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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-4085

Fidelity Income Fund

(Exact name of registrant as specified in charter)

245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)

Marc Bryant, Secretary

245 Summer St.

Boston, Massachusetts 02210
(Name and address of agent for service)

Registrant's telephone number, including area code:

617-563-7000


Date of fiscal year end:	August 31

Date of reporting period:	February 29, 2016

Item 1.

Reports to Stockholders

Fidelity Advisor® Government Income Fund -
Class A, Class T, Class B and Class C

Semi-Annual Report

February 29, 2016

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

Contents

Investment Summary
Investments
Financial Statements
Notes to Financial Statements
Shareholder Expense Example
Board Approval of Investment Advisory Contracts and Management Fees

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Investment Summary (Unaudited)

The information in the following tables is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Fixed-Income Central Funds.

Coupon Distribution as of February 29, 2016

	% of fund's investments	% of fund's investments 6 months ago
Zero coupon bonds	0.0	0.0
0.01 - 0.99%	11.9	17.1
1 - 1.99%	27.6	23.1
2 - 2.99%	14.9	12.3
3 - 3.99%	21.6	22.4
4 - 4.99%	13.6	13.2
5 - 5.99%	9.0	9.2
6 - 6.99%	0.5	0.7
7% and above	0.6	0.7

Coupon distribution shows the range of stated interest rates on the fund's investments, excluding short-term investments.

Weighted Average Maturity as of February 29, 2016

		6 months ago
Years	6.8	5.9

This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and market changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM.

Duration as of February 29, 2016

		6 months ago
Years	5.1	5.0

Duration is a measure of a security's price sensitivity to changes in interest rates. Duration differs from maturity in that it considers a security's interest payments in addition to the amount of time until the security reaches maturity, and also takes into account certain maturity shortening features (e.g., demand features, interest rate resets, and call options) when applicable. Securities with longer durations generally tend to be more sensitive to interest rate changes than securities with shorter durations. A fund with a longer average duration generally can be expected to be more sensitive to interest rate changes than a fund with a shorter average duration.

Asset Allocation (% of fund's net assets)

As of February 29, 2016^,^*
	Mortgage Securities	23.9%
	CMOs and Other Mortgage Related Securities	24.0%
	U.S. Treasury Obligations	46.3%
	U.S. Government Agency Obligations^***	3.2%
	Foreign Government & Government Agency Obligations	3.4%
	Short-Term Investments and Net Other Assets (Liabilities)^†	(0.8)%

* Foreign investments - 3.4%

** Futures and Swaps - 0.7%

*** Includes NCUA Guaranteed Notes

† Short-Term Investments and Net Other Assets (Liabilities) are not included in the pie chart

As of August 31, 2015^,^*
	Mortgage Securities	24.5%
	CMOs and Other Mortgage Related Securities	24.7%
	U.S. Treasury Obligations	47.1%
	U.S. Government Agency Obligations^***	2.8%
	Foreign Government & Government Agency Obligations	3.6%
	Short-Term Investments and Net Other Assets (Liabilities)^†	(2.7)%

* Futures and Swaps - 3.2%

** Foreign investments - 3.6%

*** Includes NCUA Guaranteed Notes

† Short-Term Investments and Net Other Assets (Liabilities) are not included in the pie chart

Percentages in the above tables are adjusted for the effect of TBA Sale Commitments.

Percentages shown as 0.0% may reflect amounts less than 0.05%.

Investments February 29, 2016 (Unaudited)

Showing Percentage of Net Assets

U.S. Government and Government Agency Obligations - 49.5%
	Principal Amount (000s)	Value (000s)
U.S. Government Agency Obligations - 1.3%
Fannie Mae:
1% 2/26/19	$478	$477
1.125% 7/20/18	229	230
1.125% 12/14/18	240	241
Small Business Administration guaranteed development participation certificates:
Series 2002-20J Class 1, 4.75% 10/1/22	1,175	1,242
Series 2002-20K Class 1, 5.08% 11/1/22	1,644	1,767
Series 2004-20H Class 1, 5.17% 8/1/24	668	728
Tennessee Valley Authority:
1.75% 10/15/18	23,006	23,457
4.25% 9/15/65	25,633	26,970
5.25% 9/15/39	2,807	3,592
5.375% 4/1/56	3,438	4,456
		63,160
U.S. Treasury Inflation-Protected Obligations - 2.4%
U.S. Treasury Inflation-Indexed Bonds:
0.75% 2/15/45	95,325	88,751
1.375% 2/15/44	23,734	25,688
		114,439
U.S. Treasury Obligations - 43.9%
U.S. Treasury Bonds:
2.5% 2/15/46	2,000	1,952
2.875% 8/15/45	39,286	41,372
3% 11/15/44	29,032	31,372
3% 11/15/45	40,000	43,230
3.625% 2/15/44	24,766	30,180
4.375% 2/15/38	73,154	99,247
4.375% 5/15/40	4,000	5,411
5% 5/15/37 (a)(b)	41,142	60,418
U.S. Treasury Notes:
0.625% 7/31/17	25,000	24,952
0.625% 8/31/17	20,000	19,955
0.75% 6/30/17	3,736	3,736
0.75% 1/31/18 (c)	54,000	53,954
0.75% 4/15/18	46,723	46,654
0.875% 8/15/17	715	716
0.875% 10/15/17	10,183	10,196
0.875% 11/30/17	106,264	106,418
0.875% 1/31/18	4,683	4,690
0.875% 7/31/19	6,174	6,146
1% 12/31/17	41,955	42,106
1% 5/31/18	58,578	58,793
1.125% 1/15/19	49,290	49,600
1.125% 2/28/21	15,000	14,932
1.25% 11/30/18	15,000	15,151
1.375% 7/31/18	14,780	14,974
1.375% 9/30/18	17,526	17,763
1.375% 2/28/19	69,770	70,683
1.375% 3/31/20	144,474	145,746
1.375% 4/30/20	4,172	4,207
1.375% 8/31/20	5,000	5,040
1.375% 1/31/21 (c)	27,500	27,683
1.5% 12/31/18	10,768	10,949
1.5% 1/31/19	43,197	43,923
1.5% 1/31/22	54,399	54,665
1.5% 2/28/23	38,865	38,815
1.625% 4/30/19	11,603	11,843
1.625% 6/30/19	51,223	52,287
1.625% 12/31/19	41,368	42,176
1.625% 6/30/20	21,692	22,089
1.625% 7/31/20	30,000	30,551
1.625% 2/15/26	14,000	13,857
1.75% 9/30/19	78,340	80,250
1.75% 10/31/20	18,000	18,420
1.75% 12/31/20	124,228	127,237
1.75% 2/28/22	5,000	5,092
1.875% 8/31/17	27,000	27,441
1.875% 9/30/17	67,400	68,543
2% 7/31/22	18,845	19,448
2% 11/30/22	72,578	74,894
2% 8/15/25	69,730	71,296
2.125% 6/30/21	22,000	22,905
2.125% 12/31/21	2,000	2,080
2.25% 4/30/21	32,286	33,822
2.25% 7/31/21	26,021	27,261
2.25% 11/15/25	51,000	53,285
2.375% 7/31/17	741	758
3.5% 2/15/18	23,836	25,083
4.75% 8/15/17	12,983	13,732
		2,049,979
Other Government Related - 1.9%
National Credit Union Administration Guaranteed Notes:
Series 2010-A1 Class A, 0.7789% 12/7/20 (NCUA Guaranteed) (d)	4,109	4,098
Series 2011-R4 Class 1A, 0.8035% 3/6/20 (NCUA Guaranteed) (d)	2,667	2,664
National Credit Union Administration Guaranteed Notes Master Trust 3.45% 6/12/21 (NCUA Guaranteed)	74,000	80,814
		87,576
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS
(Cost $2,254,217)		2,315,154

U.S. Government Agency - Mortgage Securities - 3.0%
Fannie Mae - 1.6%
1.93% 2/1/33 (d)	109	113
1.975% 10/1/33 (d)	136	140
1.98% 7/1/35 (d)	66	69
1.988% 3/1/35 (d)	94	98
2.011% 12/1/34 (d)	184	191
2.048% 10/1/33 (d)	61	63
2.108% 3/1/36 (d)	504	525
2.175% 3/1/35 (d)	16	17
2.19% 3/1/37 (d)	115	121
2.215% 2/1/36 (d)	49	52
2.23% 7/1/34 (d)	105	110
2.29% 11/1/33 (d)	272	282
2.302% 6/1/36 (d)	189	198
2.45% 11/1/36 (d)	107	112
2.457% 2/1/44 (d)	652	672
2.458% 3/1/35 (d)	97	103
2.472% 7/1/35 (d)	234	246
2.501% 4/1/44 (d)	1,096	1,128
2.524% 2/1/44 (d)	643	662
2.525% 5/1/36 (d)	157	166
2.543% 1/1/44 (d)	1,068	1,101
2.557% 3/1/40 (d)	1,823	1,923
2.557% 6/1/42 (d)	341	352
2.559% 10/1/33 (d)	125	133
2.592% 5/1/44 (d)	1,245	1,281
2.628% 5/1/44 (d)	1,727	1,781
2.686% 4/1/44 (d)	2,659	2,742
2.689% 2/1/42 (d)	2,154	2,240
2.761% 1/1/42 (d)	1,904	1,982
2.951% 11/1/40 (d)	204	212
2.98% 9/1/41 (d)	247	258
2.991% 10/1/41 (d)	109	114
3% 3/1/31 (e)	12,100	12,618
3% 4/1/45 to 3/1/46	20,698	21,248
3.249% 7/1/41 (d)	351	366
3.347% 10/1/41 (d)	190	200
3.553% 7/1/41 (d)	433	456
4% 2/1/42	425	455
4.5% 7/1/33 to 4/1/39	4,363	4,776
5% 7/1/35	9,412	10,456
5.5% 1/1/29	2,018	2,264
6.5% 2/1/17 to 5/1/27	372	421
9.5% 10/1/20	11	12
11.5% 1/15/21	2	2
		72,461
Freddie Mac - 0.4%
1.945% 3/1/35 (d)	389	401
2.246% 5/1/37 (d)	322	337
2.362% 10/1/42 (d)	1,993	2,104
2.615% 6/1/35 (d)	304	320
2.627% 2/1/36 (d)	27	29
2.795% 7/1/36 (d)	315	335
2.798% 7/1/35 (d)	947	1,006
3% 11/1/42 to 2/1/43	4,214	4,352
3.004% 3/1/33 (d)	22	23
3.082% 9/1/41 (d)	2,081	2,169
3.208% 9/1/41 (d)	238	248
3.216% 4/1/41 (d)	266	278
3.25% 10/1/35 (d)	178	190
3.297% 6/1/41 (d)	285	298
3.451% 5/1/41 (d)	202	211
3.626% 6/1/41 (d)	399	419
3.706% 5/1/41 (d)	322	338
4.5% 5/1/39 to 10/1/41	3,707	4,064
5.5% 7/1/29	45	50
6% 1/1/24	1,525	1,672
9.5% 6/1/18 to 8/1/21	17	19
		18,863
Ginnie Mae - 1.0%
4.3% 8/20/61 (f)	4,532	4,716
4.649% 2/20/62 (f)	3,120	3,310
4.682% 2/20/62 (f)	4,119	4,354
4.684% 1/20/62 (f)	24,275	25,572
5.47% 8/20/59 (f)	1,124	1,150
5.5% 11/15/35	2,360	2,658
5.612% 4/20/58 (f)	535	539
6% 6/15/36	5,227	6,115
		48,414
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES
(Cost $137,458)		139,738

Collateralized Mortgage Obligations - 13.6%
U.S. Government Agency - 13.6%
Fannie Mae:
floater:
Series 2001-38 Class QF, 1.4158% 8/25/31 (d)	119	121
Series 2002-49 Class FB, 1.0295% 11/18/31 (d)	111	111
Series 2002-60 Class FV, 1.4358% 4/25/32 (d)	47	47
Series 2002-75 Class FA, 1.4358% 11/25/32 (d)	95	97
Series 2010-15 Class FJ, 1.3658% 6/25/36 (d)	7,399	7,495
planned amortization class:
Series 2005-19 Class PA, 5.5% 7/25/34	2,365	2,537
Series 2005-27 Class NE, 5.5% 5/25/34	1,489	1,529
Series 2005-64 Class PX, 5.5% 6/25/35	2,372	2,599
Series 2005-68 Class CZ, 5.5% 8/25/35	5,199	5,859
Series 2006-45 Class OP, 0% 6/25/36 (g)	1,041	941
Series 2010-118 Class PB, 4.5% 10/25/40	7,053	7,656
sequential payer:
Series 2003-117 Class MD, 5% 12/25/23	1,199	1,311
Series 2004-91 Class Z, 5% 12/25/34	7,295	8,095
Series 2005-117 Class JN, 4.5% 1/25/36	645	700
Series 2005-14 Class ZB, 5% 3/25/35	2,198	2,440
Series 2006-72 Class CY, 6% 8/25/26	4,656	5,140
Series 2009-59 Class HB, 5% 8/25/39	3,004	3,333
Series 2009-85 Class IB, 4.5% 8/25/24 (h)	480	34
Series 2009-93 Class IC, 4.5% 9/25/24 (h)	719	49
Series 2010-139 Class NI, 4.5% 2/25/40 (h)	5,082	646
Series 2010-39 Class FG, 1.3558% 3/25/36 (d)	4,677	4,767
Series 2010-97 Class CI, 4.5% 8/25/25 (h)	1,563	99
Series 2012-27 Class EZ, 4.25% 3/25/42	8,151	8,999
Freddie Mac:
floater:
Series 2530 Class FE, 1.027% 2/15/32 (d)	65	65
Series 2630 Class FL, 0.927% 6/15/18 (d)	42	42
Series 2682 Class FB, 1.327% 10/15/33 (d)	4,103	4,158
Series 2711 Class FC, 1.327% 2/15/33 (d)	2,462	2,505
planned amortization class:
Series 1141 Class G, 9% 9/15/21	54	61
Series 2356 Class GD, 6% 9/15/16	6	6
Series 2376 Class JE, 5.5% 11/15/16	54	54
Series 2381 Class OG, 5.5% 11/15/16	19	19
Series 2682 Class LD, 4.5% 10/15/33	777	854
Series 3415 Class PC, 5% 12/15/37	701	766
Series 3763 Class QA, 4% 4/15/34	2,029	2,081
Series 3840 Class VA, 4.5% 9/15/27	4,307	4,604
planned amortization class sequential payer Series 2005-2963 Class VB, 5% 11/15/34	1,937	1,965
sequential payer:
Series 2004-2802 Class ZG, 5.5% 5/15/34	9,745	11,114
Series 2587 Class AD, 4.71% 3/15/33	4,322	4,640
Series 2773 Class HC, 4.5% 4/15/19	489	505
Series 2877 Class ZD, 5% 10/15/34	8,799	9,763
Series 3007 Class EW, 5.5% 7/15/25	7,060	7,753
Series 3745 Class KV, 4.5% 12/15/26	7,081	7,813
Series 3871 Class KB, 5.5% 6/15/41	13,870	15,733
Series 3889 Class DZ, 4% 1/15/41	32,772	36,116
Series 3843 Class PZ, 5% 4/15/41	2,374	2,918
Ginnie Mae guaranteed REMIC pass-thru certificates:
floater:
Series 2008-2 Class FD, 0.906% 1/20/38 (d)	331	332
Series 2008-73 Class FA, 1.286% 8/20/38 (d)	2,398	2,437
Series 2008-83 Class FB, 1.326% 9/20/38 (d)	2,317	2,356
Series 2009-108 Class CF, 1.0255% 11/16/39 (d)	1,531	1,542
Series 2011-H20 Class FA, 0.801% 9/20/61 (d)(f)	10,051	9,979
Series 2011-H21 Class FA, 0.851% 10/20/61 (d)(f)	6,826	6,792
Series 2012-H01 Class FA, 0.951% 11/20/61 (d)(f)	5,766	5,758
Series 2012-H03 Class FA, 0.951% 1/20/62(d)(f)	3,623	3,618
Series 2012-H06 Class FA, 0.881% 1/20/62 (d)(f)	5,469	5,448
Series 2012-H07 Class FA, 0.881% 3/20/62 (d)(f)	3,280	3,267
Series 2013-H19:
Class FC, 0.851% 8/20/63 (d)(f)	1,198	1,191
Class FD, 0.851% 8/20/63 (d)(f)	3,301	3,284
Series 2014-H02 Class FB, 1.0795% 12/20/63 (d)(f)	39,455	39,299
Series 2014-H03 Class FA, 1.0295% 1/20/64 (d)(f)	16,163	16,111
Series 2015-H07 Class FA, 0.3% 3/20/65 (d)(f)	25,893	25,778
Series 2015-H13 Class FL, 0.7095% 5/20/63 (d)(f)	37,226	37,072
Series 2015-H19 Class FA, 0.6295% 4/20/63 (d)(f)	35,465	35,276
floater sequential payer Series 2011-150 Class D, 3% 4/20/37	111	112
planned amortization class Series 2010-31 Class BP, 5% 3/20/40	11,191	13,106
sequential payer:
Series 2011-69 Class GX, 4.5% 5/16/40	10,205	11,469
Series 2014-H12 Class KA, 2.75% 5/20/64 (f)	6,686	6,921
Series 2010-H15 Class TP, 5.15% 8/20/60 (f)	18,110	19,254
Series 2010-H17 Class XP, 5.2994% 7/20/60 (d)(f)	22,623	23,990
Series 2010-H18 Class PL, 5.01% 9/20/60 (d)(f)	16,645	17,698
Series 2012-64 Class KB, 7.9479% 5/20/41 (d)	778	911
Series 2013-124:
Class ES, 8.0987% 4/20/39 (d)(i)	6,373	7,057
Class ST, 8.232% 8/20/39 (d)(i)	11,972	13,827
Series 2015-H17 Class HA, 2.5% 5/20/65 (f)	16,753	17,106
Series 2015-H21:
Class HA, 2.5% 6/20/63 (f)	53,332	54,364
Class JA, 2.5% 6/20/65 (f)	6,464	6,589
Series 2015-H30 Class HA, 1.75% 9/20/62 (d)(f)	47,363	47,297
Series 2090-118 Class XZ, 5% 12/20/39	13,076	15,874
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $628,970)		633,255

Commercial Mortgage Securities - 7.2%
Freddie Mac:
pass-thru certificates floater Series KF01 Class A, 0.7716% 4/25/19 (d)	65	65
pass-thru certificates sequential payer Series K011 Class A2, 4.084% 11/25/20	3,740	4,133
sequential payer:
Series K006 Class A2, 4.251% 1/25/20	24,840	27,201
Series K009 Class A2, 3.808% 8/25/20	32,528	35,520
Series K027 Class A2, 2.637% 1/25/23	6,437	6,647
Series K029 Class A2, 3.32% 2/25/23 (d)	3,110	3,358
Series K030 Class A2, 3.25% 4/25/23	25,441	27,366
Series K034 Class A1, 2.669% 2/25/23	14,363	14,905
Series K037 Class A2, 3.49% 1/25/24	11,281	12,291
Series K717 Class A2, 2.991% 9/25/21	10,946	11,541
Series K032 Class A1, 3.016% 2/25/23	24,565	25,792
Series K039 Class A2, 3.303% 7/25/24	24,645	26,507
Series K042 Class A2, 2.67% 12/25/24	22,200	22,768
Series K501 Class A2, 1.655% 11/25/16	8,691	8,706
Series K716 Class A2, 3.13% 6/25/21	6,500	6,911
Series K720 Class A2, 2.716% 6/25/22	10,435	10,842
Freddie Mac Multi-family Structured pass-thru certificates:
sequential payer Series K718 Class A2, 2.791% 1/25/22	31,535	33,097
Series K044 Class A2, 2.811% 1/25/25	58,600	60,677
TOTAL COMMERCIAL MORTGAGE SECURITIES
(Cost $331,817)		338,327

Foreign Government and Government Agency Obligations - 3.4%
Israeli State:
(guaranteed by U.S. Government through Agency for International Development):
5.5% 9/18/23	72,266	89,506
5.5% 12/4/23	48	60
5.5% 4/26/24	6,065	7,613
Jordanian Kingdom:
2.503% 10/30/20	41,050	42,897
3% 6/30/25	19,267	20,611
TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS
(Cost $143,012)		160,687
	Shares	Value (000s)

Fixed-Income Funds - 23.3%
Fidelity Mortgage Backed Securities Central Fund (j)
(Cost $1,029,342)	9,872,539	1,086,769
	Maturity Amount (000s)	Value (000s)

Cash Equivalents - 1.5%
Investments in repurchase agreements in a joint trading account at 0.4%, dated 2/29/16 due 3/1/16:
(Collateralized by U.S. Government Obligations) # (k)	26,678	26,678
(Collateralized by U.S. Government Obligations) #	44,701	44,701
TOTAL CASH EQUIVALENTS
(Cost $71,379)		71,379
TOTAL INVESTMENT PORTFOLIO - 101.5%
(Cost $4,596,195)		4,745,309
NET OTHER ASSETS (LIABILITIES) - (1.5)%		(70,624)
NET ASSETS - 100%		$4,674,685

Futures Contracts

Futures Contracts
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Appreciation/(Depreciation) (000s)
Purchased
Treasury Contracts
174 CBOT 2-Year U.S. Treasury Note Contracts (United States)	June 2016	38,027	$(36)

The face value of futures purchased as a percentage of Net Assets is 0.8%

Swaps

Clearinghouse/Counterparty(1)	Expiration Date	Notional Amount(000s)(1)	Payment Received	Payment Paid	Value (000s)	Upfront Premium Received/(Paid)(000s)(2)	Unrealized Appreciation/(Depreciation) (000s)
Interest Rate Swaps
CME	Mar. 2026	$22,800	2.5%	3-month LIBOR	$1,232	$0	$1,232
CME	Mar. 2046	1,100	2.75%	3-month LIBOR	144	0	144

TOTAL INTEREST RATE SWAPS					$1,376	$0	$1,376

(1) Swaps with CME Group (CME) are centrally cleared over-the-counter (OTC) swaps.

(2) Any premiums for centrally cleared OTC swaps are recorded periodically throughout the term of the swap to variation margin and included in unrealized appreciation (depreciation).

Legend

(a) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $145,000.

(b) Security or a portion of the security was pledged to cover margin requirements for centrally cleared OTC swaps. At period end, the value of securities pledged amounted to $1,081,000.

(d) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

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

(f) Represents an investment in an underlying pool of reverse mortgages which typically do not require regular principal and interest payments as repayment is deferred until a maturity event.

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

(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 as of the end of the period.

(i) Coupon is inversely indexed to a floating interest rate multiplied by a specified factor. The price may be considerably more volatile than the price of a comparable fixed rate security.

(j) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-Q and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

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
	(Amounts in thousands)
Fidelity Mortgage Backed Securities Central Fund	$13,272

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 (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity Mortgage Backed Securities Central Fund	$1,044,642	$33,282	$--	$1,086,769	18.7%

Investment Valuation

The following is a summary of the inputs used, as of February 29, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
(Amounts in thousands)
Investments in Securities:
U.S. Government and Government Agency Obligations	$2,315,154	$--	$2,315,154	$--
U.S. Government Agency - Mortgage Securities	139,738	--	139,738	--
Collateralized Mortgage Obligations	633,255	--	633,255	--
Commercial Mortgage Securities	338,327	--	338,327	--
Foreign Government and Government Agency Obligations	160,687	--	160,687	--
Fixed-Income Funds	1,086,769	1,086,769	--	--
Cash Equivalents	71,379	--	71,379	--
Total Investments in Securities:	$4,745,309	$1,086,769	$3,658,540	$--
Derivative Instruments:
Assets
Swaps	$1,376	$--	$1,376	$--
Total Assets	$1,376	$--	$1,376	$--
Liabilities
Futures Contracts	$(36)	$(36)	$--	$--
Total Liabilities	$(36)	$(36)	$--	$--
Total Derivative Instruments:	$1,340	$(36)	$1,376	$--

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of February 29, 2016. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type	Value (000s)
	Asset	Liability
Interest Rate Risk
Futures Contracts(a)	$-	$(36)
Swaps(b)	1,376	-
Total Interest Rate Risk	1,376	(36)
Total Value of Derivatives	$1,376	$(36)

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. Only the period end receivable or payable for daily variation margin and net unrealized appreciation (depreciation) are presented in the Statement of Assets and Liabilities.

(b) For centrally cleared OTC swaps, reflects gross cumulative appreciation (depreciation) as presented in the Schedule of Investments. For centrally cleared OTC swaps, only the period end receivable or payable for daily variation margin and net unrealized appreciation (depreciation) are presented in the Statement of Assets and Liabilities

Other Information

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

Repurchase Agreement / Counterparty	Value (000s)
$26,678,000 due 3/01/16 at 0.40%
Commerz Markets LLC	$26,678
	$26,678
$44,701,000 due 3/01/16 at 0.40%
Commerz Markets LLC	$44,701
	$44,701

See accompanying notes which are an integral part of the financial statements.

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)		February 29, 2016 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $26,173 and repurchase agreements of $71,379) — See accompanying schedule: Unaffiliated issuers (cost $3,566,853)	$3,658,540
Fidelity Central Funds (cost $1,029,342)	1,086,769
Total Investments (cost $4,596,195)		$4,745,309
Cash		1
Receivable for investments sold		15,213
Receivable for fund shares sold		6,657
Interest receivable		12,981
Receivable for daily variation margin for derivative instruments		36
Receivable from investment adviser for expense reductions		33
Other receivables		42
Total assets		4,780,272
Liabilities
Payable for investments purchased
Regular delivery	$59,981
Delayed delivery	12,603
Payable for fund shares redeemed	4,149
Distributions payable	194
Accrued management fee	1,198
Distribution and service plan fees payable	165
Other affiliated payables	576
Other payables and accrued expenses	42
Collateral on securities loaned, at value	26,679
Total liabilities		105,587
Net Assets		$4,674,685
Net Assets consist of:
Paid in capital		$4,574,409
Distributions in excess of net investment income		(8,868)
Accumulated undistributed net realized gain (loss) on investments		(41,310)
Net unrealized appreciation (depreciation) on investments		150,454
Net Assets		$4,674,685
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($255,386 ÷ 24,208.5 shares)		$10.55
Maximum offering price per share (100/96.00 of $10.55)		$10.99
Class T:
Net Asset Value and redemption price per share ($195,810 ÷ 18,563.8 shares)		$10.55
Maximum offering price per share (100/96.00 of $10.55)		$10.99
Class B:
Net Asset Value and offering price per share ($3,836 ÷ 363.7 shares)^(a)		$10.55
Class C:
Net Asset Value and offering price per share ($86,950 ÷ 8,244.0 shares)^(a)		$10.55
Government Income:
Net Asset Value, offering price and redemption price per share ($3,679,660 ÷ 349,369.9 shares)		$10.53
Class I:
Net Asset Value, offering price and redemption price per share ($453,043 ÷ 42,949.3 shares)		$10.55

(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

Amounts in thousands		Six months ended February 29, 2016 (Unaudited)
Investment Income
Interest		$30,972
Income from Fidelity Central Funds		13,272
Total income		44,244
Expenses
Management fee	$6,881
Transfer agent fees	2,484
Distribution and service plan fees	857
Fund wide operations fee	856
Independent trustees' compensation	9
Miscellaneous	9
Total expenses before reductions	11,096
Expense reductions	(33)	11,063
Net investment income (loss)		33,181
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	10,184
Futures contracts	(1,360)
Swaps	(744)
Total net realized gain (loss)		8,080
Change in net unrealized appreciation (depreciation) on: Investment securities	59,113
Futures contracts	1,109
Swaps	2,062
Delayed delivery commitments	(86)
Total change in net unrealized appreciation (depreciation)		62,198
Net gain (loss)		70,278
Net increase (decrease) in net assets resulting from operations		$103,459

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

Amounts in thousands	Six months ended February 29, 2016 (Unaudited)	Year ended August 31, 2015
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$33,181	$61,673
Net realized gain (loss)	8,080	33,390
Change in net unrealized appreciation (depreciation)	62,198	(23,553)
Net increase (decrease) in net assets resulting from operations	103,459	71,510
Distributions to shareholders from net investment income	(40,792)	(57,747)
Distributions to shareholders from net realized gain	(39,904)	(10,638)
Total distributions	(80,696)	(68,385)
Share transactions - net increase (decrease)	288,440	395,804
Total increase (decrease) in net assets	311,203	398,929
Net Assets
Beginning of period	4,363,482	3,964,553
End of period (including distributions in excess of net investment income of $8,868 and distributions in excess of net investment income of $1,257, respectively)	$4,674,685	$4,363,482

See accompanying notes which are an integral part of the financial statements.

Financial Highlights — Fidelity Government Income Fund Class A

	Six months endedFebruary 29, 2016	Years ended August 31,
	(Unaudited)	2015	2014	2013	2012	2011 ^A	2011 ^B
Selected Per–Share Data
Net asset value, beginning of period	$10.50	$10.47	$10.20	$10.97	$10.90	$10.70	$10.84
Income from Investment Operations
Net investment income (loss)^C	.064	.126	.138	.105	.141	.015	.199
Net realized and unrealized gain (loss)	.164	.048	.278	(.454)	.327	.199	.108
Total from investment operations	.228	.174	.416	(.349)	.468	.214	.307
Distributions from net investment income	(.083)	(.116)	(.139)	(.099)	(.135)	(.014)	(.191)
Distributions from net realized gain	(.095)	(.028)	(.007)	(.322)	(.263)	–	(.256)
Total distributions	(.178)	(.144)	(.146)	(.421)	(.398)	(.014)	(.447)
Net asset value, end of period	$10.55	$10.50	$10.47	$10.20	$10.97	$10.90	$10.70
Total Return^D,^E,^F	2.20%	1.67%	4.10%	(3.29)%	4.39%	2.00%	2.94%
Ratios to Average Net Assets^G,^H
Expenses before reductions	.77%^I	.77%	.77%	.77%	.77%	.76%^I	.77%
Expenses net of fee waivers, if any	.77%^I	.77%	.77%	.77%	.77%	.76%^I	.77%
Expenses net of all reductions	.77%^I	.77%	.77%	.77%	.77%	.76%^I	.77%
Net investment income (loss)	1.24%^I	1.20%	1.34%	.99%	1.30%	1.61%^I	1.88%
Supplemental Data
Net assets, end of period (in millions)	$255	$222	$246	$291	$380	$345	$329
Portfolio turnover rate^J	91%^I	83%	131%	192%	222%	466%^I,^K	430%

^A For the one month period ended August 31. The Fund changed its fiscal year from July 31 to August 31, effective August 31, 2011.

^B For the period ended July 31.

^C Calculated based on average shares outstanding during the period.

^D Total returns for periods of less than one year are not annualized.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Total returns do not include the effect of the sales charges.

^G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses of any underlying non-money market Fidelity Central Funds were from less than .005%.

^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^I Annualized

^J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^K Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.

Financial Highlights — Fidelity Government Income Fund Class T

	Six months endedFebruary 29, 2016	Years ended August 31,
	(Unaudited)	2015	2014	2013	2012	2011 ^A	2011 ^B
Selected Per–Share Data
Net asset value, beginning of period	$10.50	$10.47	$10.20	$10.97	$10.90	$10.69	$10.84
Income from Investment Operations
Net investment income (loss)^C	.065	.127	.140	.107	.143	.015	.201
Net realized and unrealized gain (loss)	.163	.048	.277	(.454)	.327	.209	.098
Total from investment operations	.228	.175	.417	(.347)	.470	.224	.299
Distributions from net investment income	(.083)	(.117)	(.140)	(.101)	(.137)	(.014)	(.193)
Distributions from net realized gain	(.095)	(.028)	(.007)	(.322)	(.263)	–	(.256)
Total distributions	(.178)	(.145)	(.147)	(.423)	(.400)	(.014)	(.449)
Net asset value, end of period	$10.55	$10.50	$10.47	$10.20	$10.97	$10.90	$10.69
Total Return^D,^E,^F	2.20%	1.68%	4.12%	(3.27)%	4.41%	2.10%	2.86%
Ratios to Average Net Assets^G,^H
Expenses before reductions	.77%^I	.76%	.76%	.75%	.75%	.75%^I	.76%
Expenses net of fee waivers, if any	.77%^I	.76%	.76%	.75%	.75%	.75%^I	.76%
Expenses net of all reductions	.77%^I	.76%	.76%	.75%	.75%	.75%^I	.76%
Net investment income (loss)	1.25%^I	1.20%	1.36%	1.01%	1.32%	1.62%^I	1.89%
Supplemental Data
Net assets, end of period (in millions)	$196	$181	$196	$228	$309	$286	$272
Portfolio turnover rate^J	91%^I	83%	131%	192%	222%	466%^I,^K	430%

^A For the one month period ended August 31. The Fund changed its fiscal year from July 31 to August 31, effective August 31, 2011.

^B For the period ended July 31.

^C Calculated based on average shares outstanding during the period.

^D Total returns for periods of less than one year are not annualized.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Total returns do not include the effect of the sales charges.

^I Annualized

^J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^K Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.

Financial Highlights — Fidelity Government Income Fund Class B

	Six months endedFebruary 29, 2016	Years ended August 31,
	(Unaudited)	2015	2014	2013	2012	2011 ^A	2011 ^B
Selected Per–Share Data
Net asset value, beginning of period	$10.50	$10.47	$10.20	$10.97	$10.90	$10.69	$10.84
Income from Investment Operations
Net investment income (loss)^C	.027	.049	.063	.028	.062	.008	.122
Net realized and unrealized gain (loss)	.163	.049	.278	(.454)	.328	.210	.098
Total from investment operations	.190	.098	.341	(.426)	.390	.218	.220
Distributions from net investment income	(.045)	(.040)	(.064)	(.022)	(.057)	(.008)	(.114)
Distributions from net realized gain	(.095)	(.028)	(.007)	(.322)	(.263)	–	(.256)
Total distributions	(.140)	(.068)	(.071)	(.344)	(.320)	(.008)	(.370)
Net asset value, end of period	$10.55	$10.50	$10.47	$10.20	$10.97	$10.90	$10.69
Total Return^D,^E,^F	1.83%	.93%	3.36%	(3.99)%	3.64%	2.04%	2.10%
Ratios to Average Net Assets^G,^H
Expenses before reductions	1.50%^I	1.50%	1.50%	1.50%	1.49%	1.49%^I	1.50%
Expenses net of fee waivers, if any	1.50%^I	1.50%	1.50%	1.50%	1.49%	1.49%^I	1.50%
Expenses net of all reductions	1.50%^I	1.50%	1.50%	1.50%	1.49%	1.49%^I	1.50%
Net investment income (loss)	.51%^I	.46%	.61%	.26%	.58%	.90%^I	1.15%
Supplemental Data
Net assets, end of period (in millions)	$4	$6	$9	$13	$20	$26	$25
Portfolio turnover rate^J	91%^I	83%	131%	192%	222%	466%^I,^K	430%

^A For the one month period ended August 31.The Fund changed its fiscal year from July 31 to August 31, effective August 31, 2011.

^B For the period ended July 31.

^C Calculated based on average shares outstanding during the period.

^D Total returns for periods of less than one year are not annualized.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Total returns do not include the effect of the sales charges.

^I Annualized

^J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^K Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.

Financial Highlights — Fidelity Government Income Fund Class C

	Six months endedFebruary 29, 2016	Years ended August 31,
	(Unaudited)	2015	2014	2013	2012	2011 ^A	2011 ^B
Selected Per–Share Data
Net asset value, beginning of period	$10.50	$10.47	$10.20	$10.96	$10.90	$10.69	$10.84
Income from Investment Operations
Net investment income (loss)^C	.024	.044	.059	.025	.060	.008	.121
Net realized and unrealized gain (loss)	.163	.048	.278	(.443)	.318	.210	.098
Total from investment operations	.187	.092	.337	(.418)	.378	.218	.219
Distributions from net investment income	(.042)	(.034)	(.060)	(.020)	(.055)	(.008)	(.113)
Distributions from net realized gain	(.095)	(.028)	(.007)	(.322)	(.263)	–	(.256)
Total distributions	(.137)	(.062)	(.067)	(.342)	(.318)	(.008)	(.369)
Net asset value, end of period	$10.55	$10.50	$10.47	$10.20	$10.96	$10.90	$10.69
Total Return^D,^E,^F	1.80%	.88%	3.32%	(3.93)%	3.53%	2.04%	2.09%
Ratios to Average Net Assets^G,^H
Expenses before reductions	1.55%^I	1.55%	1.54%	1.52%	1.51%	1.50%^I	1.51%
Expenses net of fee waivers, if any	1.55%^I	1.55%	1.54%	1.52%	1.51%	1.50%^I	1.51%
Expenses net of all reductions	1.55%^I	1.55%	1.54%	1.52%	1.51%	1.50%^I	1.51%
Net investment income (loss)	.46%^I	.42%	.57%	.24%	.56%	.88%^I	1.14%
Supplemental Data
Net assets, end of period (in millions)	$87	$54	$58	$73	$98	$95	$89
Portfolio turnover rate^J	91%^I	83%	131%	192%	222%	466%^I,^K	430%

^A For the one month period ended August 31. The Fund changed its fiscal year from July 31 to August 31, effective August 31, 2011.

^B For the period ended July 31.

^C Calculated based on average shares outstanding during the period.

^D Total returns for periods of less than one year are not annualized.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Total returns do not include the effect of the sales charges.

^I Annualized

^J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^K Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.

Financial Highlights — Fidelity Government Income Fund

	Six months endedFebruary 29, 2016	Years ended August 31,
	(Unaudited)	2015	2014	2013	2012	2011 ^A	2011 ^B
Selected Per–Share Data
Net asset value, beginning of period	$10.48	$10.45	$10.18	$10.95	$10.88	$10.68	$10.82
Income from Investment Operations
Net investment income (loss)^C	.081	.159	.171	.138	.175	.018	.233
Net realized and unrealized gain (loss)	.163	.048	.278	(.453)	.328	.199	.108
Total from investment operations	.244	.207	.449	(.315)	.503	.217	.341
Distributions from net investment income	(.099)	(.149)	(.172)	(.133)	(.170)	(.017)	(.225)
Distributions from net realized gain	(.095)	(.028)	(.007)	(.322)	(.263)	–	(.256)
Total distributions	(.194)	(.177)	(.179)	(.455)	(.433)	(.017)	(.481)
Net asset value, end of period	$10.53	$10.48	$10.45	$10.18	$10.95	$10.88	$10.68
Total Return^D,^E	2.36%	1.99%	4.45%	(2.99)%	4.73%	2.03%	3.27%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.45%^H	.45%	.45%	.45%	.45%	.45%^H	.45%
Expenses net of fee waivers, if any	.45%^H	.45%	.45%	.45%	.45%	.45%^H	.45%
Expenses net of all reductions	.45%^H	.45%	.45%	.45%	.45%	.45%^H	.45%
Net investment income (loss)	1.56%^H	1.51%	1.66%	1.31%	1.62%	1.91%^H	2.20%
Supplemental Data
Net assets, end of period (in millions)	$3,680	$3,489	$3,157	$3,412	$4,313	$4,270	$4,167
Portfolio turnover rate^I	91%^H	83%	131%	192%	222%	466%^H,^J	430%

^A For the one month period ended August 31. The Fund changed its fiscal year from July 31 to August 31, effective August 31, 2011.

^B For the period ended July 31.

^C Calculated based on average shares outstanding during the period.

^D Total returns for periods of less than one year are not annualized.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses of any underlying non-money market Fidelity Central Funds were from less than .005%.

^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^H Annualized

^I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^J Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.

Financial Highlights — Fidelity Government Income Fund Class I

	Six months endedFebruary 29, 2016	Years ended August 31,
	(Unaudited)	2015	2014	2013	2012	2011 ^A	2011 ^B
Selected Per–Share Data
Net asset value, beginning of period	$10.50	$10.47	$10.20	$10.97	$10.90	$10.69	$10.84
Income from Investment Operations
Net investment income (loss)^C	.078	.154	.166	.133	.169	.017	.225
Net realized and unrealized gain (loss)	.163	.048	.277	(.454)	.327	.210	.099
Total from investment operations	.241	.202	.443	(.321)	.496	.227	.324
Distributions from net investment income	(.096)	(.144)	(.166)	(.127)	(.163)	(.017)	(.218)
Distributions from net realized gain	(.095)	(.028)	(.007)	(.322)	(.263)	–	(.256)
Total distributions	(.191)	(.172)	(.173)	(.449)	(.426)	(.017)	(.474)
Net asset value, end of period	$10.55	$10.50	$10.47	$10.20	$10.97	$10.90	$10.69
Total Return^D,^E	2.33%	1.94%	4.38%	(3.03)%	4.66%	2.12%	3.10%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.50%^H	.50%	.51%	.51%	.51%	.52%^H	.52%
Expenses net of fee waivers, if any	.50%^H	.50%	.51%	.51%	.51%	.52%^H	.52%
Expenses net of all reductions	.50%^H	.50%	.51%	.51%	.51%	.52%^H	.52%
Net investment income (loss)	1.51%^H	1.46%	1.61%	1.26%	1.56%	1.84%^H	2.13%
Supplemental Data
Net assets, end of period (in millions)	$453	$412	$298	$296	$334	$344	$344
Portfolio turnover rate^I,^J	91%^H	83%	131%	192%	222%	466%^H,^J	430%

^A For the one month period ended August 31. The Fund changed its fiscal year from July 31 to August 31, effective August 31, 2011.

^B For the period ended July 31.

^C Calculated based on average shares outstanding during the period.

^D Total returns for periods of less than one year are not annualized.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^H Annualized

^I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^J Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.

Notes to Financial Statements (Unaudited)

For the period ended February 29, 2016
(Amounts in thousands except percentages)

1. Organization.

Fidelity Government Income Fund (the Fund) is a fund of Fidelity Income Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Government Income and Class I shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a maximum holding period of seven years from the initial date of purchase.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the Fund. These strategies are consistent with the investment objectives of the Fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the Fund. The following summarizes the Fund's investment in each non-money market Fidelity Central Fund.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio^(a)
Fidelity Mortgage Backed Securities Central Fund	Fidelity Investment Money Management, Inc. (FIMM)	Seeks a high level of income by normally investing in investment-grade mortgage-related securities and repurchase agreements for those securities.	Delayed Delivery & When Issued Securities Repurchase Agreements Swaps	Less than .005%

(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Foreign government and government agency obligations and U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Collateralized mortgage obligations, commercial mortgage securities and U.S. government agency mortgage securities are valued by pricing vendors who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Swaps are marked-to-market daily based on valuations from third party pricing vendors, registered derivatives clearing organizations (clearinghouses) or broker-supplied valuations. These pricing sources may utilize inputs such as interest rate curves, credit spread curves, default possibilities and recovery rates. When independent prices are unavailable or unreliable, debt securities and swaps may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities and swaps are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy. Short-term securities with remaining maturities of sixty days or less may be valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of February 29, 2016 is included at the end of the Fund's Schedule of Investments.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, swaps, market discount, partnerships (including allocations from Fidelity Central Funds), deferred trustees compensation and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$161,325
Gross unrealized depreciation	(11,327)
Net unrealized appreciation (depreciation) on securities	$149,998
Tax cost	$4,595,311

Repurchase Agreements. Pursuant to an Exemptive Order issued by the SEC, the Fund along with other registered investment companies having management contracts with FMR, or other affiliated entities of FMR, are permitted to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. The Fund may also invest directly with institutions in repurchase agreements. Repurchase agreements may be collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

To-Be-Announced (TBA) Securities and Mortgage Dollar Rolls. During the period, the Fund transacted in TBA securities that involved buying or selling mortgage-backed securities (MBS) on a forward commitment basis. A TBA transaction typically does not designate the actual security to be delivered and only includes an approximate principal amount; however delivered securities must meet specified terms defined by industry guidelines, including issuer, rate and current principal amount outstanding on underlying mortgage pools. The Fund may enter into a TBA transaction with the intent to take possession of or deliver the underlying MBS, or the Fund may elect to extend the settlement by entering into either a mortgage or reverse mortgage dollar roll. Mortgage dollar rolls are transactions where a fund sells TBA securities and simultaneously agrees to repurchase MBS on a later date at a lower price and with the same counterparty. Reverse mortgage dollar rolls involve the purchase and simultaneous agreement to sell TBA securities on a later date at a lower price. Transactions in mortgage dollar rolls and reverse mortgage dollar rolls are accounted for as purchases and sales and may result in an increase to the Fund's portfolio turnover rate.

Purchases and sales of TBA securities involve risks similar to those discussed above for delayed delivery and when-issued securities. Also, if the counterparty in a mortgage dollar roll or a reverse mortgage dollar roll transaction files for bankruptcy or becomes insolvent, the Fund's right to repurchase or sell securities may be limited. Additionally, when a fund sells TBA securities without already owning or having the right to obtain the deliverable securities (an uncovered forward commitment to sell), it incurs a risk of loss because it could have to purchase the securities at a price that is higher than the price at which it sold them. A fund may be unable to purchase the deliverable securities if the corresponding market is illiquid.

TBA securities subject to a forward commitment to sell at period end are included at the end of the Fund's Schedule of Investments under the caption "TBA Sale Commitments." The proceeds and value of these commitments are reflected in the Fund's Statement of Assets and Liabilities as Receivable for TBA sale commitments and TBA sale commitments, at value, respectively.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts and swaps. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns, to gain exposure to certain types of assets and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Interest Rate Risk

Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives. The table below, which reflects the impacts of derivatives on the financial performance of the Fund, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Statement of Operations.

Primary Risk Exposure / Derivative Type	Net Realized Gain (Loss)	Change in Net Unrealized Appreciation (Depreciation)
Interest Rate Risk
Futures Contracts	$(1,360)	$1,109
Swaps	(744)	2,062
Totals^(a)	$(2,104)	$3,171

(a) A summary of the value of derivatives by primary risk exposure as of period end is included at the end of the Schedule of Investments.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the bond market and fluctuations in interest rates.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is included in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

Swaps. A swap is a contract between two parties to exchange future cash flows at periodic intervals based on a notional principal amount. A centrally cleared OTC swap is a transaction executed between a fund and a dealer counterparty, then cleared by a futures commission merchant (FCM) through a clearinghouse. Once cleared, the clearinghouse serves as a central counterparty, with whom a fund exchanges cash flows for the life of the transaction, similar to transactions in futures contracts.

Centrally cleared OTC swaps require a fund to deposit either cash or securities (initial margin) with the FCM, at the instruction of and for the benefit of the clearinghouse. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Centrally cleared OTC swaps are marked-to-market daily and subsequent payments (variation margin) are made or received depending on the daily fluctuations in the value of the swaps and are recorded as unrealized appreciation or (depreciation). These daily payments, if any, are included in receivable or payable for daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Any premiums for centrally cleared OTC swaps are recorded periodically throughout the term of the swap to variation margin and included in unrealized appreciation (depreciation) in the Statement of Assets and Liabilities. Any premiums are recognized as realized gain (loss) upon termination or maturity of the swap.

Payments are exchanged at specified intervals, accrued daily commencing with the effective date of the contract and recorded as realized gain or (loss). Some swaps may be terminated prior to the effective date and realize a gain or loss upon termination. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on swaps during the period is included in the Statement of Operations.

Any open swaps at period end are included in the Schedule of Investments under the caption "Swaps" and are representative of volume of activity during the period.

Interest Rate Swaps. Interest rate swaps are agreements between counterparties to exchange cash flows, one based on a fixed rate, and the other on a floating rate. The Fund entered into interest rate swaps to manage its exposure to interest rate changes. Changes in interest rates can have an effect on both the value of bond holdings as well as the amount of interest income earned. In general, the value of bonds can fall when interest rates rise and can rise when interest rates fall.

5. Purchases and Sales of Investments.

Purchases and sales of securities (including the Fixed-Income Central Funds), other than short-term securities and U.S. government securities, aggregated $33,282 and $0, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee and Expense Contract. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .20% of the Fund's average net assets and an annualized group fee rate that averaged 11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .31% of the Fund's average net assets.

In addition, under the expense contract, the investment adviser pays class-level expenses for Government Income, so that the total expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense, including commitment fees do not exceed .45% of the Class' average net assets. This agreement does not apply to any of the other classes and any change or modification that would increase expenses can only be made with shareholder approval.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$282	$–
Class T	-%	.25%	233	1
Class B	.65%	.25%	22	16
Class C	.75%	.25%	320	39
			$857	$56

Sales Load. FDC may receive a front-end sales charge of up to 4.00% for selling Class A shares and Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, .75% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$13
Class T	5
Class B^(a)	1
Class C^(a)	5
	$24

(a) When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of each respective class of the Fund, with the exception of Government Income. FIIOC receives an asset-based fee of .10% of Government Income's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

	Amount	% of Class-Level Average Net Assets
Class A	$185	.17
Class T	151	.16
Class B	6	.24
Class C	62	.19
Government Income	1,760	.10
Class I	320	.15
	$2,484

Fund Wide Operations Fee. Pursuant to the Fund Wide Operations and Expense Agreement (FWOE), the investment adviser has agreed to provide for fund level expenses (which do not include transfer agent, Rule 12b-1 fees, compensation of the independent Trustees, interest (including commitment fees), taxes or extraordinary expenses, if any) in return for a FWOE fee equal to .35% of the Fund's average net assets less the total amount of the management fee. The FWOE paid by the Fund is reduced by an amount equal to the fees and expenses paid to the independent Trustees. For the period, the FWOE fee was equivalent to an annualized rate of .04% of average net assets.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $3 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is maintained at the Fund's custodian and/or invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of interest income. Total security lending income during the period amounted to $100.

9. Expense Reductions.

During the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $33.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended February 29, 2016	Year ended August 31, 2015
From net investment income
Class A	$1,761	$2,625
Class T	1,477	2,118
Class B	20	28
Class C	251	195
Government Income	33,351	47,788
Class I	3,932	4,993
Total	$40,792	$57,747
From net realized gain
Class A	$2,025	$646
Class T	1,660	523
Class B	49	22
Class C	503	154
Government Income	31,846	8,467
Class I	3,821	826
Total	$39,904	$10,638

11. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

	Shares	Shares	Dollars	Dollars
	Six months ended February 29, 2016	Year ended August 31, 2015	Six months ended February 29, 2016	Year ended August 31, 2015
Class A
Shares sold	7,438	6,410	$77,838	$67,517
Reinvestment of distributions	349	298	3,646	3,143
Shares redeemed	(4,682)	(9,109)	(48,916)	(95,762)
Net increase (decrease)	3,105	(2,401)	$32,568	$(25,102)
Class T
Shares sold	3,955	5,058	$41,314	$53,356
Reinvestment of distributions	291	244	3,038	2,573
Shares redeemed	(2,892)	(6,808)	(30,181)	(71,811)
Net increase (decrease)	1,354	(1,506)	$14,171	$(15,882)
Class B
Shares sold	12	30	$125	$319
Reinvestment of distributions	6	4	58	40
Shares redeemed	(215)	(303)	(2,244)	(3,186)
Net increase (decrease)	(197)	(269)	$(2,061)	$(2,827)
Class C
Shares sold	3,867	2,397	$40,433	$25,389
Reinvestment of distributions	61	27	640	282
Shares redeemed	(854)	(2,806)	(8,928)	(29,497)
Net increase (decrease)	3,074	(382)	$32,145	$(3,826)
Government Income
Shares sold	44,725	102,857	$467,113	$1,086,736
Reinvestment of distributions	6,034	5,138	62,896	54,081
Shares redeemed	(34,292)	(77,145)	(357,324)	(811,762)
Net increase (decrease)	16,467	30,850	$172,685	$329,055
Class I
Shares sold	7,825	22,692	$81,860	$240,263
Reinvestment of distributions	725	536	7,566	5,652
Shares redeemed	(4,852)	(12,486)	(50,494)	(131,528)
Net increase (decrease)	3,698	10,742	$38,932	$114,387

12. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2015 to February 29, 2016).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Annualized Expense Ratio-^A	Beginning Account Value September 1, 2015	Ending Account Value February 29, 2016	Expenses Paid During Period-^B September 1, 2015 to February 29, 2016
Class A	.77%
Actual		$1,000.00	$1,022.00	$3.87
Hypothetical-^C		$1,000.00	$1,021.03	$3.87
Class T	.77%
Actual		$1,000.00	$1,022.00	$3.87
Hypothetical-^C		$1,000.00	$1,021.03	$3.87
Class B	1.50%
Actual		$1,000.00	$1,018.30	$7.53
Hypothetical-^C		$1,000.00	$1,017.40	$7.52
Class C	1.55%
Actual		$1,000.00	$1,018.00	$7.78
Hypothetical-^C		$1,000.00	$1,017.16	$7.77
Government Income	.45%
Actual		$1,000.00	$1,023.60	$2.26
Hypothetical-^C		$1,000.00	$1,022.63	$2.26
Class I	.50%
Actual		$1,000.00	$1,023.30	$2.52
Hypothetical-^C		$1,000.00	$1,022.38	$2.51

^A Annualized expense ratio reflects expenses net of applicable fee waivers.

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Central Funds in which the Fund invests are not included in each Class' annualized expense ratio. In addition to the expenses noted above, the Fund also indirectly bears its proportional share of the underlying Fidelity Central Funds. Annualized expenses of the underlying non-money market Fidelity Central Funds as of their most recent fiscal half year were less than .005%.

^C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Government Income Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2015 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; and (iv) the extent to which (if any) economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by FMR, the sub-advisers (together with FMR, the Investment Advisers), and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including (i) continuing to dedicate additional resources to investment research and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) reducing management fees and total expenses for certain index funds and diversified international funds; (v) continuing to launch dedicated lower cost underlying funds to meet portfolio construction needs related to expanding underlying fund options for Fidelity funds of funds, specifically for the Freedom Fund product lines; (vi) rationalizing product lines and gaining increased efficiencies through fund mergers; (vii) launching active fixed-income exchange-traded funds; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; (ix) implementing investment enhancements to further strengthen Fidelity's target date product line to increase investors' probability of success in achieving their goals; (x) modifying the eligibility criteria for certain share classes to accommodate roll-over assets from employer-sponsored retirement plans; (xi) launching a new Class W of the Freedom Index Funds to attract and retain Fidelity record-kept retirement plan assets; and (xii) implementing changes to Fidelity's money market product line in response to recent money market regulatory reforms.

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against a securities market index ("benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and on net performance (after fees and expenses) compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; the potential for incremental return versus the fund's benchmark index weighed against the risks involved in obtaining that incremental return, including the risk of diminished or negative total returns; and fund cash flows and other factors. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and considered by the Board.

Fidelity Government Income Fund

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2014.

The Board noted that, in 2014, the ad hoc Committee on Group Fee was formed by it and other Fidelity fund boards to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. Committee focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio. In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expense ratio of each class ranked below its competitive median for 2014.

The Board considered that the current contractual arrangements for the fund have the effect of setting the total "fund-level" (but not "class-level") expenses (including, among certain other "fund-level" expenses, the management fee) for each class at 0.35%. The Board also considered that current contractual arrangements oblige FMR to pay all "class-level" expenses of the retail class of the fund to the extent necessary to limit total expenses, with certain exceptions, to 0.45%. These contractual arrangements may not be increased without the approval of the Board and the shareholders of the fund or class, as applicable.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total group assets increase, and for higher group fee rates as total group assets decrease (with "group assets" defined to include fund assets under FMR's management plus sector fund assets previously under FMR's management and currently managed by Fidelity SelectCo, LLC). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board noted, however, that because the current contractual arrangements set the total "fund-level" expenses for each class at 0.35%, increases or decreases in the management fee due to changes in the group fee rate will not impact the total expense ratio.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted the findings of the 2013 ad hoc joint committee (created with the board of other Fidelity funds), which reviewed and compared Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationship with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of fund profitability and its conformity to established allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that in 2013, it and the boards of other Fidelity funds created an ad hoc committee (the Economies of Scale Committee) to analyze whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds; (v) Fidelity's voluntary waiver of its fees to maintain minimum yields for certain money market funds and classes as well as contractual waivers in place for certain funds; (vi) the methodology with respect to competitive fund data and peer group classifications; (vii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends, and the impact of the increased use of omnibus accounts; (viii) Fidelity's long-term expectations for its offerings in the workplace investing channel; (ix) new developments in the retail and institutional marketplaces; and (x) the impact of money market reform on Fidelity's money market funds. In addition, the Board considered its discussions with Fidelity throughout the year regarding enhanced information security initiatives and the funds' fair valuation policies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.

Fidelity Investments

AGVT-SANN-0416
1.834245.109

Fidelity Advisor® Government Income Fund -
Class I

Semi-Annual Report

February 29, 2016

Class I is a class of Fidelity® Government Income Fund

Contents

Investment Summary
Investments
Financial Statements
Notes to Financial Statements
Shareholder Expense Example
Board Approval of Investment Advisory Contracts and Management Fees

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Investment Summary (Unaudited)

The information in the following tables is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Fixed-Income Central Funds.

Coupon Distribution as of February 29, 2016

	% of fund's investments	% of fund's investments 6 months ago
Zero coupon bonds	0.0	0.0
0.01 - 0.99%	11.9	17.1
1 - 1.99%	27.6	23.1
2 - 2.99%	14.9	12.3
3 - 3.99%	21.6	22.4
4 - 4.99%	13.6	13.2
5 - 5.99%	9.0	9.2
6 - 6.99%	0.5	0.7
7% and above	0.6	0.7

Coupon distribution shows the range of stated interest rates on the fund's investments, excluding short-term investments.

Weighted Average Maturity as of February 29, 2016

		6 months ago
Years	6.8	5.9

Duration as of February 29, 2016

		6 months ago
Years	5.1	5.0

Asset Allocation (% of fund's net assets)

As of February 29, 2016^,^*
	Mortgage Securities	23.9%
	CMOs and Other Mortgage Related Securities	24.0%
	U.S. Treasury Obligations^***	46.3%
	U.S. Government Agency Obligations	3.2%
	Foreign Government & Government Agency Obligations	3.4%
	Short-Term Investments and Net Other Assets (Liabilities)^†	(0.8)%

* Foreign investments - 3.4%

** Futures and Swaps - 0.7%

*** Includes NCUA Guaranteed Notes

† Short-Term Investments and Net Other Assets (Liabilities) are not included in the pie chart

As of August 31, 2015^,^*
	Mortgage Securities	24.5%
	CMOs and Other Mortgage Related Securities	24.7%
	U.S. Treasury Obligations^***	47.1%
	U.S. Government Agency Obligations	2.8%
	Foreign Government & Government Agency Obligations	3.6%
	Short-Term Investments and Net Other Assets (Liabilities)^†	(2.7)%

* Foreign investments - 3.6%

** Futures and Swaps - 3.2%

*** Includes NCUA Guaranteed Notes

† Short-Term Investments and Net Other Assets (Liabilities) are not included in the pie chart

Percentages shown as 0.0% may reflect amounts less than 0.05%.

Percentages in the above tables are adjusted for the effect of TBA Sale Commitments.

Investments February 29, 2016 (Unaudited)

Showing Percentage of Net Assets

U.S. Government and Government Agency Obligations - 49.5%
	Principal Amount (000s)	Value (000s)
U.S. Government Agency Obligations - 1.3%
Fannie Mae:
1% 2/26/19	$478	$477
1.125% 7/20/18	229	230
1.125% 12/14/18	240	241
Small Business Administration guaranteed development participation certificates:
Series 2002-20J Class 1, 4.75% 10/1/22	1,175	1,242
Series 2002-20K Class 1, 5.08% 11/1/22	1,644	1,767
Series 2004-20H Class 1, 5.17% 8/1/24	668	728
Tennessee Valley Authority:
1.75% 10/15/18	23,006	23,457
4.25% 9/15/65	25,633	26,970
5.25% 9/15/39	2,807	3,592
5.375% 4/1/56	3,438	4,456
		63,160
U.S. Treasury Inflation-Protected Obligations - 2.4%
U.S. Treasury Inflation-Indexed Bonds:
0.75% 2/15/45	95,325	88,751
1.375% 2/15/44	23,734	25,688
		114,439
U.S. Treasury Obligations - 43.9%
U.S. Treasury Bonds:
2.5% 2/15/46	2,000	1,952
2.875% 8/15/45	39,286	41,372
3% 11/15/44	29,032	31,372
3% 11/15/45	40,000	43,230
3.625% 2/15/44	24,766	30,180
4.375% 2/15/38	73,154	99,247
4.375% 5/15/40	4,000	5,411
5% 5/15/37 (a)(b)	41,142	60,418
U.S. Treasury Notes:
0.625% 7/31/17	25,000	24,952
0.625% 8/31/17	20,000	19,955
0.75% 6/30/17	3,736	3,736
0.75% 1/31/18 (c)	54,000	53,954
0.75% 4/15/18	46,723	46,654
0.875% 8/15/17	715	716
0.875% 10/15/17	10,183	10,196
0.875% 11/30/17	106,264	106,418
0.875% 1/31/18	4,683	4,690
0.875% 7/31/19	6,174	6,146
1% 12/31/17	41,955	42,106
1% 5/31/18	58,578	58,793
1.125% 1/15/19	49,290	49,600
1.125% 2/28/21	15,000	14,932
1.25% 11/30/18	15,000	15,151
1.375% 7/31/18	14,780	14,974
1.375% 9/30/18	17,526	17,763
1.375% 2/28/19	69,770	70,683
1.375% 3/31/20	144,474	145,746
1.375% 4/30/20	4,172	4,207
1.375% 8/31/20	5,000	5,040
1.375% 1/31/21 (c)	27,500	27,683
1.5% 12/31/18	10,768	10,949
1.5% 1/31/19	43,197	43,923
1.5% 1/31/22	54,399	54,665
1.5% 2/28/23	38,865	38,815
1.625% 4/30/19	11,603	11,843
1.625% 6/30/19	51,223	52,287
1.625% 12/31/19	41,368	42,176
1.625% 6/30/20	21,692	22,089
1.625% 7/31/20	30,000	30,551
1.625% 2/15/26	14,000	13,857
1.75% 9/30/19	78,340	80,250
1.75% 10/31/20	18,000	18,420
1.75% 12/31/20	124,228	127,237
1.75% 2/28/22	5,000	5,092
1.875% 8/31/17	27,000	27,441
1.875% 9/30/17	67,400	68,543
2% 7/31/22	18,845	19,448
2% 11/30/22	72,578	74,894
2% 8/15/25	69,730	71,296
2.125% 6/30/21	22,000	22,905
2.125% 12/31/21	2,000	2,080
2.25% 4/30/21	32,286	33,822
2.25% 7/31/21	26,021	27,261
2.25% 11/15/25	51,000	53,285
2.375% 7/31/17	741	758
3.5% 2/15/18	23,836	25,083
4.75% 8/15/17	12,983	13,732
		2,049,979
Other Government Related - 1.9%
National Credit Union Administration Guaranteed Notes:
Series 2010-A1 Class A, 0.7789% 12/7/20 (NCUA Guaranteed) (d)	4,109	4,098
Series 2011-R4 Class 1A, 0.8035% 3/6/20 (NCUA Guaranteed) (d)	2,667	2,664
National Credit Union Administration Guaranteed Notes Master Trust 3.45% 6/12/21 (NCUA Guaranteed)	74,000	80,814
		87,576
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS
(Cost $2,254,217)		2,315,154

U.S. Government Agency - Mortgage Securities - 3.0%
Fannie Mae - 1.6%
1.93% 2/1/33 (d)	109	113
1.975% 10/1/33 (d)	136	140
1.98% 7/1/35 (d)	66	69
1.988% 3/1/35 (d)	94	98
2.011% 12/1/34 (d)	184	191
2.048% 10/1/33 (d)	61	63
2.108% 3/1/36 (d)	504	525
2.175% 3/1/35 (d)	16	17
2.19% 3/1/37 (d)	115	121
2.215% 2/1/36 (d)	49	52
2.23% 7/1/34 (d)	105	110
2.29% 11/1/33 (d)	272	282
2.302% 6/1/36 (d)	189	198
2.45% 11/1/36 (d)	107	112
2.457% 2/1/44 (d)	652	672
2.458% 3/1/35 (d)	97	103
2.472% 7/1/35 (d)	234	246
2.501% 4/1/44 (d)	1,096	1,128
2.524% 2/1/44 (d)	643	662
2.525% 5/1/36 (d)	157	166
2.543% 1/1/44 (d)	1,068	1,101
2.557% 3/1/40 (d)	1,823	1,923
2.557% 6/1/42 (d)	341	352
2.559% 10/1/33 (d)	125	133
2.592% 5/1/44 (d)	1,245	1,281
2.628% 5/1/44 (d)	1,727	1,781
2.686% 4/1/44 (d)	2,659	2,742
2.689% 2/1/42 (d)	2,154	2,240
2.761% 1/1/42 (d)	1,904	1,982
2.951% 11/1/40 (d)	204	212
2.98% 9/1/41 (d)	247	258
2.991% 10/1/41 (d)	109	114
3% 3/1/31 (e)	12,100	12,618
3% 4/1/45 to 3/1/46	20,698	21,248
3.249% 7/1/41 (d)	351	366
3.347% 10/1/41 (d)	190	200
3.553% 7/1/41 (d)	433	456
4% 2/1/42	425	455
4.5% 7/1/33 to 4/1/39	4,363	4,776
5% 7/1/35	9,412	10,456
5.5% 1/1/29	2,018	2,264
6.5% 2/1/17 to 5/1/27	372	421
9.5% 10/1/20	11	12
11.5% 1/15/21	2	2
		72,461
Freddie Mac - 0.4%
1.945% 3/1/35 (d)	389	401
2.246% 5/1/37 (d)	322	337
2.362% 10/1/42 (d)	1,993	2,104
2.615% 6/1/35 (d)	304	320
2.627% 2/1/36 (d)	27	29
2.795% 7/1/36 (d)	315	335
2.798% 7/1/35 (d)	947	1,006
3% 11/1/42 to 2/1/43	4,214	4,352
3.004% 3/1/33 (d)	22	23
3.082% 9/1/41 (d)	2,081	2,169
3.208% 9/1/41 (d)	238	248
3.216% 4/1/41 (d)	266	278
3.25% 10/1/35 (d)	178	190
3.297% 6/1/41 (d)	285	298
3.451% 5/1/41 (d)	202	211
3.626% 6/1/41 (d)	399	419
3.706% 5/1/41 (d)	322	338
4.5% 5/1/39 to 10/1/41	3,707	4,064
5.5% 7/1/29	45	50
6% 1/1/24	1,525	1,672
9.5% 6/1/18 to 8/1/21	17	19
		18,863
Ginnie Mae - 1.0%
4.3% 8/20/61 (f)	4,532	4,716
4.649% 2/20/62 (f)	3,120	3,310
4.682% 2/20/62 (f)	4,119	4,354
4.684% 1/20/62 (f)	24,275	25,572
5.47% 8/20/59 (f)	1,124	1,150
5.5% 11/15/35	2,360	2,658
5.612% 4/20/58 (f)	535	539
6% 6/15/36	5,227	6,115
		48,414
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES
(Cost $137,458)		139,738

Collateralized Mortgage Obligations - 13.6%
U.S. Government Agency - 13.6%
Fannie Mae:
floater:
Series 2001-38 Class QF, 1.4158% 8/25/31 (d)	119	121
Series 2002-49 Class FB, 1.0295% 11/18/31 (d)	111	111
Series 2002-60 Class FV, 1.4358% 4/25/32 (d)	47	47
Series 2002-75 Class FA, 1.4358% 11/25/32 (d)	95	97
Series 2010-15 Class FJ, 1.3658% 6/25/36 (d)	7,399	7,495
planned amortization class:
Series 2005-19 Class PA, 5.5% 7/25/34	2,365	2,537
Series 2005-27 Class NE, 5.5% 5/25/34	1,489	1,529
Series 2005-64 Class PX, 5.5% 6/25/35	2,372	2,599
Series 2005-68 Class CZ, 5.5% 8/25/35	5,199	5,859
Series 2006-45 Class OP, 0% 6/25/36 (g)	1,041	941
Series 2010-118 Class PB, 4.5% 10/25/40	7,053	7,656
sequential payer:
Series 2003-117 Class MD, 5% 12/25/23	1,199	1,311
Series 2004-91 Class Z, 5% 12/25/34	7,295	8,095
Series 2005-117 Class JN, 4.5% 1/25/36	645	700
Series 2005-14 Class ZB, 5% 3/25/35	2,198	2,440
Series 2006-72 Class CY, 6% 8/25/26	4,656	5,140
Series 2009-59 Class HB, 5% 8/25/39	3,004	3,333
Series 2009-85 Class IB, 4.5% 8/25/24 (h)	480	34
Series 2009-93 Class IC, 4.5% 9/25/24 (h)	719	49
Series 2010-139 Class NI, 4.5% 2/25/40 (h)	5,082	646
Series 2010-39 Class FG, 1.3558% 3/25/36 (d)	4,677	4,767
Series 2010-97 Class CI, 4.5% 8/25/25 (h)	1,563	99
Series 2012-27 Class EZ, 4.25% 3/25/42	8,151	8,999
Freddie Mac:
floater:
Series 2530 Class FE, 1.027% 2/15/32 (d)	65	65
Series 2630 Class FL, 0.927% 6/15/18 (d)	42	42
Series 2682 Class FB, 1.327% 10/15/33 (d)	4,103	4,158
Series 2711 Class FC, 1.327% 2/15/33 (d)	2,462	2,505
planned amortization class:
Series 1141 Class G, 9% 9/15/21	54	61
Series 2356 Class GD, 6% 9/15/16	6	6
Series 2376 Class JE, 5.5% 11/15/16	54	54
Series 2381 Class OG, 5.5% 11/15/16	19	19
Series 2682 Class LD, 4.5% 10/15/33	777	854
Series 3415 Class PC, 5% 12/15/37	701	766
Series 3763 Class QA, 4% 4/15/34	2,029	2,081
Series 3840 Class VA, 4.5% 9/15/27	4,307	4,604
planned amortization class sequential payer Series 2005-2963 Class VB, 5% 11/15/34	1,937	1,965
sequential payer:
Series 2004-2802 Class ZG, 5.5% 5/15/34	9,745	11,114
Series 2587 Class AD, 4.71% 3/15/33	4,322	4,640
Series 2773 Class HC, 4.5% 4/15/19	489	505
Series 2877 Class ZD, 5% 10/15/34	8,799	9,763
Series 3007 Class EW, 5.5% 7/15/25	7,060	7,753
Series 3745 Class KV, 4.5% 12/15/26	7,081	7,813
Series 3871 Class KB, 5.5% 6/15/41	13,870	15,733
Series 3889 Class DZ, 4% 1/15/41	32,772	36,116
Series 3843 Class PZ, 5% 4/15/41	2,374	2,918
Ginnie Mae guaranteed REMIC pass-thru certificates:
floater:
Series 2008-2 Class FD, 0.906% 1/20/38 (d)	331	332
Series 2008-73 Class FA, 1.286% 8/20/38 (d)	2,398	2,437
Series 2008-83 Class FB, 1.326% 9/20/38 (d)	2,317	2,356
Series 2009-108 Class CF, 1.0255% 11/16/39 (d)	1,531	1,542
Series 2011-H20 Class FA, 0.801% 9/20/61 (d)(f)	10,051	9,979
Series 2011-H21 Class FA, 0.851% 10/20/61 (d)(f)	6,826	6,792
Series 2012-H01 Class FA, 0.951% 11/20/61 (d)(f)	5,766	5,758
Series 2012-H03 Class FA, 0.951% 1/20/62(d)(f)	3,623	3,618
Series 2012-H06 Class FA, 0.881% 1/20/62 (d)(f)	5,469	5,448
Series 2012-H07 Class FA, 0.881% 3/20/62 (d)(f)	3,280	3,267
Series 2013-H19:
Class FC, 0.851% 8/20/63 (d)(f)	1,198	1,191
Class FD, 0.851% 8/20/63 (d)(f)	3,301	3,284
Series 2014-H02 Class FB, 1.0795% 12/20/63 (d)(f)	39,455	39,299
Series 2014-H03 Class FA, 1.0295% 1/20/64 (d)(f)	16,163	16,111
Series 2015-H07 Class FA, 0.3% 3/20/65 (d)(f)	25,893	25,778
Series 2015-H13 Class FL, 0.7095% 5/20/63 (d)(f)	37,226	37,072
Series 2015-H19 Class FA, 0.6295% 4/20/63 (d)(f)	35,465	35,276
floater sequential payer Series 2011-150 Class D, 3% 4/20/37	111	112
planned amortization class Series 2010-31 Class BP, 5% 3/20/40	11,191	13,106
sequential payer:
Series 2011-69 Class GX, 4.5% 5/16/40	10,205	11,469
Series 2014-H12 Class KA, 2.75% 5/20/64 (f)	6,686	6,921
Series 2010-H15 Class TP, 5.15% 8/20/60 (f)	18,110	19,254
Series 2010-H17 Class XP, 5.2994% 7/20/60 (d)(f)	22,623	23,990
Series 2010-H18 Class PL, 5.01% 9/20/60 (d)(f)	16,645	17,698
Series 2012-64 Class KB, 7.9479% 5/20/41 (d)	778	911
Series 2013-124:
Class ES, 8.0987% 4/20/39 (d)(i)	6,373	7,057
Class ST, 8.232% 8/20/39 (d)(i)	11,972	13,827
Series 2015-H17 Class HA, 2.5% 5/20/65 (f)	16,753	17,106
Series 2015-H21:
Class HA, 2.5% 6/20/63 (f)	53,332	54,364
Class JA, 2.5% 6/20/65 (f)	6,464	6,589
Series 2015-H30 Class HA, 1.75% 9/20/62 (d)(f)	47,363	47,297
Series 2090-118 Class XZ, 5% 12/20/39	13,076	15,874
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $628,970)		633,255

Commercial Mortgage Securities - 7.2%
Freddie Mac:
pass-thru certificates floater Series KF01 Class A, 0.7716% 4/25/19 (d)	65	65
pass-thru certificates sequential payer Series K011 Class A2, 4.084% 11/25/20	3,740	4,133
sequential payer:
Series K006 Class A2, 4.251% 1/25/20	24,840	27,201
Series K009 Class A2, 3.808% 8/25/20	32,528	35,520
Series K027 Class A2, 2.637% 1/25/23	6,437	6,647
Series K029 Class A2, 3.32% 2/25/23 (d)	3,110	3,358
Series K030 Class A2, 3.25% 4/25/23	25,441	27,366
Series K034 Class A1, 2.669% 2/25/23	14,363	14,905
Series K037 Class A2, 3.49% 1/25/24	11,281	12,291
Series K717 Class A2, 2.991% 9/25/21	10,946	11,541
Series K032 Class A1, 3.016% 2/25/23	24,565	25,792
Series K039 Class A2, 3.303% 7/25/24	24,645	26,507
Series K042 Class A2, 2.67% 12/25/24	22,200	22,768
Series K501 Class A2, 1.655% 11/25/16	8,691	8,706
Series K716 Class A2, 3.13% 6/25/21	6,500	6,911
Series K720 Class A2, 2.716% 6/25/22	10,435	10,842
Freddie Mac Multi-family Structured pass-thru certificates:
sequential payer Series K718 Class A2, 2.791% 1/25/22	31,535	33,097
Series K044 Class A2, 2.811% 1/25/25	58,600	60,677
TOTAL COMMERCIAL MORTGAGE SECURITIES
(Cost $331,817)		338,327

Foreign Government and Government Agency Obligations - 3.4%
Israeli State:
(guaranteed by U.S. Government through Agency for International Development):
5.5% 9/18/23	72,266	89,506
5.5% 12/4/23	48	60
5.5% 4/26/24	6,065	7,613
Jordanian Kingdom:
2.503% 10/30/20	41,050	42,897
3% 6/30/25	19,267	20,611
TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS
(Cost $143,012)		160,687
	Shares	Value (000s)

Fixed-Income Funds - 23.3%
Fidelity Mortgage Backed Securities Central Fund (j)
(Cost $1,029,342)	9,872,539	1,086,769
	Maturity Amount (000s)	Value (000s)

Cash Equivalents - 1.5%
Investments in repurchase agreements in a joint trading account at 0.4%, dated 2/29/16 due 3/1/16:
(Collateralized by U.S. Government Obligations) # (k)	26,678	26,678
(Collateralized by U.S. Government Obligations) #	44,701	44,701
TOTAL CASH EQUIVALENTS
(Cost $71,379)		71,379
TOTAL INVESTMENT PORTFOLIO - 101.5%
(Cost $4,596,195)		4,745,309
NET OTHER ASSETS (LIABILITIES) - (1.5)%		(70,624)
NET ASSETS - 100%		$4,674,685

Futures Contracts

Futures Contracts
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Appreciation/(Depreciation) (000s)
Purchased
Treasury Contracts
174 CBOT 2-Year U.S. Treasury Note Contracts (United States)	June 2016	38,027	$(36)

The face value of futures purchased as a percentage of Net Assets is 0.8%

Swaps

Clearinghouse/Counterparty(1)	Expiration Date	Notional Amount(000s)(1)	Payment Received	Payment Paid	Value (000s)	Upfront Premium Received/(Paid)(000s)(2)	Unrealized Appreciation/(Depreciation) (000s)
Interest Rate Swaps
CME	Mar. 2026	$22,800	2.5%	3-month LIBOR	$1,232	$0	$1,232
CME	Mar. 2046	1,100	2.75%	3-month LIBOR	144	0	144

TOTAL INTEREST RATE SWAPS					$1,376	$0	$1,376