/15/21	1,121		1,255
12.5% 8/1/15 to 3/1/16	2		2
			1,975,568
Freddie Mac - 5.2%
4% 5/1/19 to 11/1/20	24,341		23,497
4.301% 12/1/34 (g)	869		872
4.39% 6/1/35 (g)	1,012		1,024
4.414% 3/1/35 (g)	1,010		1,015
4.421% 2/1/34 (g)	586		584
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Freddie Mac - continued
4.443% 3/1/35 (g)	$ 952		$ 957
4.5% 2/1/18 to 8/1/33	24,472		24,226
4.683% 3/1/35 (g)	620		627
4.697% 9/1/36 (g)	3,091		3,100
4.722% 2/1/34 (g)	7,429		7,513
4.787% 2/1/36 (g)	1,210		1,222
4.797% 3/1/35 (g)	2,531		2,550
5% 1/1/09 to 9/1/35	12,145		12,051
5.022% 4/1/35 (g)	526		533
5.112% 7/1/35 (g)	4,450		4,512
5.172% 4/1/35 (g)	3,552		3,586
5.267% 2/1/36 (g)	302		307
5.485% 1/1/36 (g)	4,056		4,129
5.5% 8/1/14 to 7/1/37	122,546		124,591
5.528% 1/1/36 (g)	5,737		5,831
5.583% 2/1/35 (g)	1,215		1,229
5.77% 10/1/35 (g)	1,216		1,238
5.829% 5/1/37 (g)	3,092		3,143
6% 7/1/16 to 11/1/37	45,540		46,879
6% 5/13/38 (d)(e)	10,000		10,230
6% 5/13/38 (d)(e)	15,000		15,344
6% 5/13/38 (d)(e)	9,000		9,207
6.016% 6/1/36 (g)	3,206		3,274
6.224% 5/1/36 (g)	2,660		2,725
6.287% 3/1/37 (g)	8,503		8,721
6.294% 3/1/33 (g)	193		195
6.342% 7/1/36 (g)	3,173		3,254
6.432% 10/1/36 (g)	8,916		9,163
6.5% 11/1/10 to 10/1/36	49,639		51,485
6.605% 12/1/36 (g)	16,788		17,299
6.701% 10/1/36 (g)	8,292		8,542
6.726% 1/1/37 (g)	12,141		12,523
6.849% 10/1/36 (g)	11,340		11,683
7% 4/1/11	3		3
7.5% 5/1/11 to 7/1/16	1,775		1,874
8.5% 8/1/08 to 9/1/29	199		216
9% 8/1/08 to 10/1/20	76		81
9.5% 6/1/09 to 8/1/21	283		312
9.75% 8/1/14	143		155
10% 7/1/09 to 8/1/21	25		27
11% 7/1/13 to 5/1/14	61		68
12% 8/1/13 to 3/1/15	2		2
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Freddie Mac - continued
12.25% 4/1/11	$ 1		$ 1
12.5% 2/1/10 to 6/1/19	21		24
13% 8/1/10 to 6/1/15	7		8
			441,632
Government National Mortgage Association - 4.6%
5% 5/1/38 (d)(e)	100,000		98,738
5.25% 7/20/34 (g)	857		866
5.5% 5/1/38 (d)(e)	10,000		10,129
5.5% 5/1/38 (d)(e)	14,000		14,181
5.5% 5/1/38 (d)(e)	7,000		7,091
5.5% 5/1/38 (d)(e)	7,000		7,091
5.5% 5/1/38 (d)(e)	7,000		7,091
5.5% 5/1/38 (d)(e)	7,000		7,091
5.5% 5/1/38 (d)(e)	22,000		22,285
5.5% 5/20/38 (d)(e)	13,000		13,168
5.5% 5/20/38 (d)(e)	20,000		20,259
5.5% 5/20/38 (d)(e)	3,000		3,039
6% 7/15/08 to 9/15/35	53,845		55,705
6% 5/1/38 (d)	50,000		51,355
6% 5/1/38 (d)(e)	44,000		45,193
6% 5/1/38 (d)	11,000		11,298
6.5% 2/15/24 to 10/15/35	20,597		21,580
7% 10/15/26 to 8/15/32	90		96
7.5% 3/15/28 to 8/15/29	113		121
8% 6/15/18 to 12/15/23	1,273		1,368
8.5% 10/15/08 to 1/15/25	5		5
9% 12/15/09	0		0
9.5% 2/15/25	1		1
10.5% 4/15/14 to 1/20/18	95		108
13.5% 7/15/11	6		7
			397,866
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES (Cost $2,790,042)		2,815,066
Asset-Backed Securities - 0.1%
Fannie Mae Grantor Trust Series 2005-T4 Class A1C, 3.045% 9/25/35 (g) (Cost $9,642)	9,642		9,563
Collateralized Mortgage Obligations - 6.5%
	Principal Amount (000s)		Value (000s)
U.S. Government Agency - 6.5%
Fannie Mae:
planned amortization class:
Series 1992-168 Class KB, 7% 10/25/22	$ 1,396		$ 1,445
Series 1993-109 Class NZ, 6% 7/25/08	177		178
Series 1993-207 Class H, 6.5% 11/25/23	18,360		18,952
Series 1993-240 Class PD, 6.25% 12/25/13	4,853		5,004
Series 1994-23:
Class PG, 6% 4/25/23	3,798		3,822
Class PZ, 6% 2/25/24	10,518		10,663
Series 1996-28 Class PK, 6.5% 7/25/25	4,007		4,140
Series 2003-28 Class KG, 5.5% 4/25/23	4,940		4,764
Series 2006-45 Class OP, 6/25/36 (i)	6,043		4,685
Series 2006-62 Class KP, 4/25/36 (i)	12,654		9,237
sequential payer Series 1997-41 Class J, 7.5% 6/18/27	2,710		2,867
Series 2003-22 6% 4/25/33 (h)	18,855		4,098
Fannie Mae Grantor Trust planned amortization class Series 2005-81 Class PC, 5.5% 9/25/35	2,150		2,094
Fannie Mae subordinate REMIC pass-thru certificates:
floater:
Series 2001-38 Class QF, 3.875% 8/25/31 (g)	666		667
Series 2002-49 Class FB, 3.3322% 11/18/31 (g)	1,056		1,040
Series 2002-60 Class FV, 3.895% 4/25/32 (g)	449		449
Series 2002-75 Class FA, 3.895% 11/25/32 (g)	919		921
Series 2004-54 Class FE, 4.045% 2/25/33 (g)	522		516
planned amortization class:
Series 2002-11 Class QC, 5.5% 3/25/17	13,352		13,487
Series 2002-18 Class PC, 5.5% 4/25/17	1,170		1,204
Series 2002-47 Class QE, 5.5% 8/25/17	9,085		9,246
Series 2003-113 Class PE, 4% 11/25/18	7,545		7,081
Series 2004-21 Class QE, 4.5% 11/25/32	1,500		1,451
Series 2005-102 Class CO, 11/25/35 (i)	6,304		4,850
Series 2006-12 Class BO, 10/25/35 (i)	28,365		21,795
Series 2006-37 Class OW, 5/25/36 (i)	6,781		5,394
sequential payer:
Series 2001-20 Class Z, 6% 5/25/31	21,259		21,615
Series 2001-46 Class ZG, 6% 9/25/31	7,775		7,878
Series 2002-79 Class Z, 5.5% 11/25/22	11,666		11,536
Series 2004-3 Class BA, 4% 7/25/17	620		614
Series 2004-91 Class AH, 4.5% 5/25/29	5,725		5,690
Series 2005-117, Class JN, 4.5% 1/25/36	645		551
Collateralized Mortgage Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Government Agency - continued
Fannie Mae subordinate REMIC pass-thru certificates: - continued
sequential payer:
Series 2006-72 Class CY, 6% 8/25/26	$ 10,215		$ 10,202
Series 2007-36:
Class GO, 4/25/37 (i)	1,289		975
Class PO, 4/25/37 (i)	2,871		2,146
Class SB, 3.705% 4/25/37 (g)(h)	37,285		3,288
Class SG, 3.705% 4/25/37 (g)(h)	16,766		1,631
Series 2007-66 Class SA, 22.23% 7/25/37 (g)	5,009		6,452
Freddie Mac:
planned amortization class:
Series 2115 Class PE, 6% 1/15/14	834		862
Series 3149 Class OD, 5/15/36 (i)	33,101		24,126
sequential payer Series 2114 Class ZM, 6% 1/15/29	2,430		2,475
Freddie Mac Manufactured Housing participation certificates guaranteed:
floater Series 1686 Class FA, 3.65% 2/15/24 (g)	1,017		1,013
planned amortization class Series 1681 Class PJ, 7% 12/15/23	6,814		6,982
Series 1560 Class PN, 7% 12/15/12	1,860		1,862
Freddie Mac Multi-class participation certificates guaranteed:
floater:
Series 2389 Class DA, 3.6159% 11/15/30 (g)	253		253
Series 2530 Class FE, 3.3159% 2/15/32 (g)	623		613
Series 2630 Class FL, 3.2159% 6/15/18 (g)	550		556
Series 3008 Class SM, 0% 7/15/35 (g)	376		346
planned amortization class:
Series 1141 Class G, 9% 9/15/21	395		417
Series 1614 Class L, 6.5% 7/15/23	4,232		4,327
Series 1671 Class G, 6.5% 8/15/23	310		310
Series 2006-15 Class OP, 3/25/36 (i)	7,532		5,544
Series 2131 Class BG, 6% 3/15/29	48,920		49,883
Series 2356 Class GD, 6% 9/15/16	518		530
Series 2376 Class JE, 5.5% 11/15/16	3,574		3,644
Series 2378 Class PE, 5.5% 11/15/16	10,237		10,372
Series 2381 Class OG, 5.5% 11/15/16	2,864		2,902
Series 2390 Class CH, 5.5% 12/15/16	9,276		9,400
Series 2543 Class PM, 5.5% 8/15/18	40		40
Series 2625 Class QX, 2.25% 3/15/22	0		0
Series 2628 Class OE, 4.5% 6/15/18	6,815		6,725
Collateralized Mortgage Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Government Agency - continued
Freddie Mac Multi-class participation certificates guaranteed: - continued
planned amortization class:
Series 2640:
Class GE, 4.5% 7/15/18	$ 7,310		$ 7,229
Class QG, 2% 4/15/22	20		20
Series 2660 Class ML, 3.5% 7/15/22	1,859		1,855
Series 2682 Class LD, 4.5% 10/15/33	777		702
Series 2752 Class PW, 4% 4/15/22	1,504		1,507
Series 2802 Class OB, 6% 5/15/34	10,455		10,565
Series 2810 Class PD, 6% 6/15/33	995		1,012
Series 2937 Class KC, 4.5% 2/15/20	19,686		19,238
Series 3077 Class TO, 4/15/35 (i)	16,521		12,417
Series 3110 Class OP, 9/15/35 (i)	15,627		11,657
Series 3119 Class PO, 2/15/36 (i)	18,903		14,409
Series 3121 Class KO, 3/15/36 (i)	6,560		5,227
Series 3123 Class LO, 3/15/36 (i)	12,261		8,906
Series 3145 Class GO, 4/15/36 (i)	11,011		8,124
Series 3151 Class PO, 5/15/36 (i)	11,912		8,627
sequential payer:
Series 2388 Class ZA, 6% 12/15/31	6,788		6,855
Series 2546 Class MJ, 5.5% 3/15/23	2,861		2,764
Series 2570 Class CU, 4.5% 7/15/17	1,745		1,737
Series 2587 Class AD, 4.71% 3/15/33	5,785		4,859
Series 2601 Class TB, 5.5% 4/15/23	869		837
Series 2617 Class GW, 3.5% 6/15/16	2,656		2,656
Series 2675 Class CB, 4% 5/15/16	1,688		1,676
Series 2677 Class HG, 3% 8/15/12	291		290
Series 2683 Class JA, 4% 10/15/16	1,796		1,779
Series 2685 Class ND, 4% 10/15/18	9,064		8,517
Series 2750 Class ZT, 5% 2/15/34	1,059		869
Series 2773 Class HC, 4.5% 4/15/19	704		660
Series 2809 Class UA, 4% 12/15/14	2,171		2,165
Series 2849 Class AL, 5% 5/15/18	7,522		7,551
Series 2860 Class CP, 4% 10/15/17	2,004		1,985
Series 2866 Class N, 4.5% 12/15/18	7,031		7,068
Series 2937 Class HJ, 5% 10/15/19	8,335		8,367
Series 2998 Class LY, 5.5% 7/15/25	2,011		1,909
Series 3007 Class EW, 5.5% 7/15/25	8,875		8,495
Series 3013 Class VJ, 5% 1/15/14	1,784		1,802
Series 3401 Class EB, 5% 12/15/22	7,495		7,376
Series 2769 Class BU, 5% 3/15/34	5,712		5,365
Collateralized Mortgage Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Government Agency - continued
Freddie Mac Multi-class participation certificates guaranteed: - continued
Series 2863 Class DB, 4% 9/15/14	$ 1,266		$ 1,249
Series 2957 Class SW, 3.2841% 4/15/35 (g)(h)	26,767		1,461
Series 3002 Class SN, 3.7841% 7/15/35 (g)(h)	26,520		2,189
target amortization class:
Series 2156 Class TC, 6.25% 5/15/29	8,802		9,224
Series 2877 Class JC, 5% 10/15/34	1,324		1,347
Ginnie Mae guaranteed REMIC pass-thru securities planned amortization class Series 1997-8 Class PE, 7.5% 5/16/27	4,347		4,617
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $557,919)		562,974

Cash Equivalents - 29.7%
	Maturity Amount (000s)
Investments in repurchase agreements in a joint trading account at:
1.97%, dated 4/30/08 due 5/1/08 (Collateralized by U.S. Treasury Obligations) #	$ 17,560		17,559
2.01%, dated 4/30/08 due 5/1/08 (Collateralized by U.S. Government Obligations) #	683,547		683,509
2.02%, dated 4/30/08 due 5/1/08 (Collateralized by U.S. Government Obligations) # (a)	1,847,943		1,847,839
TOTAL CASH EQUIVALENTS (Cost $2,548,907)		2,548,907
TOTAL INVESTMENT PORTFOLIO - 125.8% (Cost $10,699,065)			10,799,889
NET OTHER ASSETS - (25.8)%			(2,217,423)
NET ASSETS - 100%		$ 8,582,466

Swap Agreements
	Expiration Date	Notional Amount (000s)	Value (000s)
Interest Rate Swaps
Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 2.528% with Goldman Sachs	March 2010	$ 69,000	$ (734)
Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 4.64% with JPMorgan Chase, Inc.	April 2038	35,000	1,035
Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 5.03% with Credit Suisse First Boston	Oct. 2017	72,000	(3,921)
Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 5.57% with Goldman Sachs	August 2017	100,000	(11,006)
Receive semi-annually a fixed rate equal to 3.1899% and pay quarterly a floating rate based on 3-month LIBOR with Goldman Sachs	April 2010	173,100	268
Receive semi-annually a fixed rate equal to 3.427% and pay quarterly a floating rate based on 3-month LIBOR with Credit Suisse First Boston	March 2013	88,000	(1,308)
Receive semi-annually a fixed rate equal to 4.42% and pay quarterly a floating rate based on 3-month LIBOR with Credit Suisse First Boston	Oct. 2009	300,000	6,272
Receive semi-annually a fixed rate equal to 4.88% and pay quarterly a floating rate based on 3-month LIBOR with Bank of America	Sept. 2010	106,700	4,268
Receive semi-annually a fixed rate equal to 5.03% and pay quarterly a floating rate based on 3-month LIBOR with JPMorgan Chase, Inc.	August 2010	91,000	4,029
Receive semi-annually a fixed rate equal to 5.706% and pay quarterly a floating rate based on 3-month LIBOR with Deutsche Bank	June 2017	75,000	9,289
Receive semi-annully a fixed rate equal to 2.8575% and pay quarterly a floating rate based on 3-month LIBOR with JPMorgan Chase, Inc.	April 2011	201,000	(2,870)
		$ 1,310,800	$ 5,322

Legend

(a) Includes investment made with cash collateral received from securities on loan.

(b) Security or a portion of the security is on loan at period end.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $19,361,000 or 0.2% of net assets.

(d) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(e) A portion of the security is subject to a forward commitment to sell.

(f) Security or a portion of the security has been segregated as collateral for open swap agreements. At the period end, the value of securities pledged amounted to $11,778,000.

(g) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(h) Security represents right to receive monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool held as of the end of the period.

(i) Principal Only Strips represent the right to receive the monthly principal payments on an underlying pool of mortgage loans.

# Additional Information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value (Amounts in thousands)
$17,559,000 due 5/01/08 at 1.97%
BNP Paribas Securities Corp.	$ 6,674
Banc of America Securities LLC	2,149
Dresdner Kleinwort Securities LLC	3,640
J.P. Morgan Securities, Inc.	5,096
	$ 17,559
$683,509,000 due 5/01/08 at 2.01%
Banc of America Securities LLC	$ 92,226
Barclays Capital, Inc.	511,437
UBS Securities LLC	73,458
WestLB AG	6,388
	$ 683,509
$1,847,839,000 due 5/01/08 at 2.02%
Banc of America Securities LLC	$ 246,971
Bank of America, NA	1,600,868
	$ 1,847,839

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $10,699,643,000. Net unrealized appreciation aggregated $100,246,000, of which $142,637,000 related to appreciated investment securities and $42,391,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Debt securities, including restricted securities, for which quotes are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. Swaps are marked-to-market daily based on dealer-supplied valuations. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. The frequency of when fair value pricing is used is unpredictable. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Income Replacement 2016 Fund^SM

April 30, 2008

1.858578.100

RW16-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 36.4%
	Shares		Value
Domestic Equity Funds - 32.9%
Fidelity 100 Index Fund	42,513		$ 423,853
Fidelity Advisor Mid Cap II Fund Institutional Class	20,816		335,974
Fidelity Broad Market Opportunities Fund	58,244		569,045
Fidelity Disciplined Equity Fund	12,853		349,858
Fidelity Equity-Income Fund	6,997		361,303
Fidelity Large Cap Core Enhanced Index Fund	59,330		567,194
Fidelity Small Cap Opportunities Fund	26,527		219,377
TOTAL DOMESTIC EQUITY FUNDS			2,826,604
International Equity Funds - 3.5%
Fidelity Advisor International Discovery Fund Institutional Class	7,401		297,283
TOTAL EQUITY FUNDS (Cost $3,271,037)		3,123,887
Fixed-Income Funds - 39.5%
High Yield Fixed-Income Funds - 2.4%
Fidelity Capital & Income Fund	12,162		103,618
Fidelity Strategic Income Fund	9,766		101,662
TOTAL HIGH YIELD FIXED-INCOME FUNDS			205,280
	Shares		Value
Investment Grade Fixed-Income Funds - 37.1%
Fidelity Government Income Fund	60,733		$ 637,090
Fidelity Strategic Real Return Fund	62,241		642,954
Fidelity Total Bond Fund	186,009		1,910,318
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			3,190,362
TOTAL FIXED-INCOME FUNDS (Cost $3,385,097)		3,395,642
Short-Term Funds - 24.1%
Fidelity Institutional Money Market Portfolio Institutional Class	1,048,371		1,048,371
Fidelity Short-Term Bond Fund	122,634		1,023,997
TOTAL SHORT-TERM FUNDS (Cost $2,101,720)		2,072,368
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $8,757,854)		$ 8,591,897

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $8,757,856. Net unrealized depreciation aggregated $165,959, of which $61,114 related to appreciated investment securities and $227,073 related to depreciated investment securities.

Investment Valuation

Investments in the Underlying Funds are valued at their closing net asset value each business day. Security transactions are accounted for as of trade date. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost, which approximates value.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Income Replacement 2016 Fund

Class A
Class T
Class C
Institutional Class

April 30, 2008

Class A, Class T, Class C
and Institutional Class are classes of
Fidelity Income Replacement 2016 Fund^SM

1.858544.100

ARW16-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 36.4%
	Shares		Value
Domestic Equity Funds - 32.9%
Fidelity 100 Index Fund	42,513		$ 423,853
Fidelity Advisor Mid Cap II Fund Institutional Class	20,816		335,974
Fidelity Broad Market Opportunities Fund	58,244		569,045
Fidelity Disciplined Equity Fund	12,853		349,858
Fidelity Equity-Income Fund	6,997		361,303
Fidelity Large Cap Core Enhanced Index Fund	59,330		567,194
Fidelity Small Cap Opportunities Fund	26,527		219,377
TOTAL DOMESTIC EQUITY FUNDS			2,826,604
International Equity Funds - 3.5%
Fidelity Advisor International Discovery Fund Institutional Class	7,401		297,283
TOTAL EQUITY FUNDS (Cost $3,271,037)		3,123,887
Fixed-Income Funds - 39.5%
High Yield Fixed-Income Funds - 2.4%
Fidelity Capital & Income Fund	12,162		103,618
Fidelity Strategic Income Fund	9,766		101,662
TOTAL HIGH YIELD FIXED-INCOME FUNDS			205,280
	Shares		Value
Investment Grade Fixed-Income Funds - 37.1%
Fidelity Government Income Fund	60,733		$ 637,090
Fidelity Strategic Real Return Fund	62,241		642,954
Fidelity Total Bond Fund	186,009		1,910,318
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			3,190,362
TOTAL FIXED-INCOME FUNDS (Cost $3,385,097)		3,395,642
Short-Term Funds - 24.1%
Fidelity Institutional Money Market Portfolio Institutional Class	1,048,371		1,048,371
Fidelity Short-Term Bond Fund	122,634		1,023,997
TOTAL SHORT-TERM FUNDS (Cost $2,101,720)		2,072,368
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $8,757,854)		$ 8,591,897

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $8,757,856. Net unrealized depreciation aggregated $165,959, of which $61,114 related to appreciated investment securities and $227,073 related to depreciated investment securities.

Investment Valuation

Investments in the Underlying Funds are valued at their closing net asset value each business day. Security transactions are accounted for as of trade date. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost, which approximates value.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Income Replacement 2018 Fund^SM

April 30, 2008

1.858580.100

RW18-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 41.9%
	Shares		Value
Domestic Equity Funds - 37.5%
Fidelity 100 Index Fund	34,638		$ 345,339
Fidelity Advisor Mid Cap II Fund Institutional Class	16,999		274,370
Fidelity Broad Market Opportunities Fund	47,401		463,104
Fidelity Disciplined Equity Fund	10,485		285,415
Fidelity Equity-Income Fund	5,710		294,846
Fidelity Large Cap Core Enhanced Index Fund	48,284		461,599
Fidelity Small Cap Opportunities Fund	21,671		179,215
TOTAL DOMESTIC EQUITY FUNDS			2,303,888
International Equity Funds - 4.4%
Fidelity Advisor International Discovery Fund Institutional Class	6,708		269,444
TOTAL EQUITY FUNDS (Cost $2,699,256)		2,573,332
Fixed-Income Funds - 37.9%
High Yield Fixed-Income Funds - 3.2%
Fidelity Capital & Income Fund	11,735		99,980
Fidelity Strategic Income Fund	9,388		97,731
TOTAL HIGH YIELD FIXED-INCOME FUNDS			197,711
	Shares		Value
Investment Grade Fixed-Income Funds - 34.7%
Fidelity Government Income Fund	40,572		$ 425,598
Fidelity Strategic Real Return Fund	41,583		429,551
Fidelity Total Bond Fund	124,091		1,274,417
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			2,129,566
TOTAL FIXED-INCOME FUNDS (Cost $2,317,836)		2,327,277
Short-Term Funds - 20.2%
Fidelity Institutional Money Market Portfolio Institutional Class	627,682		627,682
Fidelity Short-Term Bond Fund	73,639		614,889
TOTAL SHORT-TERM FUNDS (Cost $1,260,998)		1,242,571
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $6,278,090)		$ 6,143,180

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $6,278,096. Net unrealized depreciation aggregated $134,916, of which $40,971 related to appreciated investment securities and $175,887 related to depreciated investment securities.

Investment Valuation

Investments in the Underlying Funds are valued at their closing net asset value each business day. Security transactions are accounted for as of trade date. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost, which approximates value.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Income Replacement 2018 Fund

Class A
Class T
Class C
Institutional Class

April 30, 2008

Class A, Class T, Class C
and Institutional Class are classes of
Fidelity Income Replacement 2018 Fund^SM

1.858556.100

ARW18-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 41.9%
	Shares		Value
Domestic Equity Funds - 37.5%
Fidelity 100 Index Fund	34,638		$ 345,339
Fidelity Advisor Mid Cap II Fund Institutional Class	16,999		274,370
Fidelity Broad Market Opportunities Fund	47,401		463,104
Fidelity Disciplined Equity Fund	10,485		285,415
Fidelity Equity-Income Fund	5,710		294,846
Fidelity Large Cap Core Enhanced Index Fund	48,284		461,599
Fidelity Small Cap Opportunities Fund	21,671		179,215
TOTAL DOMESTIC EQUITY FUNDS			2,303,888
International Equity Funds - 4.4%
Fidelity Advisor International Discovery Fund Institutional Class	6,708		269,444
TOTAL EQUITY FUNDS (Cost $2,699,256)		2,573,332
Fixed-Income Funds - 37.9%
High Yield Fixed-Income Funds - 3.2%
Fidelity Capital & Income Fund	11,735		99,980
Fidelity Strategic Income Fund	9,388		97,731
TOTAL HIGH YIELD FIXED-INCOME FUNDS			197,711
	Shares		Value
Investment Grade Fixed-Income Funds - 34.7%
Fidelity Government Income Fund	40,572		$ 425,598
Fidelity Strategic Real Return Fund	41,583		429,551
Fidelity Total Bond Fund	124,091		1,274,417
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			2,129,566
TOTAL FIXED-INCOME FUNDS (Cost $2,317,836)		2,327,277
Short-Term Funds - 20.2%
Fidelity Institutional Money Market Portfolio Institutional Class	627,682		627,682
Fidelity Short-Term Bond Fund	73,639		614,889
TOTAL SHORT-TERM FUNDS (Cost $1,260,998)		1,242,571
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $6,278,090)		$ 6,143,180

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $6,278,096. Net unrealized depreciation aggregated $134,916, of which $40,971 related to appreciated investment securities and $175,887 related to depreciated investment securities.

Investment Valuation

Investments in the Underlying Funds are valued at their closing net asset value each business day. Security transactions are accounted for as of trade date. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost, which approximates value.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Income Replacement 2020 Fund^SM

April 30, 2008

1.858583.100

RW20-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 46.3%
	Shares		Value
Domestic Equity Funds - 40.9%
Fidelity 100 Index Fund	12,558		$ 125,199
Fidelity Advisor Mid Cap II Fund Institutional Class	6,129		98,925
Fidelity Broad Market Opportunities Fund	17,167		167,722
Fidelity Disciplined Equity Fund	3,777		102,802
Fidelity Equity-Income Fund	2,044		105,566
Fidelity Large Cap Core Enhanced Index Fund	17,444		166,763
Fidelity Small Cap Opportunities Fund	7,841		64,843
TOTAL DOMESTIC EQUITY FUNDS			831,820
International Equity Funds - 5.4%
Fidelity Advisor International Discovery Fund Institutional Class	2,707		108,752
TOTAL EQUITY FUNDS (Cost $948,878)		940,572
Fixed-Income Funds - 36.2%
High Yield Fixed-Income Funds - 3.8%
Fidelity Capital & Income Fund	4,593		39,136
Fidelity Strategic Income Fund	3,685		38,363
TOTAL HIGH YIELD FIXED-INCOME FUNDS			77,499
	Shares		Value
Investment Grade Fixed-Income Funds - 32.4%
Fidelity Government Income Fund	12,484		$ 130,954
Fidelity Strategic Real Return Fund	12,852		132,764
Fidelity Total Bond Fund	38,491		395,308
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			659,026
TOTAL FIXED-INCOME FUNDS (Cost $735,008)		736,525
Short-Term Funds - 17.5%
Fidelity Institutional Money Market Portfolio Institutional Class	179,074		179,074
Fidelity Short-Term Bond Fund	21,126		176,405
TOTAL SHORT-TERM FUNDS (Cost $360,572)		355,479
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $2,044,458)		$ 2,032,576

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $2,044,458. Net unrealized depreciation aggregated $11,882, of which $23,502 related to appreciated investment securities and $35,384 related to depreciated investment securities.

Investment Valuation

Investments in the Underlying Funds are valued at their closing net asset value each business day. Security transactions are accounted for as of trade date. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost, which approximates value.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Income Replacement 2020 Fund

Class A
Class T
Class C
Institutional Class

April 30, 2008

Class A, Class T, Class C
and Institutional Class are classes of
Fidelity Income Replacement 2020 Fund^SM

1.858558.100

ARW20-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 46.3%
	Shares		Value
Domestic Equity Funds - 40.9%
Fidelity 100 Index Fund	12,558		$ 125,199
Fidelity Advisor Mid Cap II Fund Institutional Class	6,129		98,925
Fidelity Broad Market Opportunities Fund	17,167		167,722
Fidelity Disciplined Equity Fund	3,777		102,802
Fidelity Equity-Income Fund	2,044		105,566
Fidelity Large Cap Core Enhanced Index Fund	17,444		166,763
Fidelity Small Cap Opportunities Fund	7,841		64,843
TOTAL DOMESTIC EQUITY FUNDS			831,820
International Equity Funds - 5.4%
Fidelity Advisor International Discovery Fund Institutional Class	2,707		108,752
TOTAL EQUITY FUNDS (Cost $948,878)		940,572
Fixed-Income Funds - 36.2%
High Yield Fixed-Income Funds - 3.8%
Fidelity Capital & Income Fund	4,593		39,136
Fidelity Strategic Income Fund	3,685		38,363
TOTAL HIGH YIELD FIXED-INCOME FUNDS			77,499
	Shares		Value
Investment Grade Fixed-Income Funds - 32.4%
Fidelity Government Income Fund	12,484		$ 130,954
Fidelity Strategic Real Return Fund	12,852		132,764
Fidelity Total Bond Fund	38,491		395,308
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			659,026
TOTAL FIXED-INCOME FUNDS (Cost $735,008)		736,525
Short-Term Funds - 17.5%
Fidelity Institutional Money Market Portfolio Institutional Class	179,074		179,074
Fidelity Short-Term Bond Fund	21,126		176,405
TOTAL SHORT-TERM FUNDS (Cost $360,572)		355,479
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $2,044,458)		$ 2,032,576

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $2,044,458. Net unrealized depreciation aggregated $11,882, of which $23,502 related to appreciated investment securities and $35,384 related to depreciated investment securities.

Investment Valuation

Investments in the Underlying Funds are valued at their closing net asset value each business day. Security transactions are accounted for as of trade date. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost, which approximates value.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Income Replacement 2022 Fund^SM

April 30, 2008

1.858586.100

RW22-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 48.9%
	Shares		Value
Domestic Equity Funds - 42.8%
Fidelity 100 Index Fund	33,191		$ 330,917
Fidelity Advisor Mid Cap II Fund Institutional Class	16,288		262,889
Fidelity Broad Market Opportunities Fund	45,407		443,630
Fidelity Disciplined Equity Fund	10,024		272,843
Fidelity Equity-Income Fund	5,461		282,014
Fidelity Large Cap Core Enhanced Index Fund	46,288		442,510
Fidelity Small Cap Opportunities Fund	20,754		171,633
TOTAL DOMESTIC EQUITY FUNDS			2,206,436
International Equity Funds - 6.1%
Fidelity Advisor International Discovery Fund Institutional Class	7,818		314,052
TOTAL EQUITY FUNDS (Cost $2,627,815)		2,520,488
Fixed-Income Funds - 35.2%
High Yield Fixed-Income Funds - 4.2%
Fidelity Capital & Income Fund	12,987		110,645
Fidelity Strategic Income Fund	10,404		108,303
TOTAL HIGH YIELD FIXED-INCOME FUNDS			218,948
	Shares		Value
Investment Grade Fixed-Income Funds - 31.0%
Fidelity Government Income Fund	30,478		$ 319,712
Fidelity Strategic Real Return Fund	31,258		322,898
Fidelity Total Bond Fund	93,157		956,719
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			1,599,329
TOTAL FIXED-INCOME FUNDS (Cost $1,815,962)		1,818,277
Short-Term Funds - 15.9%
Fidelity Institutional Money Market Portfolio Institutional Class	415,276		415,276
Fidelity Short-Term Bond Fund	48,654		406,259
TOTAL SHORT-TERM FUNDS (Cost $834,201)		821,535
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $5,277,978)		$ 5,160,300

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $5,277,981. Net unrealized depreciation aggregated $117,681, of which $41,475 related to appreciated investment securities and $159,156 related to depreciated investment securities.

Investment Valuation

Investments in the Underlying Funds are valued at their closing net asset value each business day. Security transactions are accounted for as of trade date. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost, which approximates value.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Income Replacement 2022 Fund

Class A
Class T
Class C
Institutional Class

April 30, 2008

Class A, Class T, Class C
and Institutional Class are classes of
Fidelity Income Replacement 2022 Fund^SM

1.858561.100

ARW22-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 48.9%
	Shares		Value
Domestic Equity Funds - 42.8%
Fidelity 100 Index Fund	33,191		$ 330,917
Fidelity Advisor Mid Cap II Fund Institutional Class	16,288		262,889
Fidelity Broad Market Opportunities Fund	45,407		443,630
Fidelity Disciplined Equity Fund	10,024		272,843
Fidelity Equity-Income Fund	5,461		282,014
Fidelity Large Cap Core Enhanced Index Fund	46,288		442,510
Fidelity Small Cap Opportunities Fund	20,754		171,633
TOTAL DOMESTIC EQUITY FUNDS			2,206,436
International Equity Funds - 6.1%
Fidelity Advisor International Discovery Fund Institutional Class	7,818		314,052
TOTAL EQUITY FUNDS (Cost $2,627,815)		2,520,488
Fixed-Income Funds - 35.2%
High Yield Fixed-Income Funds - 4.2%
Fidelity Capital & Income Fund	12,987		110,645
Fidelity Strategic Income Fund	10,404		108,303
TOTAL HIGH YIELD FIXED-INCOME FUNDS			218,948
	Shares		Value
Investment Grade Fixed-Income Funds - 31.0%
Fidelity Government Income Fund	30,478		$ 319,712
Fidelity Strategic Real Return Fund	31,258		322,898
Fidelity Total Bond Fund	93,157		956,719
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			1,599,329
TOTAL FIXED-INCOME FUNDS (Cost $1,815,962)		1,818,277
Short-Term Funds - 15.9%
Fidelity Institutional Money Market Portfolio Institutional Class	415,276		415,276
Fidelity Short-Term Bond Fund	48,654		406,259
TOTAL SHORT-TERM FUNDS (Cost $834,201)		821,535
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $5,277,978)		$ 5,160,300

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $5,277,981. Net unrealized depreciation aggregated $117,681, of which $41,475 related to appreciated investment securities and $159,156 related to depreciated investment securities.

Investment Valuation

Investments in the Underlying Funds are valued at their closing net asset value each business day. Security transactions are accounted for as of trade date. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost, which approximates value.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Income Replacement 2024 Fund^SM

April 30, 2008

1.858588.100

RW24-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 51.2%
	Shares		Value
Domestic Equity Funds - 44.2%
Fidelity 100 Index Fund	7,971		$ 79,474
Fidelity Advisor Mid Cap II Fund Institutional Class	3,930		63,425
Fidelity Broad Market Opportunities Fund	10,925		106,737
Fidelity Disciplined Equity Fund	2,417		65,781
Fidelity Equity-Income Fund	1,308		67,536
Fidelity Large Cap Core Enhanced Index Fund	11,110		106,215
Fidelity Small Cap Opportunities Fund	4,967		41,077
TOTAL DOMESTIC EQUITY FUNDS			530,245
International Equity Funds - 7.0%
Fidelity Advisor International Discovery Fund Institutional Class	2,069		83,094
TOTAL EQUITY FUNDS (Cost $636,271)		613,339
Fixed-Income Funds - 34.3%
High Yield Fixed-Income Funds - 4.6%
Fidelity Capital & Income Fund	3,263		27,802
Fidelity Strategic Income Fund	2,629		27,367
TOTAL HIGH YIELD FIXED-INCOME FUNDS			55,169
	Shares		Value
Investment Grade Fixed-Income Funds - 29.7%
Fidelity Government Income Fund	6,815		$ 71,493
Fidelity Strategic Real Return Fund	7,018		72,496
Fidelity Total Bond Fund	20,699		212,577
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			356,566
TOTAL FIXED-INCOME FUNDS (Cost $409,240)		411,735
Short-Term Funds - 14.5%
Fidelity Institutional Money Market Portfolio Institutional Class	87,746		87,746
Fidelity Short-Term Bond Fund	10,351		86,428
TOTAL SHORT-TERM FUNDS (Cost $177,016)		174,174
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,222,527)		$ 1,199,248

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $1,222,527. Net unrealized depreciation aggregated $23,279, of which $10,464 related to appreciated investment securities and $33,743 related to depreciated investment securities.

Investment Valuation

Investments in the Underlying Funds are valued at their closing net asset value each business day. Security transactions are accounted for as of trade date. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost, which approximates value.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Income Replacement 2024 Fund

Class A
Class T
Class C
Institutional Class

April 30, 2008

Class A, Class T, Class C
and Institutional Class are classes of
Fidelity Income Replacement 2024 Fund^SM

1.858563.100

ARW24-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 51.2%
	Shares		Value
Domestic Equity Funds - 44.2%
Fidelity 100 Index Fund	7,971		$ 79,474
Fidelity Advisor Mid Cap II Fund Institutional Class	3,930		63,425
Fidelity Broad Market Opportunities Fund	10,925		106,737
Fidelity Disciplined Equity Fund	2,417		65,781
Fidelity Equity-Income Fund	1,308		67,536
Fidelity Large Cap Core Enhanced Index Fund	11,110		106,215
Fidelity Small Cap Opportunities Fund	4,967		41,077
TOTAL DOMESTIC EQUITY FUNDS			530,245
International Equity Funds - 7.0%
Fidelity Advisor International Discovery Fund Institutional Class	2,069		83,094
TOTAL EQUITY FUNDS (Cost $636,271)		613,339
Fixed-Income Funds - 34.3%
High Yield Fixed-Income Funds - 4.6%
Fidelity Capital & Income Fund	3,263		27,802
Fidelity Strategic Income Fund	2,629		27,367
TOTAL HIGH YIELD FIXED-INCOME FUNDS			55,169
	Shares		Value
Investment Grade Fixed-Income Funds - 29.7%
Fidelity Government Income Fund	6,815		$ 71,493
Fidelity Strategic Real Return Fund	7,018		72,496
Fidelity Total Bond Fund	20,699		212,577
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			356,566
TOTAL FIXED-INCOME FUNDS (Cost $409,240)		411,735
Short-Term Funds - 14.5%
Fidelity Institutional Money Market Portfolio Institutional Class	87,746		87,746
Fidelity Short-Term Bond Fund	10,351		86,428
TOTAL SHORT-TERM FUNDS (Cost $177,016)		174,174
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,222,527)		$ 1,199,248

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $1,222,527. Net unrealized depreciation aggregated $23,279, of which $10,464 related to appreciated investment securities and $33,743 related to depreciated investment securities.

Investment Valuation

Investments in the Underlying Funds are valued at their closing net asset value each business day. Security transactions are accounted for as of trade date. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost, which approximates value.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Income Replacement 2026 Fund^SM

April 30, 2008

1.858590.100

RW26-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 52.9%
	Shares		Value
Domestic Equity Funds - 45.2%
Fidelity 100 Index Fund	9,358		$ 93,297
Fidelity Advisor Mid Cap II Fund Institutional Class	4,591		74,099
Fidelity Broad Market Opportunities Fund	12,792		124,976
Fidelity Disciplined Equity Fund	2,829		77,010
Fidelity Equity-Income Fund	1,533		79,174
Fidelity Large Cap Core Enhanced Index Fund	13,047		124,728
Fidelity Small Cap Opportunities Fund	5,810		48,046
TOTAL DOMESTIC EQUITY FUNDS			621,330
International Equity Funds - 7.7%
Fidelity Advisor International Discovery Fund Institutional Class	2,628		105,548
TOTAL EQUITY FUNDS (Cost $764,608)		726,878
Fixed-Income Funds - 33.9%
High Yield Fixed-Income Funds - 4.9%
Fidelity Capital & Income Fund	3,954		33,690
Fidelity Strategic Income Fund	3,184		33,140
TOTAL HIGH YIELD FIXED-INCOME FUNDS			66,830
	Shares		Value
Investment Grade Fixed-Income Funds - 29.0%
Fidelity Government Income Fund	7,593		$ 79,653
Fidelity Strategic Real Return Fund	7,798		80,556
Fidelity Total Bond Fund	23,224		238,511
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			398,720
TOTAL FIXED-INCOME FUNDS (Cost $463,061)		465,550
Short-Term Funds - 13.2%
Fidelity Institutional Money Market Portfolio Institutional Class	91,275		91,275
Fidelity Short-Term Bond Fund	10,734		89,626
TOTAL SHORT-TERM FUNDS (Cost $183,918)		180,901
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,411,587)		$ 1,373,329

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $1,411,587. Net unrealized depreciation aggregated $38,258, of which $10,407 related to appreciated investment securities and $48,665 related to depreciated investment securities.

Investment Valuation

Investments in the Underlying Funds are valued at their closing net asset value each business day. Security transactions are accounted for as of trade date. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost, which approximates value.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Income Replacement 2026 Fund

Class A
Class T
Class C
Institutional Class

April 30, 2008

Class A, Class T, Class C
and Institutional Class are classes of
Fidelity Income Replacement 2026 Fund^SM

1.858565.100

ARW26-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 52.9%
	Shares		Value
Domestic Equity Funds - 45.2%
Fidelity 100 Index Fund	9,358		$ 93,297
Fidelity Advisor Mid Cap II Fund Institutional Class	4,591		74,099
Fidelity Broad Market Opportunities Fund	12,792		124,976
Fidelity Disciplined Equity Fund	2,829		77,010
Fidelity Equity-Income Fund	1,533		79,174
Fidelity Large Cap Core Enhanced Index Fund	13,047		124,728
Fidelity Small Cap Opportunities Fund	5,810		48,046
TOTAL DOMESTIC EQUITY FUNDS			621,330
International Equity Funds - 7.7%
Fidelity Advisor International Discovery Fund Institutional Class	2,628		105,548
TOTAL EQUITY FUNDS (Cost $764,608)		726,878
Fixed-Income Funds - 33.9%
High Yield Fixed-Income Funds - 4.9%
Fidelity Capital & Income Fund	3,954		33,690
Fidelity Strategic Income Fund	3,184		33,140
TOTAL HIGH YIELD FIXED-INCOME FUNDS			66,830
	Shares		Value
Investment Grade Fixed-Income Funds - 29.0%
Fidelity Government Income Fund	7,593		$ 79,653
Fidelity Strategic Real Return Fund	7,798		80,556
Fidelity Total Bond Fund	23,224		238,511
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			398,720
TOTAL FIXED-INCOME FUNDS (Cost $463,061)		465,550
Short-Term Funds - 13.2%
Fidelity Institutional Money Market Portfolio Institutional Class	91,275		91,275
Fidelity Short-Term Bond Fund	10,734		89,626
TOTAL SHORT-TERM FUNDS (Cost $183,918)		180,901
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,411,587)		$ 1,373,329

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $1,411,587. Net unrealized depreciation aggregated $38,258, of which $10,407 related to appreciated investment securities and $48,665 related to depreciated investment securities.

Investment Valuation

Investments in the Underlying Funds are valued at their closing net asset value each business day. Security transactions are accounted for as of trade date. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost, which approximates value.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Income Replacement 2028 Fund^SM

April 30, 2008

1.858592.100

RW28-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 54.7%
	Shares		Value
Domestic Equity Funds - 46.3%
Fidelity 100 Index Fund	37,989		$ 378,746
Fidelity Advisor Mid Cap II Fund Institutional Class	18,624		300,598
Fidelity Broad Market Opportunities Fund	51,767		505,762
Fidelity Disciplined Equity Fund	11,441		311,422
Fidelity Equity-Income Fund	6,234		321,916
Fidelity Large Cap Core Enhanced Index Fund	52,683		503,652
Fidelity Small Cap Opportunities Fund	23,931		197,909
TOTAL DOMESTIC EQUITY FUNDS			2,520,005
International Equity Funds - 8.4%
Fidelity Advisor International Discovery Fund Institutional Class	11,435		459,332
TOTAL EQUITY FUNDS (Cost $3,048,694)		2,979,337
Fixed-Income Funds - 32.9%
High Yield Fixed-Income Funds - 5.1%
Fidelity Capital & Income Fund	16,597		141,404
Fidelity Strategic Income Fund	13,302		138,471
TOTAL HIGH YIELD FIXED-INCOME FUNDS			279,875
	Shares		Value
Investment Grade Fixed-Income Funds - 27.8%
Fidelity Government Income Fund	28,756		$ 301,654
Fidelity Strategic Real Return Fund	29,569		305,448
Fidelity Total Bond Fund	88,167		905,481
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			1,512,583
TOTAL FIXED-INCOME FUNDS (Cost $1,790,577)		1,792,458
Short-Term Funds - 12.4%
Fidelity Institutional Money Market Portfolio Institutional Class	342,079		342,079
Fidelity Short-Term Bond Fund	39,886		333,048
TOTAL SHORT-TERM FUNDS (Cost $684,714)		675,127
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $5,523,985)		$ 5,446,922

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $5,523,985. Net unrealized depreciation aggregated $77,063, of which $61,237 related to appreciated investment securities and $138,300 related to depreciated investment securities.

Investment Valuation

Investments in the Underlying Funds are valued at their closing net asset value each business day. Security transactions are accounted for as of trade date. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost, which approximates value.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Income Replacement 2028 Fund

Class A
Class T
Class C
Institutional Class

April 30, 2008

Class A, Class T, Class C
and Institutional Class are classes of
Fidelity Income Replacement 2028 Fund^SM

1.858567.100

ARW28-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 54.7%
	Shares		Value
Domestic Equity Funds - 46.3%
Fidelity 100 Index Fund	37,989		$ 378,746
Fidelity Advisor Mid Cap II Fund Institutional Class	18,624		300,598
Fidelity Broad Market Opportunities Fund	51,767		505,762
Fidelity Disciplined Equity Fund	11,441		311,422
Fidelity Equity-Income Fund	6,234		321,916
Fidelity Large Cap Core Enhanced Index Fund	52,683		503,652
Fidelity Small Cap Opportunities Fund	23,931		197,909
TOTAL DOMESTIC EQUITY FUNDS			2,520,005
International Equity Funds - 8.4%
Fidelity Advisor International Discovery Fund Institutional Class	11,435		459,332
TOTAL EQUITY FUNDS (Cost $3,048,694)		2,979,337
Fixed-Income Funds - 32.9%
High Yield Fixed-Income Funds - 5.1%
Fidelity Capital & Income Fund	16,597		141,404
Fidelity Strategic Income Fund	13,302		138,471
TOTAL HIGH YIELD FIXED-INCOME FUNDS			279,875
	Shares		Value
Investment Grade Fixed-Income Funds - 27.8%
Fidelity Government Income Fund	28,756		$ 301,654
Fidelity Strategic Real Return Fund	29,569		305,448
Fidelity Total Bond Fund	88,167		905,481
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			1,512,583
TOTAL FIXED-INCOME FUNDS (Cost $1,790,577)		1,792,458
Short-Term Funds - 12.4%
Fidelity Institutional Money Market Portfolio Institutional Class	342,079		342,079
Fidelity Short-Term Bond Fund	39,886		333,048
TOTAL SHORT-TERM FUNDS (Cost $684,714)		675,127
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $5,523,985)		$ 5,446,922

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $5,523,985. Net unrealized depreciation aggregated $77,063, of which $61,237 related to appreciated investment securities and $138,300 related to depreciated investment securities.

Investment Valuation

Investments in the Underlying Funds are valued at their closing net asset value each business day. Security transactions are accounted for as of trade date. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost, which approximates value.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Income Replacement 2030 Fund^SM

April 30, 2008

1.858594.100

RW30-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 56.0%
	Shares		Value
Domestic Equity Funds - 46.7%
Fidelity 100 Index Fund	6,395		$ 63,758
Fidelity Advisor Mid Cap II Fund Institutional Class	3,150		50,842
Fidelity Broad Market Opportunities Fund	8,747		85,458
Fidelity Disciplined Equity Fund	1,941		52,841
Fidelity Equity-Income Fund	1,041		53,754
Fidelity Large Cap Core Enhanced Index Fund	8,905		85,131
Fidelity Small Cap Opportunities Fund	3,985		32,955
TOTAL DOMESTIC EQUITY FUNDS			424,739
International Equity Funds - 9.3%
Fidelity Advisor International Discovery Fund Institutional Class	2,105		84,557
TOTAL EQUITY FUNDS (Cost $531,709)		509,296
Fixed-Income Funds - 32.9%
High Yield Fixed-Income Funds - 5.4%
Fidelity Capital & Income Fund	2,885		24,577
Fidelity Strategic Income Fund	2,328		24,238
TOTAL HIGH YIELD FIXED-INCOME FUNDS			48,815
	Shares		Value
Investment Grade Fixed-Income Funds - 27.5%
Fidelity Government Income Fund	4,764		$ 49,979
Fidelity Strategic Real Return Fund	4,878		50,393
Fidelity Total Bond Fund	14,571		149,637
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			250,009
TOTAL FIXED-INCOME FUNDS (Cost $296,835)		298,824
Short-Term Funds - 11.1%
Fidelity Institutional Money Market Portfolio Institutional Class	50,405		50,405
Fidelity Short-Term Bond Fund	6,007		50,162
TOTAL SHORT-TERM FUNDS (Cost $102,028)		100,567
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $930,572)		$ 908,687

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $930,572. Net unrealized depreciation aggregated $21,885, of which $7,191 related to appreciated investment securities and $29,076 related to depreciated investment securities.

Investment Valuation

Investments in the Underlying Funds are valued at their closing net asset value each business day. Security transactions are accounted for as of trade date. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost, which approximates value.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Income Replacement 2030 Fund

Class A
Class T
Class C
Institutional Class

April 30, 2008

Class A, Class T, Class C
and Institutional Class are classes of
Fidelity Income Replacement 2030 Fund^SM

1.858570.100

ARW30-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 56.0%
	Shares		Value
Domestic Equity Funds - 46.7%
Fidelity 100 Index Fund	6,395		$ 63,758
Fidelity Advisor Mid Cap II Fund Institutional Class	3,150		50,842
Fidelity Broad Market Opportunities Fund	8,747		85,458
Fidelity Disciplined Equity Fund	1,941		52,841
Fidelity Equity-Income Fund	1,041		53,754
Fidelity Large Cap Core Enhanced Index Fund	8,905		85,131
Fidelity Small Cap Opportunities Fund	3,985		32,955
TOTAL DOMESTIC EQUITY FUNDS			424,739
International Equity Funds - 9.3%
Fidelity Advisor International Discovery Fund Institutional Class	2,105		84,557
TOTAL EQUITY FUNDS (Cost $531,709)		509,296
Fixed-Income Funds - 32.9%
High Yield Fixed-Income Funds - 5.4%
Fidelity Capital & Income Fund	2,885		24,577
Fidelity Strategic Income Fund	2,328		24,238
TOTAL HIGH YIELD FIXED-INCOME FUNDS			48,815
	Shares		Value
Investment Grade Fixed-Income Funds - 27.5%
Fidelity Government Income Fund	4,764		$ 49,979
Fidelity Strategic Real Return Fund	4,878		50,393
Fidelity Total Bond Fund	14,571		149,637
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			250,009
TOTAL FIXED-INCOME FUNDS (Cost $296,835)		298,824
Short-Term Funds - 11.1%
Fidelity Institutional Money Market Portfolio Institutional Class	50,405		50,405
Fidelity Short-Term Bond Fund	6,007		50,162
TOTAL SHORT-TERM FUNDS (Cost $102,028)		100,567
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $930,572)		$ 908,687

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $930,572. Net unrealized depreciation aggregated $21,885, of which $7,191 related to appreciated investment securities and $29,076 related to depreciated investment securities.

Investment Valuation

Investments in the Underlying Funds are valued at their closing net asset value each business day. Security transactions are accounted for as of trade date. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost, which approximates value.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Income Replacement 2032 Fund^SM

April 30, 2008

1.858596.100

RW32-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 57.6%
	Shares		Value
Domestic Equity Funds - 47.5%
Fidelity 100 Index Fund	9,562		$ 95,336
Fidelity Advisor Mid Cap II Fund Institutional Class	4,702		75,885
Fidelity Broad Market Opportunities Fund	13,083		127,817
Fidelity Disciplined Equity Fund	2,893		78,752
Fidelity Equity-Income Fund	1,569		81,046
Fidelity Large Cap Core Enhanced Index Fund	13,330		127,434
Fidelity Small Cap Opportunities Fund	5,944		49,155
TOTAL DOMESTIC EQUITY FUNDS			635,425
International Equity Funds - 10.1%
Fidelity Advisor International Discovery Fund Institutional Class	3,357		134,838
TOTAL EQUITY FUNDS (Cost $829,281)		770,263
Fixed-Income Funds - 32.5%
High Yield Fixed-Income Funds - 5.7%
Fidelity Capital & Income Fund	4,452		37,935
Fidelity Strategic Income Fund	3,589		37,365
TOTAL HIGH YIELD FIXED-INCOME FUNDS			75,300
	Shares		Value
Investment Grade Fixed-Income Funds - 26.8%
Fidelity Government Income Fund	6,848		$ 71,840
Fidelity Strategic Real Return Fund	7,044		72,764
Fidelity Total Bond Fund	20,835		213,976
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			358,580
TOTAL FIXED-INCOME FUNDS (Cost $432,317)		433,880
Short-Term Funds - 9.9%
Fidelity Institutional Money Market Portfolio Institutional Class	66,806		66,806
Fidelity Short-Term Bond Fund	7,890		65,882
TOTAL SHORT-TERM FUNDS (Cost $135,038)		132,688
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,396,636)		$ 1,336,831

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $1,396,636. Net unrealized depreciation aggregated $59,805, of which $6,589 related to appreciated investment securities and $66,394 related to depreciated investment securities.

Investment Valuation

Investments in the Underlying Funds are valued at their closing net asset value each business day. Security transactions are accounted for as of trade date. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost, which approximates value.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Income Replacement 2032 Fund

Class A
Class T
Class C
Institutional Class

April 30, 2008

Class A, Class T, Class C
and Institutional Class are classes of
Fidelity Income Replacement 2032 Fund^SM

1.858572.100

ARW32-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 57.6%
	Shares		Value
Domestic Equity Funds - 47.5%
Fidelity 100 Index Fund	9,562		$ 95,336
Fidelity Advisor Mid Cap II Fund Institutional Class	4,702		75,885
Fidelity Broad Market Opportunities Fund	13,083		127,817
Fidelity Disciplined Equity Fund	2,893		78,752
Fidelity Equity-Income Fund	1,569		81,046
Fidelity Large Cap Core Enhanced Index Fund	13,330		127,434
Fidelity Small Cap Opportunities Fund	5,944		49,155
TOTAL DOMESTIC EQUITY FUNDS			635,425
International Equity Funds - 10.1%
Fidelity Advisor International Discovery Fund Institutional Class	3,357		134,838
TOTAL EQUITY FUNDS (Cost $829,281)		770,263
Fixed-Income Funds - 32.5%
High Yield Fixed-Income Funds - 5.7%
Fidelity Capital & Income Fund	4,452		37,935
Fidelity Strategic Income Fund	3,589		37,365
TOTAL HIGH YIELD FIXED-INCOME FUNDS			75,300
	Shares		Value
Investment Grade Fixed-Income Funds - 26.8%
Fidelity Government Income Fund	6,848		$ 71,840
Fidelity Strategic Real Return Fund	7,044		72,764
Fidelity Total Bond Fund	20,835		213,976
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			358,580
TOTAL FIXED-INCOME FUNDS (Cost $432,317)		433,880
Short-Term Funds - 9.9%
Fidelity Institutional Money Market Portfolio Institutional Class	66,806		66,806
Fidelity Short-Term Bond Fund	7,890		65,882
TOTAL SHORT-TERM FUNDS (Cost $135,038)		132,688
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,396,636)		$ 1,336,831

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $1,396,636. Net unrealized depreciation aggregated $59,805, of which $6,589 related to appreciated investment securities and $66,394 related to depreciated investment securities.

Investment Valuation

Investments in the Underlying Funds are valued at their closing net asset value each business day. Security transactions are accounted for as of trade date. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost, which approximates value.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Income Replacement 2034 Fund^SM

April 30, 2008

1.858598.100

RW34-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 59.8%
	Shares		Value
Domestic Equity Funds - 48.6%
Fidelity 100 Index Fund	7,447		$ 74,243
Fidelity Advisor Mid Cap II Fund Institutional Class	3,682		59,426
Fidelity Broad Market Opportunities Fund	10,215		99,802
Fidelity Disciplined Equity Fund	2,263		61,591
Fidelity Equity-Income Fund	1,212		62,590
Fidelity Large Cap Core Enhanced Index Fund	10,396		99,387
Fidelity Small Cap Opportunities Fund	4,651		38,461
TOTAL DOMESTIC EQUITY FUNDS			495,500
International Equity Funds - 11.2%
Fidelity Advisor International Discovery Fund Institutional Class	2,832		113,744
TOTAL EQUITY FUNDS (Cost $631,558)		609,244
Fixed-Income Funds - 32.1%
High Yield Fixed-Income Funds - 5.9%
Fidelity Capital & Income Fund	3,600		30,674
Fidelity Strategic Income Fund	2,884		30,025
TOTAL HIGH YIELD FIXED-INCOME FUNDS			60,699
Investment Grade Fixed-Income Funds - 26.2%
Fidelity Government Income Fund	5,092		53,413
Fidelity Strategic Real Return Fund	5,255		54,279
Fidelity Total Bond Fund	15,518		159,371
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			267,063
TOTAL FIXED-INCOME FUNDS (Cost $325,965)		327,762
Short-Term Funds - 8.1%
Fidelity Institutional Money Market Portfolio Institutional Class	40,979		40,979
Fidelity Short-Term Bond Fund	4,938		41,236
TOTAL SHORT-TERM FUNDS (Cost $83,393)		82,215
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,040,916)		$ 1,019,221

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $1,040,916. Net unrealized depreciation aggregated $21,695, of which $8,537 related to appreciated investment securities and $30,232 related to depreciated investment securities.

Investment Valuation

Investments in the Underlying Funds are valued at their closing net asset value each business day. Security transactions are accounted for as of trade date. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost, which approximates value.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Income Replacement 2034 Fund

Class A
Class T
Class C
Institutional Class

April 30, 2008

Class A, Class T, Class C
and Institutional Class are classes of
Fidelity Income Replacement 2034 Fund^SM

1.858574.100

ARW34-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 59.8%
	Shares		Value
Domestic Equity Funds - 48.6%
Fidelity 100 Index Fund	7,447		$ 74,243
Fidelity Advisor Mid Cap II Fund Institutional Class	3,682		59,426
Fidelity Broad Market Opportunities Fund	10,215		99,802
Fidelity Disciplined Equity Fund	2,263		61,591
Fidelity Equity-Income Fund	1,212		62,590
Fidelity Large Cap Core Enhanced Index Fund	10,396		99,387
Fidelity Small Cap Opportunities Fund	4,651		38,461
TOTAL DOMESTIC EQUITY FUNDS			495,500
International Equity Funds - 11.2%
Fidelity Advisor International Discovery Fund Institutional Class	2,832		113,744
TOTAL EQUITY FUNDS (Cost $631,558)		609,244
Fixed-Income Funds - 32.1%
High Yield Fixed-Income Funds - 5.9%
Fidelity Capital & Income Fund	3,600		30,674
Fidelity Strategic Income Fund	2,884		30,025
TOTAL HIGH YIELD FIXED-INCOME FUNDS			60,699
Investment Grade Fixed-Income Funds - 26.2%
Fidelity Government Income Fund	5,092		53,413
Fidelity Strategic Real Return Fund	5,255		54,279
Fidelity Total Bond Fund	15,518		159,371
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			267,063
TOTAL FIXED-INCOME FUNDS (Cost $325,965)		327,762
Short-Term Funds - 8.1%
Fidelity Institutional Money Market Portfolio Institutional Class	40,979		40,979
Fidelity Short-Term Bond Fund	4,938		41,236
TOTAL SHORT-TERM FUNDS (Cost $83,393)		82,215
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,040,916)		$ 1,019,221

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $1,040,916. Net unrealized depreciation aggregated $21,695, of which $8,537 related to appreciated investment securities and $30,232 related to depreciated investment securities.

Investment Valuation

Investments in the Underlying Funds are valued at their closing net asset value each business day. Security transactions are accounted for as of trade date. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost, which approximates value.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Income Replacement 2036 Fund^SM

April 30, 2008

1.858600.100

RW36-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 61.8%
	Shares		Value
Domestic Equity Funds - 49.7%
Fidelity 100 Index Fund	12,473		$ 124,356
Fidelity Advisor Mid Cap II Fund Institutional Class	6,126		98,880
Fidelity Broad Market Opportunities Fund	17,020		166,283
Fidelity Disciplined Equity Fund	3,770		102,623
Fidelity Equity-Income Fund	2,042		105,434
Fidelity Large Cap Core Enhanced Index Fund	17,368		166,039
Fidelity Small Cap Opportunities Fund	7,748		64,075
TOTAL DOMESTIC EQUITY FUNDS			827,690
International Equity Funds - 12.1%
Fidelity Advisor International Discovery Fund Institutional Class	5,012		201,336
TOTAL EQUITY FUNDS (Cost $1,082,216)		1,029,026
Fixed-Income Funds - 32.5%
High Yield Fixed-Income Funds - 6.3%
Fidelity Capital & Income Fund	6,179		52,648
Fidelity Strategic Income Fund	4,997		52,019
TOTAL HIGH YIELD FIXED-INCOME FUNDS			104,667
	Shares		Value
Investment Grade Fixed-Income Funds - 26.2%
Fidelity Government Income Fund	8,345		$ 87,538
Fidelity Strategic Real Return Fund	8,537		88,185
Fidelity Total Bond Fund	25,439		261,254
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			436,977
TOTAL FIXED-INCOME FUNDS (Cost $538,112)		541,644
Short-Term Funds - 5.7%
Fidelity Institutional Money Market Portfolio Institutional Class	47,878		47,878
Fidelity Short-Term Bond Fund	5,698		47,576
TOTAL SHORT-TERM FUNDS (Cost $96,976)		95,454
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,717,304)		$ 1,666,124

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $1,717,304. Net unrealized depreciation aggregated $51,180, of which $12,950 related to appreciated investment securities and $64,130 related to depreciated investment securities.

Investment Valuation

Investments in the Underlying Funds are valued at their closing net asset value each business day. Security transactions are accounted for as of trade date. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost, which approximates value.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Income Replacement 2036 Fund

Class A
Class T
Class C
Institutional Class

April 30, 2008

Class A, Class T, Class C
and Institutional Class are classes of
Fidelity Income Replacement 2036 Fund^SM

1.858576.100

ARW36-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 61.8%
	Shares		Value
Domestic Equity Funds - 49.7%
Fidelity 100 Index Fund	12,473		$ 124,356
Fidelity Advisor Mid Cap II Fund Institutional Class	6,126		98,880
Fidelity Broad Market Opportunities Fund	17,020		166,283
Fidelity Disciplined Equity Fund	3,770		102,623
Fidelity Equity-Income Fund	2,042		105,434
Fidelity Large Cap Core Enhanced Index Fund	17,368		166,039
Fidelity Small Cap Opportunities Fund	7,748		64,075
TOTAL DOMESTIC EQUITY FUNDS			827,690
International Equity Funds - 12.1%
Fidelity Advisor International Discovery Fund Institutional Class	5,012		201,336
TOTAL EQUITY FUNDS (Cost $1,082,216)		1,029,026
Fixed-Income Funds - 32.5%
High Yield Fixed-Income Funds - 6.3%
Fidelity Capital & Income Fund	6,179		52,648
Fidelity Strategic Income Fund	4,997		52,019
TOTAL HIGH YIELD FIXED-INCOME FUNDS			104,667
	Shares		Value
Investment Grade Fixed-Income Funds - 26.2%
Fidelity Government Income Fund	8,345		$ 87,538
Fidelity Strategic Real Return Fund	8,537		88,185
Fidelity Total Bond Fund	25,439		261,254
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			436,977
TOTAL FIXED-INCOME FUNDS (Cost $538,112)		541,644
Short-Term Funds - 5.7%
Fidelity Institutional Money Market Portfolio Institutional Class	47,878		47,878
Fidelity Short-Term Bond Fund	5,698		47,576
TOTAL SHORT-TERM FUNDS (Cost $96,976)		95,454
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,717,304)		$ 1,666,124

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $1,717,304. Net unrealized depreciation aggregated $51,180, of which $12,950 related to appreciated investment securities and $64,130 related to depreciated investment securities.

Investment Valuation

Investments in the Underlying Funds are valued at their closing net asset value each business day. Security transactions are accounted for as of trade date. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost, which approximates value.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Income Replacement 2038 Fund^SM

April 30, 2008

1.867270.100

RW38-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 64.3%
	Shares		Value
Domestic Equity Funds - 51.5%
Fidelity 100 Index Fund	9,937		$ 99,071
Fidelity Advisor Mid Cap II Fund Institutional Class	4,872		78,635
Fidelity Broad Market Opportunities Fund	13,594		132,811
Fidelity Disciplined Equity Fund	2,996		81,558
Fidelity Equity-Income Fund	1,637		84,545
Fidelity Large Cap Core Enhanced Index Fund	13,814		132,062
Fidelity Small Cap Opportunities Fund	6,285		51,979
TOTAL DOMESTIC EQUITY FUNDS			660,661
International Equity Funds - 12.8%
Fidelity Advisor International Discovery Fund Institutional Class	4,097		164,562
TOTAL EQUITY FUNDS (Cost $833,578)		825,223
Fixed-Income Funds - 32.0%
High Yield Fixed-Income Funds - 6.5%
Fidelity Capital & Income Fund	4,996		42,569
Fidelity Strategic Income Fund	3,980		41,435
TOTAL HIGH YIELD FIXED-INCOME FUNDS			84,004
	Shares		Value
Investment Grade Fixed-Income Funds - 25.5%
Fidelity Government Income Fund	6,219		$ 65,238
Fidelity Strategic Real Return Fund	6,396		66,073
Fidelity Total Bond Fund	19,061		195,754
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			327,065
TOTAL FIXED-INCOME FUNDS (Cost $410,323)		411,069
Short-Term Funds - 3.7%
Fidelity Institutional Money Market Portfolio Institutional Class	24,288		24,288
Fidelity Short-Term Bond Fund	2,851		23,809
TOTAL SHORT-TERM FUNDS (Cost $48,731)		48,097
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,292,632)		$ 1,284,389

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $1,292,632. Net unrealized depreciation aggregated $8,243, of which $16,541 related to appreciated investment securities and $24,784 related to depreciated investment securities.

Investment Valuation

Investments in the Underlying Funds are valued at their closing net asset value each business day. Security transactions are accounted for as of trade date. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost, which approximates value.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Income Replacement 2038 Fund

Class A
Class T
Class C
Institutional Class

April 30, 2008

Class A, Class T, Class C
and Institutional Class are classes of
Fidelity Income Replacement 2038 Fund^SM

1.867281.100

ARW38-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 64.3%
	Shares		Value
Domestic Equity Funds - 51.5%
Fidelity 100 Index Fund	9,937		$ 99,071
Fidelity Advisor Mid Cap II Fund Institutional Class	4,872		78,635
Fidelity Broad Market Opportunities Fund	13,594		132,811
Fidelity Disciplined Equity Fund	2,996		81,558
Fidelity Equity-Income Fund	1,637		84,545
Fidelity Large Cap Core Enhanced Index Fund	13,814		132,062
Fidelity Small Cap Opportunities Fund	6,285		51,979
TOTAL DOMESTIC EQUITY FUNDS			660,661
International Equity Funds - 12.8%
Fidelity Advisor International Discovery Fund Institutional Class	4,097		164,562
TOTAL EQUITY FUNDS (Cost $833,578)		825,223
Fixed-Income Funds - 32.0%
High Yield Fixed-Income Funds - 6.5%
Fidelity Capital & Income Fund	4,996		42,569
Fidelity Strategic Income Fund	3,980		41,435
TOTAL HIGH YIELD FIXED-INCOME FUNDS			84,004
	Shares		Value
Investment Grade Fixed-Income Funds - 25.5%
Fidelity Government Income Fund	6,219		$ 65,238
Fidelity Strategic Real Return Fund	6,396		66,073
Fidelity Total Bond Fund	19,061		195,754
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			327,065
TOTAL FIXED-INCOME FUNDS (Cost $410,323)		411,069
Short-Term Funds - 3.7%
Fidelity Institutional Money Market Portfolio Institutional Class	24,288		24,288
Fidelity Short-Term Bond Fund	2,851		23,809
TOTAL SHORT-TERM FUNDS (Cost $48,731)		48,097
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,292,632)		$ 1,284,389

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $1,292,632. Net unrealized depreciation aggregated $8,243, of which $16,541 related to appreciated investment securities and $24,784 related to depreciated investment securities.

Investment Valuation

Investments in the Underlying Funds are valued at their closing net asset value each business day. Security transactions are accounted for as of trade date. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost, which approximates value.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Income Replacement 2040 Fund^SM

April 30, 2008

1.867274.100

RW40-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 64.9%
	Shares		Value
Domestic Equity Funds - 52.0%
Fidelity 100 Index Fund	6,862		$ 68,411
Fidelity Advisor Mid Cap II Fund Institutional Class	3,357		54,183
Fidelity Broad Market Opportunities Fund	9,374		91,580
Fidelity Disciplined Equity Fund	2,061		56,094
Fidelity Equity-Income Fund	1,133		58,510
Fidelity Large Cap Core Enhanced Index Fund	9,538		91,184
Fidelity Small Cap Opportunities Fund	4,294		35,507
TOTAL DOMESTIC EQUITY FUNDS			455,469
International Equity Funds - 12.9%
Fidelity Advisor International Discovery Fund Institutional Class	2,823		113,389
TOTAL EQUITY FUNDS (Cost $584,094)		568,858
Fixed-Income Funds - 32.4%
High Yield Fixed-Income Funds - 6.8%
Fidelity Capital & Income Fund	3,538		30,141
Fidelity Strategic Income Fund	2,824		29,397
TOTAL HIGH YIELD FIXED-INCOME FUNDS			59,538
	Shares		Value
Investment Grade Fixed-Income Funds - 25.6%
Fidelity Government Income Fund	4,259		$ 44,677
Fidelity Strategic Real Return Fund	4,390		45,349
Fidelity Total Bond Fund	13,033		133,851
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			223,877
TOTAL FIXED-INCOME FUNDS (Cost $283,166)		283,415
Short-Term Funds - 2.7%
Fidelity Institutional Money Market Portfolio Institutional Class	11,834		11,834
Fidelity Short-Term Bond Fund	1,380		11,524
TOTAL SHORT-TERM FUNDS (Cost $23,721)		23,358
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $890,981)		$ 875,631

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $890,981. Net unrealized depreciation aggregated $15,350, of which $10,444 related to appreciated investment securities and $25,794 related to depreciated investment securities.

Investment Valuation

Investments in the Underlying Funds are valued at their closing net asset value each business day. Security transactions are accounted for as of trade date. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost, which approximates value.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Income Replacement 2040 Fund

Class A
Class T
Class C
Institutional Class

April 30, 2008

Class A, Class T, Class C
and Institutional Class are classes of
Fidelity Income Replacement 2040 Fund^SM

1.867286.100

ARW40-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 64.9%
	Shares		Value
Domestic Equity Funds - 52.0%
Fidelity 100 Index Fund	6,862		$ 68,411
Fidelity Advisor Mid Cap II Fund Institutional Class	3,357		54,183
Fidelity Broad Market Opportunities Fund	9,374		91,580
Fidelity Disciplined Equity Fund	2,061		56,094
Fidelity Equity-Income Fund	1,133		58,510
Fidelity Large Cap Core Enhanced Index Fund	9,538		91,184
Fidelity Small Cap Opportunities Fund	4,294		35,507
TOTAL DOMESTIC EQUITY FUNDS			455,469
International Equity Funds - 12.9%
Fidelity Advisor International Discovery Fund Institutional Class	2,823		113,389
TOTAL EQUITY FUNDS (Cost $584,094)		568,858
Fixed-Income Funds - 32.4%
High Yield Fixed-Income Funds - 6.8%
Fidelity Capital & Income Fund	3,538		30,141
Fidelity Strategic Income Fund	2,824		29,397
TOTAL HIGH YIELD FIXED-INCOME FUNDS			59,538
	Shares		Value
Investment Grade Fixed-Income Funds - 25.6%
Fidelity Government Income Fund	4,259		$ 44,677
Fidelity Strategic Real Return Fund	4,390		45,349
Fidelity Total Bond Fund	13,033		133,851
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			223,877
TOTAL FIXED-INCOME FUNDS (Cost $283,166)		283,415
Short-Term Funds - 2.7%
Fidelity Institutional Money Market Portfolio Institutional Class	11,834		11,834
Fidelity Short-Term Bond Fund	1,380		11,524
TOTAL SHORT-TERM FUNDS (Cost $23,721)		23,358
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $890,981)		$ 875,631

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $890,981. Net unrealized depreciation aggregated $15,350, of which $10,444 related to appreciated investment securities and $25,794 related to depreciated investment securities.

Investment Valuation

Investments in the Underlying Funds are valued at their closing net asset value each business day. Security transactions are accounted for as of trade date. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost, which approximates value.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Income Replacement 2042 Fund^SM

April 30, 2008

1.867278.100

RW42-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 65.5%
	Shares		Value
Domestic Equity Funds - 52.5%
Fidelity 100 Index Fund	8,844		$ 88,173
Fidelity Advisor Mid Cap II Fund Institutional Class	4,317		69,668
Fidelity Broad Market Opportunities Fund	12,096		118,182
Fidelity Disciplined Equity Fund	2,652		72,197
Fidelity Equity-Income Fund	1,467		75,735
Fidelity Large Cap Core Enhanced Index Fund	12,285		117,444
Fidelity Small Cap Opportunities Fund	5,569		46,052
TOTAL DOMESTIC EQUITY FUNDS			587,451
International Equity Funds - 13.0%
Fidelity Advisor International Discovery Fund Institutional Class	3,617		145,292
TOTAL EQUITY FUNDS (Cost $760,487)		732,743
Fixed-Income Funds - 32.5%
High Yield Fixed-Income Funds - 7.0%
Fidelity Capital & Income Fund	4,632		39,461
Fidelity Strategic Income Fund	3,697		38,483
TOTAL HIGH YIELD FIXED-INCOME FUNDS			77,944
	Shares		Value
Investment Grade Fixed-Income Funds - 25.5%
Fidelity Government Income Fund	5,416		$ 56,810
Fidelity Strategic Real Return Fund	5,583		57,671
Fidelity Total Bond Fund	16,599		170,469
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			284,950
TOTAL FIXED-INCOME FUNDS (Cost $362,641)		362,894
Short-Term Funds - 2.0%
Fidelity Institutional Money Market Portfolio Institutional Class	11,147		11,147
Fidelity Short-Term Bond Fund	1,296		10,822
TOTAL SHORT-TERM FUNDS (Cost $22,310)		21,969
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,145,438)		$ 1,117,606

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $1,145,438. Net unrealized depreciation aggregated $27,832, of which $3,900 related to appreciated investment securities and $31,732 related to depreciated investment securities.

Investment Valuation

Investments in the Underlying Funds are valued at their closing net asset value each business day. Security transactions are accounted for as of trade date. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost, which approximates value.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Income Replacement 2042 Fund

Class A
Class T
Class C
Institutional Class

April 30, 2008

Class A, Class T, Class C
and Institutional Class are classes of
Fidelity Income Replacement 2042 Fund^SM

1.867291.100

ARW42-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 65.5%
	Shares		Value
Domestic Equity Funds - 52.5%
Fidelity 100 Index Fund	8,844		$ 88,173
Fidelity Advisor Mid Cap II Fund Institutional Class	4,317		69,668
Fidelity Broad Market Opportunities Fund	12,096		118,182
Fidelity Disciplined Equity Fund	2,652		72,197
Fidelity Equity-Income Fund	1,467		75,735
Fidelity Large Cap Core Enhanced Index Fund	12,285		117,444
Fidelity Small Cap Opportunities Fund	5,569		46,052
TOTAL DOMESTIC EQUITY FUNDS			587,451
International Equity Funds - 13.0%
Fidelity Advisor International Discovery Fund Institutional Class	3,617		145,292
TOTAL EQUITY FUNDS (Cost $760,487)		732,743
Fixed-Income Funds - 32.5%
High Yield Fixed-Income Funds - 7.0%
Fidelity Capital & Income Fund	4,632		39,461
Fidelity Strategic Income Fund	3,697		38,483
TOTAL HIGH YIELD FIXED-INCOME FUNDS			77,944
	Shares		Value
Investment Grade Fixed-Income Funds - 25.5%
Fidelity Government Income Fund	5,416		$ 56,810
Fidelity Strategic Real Return Fund	5,583		57,671
Fidelity Total Bond Fund	16,599		170,469
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			284,950
TOTAL FIXED-INCOME FUNDS (Cost $362,641)		362,894
Short-Term Funds - 2.0%
Fidelity Institutional Money Market Portfolio Institutional Class	11,147		11,147
Fidelity Short-Term Bond Fund	1,296		10,822
TOTAL SHORT-TERM FUNDS (Cost $22,310)		21,969
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,145,438)		$ 1,117,606

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $1,145,438. Net unrealized depreciation aggregated $27,832, of which $3,900 related to appreciated investment securities and $31,732 related to depreciated investment securities.

Investment Valuation

Investments in the Underlying Funds are valued at their closing net asset value each business day. Security transactions are accounted for as of trade date. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost, which approximates value.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Intermediate Government
Income Fund

April 30, 2008

1.800340.104

SLM-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Net Assets

U.S. Government and Government Agency Obligations - 71.1%
	Principal Amount (000s)		Value (000s)
U.S. Government Agency Obligations - 21.6%
Fannie Mae:
2.5% 4/9/10	$ 23,200		$ 23,077
3.875% 12/10/09	9,980		10,155
4.75% 11/19/12	16,010		16,820
4.875% 5/18/12	8,000		8,430
5.375% 6/12/17	5,600		6,053
6% 5/15/11	42,330		45,575
Federal Home Loan Bank 5.375% 8/19/11	16,960		18,105
Freddie Mac:
3.5% 5/29/13	8,500		8,446
4.125% 11/30/09	18,200		18,543
5.25% 7/18/11	12,000		12,738
Israeli State (guaranteed by U.S. Government through Agency for International Development) 6.8% 2/15/12	7,500		7,924
Private Export Funding Corp. secured:
4.974% 8/15/13	3,435		3,646
5.66% 9/15/11 (b)	9,000		9,680
5.685% 5/15/12	3,915		4,244
Small Business Administration guaranteed development participation certificates Series 2004-20H Class 1, 5.17% 8/1/24	680		685
U.S. Department of Housing and Urban Development Government guaranteed participation certificates Series 1999-A, 6.06% 8/1/10	10,000		10,093
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS			204,214
U.S. Treasury Inflation Protected Obligations - 1.3%
U.S. Treasury Inflation-Indexed Notes 2% 4/15/12	11,996		12,615
U.S. Treasury Obligations - 48.2%
U.S. Treasury Notes:
1.75% 3/31/10 (a)	67,530		66,892
2% 2/28/10	70,398		70,085
2.125% 1/31/10 (a)	23,341		23,295
2.75% 2/28/13	52,225		51,556
4.25% 11/15/14 (a)	38,000		40,206
4.25% 11/15/17 (a)	34,000		35,318
4.625% 7/31/12 (a)(d)	75,500		80,536
U.S. Government and Government Agency Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Treasury Obligations - continued
U.S. Treasury Notes: - continued
4.75% 5/15/14 (a)(d)	$ 32,058		$ 34,853
4.75% 8/15/17 (a)	50,213		54,097
TOTAL U.S. TREASURY OBLIGATIONS			456,838
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $671,515)		673,667
U.S. Government Agency - Mortgage Securities - 20.5%
Fannie Mae - 14.5%
3.593% 9/1/33 (e)	269		271
3.713% 6/1/33 (e)	799		808
3.745% 10/1/33 (e)	74		74
3.786% 6/1/33 (e)	900		898
3.861% 6/1/33 (e)	63		63
3.878% 6/1/33 (e)	319		318
3.902% 5/1/33 (e)	378		377
3.907% 5/1/33 (e)	22		22
3.908% 5/1/34 (e)	578		582
3.92% 5/1/34 (e)	416		419
3.942% 8/1/33 (e)	357		360
3.97% 9/1/33 (e)	611		615
3.999% 4/1/34 (e)	877		885
4% 9/1/13 to 5/1/20	2,587		2,515
4% 3/1/34 (e)	815		823
4.023% 3/1/34 (e)	1,661		1,676
4.076% 10/1/18 (e)	52		52
4.109% 4/1/34 (e)	1,028		1,028
4.119% 5/1/34 (e)	859		865
4.168% 1/1/35 (e)	187		188
4.234% 1/1/34 (e)	208		210
4.243% 6/1/33 (e)	822		830
4.25% 2/1/35 (e)	87		87
4.257% 10/1/33 (e)	32		33
4.296% 3/1/33 (e)	46		46
4.297% 4/1/33 (e)	16		17
4.311% 1/1/35 (e)	770		776
4.331% 8/1/33 (e)	354		354
4.341% 1/1/35 (e)	96		96
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
4.343% 10/1/19 (e)	$ 100		$ 100
4.344% 5/1/35 (e)	75		75
4.362% 2/1/34 (e)	177		178
4.373% 1/1/34 (e)	1,088		1,089
4.388% 2/1/35 (e)	162		163
4.397% 8/1/33 (e)	132		131
4.399% 10/1/34 (e)	409		411
4.403% 10/1/33 (e)	390		393
4.416% 8/1/34 (e)	248		251
4.428% 11/1/33 (e)	141		142
4.431% 3/1/35 (e)	154		155
4.458% 8/1/35 (e)	1,244		1,243
4.476% 12/1/34 (e)	48		48
4.486% 1/1/35 (e)	455		459
4.499% 1/1/35 (e)	88		88
4.5% 3/1/18 to 11/1/19	2,548		2,541
4.502% 6/1/33 (e)	27		28
4.52% 5/1/35 (e)	5,848		5,867
4.521% 3/1/35 (e)	59		59
4.526% 7/1/35 (e)	272		274
4.551% 5/1/35 (e)	71		72
4.565% 2/1/35 (e)	364		367
4.57% 10/1/35 (e)	45		46
4.571% 1/1/35 (e)	752		759
4.577% 7/1/35 (e)	258		258
4.608% 5/1/35 (e)	991		999
4.638% 4/1/35 (e)	28		29
4.644% 10/1/34 (e)	292		294
4.656% 8/1/35 (e)	913		931
4.669% 6/1/35 (e)	290		293
4.683% 8/1/35 (e)	428		433
4.686% 9/1/34 (e)	1,171		1,182
4.692% 2/1/35 (e)	1,279		1,294
4.696% 2/1/36 (e)	1,108		1,117
4.697% 10/1/34 (e)	265		267
4.712% 7/1/34 (e)	246		249
4.717% 2/1/35 (e)	575		582
4.731% 12/1/35 (e)	3,578		3,613
4.737% 8/1/34 (e)	1,344		1,347
4.757% 1/1/35 (e)	416		420
4.771% 12/1/34 (e)	74		75
4.784% 7/1/35 (e)	402		407
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
4.803% 11/1/34 (e)	$ 205		$ 207
4.804% 6/1/35 (e)	285		289
4.814% 10/1/35 (e)	166		167
4.819% 9/1/34 (e)	347		351
4.836% 9/1/34 (e)	781		788
4.841% 1/1/35 (e)	305		309
4.852% 10/1/34 (e)	839		848
4.855% 7/1/35 (e)	524		531
4.864% 4/1/35 (e)	1,044		1,059
4.88% 5/1/35 (e)	171		174
4.885% 10/1/35 (e)	149		150
4.906% 3/1/33 (e)	239		242
4.932% 8/1/34 (e)	783		788
4.951% 8/1/34 (e)	634		643
4.952% 3/1/35 (e)	459		465
4.96% 7/1/36 (e)	354		356
4.966% 11/1/35 (e)	789		793
4.971% 2/1/35 (e)	464		470
4.996% 2/1/34 (e)	658		669
5% 2/1/16 to 1/1/19	1,972		2,000
5% 5/1/23 (c)	9,750		9,811
5.017% 7/1/34 (e)	38		39
5.019% 12/1/32 (e)	882		893
5.041% 10/1/35 (e)	570		579
5.071% 8/1/34 (e)	55		55
5.086% 9/1/34 (e)	66		66
5.107% 10/1/35 (e)	386		392
5.12% 5/1/35 (e)	207		209
5.128% 8/1/34 (e)	541		547
5.135% 3/1/35 (e)	44		45
5.165% 3/1/36 (e)	1,260		1,282
5.166% 8/1/33 (e)	97		98
5.237% 11/1/36 (e)	262		267
5.247% 6/1/35 (e)	313		316
5.257% 12/1/36 (e)	242		245
5.267% 7/1/35 (e)	2,291		2,327
5.283% 4/1/36 (e)	473		485
5.303% 12/1/34 (e)	90		91
5.309% 7/1/35 (e)	33		33
5.327% 2/1/36 (e)	86		87
5.357% 1/1/36 (e)	916		930
5.369% 2/1/37 (e)	237		241
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
5.37% 2/1/36 (e)	$ 654		$ 664
5.37% 3/1/37 (e)	1,706		1,731
5.378% 2/1/37 (e)	1,161		1,179
5.453% 2/1/37 (e)	1,543		1,571
5.473% 6/1/47 (e)	175		178
5.491% 3/1/35 (e)	18		18
5.5% 1/1/09 to 6/1/20 (f)	20,443		20,763
5.527% 11/1/36 (e)	488		497
5.588% 3/1/35 (e)	498		500
5.59% 2/1/36 (e)	269		275
5.616% 4/1/37 (e)	986		1,004
5.645% 4/1/36 (e)	1,083		1,107
5.664% 6/1/36 (e)	645		659
5.791% 3/1/36 (e)	2,197		2,246
5.796% 1/1/36 (e)	269		275
5.826% 5/1/36 (e)	1,657		1,694
5.877% 9/1/36 (e)	451		458
5.894% 12/1/36 (e)	398		408
5.906% 5/1/36 (e)	718		734
5.949% 2/1/35 (e)	21		22
5.95% 5/1/36 (e)	252		258
5.969% 3/1/33 (e)	38		39
6% 5/1/12 to 3/1/31	16,176		16,681
6.01% 4/1/36 (e)	4,539		4,649
6.095% 3/1/37 (e)	440		453
6.163% 4/1/36 (e)	442		454
6.226% 3/1/37 (e)	140		144
6.231% 2/1/35 (e)	53		54
6.239% 6/1/36 (e)	64		66
6.284% 2/1/33 (e)	68		68
6.378% 2/1/35 (e)	24		24
6.5% 6/1/16 to 7/1/32	1,927		2,005
7% 12/1/08 to 9/1/31	295		305
7.5% 5/1/37	353		373
9% 2/1/13	79		83
9.5% 11/15/09	72		75
10.25% 10/1/09 to 10/1/18	6		7
11% 8/1/10 to 1/1/16	194		206
11.25% 5/1/14 to 1/1/16	51		57
11.5% 9/1/11 to 6/15/19	153		169
12.25% 7/1/12 to 8/1/13	7		8
12.5% 9/1/12 to 7/1/16	131		151
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
12.75% 10/1/11 to 6/1/15	$ 70		$ 76
13% 7/1/13 to 7/1/15	60		70
13.25% 9/1/11	49		54
13.5% 11/1/14 to 12/1/14	14		16
15% 4/1/12	2		3
			136,885
Freddie Mac - 5.9%
3.379% 7/1/33 (e)	833		831
3.988% 5/1/33 (e)	1,049		1,061
4% 1/1/19 to 11/1/20	4,030		3,891
4.004% 4/1/34 (e)	1,366		1,361
4.12% 7/1/35 (e)	565		570
4.172% 1/1/35 (e)	1,197		1,209
4.301% 12/1/34 (e)	128		128
4.39% 6/1/35 (e)	132		134
4.414% 3/1/35 (e)	139		140
4.421% 2/1/34 (e)	96		95
4.443% 3/1/35 (e)	140		141
4.5% 2/1/18 to 11/1/20	1,470		1,464
4.535% 2/1/35 (e)	245		247
4.649% 6/1/33 (e)	357		355
4.673% 5/1/35 (e)	770		766
4.683% 3/1/35 (e)	89		90
4.697% 9/1/36 (e)	293		294
4.787% 2/1/36 (e)	116		117
4.797% 3/1/35 (e)	248		250
4.87% 10/1/35 (e)	486		493
4.962% 10/1/36 (e)	521		527
5% 3/1/18 to 9/1/35	9,330		9,448
5.031% 7/1/35 (e)	1,356		1,370
5.112% 7/1/35 (e)	450		456
5.172% 4/1/35 (e)	484		489
5.267% 2/1/36 (e)	40		40
5.271% 11/1/35 (e)	436		440
5.289% 12/1/33 (e)	887		890
5.43% 3/1/37 (e)	157		158
5.485% 1/1/36 (e)	410		417
5.5% 8/1/14 to 11/1/20	2,996		3,047
5.52% 4/1/37 (e)	214		220
5.528% 1/1/36 (e)	591		601
5.583% 2/1/35 (e)	175		177
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Freddie Mac - continued
5.588% 3/1/36 (e)	$ 1,819		$ 1,851
5.754% 5/1/37 (e)	2,038		2,072
5.77% 10/1/35 (e)	118		120
5.778% 3/1/37 (e)	952		966
5.794% 4/1/37 (e)	904		919
5.799% 6/1/37 (e)	687		699
5.818% 5/1/37 (e)	1,125		1,144
5.829% 5/1/37 (e)	301		306
5.841% 5/1/37 (e)	175		177
5.94% 4/1/36 (e)	3,204		3,272
6% 7/1/16 to 2/1/19	3,235		3,337
6.016% 6/1/36 (e)	314		321
6.135% 12/1/36 (e)	2,166		2,203
6.141% 2/1/37 (e)	273		279
6.224% 5/1/36 (e)	260		267
6.287% 12/1/36 (e)	641		657
6.294% 3/1/33 (e)	22		23
6.342% 7/1/36 (e)	310		318
6.417% 6/1/37 (e)	70		71
6.485% 9/1/36 (e)	1,557		1,602
6.5% 5/1/08 to 12/1/21	870		899
6.656% 8/1/37 (e)	511		527
7.581% 4/1/37 (e)	75		77
8.5% 5/1/17	11		12
9% 11/1/09 to 8/1/16	28		31
9.5% 7/1/16 to 8/1/21	242		266
10% 7/1/09 to 3/1/21	470		520
10.5% 9/1/09 to 5/1/21	20		21
11% 9/1/20	18		21
11.25% 2/1/10 to 6/1/14	57		64
11.5% 10/1/15 to 8/1/19	44		49
11.75% 7/1/15	1		1
12% 10/1/09 to 11/1/19	104		114
12.25% 12/1/11 to 8/1/15	47		53
12.5% 10/1/09 to 6/1/19	501		564
12.75% 2/1/10 to 10/1/10	5		5
13% 9/1/10 to 5/1/17	86		98
13.25% 11/1/10 to 10/1/13	24		28
13.5% 11/1/10 to 8/1/11	26		29
14% 11/1/12 to 4/1/16	4		5
14.5% 12/1/10	1		1
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Freddie Mac - continued
14.75% 3/1/10	$ 1		$ 1
			55,907
Government National Mortgage Association - 0.1%
8% 12/15/23	379		407
8.5% 6/15/16 to 2/15/17	5		6
10.5% 9/15/15 to 10/15/21	602		693
10.75% 12/15/09 to 3/15/10	5		5
11% 5/20/16 to 1/20/21	39		45
12.5% 12/15/10	1		1
13% 1/15/11 to 10/15/13	40		44
13.25% 8/15/14	9		10
13.5% 7/15/11 to 12/15/14	9		10
14% 6/15/11	5		6
			1,227
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES (Cost $191,771)		194,019
Asset-Backed Securities - 0.1%
Fannie Mae Grantor Trust Series 2005-T4 Class A1C, 3.045% 9/25/35 (e) (Cost $1,220)	1,220		1,210
Collateralized Mortgage Obligations - 7.5%
U.S. Government Agency - 7.5%
Fannie Mae:
floater:
Series 1994-42 Class FK, 3.35% 4/25/24 (e)	3,191		3,145
Series 2007-95 Class A1, 3.145% 8/27/36 (e)	1,478		1,468
planned amortization class:
Series 1988-21 Class G, 9.5% 8/25/18	72		78
Series 1994-12 Class PH, 6.25% 1/25/09	190		191
Series 2002-83 Class ME, 5% 12/25/17	5,150		5,062
Series 2003-28 Class KG, 5.5% 4/25/23	725		699
sequential payer Series 1993-238 Class C, 6.5% 12/25/08	753		759
Fannie Mae subordinate REMIC pass-thru certificates:
floater:
Series 2001-38 Class QF, 3.875% 8/25/31 (e)	623		623
Collateralized Mortgage Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Government Agency - continued
Fannie Mae subordinate REMIC pass-thru certificates: - continued
floater:
Series 2002-60 Class FV, 3.895% 4/25/32 (e)	$ 224		$ 225
Series 2002-74 Class FV, 3.345% 11/25/32 (e)	3,116		3,070
Series 2002-75 Class FA, 3.895% 11/25/32 (e)	460		460
planned amortization class:
Series 2001-68 Class QZ, 5.5% 12/25/16	555		560
Series 2002-11:
Class QC, 5.5% 3/25/17	1,308		1,321
Class UC, 6% 3/25/17	1,018		1,041
Series 2002-16 Class PG, 6% 4/25/17	1,273		1,299
Series 2002-18 Class PC, 5.5% 4/25/17	1,790		1,842
Series 2002-61 Class PG, 5.5% 10/25/17	1,945		1,977
Series 2002-71 Class UC, 5% 11/25/17	3,155		3,141
Series 2002-9 Class PC, 6% 3/25/17	93		94
Series 2003-122 Class OL, 4% 12/25/18	880		831
Series 2003-128 Class NE, 4% 12/25/16	1,260		1,244
Series 2003-85 Class GD, 4.5% 9/25/18	1,425		1,396
Series 2004-80 Class LD, 4% 1/25/19	980		962
Series 2004-81:
Class KC, 4.5% 4/25/17	690		691
Class KD, 4.5% 7/25/18	1,315		1,308
Series 2005-52 Class PB, 6.5% 12/25/34	1,698		1,772
sequential payer:
Series 2002-56 Class MC, 5.5% 9/25/17	373		377
Series 2002-57 Class BD, 5.5% 9/25/17	331		335
Series 2003-18 Class EY, 5% 6/25/17	1,770		1,770
Freddie Mac Multi-class participation certificates guaranteed:
floater:
Series 2526 Class FC, 3.1159% 11/15/32 (e)	705		693
Series 2630 Class FL, 3.2159% 6/15/18 (e)	58		59
Series 2925 Class CQ, 0% 1/15/35 (e)	227		185
planned amortization class:
Series 2356 Class GD, 6% 9/15/16	393		402
Series 2376 Class JE, 5.5% 11/15/16	349		356
Series 2378 Class PE, 5.5% 11/15/16	1,001		1,014
Series 2381 Class OG, 5.5% 11/15/16	279		283
Series 2390 Class CH, 5.5% 12/15/16	908		920
Series 2425 Class JH, 6% 3/15/17	479		490
Series 2628 Class OE, 4.5% 6/15/18	705		696
Collateralized Mortgage Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Government Agency - continued
Freddie Mac Multi-class participation certificates guaranteed: - continued
planned amortization class:
Series 2640 Class GE, 4.5% 7/15/18	$ 3,690		$ 3,649
Series 2695 Class DG, 4% 10/15/18	1,635		1,547
Series 2752 Class PW, 4% 4/15/22	1,196		1,198
Series 2770 Class UD, 4.5% 5/15/17	2,435		2,436
Series 2802 Class OB, 6% 5/15/34	1,355		1,369
Series 2810 Class PD, 6% 6/15/33	1,020		1,037
Series 2831 Class PB, 5% 7/15/19	1,975		1,949
Series 2866 Class XE, 4% 12/15/18	1,875		1,791
sequential payer:
Series 1929 Class EZ, 7.5% 2/17/27	2,064		2,184
Series 2546 Class C, 5% 12/15/17	1,115		1,114
Series 2570 Class CU, 4.5% 7/15/17	185		184
Series 2572 Class HK, 4% 2/15/17	262		259
Series 2617 Class GW, 3.5% 6/15/16	1,091		1,091
Series 2860 Class CP, 4% 10/15/17	191		189
Series 2866 Class N, 4.5% 12/15/18	1,328		1,335
Series 2937 Class HJ, 5% 10/15/19	879		883
Series 2998 Class LY, 5.5% 7/15/25	295		280
Series 3007 Class EW, 5.5% 7/15/25	1,125		1,077
Series 3013 Class VJ, 5% 1/15/14	1,789		1,807
Series 3266 Class C, 5% 2/15/20	627		630
Series 2715 Class NG, 4.5% 12/15/18	890		858
Series 2769 Class BU, 5% 3/15/34	1,014		953
Series 2975 Class NA, 5% 7/15/23	510		514
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $70,922)		71,173

Cash Equivalents - 24.8%
	Maturity Amount (000s)		Value (000s)
Investments in repurchase agreements in a joint trading account at:
2.01%, dated 4/30/08 due 5/1/08 (Collateralized by U.S. Government Obligations) #	$ 30,128		$ 30,126
2.02%, dated 4/30/08 due 5/1/08 (Collateralized by U.S. Government Obligations) # (g)	205,427		205,415
TOTAL CASH EQUIVALENTS (Cost $235,541)		235,541
TOTAL INVESTMENT PORTFOLIO - 124.0% (Cost $1,170,969)			1,175,610
NET OTHER ASSETS - (24.0)%			(227,403)
NET ASSETS - 100%		$ 948,207

Futures Contracts
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Purchased
Treasury Contracts
262 UST 5 YR Index Contracts	July 2008	$ 29,340	$ (56)

The face value of futures purchased as a percentage of net assets - 3.1%

Swap Agreements
	Expiration Date	Notional Amount (000s)	Value (000s)
Interest Rate Swaps
Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 5.35% with Bank of America	March 2037	$ 1,800	$ (152)
Receive semi-annually a fixed rate equal to 3.1899% and pay quarterly a floating rate based on 3-month LIBOR with Goldman Sachs	April 2010	6,600	10
		$ 8,400	$ (142)

Legend

(a) Security or a portion of the security is on loan at period end.

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $9,680,000 or 1.0% of net assets.

(c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $319,000.

(e) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(f) A portion of the security is subject to a forward commitment to sell.

(g) Includes investment made with cash collateral received from securities on loan.

# Additional Information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value (Amounts in thousands)
$30,126,000 due 5/01/08 at 2.01%
Banc of America Securities LLC	$ 4,065
Barclays Capital, Inc.	22,541
UBS Securities LLC	3,238
WestLB AG	282
	$ 30,126
$205,415,000 due 5/01/08 at 2.02%
Banc of America Securities LLC	$ 27,455
Bank of America, NA	177,960
	$ 205,415

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $1,170,819,000. Net unrealized appreciation aggregated $4,791,000, of which $11,096,000 related to appreciated investment securities and $6,305,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Debt securities, including restricted securities, for which quotes are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Swaps are marked-to-market daily based on dealer-supplied valuations. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. The frequency of when fair value pricing is used is unpredictable. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Ultra-Short Bond Fund

April 30, 2008

1.800362.104

ULB-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 0.3%
	Principal Amount		Value
FINANCIALS - 0.3%
Commercial Banks - 0.1%
Sovereign Bank 4.375% 8/1/13 (b)	$ 500,000		$ 442,500
Thrifts & Mortgage Finance - 0.2%
Independence Community Bank Corp. 3.5% 6/20/13 (b)	735,000		632,100
TOTAL NONCONVERTIBLE BONDS (Cost $1,213,916)		1,074,600
Asset-Backed Securities - 5.8%
ACE Securities Corp. Home Equity Loan Trust:
Series 2003-HE1 Class M1, 3.87% 11/25/33 (b)(d)	113,099		83,633
Series 2003-HS1:
Class M1, 3.645% 6/25/33 (b)(d)	10,626		10,416
Class M2, 4.645% 6/25/33 (b)(d)	50,000		44,205
Series 2004-HE1 Class M1, 3.395% 2/25/34 (b)(d)	64,162		60,312
Series 2006-HE2:
Class M3, 3.235% 5/25/36 (b)(d)	240,000		31,272
Class M4, 3.295% 5/25/36 (b)(d)	200,000		24,000
Class M5, 3.335% 5/25/36 (b)(d)	295,000		19,441
Ameriquest Mortgage Securities, Inc.:
Series 2004-R11 Class M1, 3.555% 11/25/34 (b)(d)	560,000		474,122
Series 2004-R9 Class M2, 3.545% 10/25/34 (b)(d)	720,000		439,200
ARG Funding Corp. Series 2005-2A Class A2, 2.91% 5/20/09 (a)(b)	133,333		133,279
Argent Securities, Inc.:
Series 2004-W7 Class M1, 3.445% 5/25/34 (b)(d)	305,000		203,539
Series 2006-W4 Class A2C, 3.055% 5/25/36 (b)(d)	1,200,000		691,876
Bayview Financial Acquisition Trust Series 2004-C Class A1, 3.5163% 5/28/44 (b)(d)	278,614		217,319
Bayview Financial Mortgage Loan Trust Series 2004-A Class A, 3.5613% 2/28/44 (b)(d)	148,770		113,809
Capital Trust Ltd. Series 2004-1:
Class A2, 2.9856% 7/20/39 (a)(b)	265,000		214,650
Class B, 3.2856% 7/20/39 (a)(b)	140,000		93,800
Class C, 3.6356% 7/20/39 (a)(b)	180,000		102,600
Carrington Mortgage Loan Trust Series 2007-RFC1 Class A3, 3.035% 12/25/36 (b)(d)	1,000,000		649,531
Cendant Timeshare Receivables Funding LLC Series 2005 1A Class 2A2, 2.7156% 5/20/17 (a)(b)	364,839		299,729
Asset-Backed Securities - continued
	Principal Amount		Value
CIT Equipment Collateral Trust Series 2005-VT1:
Class C, 4.18% 11/20/12	$ 131,896		$ 131,919
Class D, 4.51% 11/20/12	209,796		209,813
Countrywide Home Loans, Inc.:
Series 2002-6 Class AV1, 3.755% 5/25/33 (b)(d)	18,179		14,697
Series 2004-2 Class M1, 3.395% 5/25/34 (b)(d)	375,000		278,915
Series 2005-1 Class 1AV2, 3.095% 7/25/35 (b)(d)	33,910		25,314
Fannie Mae subordinate REMIC pass-thru certificates Series 2004-T5:
Class AB1, 3.2722% 5/28/35 (b)	80,751		61,120
Class AB3, 3.4153% 5/28/35 (b)	32,052		22,698
First Franklin Mortgage Loan Trust Series 2004-FF2 Class M3, 3.72% 3/25/34 (b)(d)	16,647		12,651
Ford Credit Floorplan Master Owner Trust Series 2005-1 Class B, 3.1559% 5/15/10 (b)	1,110,000		1,109,950
Fremont Home Loan Trust:
Series 2003-B Class M6, 9.645% 12/25/33 (b)(d)	196,854		25,591
Series 2004-B Class M1, 3.475% 5/25/34 (b)(d)	205,000		132,205
Series 2005-A:
Class M1, 3.325% 1/25/35 (b)(d)	185,104		129,408
Class M2, 3.355% 1/25/35 (b)(d)	325,000		242,209
Class M4, 3.575% 1/25/35 (b)(d)	125,000		50,038
Series 2006-A:
Class M4, 3.295% 5/25/36 (b)(d)	685,000		39,456
Class M5, 3.395% 5/25/36 (b)(d)	365,000		18,436
GE Capital Credit Card Master Note Trust Series 2005-2 Class B, 2.9159% 6/15/11 (b)	925,000		922,500
GSAMP Trust:
Series 2003-FM1 Class M1, 4.03% 3/20/33 (b)(d)	457,301		346,543
Series 2006-NC2 Class M4, 3.245% 6/25/36 (b)(d)	1,541,000		89,763
Series 2007-HE1 Class M1, 3.145% 3/25/47 (b)(d)	335,000		99,931
GSR Mortgage Loan Trust:
Series 2005-6 Class A2, 3.105% 6/25/35 (b)	1,747,341		1,570,370
Series 2005-9 Class 2A1, 3.015% 8/25/35 (b)	130,288		128,002
Series 2005-MTR1 Class A1, 3.035% 10/25/35 (b)	438,841		416,760
Guggenheim Structured Real Estate Funding Ltd.:
Series 2005-1 Class C, 3.975% 5/25/30 (a)(b)	650,741		494,563
Series 2006-3:
Class B, 3.295% 9/25/46 (a)(b)	450,000		292,500
Class C, 3.445% 9/25/46 (a)(b)	1,150,000		575,000
Holmes Master Issuer PLC Series 2007-2A Class 1C, 2.9431% 7/15/40 (b)	840,000		827,148
Asset-Backed Securities - continued
	Principal Amount		Value
Home Equity Asset Trust:
Series 2002-3 Class A5, 3.775% 2/25/33 (b)(d)	$ 14		$ 9
Series 2003-5:
Class A2, 3.595% 12/25/33 (b)(d)	10,566		8,414
Class M1, 3.945% 12/25/33 (b)(d)	143,545		111,965
Series 2003-7 Class A2, 3.275% 3/25/34 (b)(d)	2,079		1,395
Series 2005-1 Class M1, 3.325% 5/25/35 (b)(d)	1,270,000		992,583
Household Home Equity Loan Trust Series 2004-1 Class M, 3.0556% 9/20/33 (b)(d)	84,521		70,998
MBNA Credit Card Master Note Trust Series 2003-B2 Class B2, 3.1059% 10/15/10 (b)	125,000		125,005
Meritage Mortgage Loan Trust Series 2004-1 Class M2, 3.72% 7/25/34 (b)(d)	3,764		758
Merrill Lynch Mortgage Investors Trust Series 2004-HE2 Class A1B, 3.365% 8/25/35 (b)(d)	39,863		30,558
Morgan Stanley ABS Capital I Trust:
Series 2003-NC10 Class M1, 3.915% 10/25/33 (b)(d)	792,708		626,240
Series 2004-HE6 Class A2, 3.235% 8/25/34 (b)(d)	65,756		43,291
Morgan Stanley Dean Witter Capital I Trust Series 2002-AM3 Class A3, 3.875% 2/25/33 (b)(d)	14,114		10,480
NovaStar Mortgage Funding Trust Series 2003-3 Class A3, 3.345% 12/25/33 (b)(d)	41,421		35,544
Ocala Funding LLC Series 2006-1A Class A, 3.9356% 3/20/11 (a)(b)	965,000		723,750
Option One Mortgage Loan Trust Series 2003-6 Class M1, 3.545% 11/25/33 (b)	27,671		21,882
Park Place Securities, Inc.:
Series 2004-WCW1 Class M4, 4.345% 9/25/34 (b)(d)	435,000		123,736
Series 2004-WWF1:
Class A5, 3.365% 1/25/35 (b)(d)	3		2
Class M4, 3.995% 1/25/35 (b)(d)	945,000		628,186
Series 2005-WCH1:
Class M2, 3.415% 1/25/35 (b)(d)	1,130,000		836,402
Class M3, 3.455% 1/25/35 (b)(d)	425,000		301,630
Series 2005-WHQ1 Class M7, 4.145% 3/25/35 (b)(d)	910,000		169,309
Providian Master Note Trust Series 2006-C1A Class C1, 3.2659% 3/16/15 (a)(b)	2,465,000		1,802,722
Salomon Brothers Mortgage Securities VII, Inc. Series 2003-HE1 Class A, 3.695% 4/25/33 (b)(d)	1,451		1,114
Terwin Mortgage Trust:
Series 2003-4HE Class A1, 3.325% 9/25/34 (b)(d)	21,802		16,222
Asset-Backed Securities - continued
	Principal Amount		Value
Terwin Mortgage Trust: - continued
Series 2003-6HE Class A1, 3.365% 11/25/33 (b)(d)	$ 17,086		$ 13,359
WaMu Master Note Trust Series 2007-C1 Class C1, 3.1159% 5/15/14 (a)(b)	1,595,000		1,264,500
WFS Financial Owner Trust:
Series 2004-3 Class D, 4.07% 2/17/12	14,631		14,630
Series 2004-4 Class D, 3.58% 5/17/12	26,910		26,889
TOTAL ASSET-BACKED SECURITIES (Cost $30,614,606)		20,175,806
Collateralized Mortgage Obligations - 5.7%
Private Sponsor - 5.7%
American Home Mortgage Assets Trust floater Series 2006-1 Class 2A1, 3.085% 5/25/46 (b)	869,100		674,734
Arkle Master Issuer PLC floater Series 2007-1A Class 1C, 3.33% 2/17/52 (a)(b)	1,625,000		1,592,500
Bear Stearns Alt-A Trust floater Series 2005-2 Class 1A1, 3.145% 3/25/35 (b)	459,660		327,832
Credit Suisse First Boston Adjustable Rate Mortgage Trust floater:
Series 2004-2 Class 7A3, 3.295% 2/25/35 (b)	182,203		150,962
Series 2004-4 Class 5A2, 3.295% 3/25/35 (b)	45,769		37,153
Series 2005-1 Class 5A2, 3.225% 5/25/35 (b)	124,768		99,879
Series 2005-10 Class 5A2, 3.215% 1/25/36 (b)	820,645		564,706
Series 2005-2:
Class 6A2, 3.175% 6/25/35 (b)	41,992		34,193
Class 6M2, 3.375% 6/25/35 (b)	1,375,000		555,498
Series 2005-3 Class 8A2, 3.135% 7/25/35 (b)	569,135		417,544
Series 2005-5 Class 6A2, 3.125% 9/25/35 (b)	500,633		351,065
Series 2005-8 Class 7A2, 3.175% 11/25/35 (b)	369,669		242,783
Credit Suisse First Boston Mortgage Securities Corp. floater:
Series 2004-AR2 Class 6A1, 3.295% 3/25/34 (b)	4,219		4,034
Series 2004-AR3 Class 6A2, 3.635% 4/25/34 (b)	2,625		1,949
Series 2004-AR5 Class 11A2, 3.635% 6/25/34 (b)	23,582		22,667
Series 2004-AR6 Class 9A2, 3.635% 10/25/34 (b)	31,313		30,349
Series 2004-AR7 Class 6A2, 3.275% 8/25/34 (b)	51,899		48,484
Series 2004-AR8 Class 8A2, 3.275% 9/25/34 (b)	37,512		34,034
CWALT, Inc. floater Series 2005-56 Class 3A1, 3.185% 11/25/35 (b)	298,892		243,481
Deutsche Alt-A Securities Mortgage Loan Trust floater Series 2007-BAR1 Class A3, 3.055% 3/25/37 (b)	1,375,000		914,821
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
Private Sponsor - continued
First Horizon Mortgage pass-thru Trust floater Series 2004-FL1 Class 2A1, 5.0275% 12/25/34 (b)	$ 57,701		$ 52,815
Granite Master Issuer PLC floater Series 2005-2 Class C1, 3.14% 12/20/54 (b)	1,610,000		1,591,485
GSR Mortgage Loan Trust floater Series 2004-11 Class 2A1, 3.225% 12/20/34 (b)	499,973		464,770
Homestar Mortgage Acceptance Corp. floater Series 2004-5 Class A1, 3.345% 10/25/34 (b)	323,199		286,576
Impac CMB Trust floater:
Series 2004-11 Class 2A2, 3.265% 3/25/35 (b)	239,273		187,804
Series 2005-1:
Class M4, 3.645% 4/25/35 (b)	33,962		8,830
Class M5, 3.665% 4/25/35 (b)	33,962		8,151
Class M6, 3.715% 4/25/35 (b)	52,980		11,656
Series 2005-4 Class 1B1, 4.195% 5/25/35 (b)	223,265		29,234
Lehman Structured Securities Corp. floater Series 2005-1 Class A2, 3.2763% 9/26/45 (a)(b)	421,538		210,769
MASTR Adjustable Rate Mortgages Trust floater:
Series 2004-11:
Class 1A4, 3.385% 11/25/34 (b)	28,840		23,945
Class 2A1, 3.275% 11/25/34 (b)	20,647		18,836
Class 2A2, 3.335% 11/25/34 (b)	4,546		4,011
Series 2005-1 Class 1A1, 3.165% 3/25/35 (b)	60,947		44,342
MASTR Seasoned Securitization Trust Series 2004-1 Class 1A1, 6.2416% 8/25/17 (b)	326,829		328,306
Merrill Lynch Mortgage Investors Trust floater:
Series 2003-A:
Class 2A1, 3.285% 3/25/28 (b)	64,906		59,167
Class 2A2, 3.4806% 3/25/28 (b)	23,181		21,172
Series 2003-B Class A1, 3.235% 4/25/28 (b)	67,203		61,006
Series 2003-D Class A, 3.205% 8/25/28 (b)	304,371		301,606
Series 2003-E Class A2, 3.4006% 10/25/28 (b)	116,667		111,624
Series 2003-F Class A2, 5.7613% 10/25/28 (b)	122,159		113,749
Series 2004-A Class A2, 2.7475% 4/25/29 (b)	169,037		154,577
Series 2004-B Class A2, 5.125% 6/25/29 (b)	121,505		113,361
Series 2004-C Class A2, 5.155% 7/25/29 (b)	190,330		180,513
Series 2004-D Class A2, 2.8575% 9/25/29 (b)	212,798		198,843
Series 2004-E Class A2D, 3.0475% 11/25/29 (b)	245,837		221,493
Series 2004-G Class A2, 5.0275% 11/25/29 (b)	80,062		73,114
Series 2005-A Class A2, 3.3206% 2/25/30 (b)	212,989		197,847
Series 2005-B Class A2, 5.085% 7/25/30 (b)	207,369		192,854
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
Private Sponsor - continued
Merrill Lynch Mortgage Investors Trust floater: - continued
Series 2006-MLN1 Class M4, 3.255% 7/25/37 (b)(d)	$ 1,015,000		$ 25,121
MortgageIT Trust floater Series 2004-2:
Class A1, 3.265% 12/25/34 (b)	270,514		250,575
Class A2, 3.345% 12/25/34 (b)	365,396		343,065
Opteum Mortgage Acceptance Corp. floater Series 2005-3 Class APT, 3.185% 7/25/35 (b)	1,162,472		788,960
Option One Mortgage Loan Trust floater Series 2007-CP1 Class M1, 3.195% 3/25/37 (b)(d)	980,000		329,770
Provident Funding Mortgage Loan Trust Series 2005-2 Class 3A, 4.8526% 10/25/35 (b)	647,544		628,830
Residential Asset Mortgage Products, Inc.:
sequential payer:
Series 2003-SL1 Class A31, 7.125% 4/25/31	129,960		123,594
Series 2004-SL2 Class A1, 6.5% 10/25/16	33,988		32,275
Series 2005-AR5 Class 1A1, 4.7715% 9/19/35 (b)	343,677		336,047
Sequoia Mortgage Trust floater:
Series 2003-5 Class A2, 4.1413% 9/20/33 (b)	106,141		97,520
Series 2004-1 Class A, 4.1113% 2/20/34 (b)	83,866		78,391
Series 2004-10 Class A4, 4.0938% 11/20/34 (b)	205,319		193,419
Series 2004-12 Class 1A2, 5.115% 1/20/35 (b)	381,255		336,774
Series 2004-4 Class A, 4.0713% 5/20/34 (b)	264,929		237,388
Series 2004-5 Class A3, 2.6625% 6/20/34 (b)	99,038		93,430
Series 2004-6:
Class A3A, 5.1225% 6/20/35 (b)	103,761		92,971
Class A3B, 4.2513% 7/20/34 (b)	207,523		177,587
Series 2004-7:
Class A3A, 4.1363% 8/20/34 (b)	137,981		125,336
Class A3B, 4.3613% 7/20/34 (b)	267,923		240,922
Series 2004-8 Class A2, 3.35% 9/20/34 (b)	411,083		371,132
Series 2005-1 Class A2, 4.0613% 2/20/35 (b)	243,503		189,643
Series 2005-2 Class A2, 3.23% 3/20/35 (b)	294,498		211,902
Soundview Home Equity Loan Trust floater Series 2006-EQ1 Class M7, 3.695% 9/25/36 (b)(d)	330,000		21,966
Structured Asset Securities Corp. floater:
Series 2004-NP1 Class A, 3.295% 9/25/33 (a)(b)	69,911		63,370
Series 2007-GEL1 Class A2, 3.085% 1/25/37 (a)(b)(d)	1,000,000		738,438
TBW Mortgage-Backed pass-thru certificates floater Series 2006-4 Class A3, 3.095% 9/25/36 (b)	2,255,000		1,398,100
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
Private Sponsor - continued
WaMu Mortgage pass-thru certificates:
floater Series 2006-AR11 Class C1B1, 2.975% 9/25/46 (b)	$ 267,092		$ 264,970
sequential payer:
Series 2002-S6 Class A25, 6% 10/25/32	79,839		79,992
Series 2003-MS9 Class 2A1, 7.5% 12/25/33	40,154		39,649
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $26,699,548)		19,532,261
Commercial Mortgage Securities - 2.8%
Banc of America Large Loan, Inc. floater Series 2006-BIX1 Class G, 3.0459% 10/15/19 (a)(b)	125,000		106,250
Bayview Commercial Asset Trust floater:
Series 2004-1:
Class A, 3.255% 4/25/34 (a)(b)	195,971		168,535
Class B, 4.795% 4/25/34 (a)(b)	32,662		21,230
Series 2004-2 Class A, 3.325% 8/25/34 (a)(b)	238,166		211,372
Series 2004-3:
Class A2, 3.315% 1/25/35 (a)(b)	42,219		36,097
Class M1, 3.395% 1/25/35 (a)(b)	63,329		52,721
Class M2, 3.895% 1/25/35 (a)(b)	42,219		32,424
Series 2005-2A Class A1, 3.205% 8/25/35 (a)(b)	635,675		592,896
Series 2005-3A Class A2, 3.295% 11/25/35 (a)(b)	225,270		189,002
Series 2005-4A Class A2, 3.285% 1/25/36 (a)(b)	802,017		640,812
Series 2006-2A:
Class A1, 3.125% 7/25/36 (a)(b)	1,365,318		1,119,560
Class B1, 3.765% 7/25/36 (a)(b)	84,374		47,359
Class B3, 5.595% 7/25/36 (a)(b)	138,066		74,390
Series 2006-3A:
Class B1, 3.695% 10/25/36 (a)(b)	131,416		70,176
Class B2, 4.245% 10/25/36 (a)(b)	84,784		45,190
Class B3, 5.495% 10/25/36 (a)(b)	152,612		81,953
Class M4, 3.325% 10/25/36 (a)(b)	131,416		85,092
Class M5, 3.375% 10/25/36 (a)(b)	165,329		103,331
Class M6, 3.455% 10/25/36 (a)(b)	326,420		194,220
Series 2007-1:
Class A2, 3.165% 3/25/37 (a)(b)	308,326		246,661
Class B1, 3.565% 3/25/37 (a)(b)	99,880		52,637
Class B2, 4.045% 3/25/37 (a)(b)	69,482		36,478
Class B3, 6.245% 3/25/37 (a)(b)	204,103		106,134
Commercial Mortgage Securities - continued
	Principal Amount		Value
Bayview Commercial Asset Trust floater: - continued
Series 2007-1:
Class M1, 3.165% 3/25/37 (a)(b)	$ 82,510		$ 60,562
Class M2, 3.185% 3/25/37 (a)(b)	60,797		42,801
Class M3, 3.215% 3/27/37 (a)(b)	56,454		38,219
Class M4, 3.265% 3/25/37 (a)(b)	43,426		27,749
Class M5, 3.315% 3/25/37 (a)(b)	69,482		42,905
Class M6, 3.395% 3/25/37 (a)(b)	95,538		56,081
Series 2007-3:
Class B1, 3.845% 7/25/37 (a)(b)	64,945		41,565
Class B2, 4.495% 7/25/37 (a)(b)	164,528		90,490
Class B3, 6.895% 7/25/37 (a)(b)	86,594		45,895
Class M1, 3.205% 7/25/37 (a)(b)	56,286		37,621
Class M2, 3.235% 7/25/37 (a)(b)	60,616		39,073
Class M3, 3.265% 7/25/37 (a)(b)	95,253		58,104
Class M4, 3.395% 7/25/37 (a)(b)	151,539		90,923
Class M5, 3.495% 7/25/37 (a)(b)	73,605		44,266
Class M6, 3.695% 7/25/37 (a)(b)	56,286		32,387
Series 2007-4A:
Class A2, 3.445% 9/25/37 (a)(b)	639,665		511,732
Class B1, 5.445% 9/25/37 (a)(b)	81,762		41,617
Class B2, 6.345% 9/25/37 (a)(b)	298,190		155,059
Class M1, 3.845% 9/25/37 (a)(b)	72,143		52,664
Class M2, 3.945% 9/25/37 (a)(b)	72,143		50,500
Class M4, 4.495% 9/25/37 (a)(b)	197,190		123,244
Class M5, 4.645% 9/25/37 (a)(b)	197,190		117,328
Class M6, 4.845% 9/25/37 (a)(b)	197,190		111,018
Bear Stearns Commercial Mortgage Securities Trust floater Series 2007-BBA8 Class X-1M, 1.12% 3/15/22 (a)(c)	10,189,134		12,736
COMM pass-thru certificates floater Series 2005-FL11 Class F, 3.1659% 11/15/17 (a)(b)	127,305		116,874
CSMC Commercial Mortgage Trust floater Series 2006-TFLA:
Class H, 3.4459% 4/15/21 (a)(b)	300,000		249,000
Class J, 3.5159% 4/15/21 (a)(b)	200,000		158,000
Morgan Stanley Capital I Trust:
floater:
Series 2005-XLF Class K, 3.366% 8/15/19 (a)(b)	420,000		359,100
Series 2006-XLF Class C, 3.916% 7/15/19 (a)(b)	570,000		478,800
Series 2007-XLFA:
Class B, 2.846% 10/15/20 (a)(b)	440,000		374,000
Class J, 3.296% 10/15/20 (a)(b)	175,000		119,000
Commercial Mortgage Securities - continued
	Principal Amount		Value
Morgan Stanley Capital I Trust: - continued
Series 2007-XLC1:
Class C, 3.3159% 7/17/17 (a)(b)	$ 864,223		$ 587,672
Class D, 3.4159% 7/17/17 (a)(b)	406,693		268,418
Class E, 3.5159% 7/17/17 (a)(b)	328,483		210,229
STRIPS III Ltd./STRIPS III Corp. floater Series 2004-1A Class A, 3.375% 3/24/18 (a)(b)	178,965		168,228
Wachovia Bank Commercial Mortgage Trust floater Series 2006-WL7A Class J, 3.3159% 8/11/18 (a)(b)	260,000		191,152
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $12,977,232)		9,519,532

Cash Equivalents - 84.8%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 2.01%, dated 4/30/08 due 5/1/08 (Collateralized by U.S. Government Obligations) #	$ 216,953,121		216,941,000
With:
Banc of America Securities LLC at 2.59%, dated 4/30/08 due 5/1/08 (Collateralized by Corporate Obligations valued at $15,301,100, 5.91%- 6%, 10/15/33 - 11/30/35)	15,001,078		15,000,000
Barclays Capital, Inc. at 2.59%, dated 4/30/08 due 5/1/08 (Collateralized by Corporate Obligations valued at $15,300,000, 3.9%- 6.5%, 4/15/09 - 6/15/09)	15,001,078		15,000,000
J.P. Morgan Securities, Inc. at 2.64%, dated 4/30/08 due 5/1/08 (Collateralized by Corporate Obligations valued at $15,751,794, 8.75%, 12/29/12)	15,001,099		15,000,000
Lehman Brothers, Inc. at 2.64%, dated 4/30/08 due 5/1/08 (Collateralized by Equity Securities valued at $16,625,000)	15,001,099		15,000,000
Merrill Lynch, Pierce, Fenner & Smith at 2.59%, dated 4/30/08 due 5/1/08 (Collateralized by Corporate Obligations valued at $15,303,460, 4.17%- 6.41%, 10/25/14 - 12/7/40)	15,001,078		15,000,000
TOTAL CASH EQUIVALENTS (Cost $291,941,000)		291,941,000
TOTAL INVESTMENT PORTFOLIO - 99.4% (Cost $363,446,302)			342,243,199
NET OTHER ASSETS - 0.6%			1,916,161
NET ASSETS - 100%		$ 344,159,360

Legend

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $18,121,702 or 5.3% of net assets.

(b) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(c) Security represents right to receive monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool held as of the end of the period.

(d) Security or a portion of the security backed by subprime mortgage loans. At period end, the value of these securities amounted to $9,705,322 or 2.8% of net assets.

# Additional Information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value
$216,941,000 due 5/01/08 at 2.01%
Banc of America Securities LLC	$ 29,271,894
Barclays Capital, Inc.	162,326,668
UBS Securities LLC	23,315,043
WestLB AG	2,027,395
	$ 216,941,000

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Ultra-Short Central Fund	$ 4,105,565

Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows:

Fund	Value, beginning of period	Purchases	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity Ultra-Short Central Fund	$ 255,014,810	$ -	$ 235,895,358	$ -	0.0%

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $363,445,280. Net unrealized depreciation aggregated $21,202,081, of which $3,118 related to appreciated investment securities and $21,205,199 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. A significant portion of the Fund's securities, including securities backed by subprime mortgage loans, are valued at period end by a single source or dealer. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. Factors used in the determination of fair value may include current market trading activity, interest rates, credit quality and default rates. The frequency of when fair value pricing is used is unpredictable. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Credit Risk

The Fund may have direct or indirect exposure to structured securities of issuers that hold mortgage securities, including securities backed by subprime mortgage loans. The value and related income of these securities is sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be adversely affected by shifts in the market's perception of the issuers and changes in interest rates.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Ultra-Short Bond Fund
Class A
Class T
Class B
Class C
Institutional Class

April 30, 2008

1.816726.103

AUSB-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 0.3%
	Principal Amount		Value
FINANCIALS - 0.3%
Commercial Banks - 0.1%
Sovereign Bank 4.375% 8/1/13 (b)	$ 500,000		$ 442,500
Thrifts & Mortgage Finance - 0.2%
Independence Community Bank Corp. 3.5% 6/20/13 (b)	735,000		632,100
TOTAL NONCONVERTIBLE BONDS (Cost $1,213,916)		1,074,600
Asset-Backed Securities - 5.8%
ACE Securities Corp. Home Equity Loan Trust:
Series 2003-HE1 Class M1, 3.87% 11/25/33 (b)(d)	113,099		83,633
Series 2003-HS1:
Class M1, 3.645% 6/25/33 (b)(d)	10,626		10,416
Class M2, 4.645% 6/25/33 (b)(d)	50,000		44,205
Series 2004-HE1 Class M1, 3.395% 2/25/34 (b)(d)	64,162		60,312
Series 2006-HE2:
Class M3, 3.235% 5/25/36 (b)(d)	240,000		31,272
Class M4, 3.295% 5/25/36 (b)(d)	200,000		24,000
Class M5, 3.335% 5/25/36 (b)(d)	295,000		19,441
Ameriquest Mortgage Securities, Inc.:
Series 2004-R11 Class M1, 3.555% 11/25/34 (b)(d)	560,000		474,122
Series 2004-R9 Class M2, 3.545% 10/25/34 (b)(d)	720,000		439,200
ARG Funding Corp. Series 2005-2A Class A2, 2.91% 5/20/09 (a)(b)	133,333		133,279
Argent Securities, Inc.:
Series 2004-W7 Class M1, 3.445% 5/25/34 (b)(d)	305,000		203,539
Series 2006-W4 Class A2C, 3.055% 5/25/36 (b)(d)	1,200,000		691,876
Bayview Financial Acquisition Trust Series 2004-C Class A1, 3.5163% 5/28/44 (b)(d)	278,614		217,319
Bayview Financial Mortgage Loan Trust Series 2004-A Class A, 3.5613% 2/28/44 (b)(d)	148,770		113,809
Capital Trust Ltd. Series 2004-1:
Class A2, 2.9856% 7/20/39 (a)(b)	265,000		214,650
Class B, 3.2856% 7/20/39 (a)(b)	140,000		93,800
Class C, 3.6356% 7/20/39 (a)(b)	180,000		102,600
Carrington Mortgage Loan Trust Series 2007-RFC1 Class A3, 3.035% 12/25/36 (b)(d)	1,000,000		649,531
Cendant Timeshare Receivables Funding LLC Series 2005 1A Class 2A2, 2.7156% 5/20/17 (a)(b)	364,839		299,729
Asset-Backed Securities - continued
	Principal Amount		Value
CIT Equipment Collateral Trust Series 2005-VT1:
Class C, 4.18% 11/20/12	$ 131,896		$ 131,919
Class D, 4.51% 11/20/12	209,796		209,813
Countrywide Home Loans, Inc.:
Series 2002-6 Class AV1, 3.755% 5/25/33 (b)(d)	18,179		14,697
Series 2004-2 Class M1, 3.395% 5/25/34 (b)(d)	375,000		278,915
Series 2005-1 Class 1AV2, 3.095% 7/25/35 (b)(d)	33,910		25,314
Fannie Mae subordinate REMIC pass-thru certificates Series 2004-T5:
Class AB1, 3.2722% 5/28/35 (b)	80,751		61,120
Class AB3, 3.4153% 5/28/35 (b)	32,052		22,698
First Franklin Mortgage Loan Trust Series 2004-FF2 Class M3, 3.72% 3/25/34 (b)(d)	16,647		12,651
Ford Credit Floorplan Master Owner Trust Series 2005-1 Class B, 3.1559% 5/15/10 (b)	1,110,000		1,109,950
Fremont Home Loan Trust:
Series 2003-B Class M6, 9.645% 12/25/33 (b)(d)	196,854		25,591
Series 2004-B Class M1, 3.475% 5/25/34 (b)(d)	205,000		132,205
Series 2005-A:
Class M1, 3.325% 1/25/35 (b)(d)	185,104		129,408
Class M2, 3.355% 1/25/35 (b)(d)	325,000		242,209
Class M4, 3.575% 1/25/35 (b)(d)	125,000		50,038
Series 2006-A:
Class M4, 3.295% 5/25/36 (b)(d)	685,000		39,456
Class M5, 3.395% 5/25/36 (b)(d)	365,000		18,436
GE Capital Credit Card Master Note Trust Series 2005-2 Class B, 2.9159% 6/15/11 (b)	925,000		922,500
GSAMP Trust:
Series 2003-FM1 Class M1, 4.03% 3/20/33 (b)(d)	457,301		346,543
Series 2006-NC2 Class M4, 3.245% 6/25/36 (b)(d)	1,541,000		89,763
Series 2007-HE1 Class M1, 3.145% 3/25/47 (b)(d)	335,000		99,931
GSR Mortgage Loan Trust:
Series 2005-6 Class A2, 3.105% 6/25/35 (b)	1,747,341		1,570,370
Series 2005-9 Class 2A1, 3.015% 8/25/35 (b)	130,288		128,002
Series 2005-MTR1 Class A1, 3.035% 10/25/35 (b)	438,841		416,760
Guggenheim Structured Real Estate Funding Ltd.:
Series 2005-1 Class C, 3.975% 5/25/30 (a)(b)	650,741		494,563
Series 2006-3:
Class B, 3.295% 9/25/46 (a)(b)	450,000		292,500
Class C, 3.445% 9/25/46 (a)(b)	1,150,000		575,000
Holmes Master Issuer PLC Series 2007-2A Class 1C, 2.9431% 7/15/40 (b)	840,000		827,148
Asset-Backed Securities - continued
	Principal Amount		Value
Home Equity Asset Trust:
Series 2002-3 Class A5, 3.775% 2/25/33 (b)(d)	$ 14		$ 9
Series 2003-5:
Class A2, 3.595% 12/25/33 (b)(d)	10,566		8,414
Class M1, 3.945% 12/25/33 (b)(d)	143,545		111,965
Series 2003-7 Class A2, 3.275% 3/25/34 (b)(d)	2,079		1,395
Series 2005-1 Class M1, 3.325% 5/25/35 (b)(d)	1,270,000		992,583
Household Home Equity Loan Trust Series 2004-1 Class M, 3.0556% 9/20/33 (b)(d)	84,521		70,998
MBNA Credit Card Master Note Trust Series 2003-B2 Class B2, 3.1059% 10/15/10 (b)	125,000		125,005
Meritage Mortgage Loan Trust Series 2004-1 Class M2, 3.72% 7/25/34 (b)(d)	3,764		758
Merrill Lynch Mortgage Investors Trust Series 2004-HE2 Class A1B, 3.365% 8/25/35 (b)(d)	39,863		30,558
Morgan Stanley ABS Capital I Trust:
Series 2003-NC10 Class M1, 3.915% 10/25/33 (b)(d)	792,708		626,240
Series 2004-HE6 Class A2, 3.235% 8/25/34 (b)(d)	65,756		43,291
Morgan Stanley Dean Witter Capital I Trust Series 2002-AM3 Class A3, 3.875% 2/25/33 (b)(d)	14,114		10,480
NovaStar Mortgage Funding Trust Series 2003-3 Class A3, 3.345% 12/25/33 (b)(d)	41,421		35,544
Ocala Funding LLC Series 2006-1A Class A, 3.9356% 3/20/11 (a)(b)	965,000		723,750
Option One Mortgage Loan Trust Series 2003-6 Class M1, 3.545% 11/25/33 (b)	27,671		21,882
Park Place Securities, Inc.:
Series 2004-WCW1 Class M4, 4.345% 9/25/34 (b)(d)	435,000		123,736
Series 2004-WWF1:
Class A5, 3.365% 1/25/35 (b)(d)	3		2
Class M4, 3.995% 1/25/35 (b)(d)	945,000		628,186
Series 2005-WCH1:
Class M2, 3.415% 1/25/35 (b)(d)	1,130,000		836,402
Class M3, 3.455% 1/25/35 (b)(d)	425,000		301,630
Series 2005-WHQ1 Class M7, 4.145% 3/25/35 (b)(d)	910,000		169,309
Providian Master Note Trust Series 2006-C1A Class C1, 3.2659% 3/16/15 (a)(b)	2,465,000		1,802,722
Salomon Brothers Mortgage Securities VII, Inc. Series 2003-HE1 Class A, 3.695% 4/25/33 (b)(d)	1,451		1,114
Terwin Mortgage Trust:
Series 2003-4HE Class A1, 3.325% 9/25/34 (b)(d)	21,802		16,222
Asset-Backed Securities - continued
	Principal Amount		Value
Terwin Mortgage Trust: - continued
Series 2003-6HE Class A1, 3.365% 11/25/33 (b)(d)	$ 17,086		$ 13,359
WaMu Master Note Trust Series 2007-C1 Class C1, 3.1159% 5/15/14 (a)(b)	1,595,000		1,264,500
WFS Financial Owner Trust:
Series 2004-3 Class D, 4.07% 2/17/12	14,631		14,630
Series 2004-4 Class D, 3.58% 5/17/12	26,910		26,889
TOTAL ASSET-BACKED SECURITIES (Cost $30,614,606)		20,175,806
Collateralized Mortgage Obligations - 5.7%
Private Sponsor - 5.7%
American Home Mortgage Assets Trust floater Series 2006-1 Class 2A1, 3.085% 5/25/46 (b)	869,100		674,734
Arkle Master Issuer PLC floater Series 2007-1A Class 1C, 3.33% 2/17/52 (a)(b)	1,625,000		1,592,500
Bear Stearns Alt-A Trust floater Series 2005-2 Class 1A1, 3.145% 3/25/35 (b)	459,660		327,832
Credit Suisse First Boston Adjustable Rate Mortgage Trust floater:
Series 2004-2 Class 7A3, 3.295% 2/25/35 (b)	182,203		150,962
Series 2004-4 Class 5A2, 3.295% 3/25/35 (b)	45,769		37,153
Series 2005-1 Class 5A2, 3.225% 5/25/35 (b)	124,768		99,879
Series 2005-10 Class 5A2, 3.215% 1/25/36 (b)	820,645		564,706
Series 2005-2:
Class 6A2, 3.175% 6/25/35 (b)	41,992		34,193
Class 6M2, 3.375% 6/25/35 (b)	1,375,000		555,498
Series 2005-3 Class 8A2, 3.135% 7/25/35 (b)	569,135		417,544
Series 2005-5 Class 6A2, 3.125% 9/25/35 (b)	500,633		351,065
Series 2005-8 Class 7A2, 3.175% 11/25/35 (b)	369,669		242,783
Credit Suisse First Boston Mortgage Securities Corp. floater:
Series 2004-AR2 Class 6A1, 3.295% 3/25/34 (b)	4,219		4,034
Series 2004-AR3 Class 6A2, 3.635% 4/25/34 (b)	2,625		1,949
Series 2004-AR5 Class 11A2, 3.635% 6/25/34 (b)	23,582		22,667
Series 2004-AR6 Class 9A2, 3.635% 10/25/34 (b)	31,313		30,349
Series 2004-AR7 Class 6A2, 3.275% 8/25/34 (b)	51,899		48,484
Series 2004-AR8 Class 8A2, 3.275% 9/25/34 (b)	37,512		34,034
CWALT, Inc. floater Series 2005-56 Class 3A1, 3.185% 11/25/35 (b)	298,892		243,481
Deutsche Alt-A Securities Mortgage Loan Trust floater Series 2007-BAR1 Class A3, 3.055% 3/25/37 (b)	1,375,000		914,821
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
Private Sponsor - continued
First Horizon Mortgage pass-thru Trust floater Series 2004-FL1 Class 2A1, 5.0275% 12/25/34 (b)	$ 57,701		$ 52,815
Granite Master Issuer PLC floater Series 2005-2 Class C1, 3.14% 12/20/54 (b)	1,610,000		1,591,485
GSR Mortgage Loan Trust floater Series 2004-11 Class 2A1, 3.225% 12/20/34 (b)	499,973		464,770
Homestar Mortgage Acceptance Corp. floater Series 2004-5 Class A1, 3.345% 10/25/34 (b)	323,199		286,576
Impac CMB Trust floater:
Series 2004-11 Class 2A2, 3.265% 3/25/35 (b)	239,273		187,804
Series 2005-1:
Class M4, 3.645% 4/25/35 (b)	33,962		8,830
Class M5, 3.665% 4/25/35 (b)	33,962		8,151
Class M6, 3.715% 4/25/35 (b)	52,980		11,656
Series 2005-4 Class 1B1, 4.195% 5/25/35 (b)	223,265		29,234
Lehman Structured Securities Corp. floater Series 2005-1 Class A2, 3.2763% 9/26/45 (a)(b)	421,538		210,769
MASTR Adjustable Rate Mortgages Trust floater:
Series 2004-11:
Class 1A4, 3.385% 11/25/34 (b)	28,840		23,945
Class 2A1, 3.275% 11/25/34 (b)	20,647		18,836
Class 2A2, 3.335% 11/25/34 (b)	4,546		4,011
Series 2005-1 Class 1A1, 3.165% 3/25/35 (b)	60,947		44,342
MASTR Seasoned Securitization Trust Series 2004-1 Class 1A1, 6.2416% 8/25/17 (b)	326,829		328,306
Merrill Lynch Mortgage Investors Trust floater:
Series 2003-A:
Class 2A1, 3.285% 3/25/28 (b)	64,906		59,167
Class 2A2, 3.4806% 3/25/28 (b)	23,181		21,172
Series 2003-B Class A1, 3.235% 4/25/28 (b)	67,203		61,006
Series 2003-D Class A, 3.205% 8/25/28 (b)	304,371		301,606
Series 2003-E Class A2, 3.4006% 10/25/28 (b)	116,667		111,624
Series 2003-F Class A2, 5.7613% 10/25/28 (b)	122,159		113,749
Series 2004-A Class A2, 2.7475% 4/25/29 (b)	169,037		154,577
Series 2004-B Class A2, 5.125% 6/25/29 (b)	121,505		113,361
Series 2004-C Class A2, 5.155% 7/25/29 (b)	190,330		180,513
Series 2004-D Class A2, 2.8575% 9/25/29 (b)	212,798		198,843
Series 2004-E Class A2D, 3.0475% 11/25/29 (b)	245,837		221,493
Series 2004-G Class A2, 5.0275% 11/25/29 (b)	80,062		73,114
Series 2005-A Class A2, 3.3206% 2/25/30 (b)	212,989		197,847
Series 2005-B Class A2, 5.085% 7/25/30 (b)	207,369		192,854
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
Private Sponsor - continued
Merrill Lynch Mortgage Investors Trust floater: - continued
Series 2006-MLN1 Class M4, 3.255% 7/25/37 (b)(d)	$ 1,015,000		$ 25,121
MortgageIT Trust floater Series 2004-2:
Class A1, 3.265% 12/25/34 (b)	270,514		250,575
Class A2, 3.345% 12/25/34 (b)	365,396		343,065
Opteum Mortgage Acceptance Corp. floater Series 2005-3 Class APT, 3.185% 7/25/35 (b)	1,162,472		788,960
Option One Mortgage Loan Trust floater Series 2007-CP1 Class M1, 3.195% 3/25/37 (b)(d)	980,000		329,770
Provident Funding Mortgage Loan Trust Series 2005-2 Class 3A, 4.8526% 10/25/35 (b)	647,544		628,830
Residential Asset Mortgage Products, Inc.:
sequential payer:
Series 2003-SL1 Class A31, 7.125% 4/25/31	129,960		123,594
Series 2004-SL2 Class A1, 6.5% 10/25/16	33,988		32,275
Series 2005-AR5 Class 1A1, 4.7715% 9/19/35 (b)	343,677		336,047
Sequoia Mortgage Trust floater:
Series 2003-5 Class A2, 4.1413% 9/20/33 (b)	106,141		97,520
Series 2004-1 Class A, 4.1113% 2/20/34 (b)	83,866		78,391
Series 2004-10 Class A4, 4.0938% 11/20/34 (b)	205,319		193,419
Series 2004-12 Class 1A2, 5.115% 1/20/35 (b)	381,255		336,774
Series 2004-4 Class A, 4.0713% 5/20/34 (b)	264,929		237,388
Series 2004-5 Class A3, 2.6625% 6/20/34 (b)	99,038		93,430
Series 2004-6:
Class A3A, 5.1225% 6/20/35 (b)	103,761		92,971
Class A3B, 4.2513% 7/20/34 (b)	207,523		177,587
Series 2004-7:
Class A3A, 4.1363% 8/20/34 (b)	137,981		125,336
Class A3B, 4.3613% 7/20/34 (b)	267,923		240,922
Series 2004-8 Class A2, 3.35% 9/20/34 (b)	411,083		371,132
Series 2005-1 Class A2, 4.0613% 2/20/35 (b)	243,503		189,643
Series 2005-2 Class A2, 3.23% 3/20/35 (b)	294,498		211,902
Soundview Home Equity Loan Trust floater Series 2006-EQ1 Class M7, 3.695% 9/25/36 (b)(d)	330,000		21,966
Structured Asset Securities Corp. floater:
Series 2004-NP1 Class A, 3.295% 9/25/33 (a)(b)	69,911		63,370
Series 2007-GEL1 Class A2, 3.085% 1/25/37 (a)(b)(d)	1,000,000		738,438
TBW Mortgage-Backed pass-thru certificates floater Series 2006-4 Class A3, 3.095% 9/25/36 (b)	2,255,000		1,398,100
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
Private Sponsor - continued
WaMu Mortgage pass-thru certificates:
floater Series 2006-AR11 Class C1B1, 2.975% 9/25/46 (b)	$ 267,092		$ 264,970
sequential payer:
Series 2002-S6 Class A25, 6% 10/25/32	79,839		79,992
Series 2003-MS9 Class 2A1, 7.5% 12/25/33	40,154		39,649
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $26,699,548)		19,532,261
Commercial Mortgage Securities - 2.8%
Banc of America Large Loan, Inc. floater Series 2006-BIX1 Class G, 3.0459% 10/15/19 (a)(b)	125,000		106,250
Bayview Commercial Asset Trust floater:
Series 2004-1:
Class A, 3.255% 4/25/34 (a)(b)	195,971		168,535
Class B, 4.795% 4/25/34 (a)(b)	32,662		21,230
Series 2004-2 Class A, 3.325% 8/25/34 (a)(b)	238,166		211,372
Series 2004-3:
Class A2, 3.315% 1/25/35 (a)(b)	42,219		36,097
Class M1, 3.395% 1/25/35 (a)(b)	63,329		52,721
Class M2, 3.895% 1/25/35 (a)(b)	42,219		32,424
Series 2005-2A Class A1, 3.205% 8/25/35 (a)(b)	635,675		592,896
Series 2005-3A Class A2, 3.295% 11/25/35 (a)(b)	225,270		189,002
Series 2005-4A Class A2, 3.285% 1/25/36 (a)(b)	802,017		640,812
Series 2006-2A:
Class A1, 3.125% 7/25/36 (a)(b)	1,365,318		1,119,560
Class B1, 3.765% 7/25/36 (a)(b)	84,374		47,359
Class B3, 5.595% 7/25/36 (a)(b)	138,066		74,390
Series 2006-3A:
Class B1, 3.695% 10/25/36 (a)(b)	131,416		70,176
Class B2, 4.245% 10/25/36 (a)(b)	84,784		45,190
Class B3, 5.495% 10/25/36 (a)(b)	152,612		81,953
Class M4, 3.325% 10/25/36 (a)(b)	131,416		85,092
Class M5, 3.375% 10/25/36 (a)(b)	165,329		103,331
Class M6, 3.455% 10/25/36 (a)(b)	326,420		194,220
Series 2007-1:
Class A2, 3.165% 3/25/37 (a)(b)	308,326		246,661
Class B1, 3.565% 3/25/37 (a)(b)	99,880		52,637
Class B2, 4.045% 3/25/37 (a)(b)	69,482		36,478
Class B3, 6.245% 3/25/37 (a)(b)	204,103		106,134
Commercial Mortgage Securities - continued
	Principal Amount		Value
Bayview Commercial Asset Trust floater: - continued
Series 2007-1:
Class M1, 3.165% 3/25/37 (a)(b)	$ 82,510		$ 60,562
Class M2, 3.185% 3/25/37 (a)(b)	60,797		42,801
Class M3, 3.215% 3/27/37 (a)(b)	56,454		38,219
Class M4, 3.265% 3/25/37 (a)(b)	43,426		27,749
Class M5, 3.315% 3/25/37 (a)(b)	69,482		42,905
Class M6, 3.395% 3/25/37 (a)(b)	95,538		56,081
Series 2007-3:
Class B1, 3.845% 7/25/37 (a)(b)	64,945		41,565
Class B2, 4.495% 7/25/37 (a)(b)	164,528		90,490
Class B3, 6.895% 7/25/37 (a)(b)	86,594		45,895
Class M1, 3.205% 7/25/37 (a)(b)	56,286		37,621
Class M2, 3.235% 7/25/37 (a)(b)	60,616		39,073
Class M3, 3.265% 7/25/37 (a)(b)	95,253		58,104
Class M4, 3.395% 7/25/37 (a)(b)	151,539		90,923
Class M5, 3.495% 7/25/37 (a)(b)	73,605		44,266
Class M6, 3.695% 7/25/37 (a)(b)	56,286		32,387
Series 2007-4A:
Class A2, 3.445% 9/25/37 (a)(b)	639,665		511,732
Class B1, 5.445% 9/25/37 (a)(b)	81,762		41,617
Class B2, 6.345% 9/25/37 (a)(b)	298,190		155,059
Class M1, 3.845% 9/25/37 (a)(b)	72,143		52,664
Class M2, 3.945% 9/25/37 (a)(b)	72,143		50,500
Class M4, 4.495% 9/25/37 (a)(b)	197,190		123,244
Class M5, 4.645% 9/25/37 (a)(b)	197,190		117,328
Class M6, 4.845% 9/25/37 (a)(b)	197,190		111,018
Bear Stearns Commercial Mortgage Securities Trust floater Series 2007-BBA8 Class X-1M, 1.12% 3/15/22 (a)(c)	10,189,134		12,736
COMM pass-thru certificates floater Series 2005-FL11 Class F, 3.1659% 11/15/17 (a)(b)	127,305		116,874
CSMC Commercial Mortgage Trust floater Series 2006-TFLA:
Class H, 3.4459% 4/15/21 (a)(b)	300,000		249,000
Class J, 3.5159% 4/15/21 (a)(b)	200,000		158,000
Morgan Stanley Capital I Trust:
floater:
Series 2005-XLF Class K, 3.366% 8/15/19 (a)(b)	420,000		359,100
Series 2006-XLF Class C, 3.916% 7/15/19 (a)(b)	570,000		478,800
Series 2007-XLFA:
Class B, 2.846% 10/15/20 (a)(b)	440,000		374,000
Class J, 3.296% 10/15/20 (a)(b)	175,000		119,000
Commercial Mortgage Securities - continued
	Principal Amount		Value
Morgan Stanley Capital I Trust: - continued
Series 2007-XLC1:
Class C, 3.3159% 7/17/17 (a)(b)	$ 864,223		$ 587,672
Class D, 3.4159% 7/17/17 (a)(b)	406,693		268,418
Class E, 3.5159% 7/17/17 (a)(b)	328,483		210,229
STRIPS III Ltd./STRIPS III Corp. floater Series 2004-1A Class A, 3.375% 3/24/18 (a)(b)	178,965		168,228
Wachovia Bank Commercial Mortgage Trust floater Series 2006-WL7A Class J, 3.3159% 8/11/18 (a)(b)	260,000		191,152
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $12,977,232)		9,519,532

Cash Equivalents - 84.8%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 2.01%, dated 4/30/08 due 5/1/08 (Collateralized by U.S. Government Obligations) #	$ 216,953,121		216,941,000
With:
Banc of America Securities LLC at 2.59%, dated 4/30/08 due 5/1/08 (Collateralized by Corporate Obligations valued at $15,301,100, 5.91%- 6%, 10/15/33 - 11/30/35)	15,001,078		15,000,000
Barclays Capital, Inc. at 2.59%, dated 4/30/08 due 5/1/08 (Collateralized by Corporate Obligations valued at $15,300,000, 3.9%- 6.5%, 4/15/09 - 6/15/09)	15,001,078		15,000,000
J.P. Morgan Securities, Inc. at 2.64%, dated 4/30/08 due 5/1/08 (Collateralized by Corporate Obligations valued at $15,751,794, 8.75%, 12/29/12)	15,001,099		15,000,000
Lehman Brothers, Inc. at 2.64%, dated 4/30/08 due 5/1/08 (Collateralized by Equity Securities valued at $16,625,000)	15,001,099		15,000,000
Merrill Lynch, Pierce, Fenner & Smith at 2.59%, dated 4/30/08 due 5/1/08 (Collateralized by Corporate Obligations valued at $15,303,460, 4.17%- 6.41%, 10/25/14 - 12/7/40)	15,001,078		15,000,000
TOTAL CASH EQUIVALENTS (Cost $291,941,000)		291,941,000
TOTAL INVESTMENT PORTFOLIO - 99.4% (Cost $363,446,302)			342,243,199
NET OTHER ASSETS - 0.6%			1,916,161
NET ASSETS - 100%		$ 344,159,360

Legend

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $18,121,702 or 5.3% of net assets.

(b) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(c) Security represents right to receive monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool held as of the end of the period.

(d) Security or a portion of the security backed by subprime mortgage loans. At period end, the value of these securities amounted to $9,705,322 or 2.8% of net assets.

# Additional Information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value
$216,941,000 due 5/01/08 at 2.01%
Banc of America Securities LLC	$ 29,271,894
Barclays Capital, Inc.	162,326,668
UBS Securities LLC	23,315,043
WestLB AG	2,027,395
	$ 216,941,000

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Ultra-Short Central Fund	$ 4,105,565

Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows:

Fund	Value, beginning of period	Purchases	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity Ultra-Short Central Fund	$ 255,014,810	$ -	$ 235,895,358	$ -	0.0%

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $363,445,280. Net unrealized depreciation aggregated $21,202,081, of which $3,118 related to appreciated investment securities and $21,205,199 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. A significant portion of the Fund's securities, including securities backed by subprime mortgage loans, are valued at period end by a single source or dealer. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. Factors used in the determination of fair value may include current market trading activity, interest rates, credit quality and default rates. The frequency of when fair value pricing is used is unpredictable. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Credit Risk

The Fund may have direct or indirect exposure to structured securities of issuers that hold mortgage securities, including securities backed by subprime mortgage loans. The value and related income of these securities is sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be adversely affected by shifts in the market's perception of the issuers and changes in interest rates.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Income Fund's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Income Fund

By:	/s/ John Hebble
	John Hebble
	President and Treasurer
Date:	June 30, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ John Hebble
	John Hebble
	President and Treasurer
Date:	June 30, 2008

By:	/s/Joseph B. Hollis
	Joseph B. Hollis
	Chief Financial Officer
Date:	June 30, 2008