Fidelity® GNMA Fund

Annual Report

July 31, 2018

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions

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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.

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NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended July 31, 2018	Past 1 year	Past 5 years	Past 10 years
Fidelity® GNMA Fund	(0.71)%	2.07%	3.67%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® GNMA Fund on July 31, 2008.

The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays GNMA Index performed over the same period.

	Period Ending Values
	$14,342	Fidelity® GNMA Fund
	$14,194	Bloomberg Barclays GNMA Index

Management's Discussion of Fund Performance

Market Recap: U.S. taxable investment-grade bonds declined slightly for the 12 months ending July 31, 2018, a period in which market interest rates rose overall and the U.S. economy exhibited broad strength. The Bloomberg Barclays U.S. Aggregate Bond Index returned -0.80% for the year. Longer-term bond yields declined through September 2017, as it became clear that changes to tax, health care and fiscal policies proposed by the Trump administration would take time to develop and implement. Yields then advanced through mid-May, driven by three policy-rate hikes, plans by the U.S. Federal Reserve to gradually reduce its balance sheet and tax reform passed by calendar year-end. Indications of robust employment and improved consumer sentiment reinforced the rate-tightening cycle. Longer-term yields moderated to a degree by period end. Notably, the spread between two-year and 10-year Treasuries narrowed in the latter part of the period. Within the Bloomberg Barclays index, asset-backed securities (+0.26%) topped all major market segments, followed by other securitized sectors. Conversely, safe-haven U.S. Treasury securities returned -1.23% and corporate bonds returned -0.73%. Outside the index, riskier, non-core fixed-income segments posted gains, while Treasury Inflation-Protected Securities (TIPS) rose 0.94%, according to Bloomberg Barclays, due to expectations for higher inflation.

Comments from Co-Portfolio Managers Franco Castagliuolo and Sean Corcoran: For the annual reporting period ending July 31, 2018, the fund returned -0.71%, slightly trailing, net of fees, the -0.34% return of Bloomberg Barclays GNMA Index. We estimate that differences in the way fund holdings are priced and how benchmark holdings are priced was the main detractor from relative performance. Beyond that, the fund's yield curve positioning worked to its advantage relative to the benchmark. Specifically, the fund was underweight poor-performing securities with maturities of two years or less, and overweight outperforming bonds 10 years and longer. Elsewhere, the fund's larger-than-benchmark exposure to premium-coupon bonds, those made up of mortgages with interest rates 4.0% and higher, proved somewhat helpful. Among our best-performing high-coupon securities were Veterans Affairs mortgages. We invested in these securities early in the period at what we viewed were attractive valuations, given their faster-than-expected prepayment speeds. Since then, the securities posted solid results, given regulators' scrutiny of lenders that allegedly had encouraged repeated and unnecessary borrower refinancings.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Note to Shareholders: On December 1, 2017, Sean Corcoran became Co-Manager of the fund, replacing William Irving.

Investment Summary (Unaudited)

Coupon Distribution as of July 31, 2018

	% of fund's investments
0.01 - 0.99%	0.0
1 - 1.99%	0.0
2 - 2.99%	7.8
3 - 3.99%	53.8
4 - 4.99%	22.4
5 - 5.99%	6.9
6 - 6.99%	1.4
7 - 7.99%	0.7
8% and above	0.2

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

Asset Allocation (% of fund's net assets)

As of July 31, 2018^,^,^**
	Mortgage Securities	88.0%
	CMOs and Other Mortgage Related Securities	18.3%
	Short-Term Investments and Net Other Assets (Liabilities)^†	(6.3)%

* GNMA Securities - 106.0%

** Futures and Swaps - 5.1%

*** Written options - (10.8)%

† 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%.

Schedule of Investments July 31, 2018

Showing Percentage of Net Assets

U.S. Government and Government Agency Obligations - 0.0%
	Principal Amount (000s)	Value (000s)
U.S. Treasury Obligations - 0.0%
U.S. Treasury Notes 0.75% 7/15/19 (a)
(Cost $303)	303	298

U.S. Government Agency - Mortgage Securities - 91.2%
Fannie Mae - 0.1%
12 month U.S. LIBOR + 1.480% 3.298% 7/1/34 (b)(c)	34	35
12 month U.S. LIBOR + 1.495% 3.296% 1/1/35 (b)(c)	136	139
12 month U.S. LIBOR + 1.523% 3.542% 3/1/36 (b)(c)	113	117
12 month U.S. LIBOR + 1.617% 3.514% 3/1/33 (b)(c)	91	94
12 month U.S. LIBOR + 1.645% 3.589% 6/1/47 (b)(c)	96	101
12 month U.S. LIBOR + 1.690% 3.639% 8/1/35 (b)(c)	357	374
12 month U.S. LIBOR + 1.718% 3.438% 5/1/35 (b)(c)	262	270
12 month U.S. LIBOR + 1.728% 3.672% 11/1/36 (b)(c)	182	192
12 month U.S. LIBOR + 2.176% 4.193% 8/1/35 (b)(c)	205	216
6 month U.S. LIBOR + 1.510% 3.195% 2/1/33 (b)(c)(d)	24	25
6 month U.S. LIBOR + 1.535% 3.256% 3/1/35 (b)(c)	29	30
6 month U.S. LIBOR + 1.535% 3.257% 12/1/34 (b)(c)	44	45
6 month U.S. LIBOR + 1.550% 3.403% 9/1/33 (b)(c)	436	449
6 month U.S. LIBOR + 1.556% 3.552% 10/1/33 (b)(c)	18	18
6 month U.S. LIBOR + 1.565% 3.19% 7/1/35 (b)(c)	24	25
U.S. TREASURY 1 YEAR INDEX + 2.146% 3.479% 7/1/36 (b)(c)	96	100
U.S. TREASURY 1 YEAR INDEX + 2.295% 3.539% 10/1/33 (b)(c)	49	51
U.S. TREASURY 1 YEAR INDEX + 2.447% 3.875% 7/1/34 (b)(c)	531	563
U.S. TREASURY 1 YEAR INDEX + 2.460% 4.071% 9/1/34 (b)(c)	329	344
3.5% 9/1/47	390	387
3.525% 7/1/42	102	102
4.5% 8/1/48 (e)	300	311
4.5% 9/1/48 (e)	300	311
8.5% 12/1/27	38	43
9.5% 9/1/30	11	12
		4,354
Freddie Mac - 0.2%
12 month U.S. LIBOR + 1.325% 3.075% 3/1/37 (b)(c)	31	32
12 month U.S. LIBOR + 1.515% 3.265% 11/1/35 (b)(c)	95	98
12 month U.S. LIBOR + 1.600% 3.35% 7/1/35 (b)(c)	62	64
12 month U.S. LIBOR + 1.860% 3.61% 8/1/34 (b)(c)	123	128
12 month U.S. LIBOR + 1.864% 4.239% 4/1/36 (b)(c)(d)	141	148
12 month U.S. LIBOR + 1.961% 4.493% 6/1/33 (b)(c)	672	704
12 month U.S. LIBOR + 2.197% 3.898% 3/1/33 (b)(c)	3	3
6 month U.S. LIBOR + 1.608% 3.979% 12/1/35 (b)(c)	64	65
6 month U.S. LIBOR + 1.932% 3.84% 10/1/36 (b)(c)	300	311
6 month U.S. LIBOR + 1.976% 4.073% 10/1/35 (b)(c)	220	229
U.S. TREASURY 1 YEAR INDEX + 2.035% 3.899% 6/1/33 (b)(c)	281	293
U.S. TREASURY 1 YEAR INDEX + 2.233% 3.505% 12/1/35 (b)(c)	1,661	1,745
U.S. TREASURY 1 YEAR INDEX + 2.275% 4.211% 6/1/33 (b)(c)	570	596
U.S. TREASURY 1 YEAR INDEX + 2.418% 3.705% 3/1/35 (b)(c)	1,143	1,209
8.5% 6/1/25	12	13
		5,638
Ginnie Mae - 90.9%
3% 5/15/27 to 6/20/48	990,593	970,081
3.7% 10/15/42	10,546	10,710
4% 5/15/44	2,621	2,695
4% 8/1/48 (e)	5,000	5,112
4% 8/1/48 (e)	5,000	5,112
4.5% 7/15/33 to 3/20/47	143,712	151,306
4.75% 7/15/40	1,138	1,207
4.875% 9/15/39 to 12/15/39	6,975	7,428
5.09% 4/15/36 to 11/15/36	6,494	6,969
5.15% 2/15/36 to 4/15/36	793	839
5.2% 7/15/36	65	69
5.25% 4/15/36 to 4/15/37	666	705
5.39% 5/15/36	345	368
5.4% 8/15/36	91	97
5.45% 2/15/37	849	908
5.5% 12/20/18 to 2/20/42	9,640	10,414
5.6% 11/15/36	468	501
5.65% 4/15/37	210	225
5.85% 1/15/37	115	124
6.45% 1/15/32 to 8/15/32	361	401
6.5% 7/15/23 to 1/15/39	8,592	9,573
7% 4/15/22 to 9/20/34	16,741	18,778
7.25% 9/15/27	39	44
7.5% 9/15/21 to 9/20/32	6,603	7,394
8% 1/15/20 to 9/15/31	1,758	1,989
8.5% 9/15/21 to 2/15/31	163	190
9% 9/15/19 to 5/15/30	96	103
2.5% 2/20/41 to 3/20/43	45,320	42,998
3.25% 2/20/41 to 7/20/46	2,720	2,733
3.5% 9/15/26 to 2/20/48 (a)(f)	1,340,207	1,347,404
3.5% 8/1/48 (e)	10,000	10,005
3.5% 8/1/48 (e)	92,100	92,151
3.5% 8/1/48 (e)	61,900	61,934
3.5% 8/1/48 (e)	6,400	6,404
3.5% 8/1/48 (e)	20,700	20,711
3.5% 8/1/48 (e)	20,600	20,611
3.74% 7/20/42 to 8/20/42	1,231	1,252
3.75% 10/20/41 to 7/20/47	29,538	29,884
4% 2/20/33 to 7/20/47	528,423	543,561
4% 8/1/48 (e)	139,800	142,919
4% 8/1/48 (e)	5,000	5,112
4.25% 1/20/46	675	698
4.5% 8/1/48 (e)	118,350	122,881
4.5% 9/1/48 (e)	118,350	122,691
5% 10/15/18 to 4/15/41	106,796	114,611
5.35% 4/20/29 to 12/20/30	10,036	10,674
6% 12/15/23 to 3/15/39	14,391	15,826
7.395% 6/20/25 to 2/20/27	414	450
		3,928,852
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES
(Cost $4,027,234)		3,938,844

Collateralized Mortgage Obligations - 18.3%
U.S. Government Agency - 18.3%
Fannie Mae planned amortization class Series G93-32 Class PJ, 6.75% 9/25/23	1,442	1,530
Fannie Mae Stripped Mortgage-Backed Securities:
Series 331 Class 12, 6.5% 2/25/33 (b)(d)	$252	$53
Series 339 Class 5, 5.5% 7/25/33 (d)	325	69
Series 343 Class 16, 5.5% 5/25/34 (d)	279	51
Freddie Mac:
planned amortization class:
Series 2220 Class PD, 8% 3/15/30	636	730
Series 40 Class K, 6.5% 8/17/24	150	159
sequential payer Series 2204 Class N, 7.5% 12/20/29	1,242	1,406
Ginnie Mae guaranteed Multi-family REMIC pass-thru securities sequential payer Series 2002-71 Class Z, 5.5% 10/20/32	5,353	5,718
Ginnie Mae guaranteed REMIC pass-thru certificates:
floater:
Series 2001-22 Class FM, 1 month U.S. LIBOR + 0.350% 2.4338% 5/20/31 (b)(c)	112	112
Series 2002-41 Class HF, 1 month U.S. LIBOR + 0.400% 2.4851% 6/16/32(b)(c)	136	137
Series 2007-37 Class TS, 6.690% - 1 month U.S. LIBOR 4.6049% 6/16/37 (b)(d)(g)	1,582	258
Series 2008-51 Class FE, 1 month U.S. LIBOR + 0.750% 2.8351% 6/16/38 (b)(c)	335	339
Series 2008-57 Class AF, 1 month U.S. LIBOR + 0.580% 2.6663% 7/20/38 (b)(c)	1,043	1,054
Series 2010-130 Class KF, 1 month U.S. LIBOR + 0.650% 2.7351% 10/16/40 (b)(c)	2,274	2,310
Series 2010-H03 Class FA, 1 month U.S. LIBOR + 0.550% 2.6529% 3/20/60 (b)(c)(h)	21,235	21,321
Series 2010-H17 Class FA, 1 month U.S. LIBOR + 0.330% 2.4329% 7/20/60 (b)(c)(h)	12,720	12,703
Series 2010-H18 Class AF, 1 month U.S. LIBOR + 0.300% 2.3047% 9/20/60 (b)(c)(h)	15,551	15,517
Series 2010-H19 Class FG, 1 month U.S. LIBOR + 0.300% 2.3047% 8/20/60 (b)(c)(h)	17,186	17,148
Series 2010-H27 Series FA, 1 month U.S. LIBOR + 0.380% 2.3847% 12/20/60 (b)(c)(h)	5,110	5,110
Series 2011-H05 Class FA, 1 month U.S. LIBOR + 0.500% 2.5047% 12/20/60 (b)(c)(h)	8,566	8,589
Series 2011-H07 Class FA, 1 month U.S. LIBOR + 0.500% 2.5047% 2/20/61 (b)(c)(h)	3,871	3,879
Series 2011-H12 Class FA, 1 month U.S. LIBOR + 0.490% 2.4947% 2/20/61 (b)(c)(h)	21,148	21,190
Series 2011-H13 Class FA, 1 month U.S. LIBOR + 0.500% 2.5047% 4/20/61 (b)(c)(h)	6,940	6,960
Series 2011-H14:
Class FB, 1 month U.S. LIBOR + 0.500% 2.5047% 5/20/61 (b)(c)(h)	8,519	8,547
Class FC, 1 month U.S. LIBOR + 0.500% 2.5047% 5/20/61 (b)(c)(h)	7,833	7,857
Series 2011-H17 Class FA, 1 month U.S. LIBOR + 0.530% 2.4471% 6/20/61 (b)(c)(h)	10,359	10,394
Series 2011-H21 Class FA, 1 month U.S. LIBOR + 0.600% 2.6047% 10/20/61 (b)(c)(h)	11,575	11,636
Series 2012-48 Class FA, 1 month U.S. LIBOR + 0.350% 2.4351% 4/16/42 (b)(c)	736	739
Series 2012-76 Class GF 1 month U.S. LIBOR + 0.300% 2.3851% 6/16/42 (b)(c)	811	813
Series 2012-H01 Class FA, 1 month U.S. LIBOR + 0.700% 2.7047% 11/20/61 (b)(c)(h)	10,315	10,398
Series 2012-H03 Class FA, 1 month U.S. LIBOR + 0.700% 2.7047% 1/20/62 (b)(c)(h)	6,780	6,832
Series 2012-H06 Class FA, 1 month U.S. LIBOR + 0.630% 2.6347% 1/20/62 (b)(c)(h)	10,017	10,079
Series 2012-H07 Class FA, 1 month U.S. LIBOR + 0.630% 2.6347% 3/20/62 (b)(c)(h)	6,236	6,270
Series 2012-H21 Class DF, 1 month U.S. LIBOR + 0.650% 2.6547% 5/20/61 (b)(c)(h)	928	931
Series 2012-H26, Class CA, 1 month U.S. LIBOR + 0.530% 2.5347% 7/20/60 (b)(c)(h)	15,819	15,846
Series 2015-H13 Class FL, 1 month U.S. LIBOR + 0.280% 2.2847% 5/20/63 (b)(c)(h)	4,861	4,862
Series 2015-H19 Class FA, 1 month U.S. LIBOR + 0.200% 2.2047% 4/20/63 (b)(c)(h)	6,382	6,380
Series 2016-12 Class FA, 1 month U.S. LIBOR + 0.350% 2.4338% 1/20/46 (b)(c)	3,285	3,297
planned amortization class:
Series 2002-50 Class PE, 6% 7/20/32	2,354	2,584
Series 2003-74 Class PZ, 5.5% 8/20/33	3,968	4,393
Series 2004-19 Class DP, 5.5% 3/20/34	53	55
Series 2005-24 Class TC, 5.5% 3/20/35	5,040	5,357
Series 2005-57 Class PB, 5.5% 7/20/35	5,673	6,268
Series 2006-50 Class JC, 5% 6/20/36	2,654	2,769
Series 2010-117 Class E, 3% 10/20/39	10,076	10,024
Series 2010-158 Class MS, 10.000% - 1 month U.S. LIBOR 5.8275% 12/20/40 (b)(g)	5,627	5,629
Series 2010-160 Class MX, 4.5% 8/20/39	5,414	5,561
Series 2011-136 Class WI, 4.5% 5/20/40 (d)	2,155	258
Series 2015-24 Class PI, 3.5% 2/20/45 (d)	25,732	4,561
Series 2017-134 Class BA, 2.5% 11/20/46	1,096	1,047
sequential payer:
Series 2001-40 Class Z, 6% 8/20/31	920	993
Series 2001-49 Class Z, 7% 10/16/31	525	593
Series 2002-18 Class ZB, 6% 3/20/32	850	926
Series 2002-24 Class SK, 7.950% - 1 month U.S. LIBOR 5.8649% 4/16/32 (b)(d)(g)	655	102
Series 2002-29:
Class SK, 43.250% - 1 month U.S. LIBOR 8.25% 5/20/32 (b)(g)	81	95
Class Z, 6.5% 5/16/32	1,258	1,406
Series 2002-33 Class ZJ, 6.5% 5/20/32	896	1,003
Series 2002-42 Class ZA, 6% 6/20/32	602	656
Series 2002-45 Class Z, 6% 6/20/32	368	405
Series 2003-75 Class ZA, 5.5% 9/20/33	2,221	2,399
Series 2004-24 Class ZM, 5% 4/20/34	4,770	5,073
Series 2004-46 Class BZ, 6% 6/20/34	2,721	3,003
Series 2004-86 Class G, 6% 10/20/34	6,273	7,359
Series 2005-26 Class ZA, 5.5% 1/20/35	20,183	21,826
Series 2005-28 Class AJ, 5.5% 4/20/35	3,586	3,690
Series 2005-47 Class ZY, 6% 6/20/35	8,752	9,733
Series 2005-6 Class EX, 5.5% 11/20/34	1,001	1,124
Series 2005-82 Class JV, 5% 6/20/35	3,500	3,746
Series 2006-2 Class Z, 5.5% 1/20/36	9,306	10,072
Series 2008-17 Class BN, 5% 2/20/38	3,807	3,990
Series 2010-160 Class DY, 4% 12/20/40	50,072	51,363
Series 2010-168 Class BG, 4% 4/20/40	9,090	9,345
Series 2010-170 Class B, 4% 12/20/40	8,036	8,243
Series 2011-21 Class SB, 9.500% - 1 month U.S. LIBOR 5.3299% 2/16/41 (b)(g)	15,000	14,482
Series 2011-29 Class BV, 5% 5/20/40	10,483	10,990
Series 2011-72 Class SE, 7.420% - 1 month U.S. LIBOR 4.5009% 5/16/41 (b)(g)	30,948	29,951
Series 2016-H04 Class FE, 1 month U.S. LIBOR + 0.650% 2.6547% 11/20/65 (b)(c)(h)	3,839	3,849
Series 2000-35 Class SA, 7.950% - 1 month U.S. LIBOR 5.8649% 12/16/26 (b)(d)(g)	1,409	196
Series 2000-36 Class S, 7.950% - 1 month U.S. LIBOR 5.8649% 11/16/30 (b)(d)(g)	1,034	130
Series 2001-36:
Class SB, 8.100% - 1 month U.S. LIBOR 6.0149% 12/16/23 (b)(d)(g)	421	42
Class SP, 8.750% - 1 month U.S. LIBOR 6.6649% 9/16/26 (b)(d)(g)	227	20
Series 2001-49:
Class SC, 7.600% - 1 month U.S. LIBOR 5.5149% 12/16/25 (b)(d)(g)	574	55
Class SL, 7.600% - 1 month U.S. LIBOR 5.5149% 5/16/30 (b)(d)(g)	884	113
Class SV, 8.250% - 1 month U.S. LIBOR 6.1649% 12/16/28 (b)(d)(g)	66	6
Series 2001-50:
Class SD, 8.200% - 1 month U.S. LIBOR 6.1163% 11/20/31 (b)(d)(g)	519	89
Class ST, 7.700% - 1 month U.S. LIBOR 5.6284% 8/16/27 (b)(d)(g)	224	29
Class SV, 9.300% - 1 month U.S. LIBOR 7.2284% 9/16/27 (b)(d)(g)	406	37
Series 2001-65 Class SV, 8.100% - 1 month U.S. LIBOR 6.0138% 2/20/29 (b)(d)(g)	1,232	176
Series 2002-21 Class SV, 8.100% - 1 month U.S. LIBOR 6.0149% 3/16/32 (b)(d)(g)	1,556	245
Series 2003-23 Class S, 6.550% - 1 month U.S. LIBOR 4.4649% 12/16/29 (b)(d)(g)	1,581	186
Series 2003-42 Class SH, 6.550% - 1 month U.S. LIBOR 4.4638% 5/20/33 (b)(d)(g)	690	105
Series 2004-32:
Class GS, 6.500% - 1 month U.S. LIBOR 4.4149% 5/16/34 (b)(d)(g)	467	64
Class SG, 6.500% - 1 month U.S. LIBOR 4.4138% 3/20/33 (b)(d)(g)	7,241	917
Series 2004-59 Class SC, 7.200% - 1 month U.S. LIBOR 5.1149% 8/16/34 (b)(d)(g)	2,806	490
Series 2004-73 Class AL, 7.200% - 1 month U.S. LIBOR 5.1284% 8/17/34 (b)(d)(g)	1,024	179
Series 2005-13 Class SA, 6.800% - 1 month U.S. LIBOR 4.7138% 2/20/35 (b)(d)(g)	5,390	833
Series 2005-6 Class EY, 5.5% 11/20/33	1,016	1,110
Series 2005-82 Class NS, 6.300% - 1 month U.S. LIBOR 4.2138% 7/20/34 (b)(d)(g)	5,505	759
Series 2006-13 Class DS, 11.100% - 1 month U.S. LIBOR 7.9706% 3/20/36 (b)(g)	5,305	5,967
Series 2007-35 Class SC, 40.200% - 1 month U.S. LIBOR 27.6896% 6/16/37 (b)(g)	1,608	2,555
Series 2008-15 Class CI, 6.490% - 1 month U.S. LIBOR 4.4038% 2/20/38 (b)(d)(g)	2,345	337
Series 2009-13 Class E, 4.5% 3/16/39	4,540	4,665
Series 2009-42 Class AY, 5% 6/16/37	3,089	3,264
Series 2010-14 Class SN, 5.950% - 1 month U.S. LIBOR 3.8784% 2/16/40 (b)(d)(g)	3,845	439
Series 2010-H10 Class FA, 1 month U.S. LIBOR + 0.330% 2.4329% 5/20/60 (b)(c)(h)	9,102	9,090
Series 2011-52 Class HI, 7% 4/16/41 (d)	713	159
Series 2011-54 Class SA, 6.000% - 1 month U.S. LIBOR 3.9138% 4/20/41 (b)(d)(g)	10,053	1,385
Series 2012-103 Class IL, 3% 8/20/27 (d)	36,721	3,201
Series 2012-64 Class KI, 3.5% 11/20/36 (d)	1,641	119
Series 2012-76 Class GS, 6.700% - 1 month U.S. LIBOR 4.6149% 6/16/42 (b)(d)(g)	2,462	362
Series 2013-124:
Class ES, 8.667% - 1 month U.S. LIBOR 5.885% 4/20/39 (b)(g)	4,636	4,698
Class ST, 8.800% - 1 month U.S. LIBOR 6.0183% 8/20/39 (b)(g)	14,246	14,553
Series 2013-149 Class MA, 2.5% 5/20/40	57,374	55,501
Series 2013-182 Class IQ, 4.5% 12/16/43 (d)	9,129	1,949
Series 2013-39 Class GS, 9.500% - 1 month U.S. LIBOR 5.3275% 3/20/41 (b)(g)	42,723	42,139
Series 2014-2 Class BA, 3% 1/20/44	9,747	9,544
Series 2014-21 Class HA, 3% 2/20/44	4,386	4,300
Series 2014-25 Class HC, 3% 2/20/44	6,464	6,320
Series 2014-5 Class A, 3% 1/20/44	5,840	5,719
Series 2015-H17 Class HA, 2.5% 5/20/65 (h)	19,294	19,185
Series 2015-H21:
Class HZ, 4.5494% 6/20/63 (b)(h)	5,689	5,807
Class JZ, 4.636% 6/20/65 (b)(h)	1,142	1,175
Series 2016-146 Class AL, 5.8316% 5/20/40 (b)	5,166	5,714
Series 2016-17 Class A, 3% 2/16/46	33,782	33,176
Series 2017-75 Class PT, 5.7235% 4/20/47 (b)	26,253	28,414
Series 2017-H06 Class FA, U.S. TREASURY 1 YEAR INDEX + 0.350% 2.58% 8/20/66 (b)(c)(h)	29,571	29,610
		791,275
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $807,536)		791,275

Commercial Mortgage Securities - 0.0%
Ginnie Mae guaranteed Multi-family REMIC pass-thru securities:
sequential payer Series 2001-58 Class X, 0.4902% 9/16/41 (b)(d)	4,284	24
Series 2001-12 Class X, 0.643% 7/16/40 (b)(d)	1,205	1
Ginnie Mae guaranteed REMIC pass-thru certificates:
sequential payer Series 2002-81 Class IO, 0.9916% 9/16/42 (b)(d)	3,916	93
Series 2002-62 Class IO, 1.0877% 8/16/42 (b)(d)	2,081	24
TOTAL COMMERCIAL MORTGAGE SECURITIES
(Cost $6,352)		142
	Shares	Value (000s)

Money Market Funds - 4.5%
Fidelity Cash Central Fund, 1.96% (i)
(Cost $196,275)	196,235,837	196,275
TOTAL INVESTMENT IN SECURITIES - 114.0%
(Cost $5,037,700)		4,926,834
NET OTHER ASSETS (LIABILITIES) - (14.0)%		(606,006)
NET ASSETS - 100%		$4,320,828

TBA Sale Commitments
	Principal Amount (000s)	Value (000s)
Fannie Mae
4.5% 8/1/48	$(300)	$(311)
Ginnie Mae
4% 8/1/48	(5,000)	(5,112)
4% 8/1/48	(5,000)	(5,112)
3.5% 8/1/48	(3,700)	(3,702)
3.5% 8/1/48	(3,000)	(3,002)
4.5% 8/1/48	(118,350)	(122,881)

TOTAL GINNIE MAE		(139,809)

TOTAL TBA SALE COMMITMENTS
(Proceeds $140,089)		$(140,120)

Written Swaptions
	Expiration Date	Notional Amount	Value (000s)
Put Swaptions
Option on an interest rate swap with Goldman Sachs Bank U.S.A. to pay semi-annually a fixed rate of 3.065% and receive quarterly a floating rate based on 3-month LIBOR, expiring January 2028	2/5/21	90,750	$(2,578)
Option on an interest rate swap with JPMorgan Chase Bank NA to pay semi-annually a fixed rate of 2.975% and receive quarterly a floating rate based on 3-month LIBOR, expiring July 2028	7/12/21	136,000	(4,597)
TOTAL PUT SWAPTIONS			(7,175)
Call Swaptions
Option on an interest rate swap with Goldman Sachs Bank U.S.A. to receive semi-annually a fixed rate of 3.065% and pay quarterly a floating rate based on 3-month LIBOR, expiring January 2028	2/5/21	90,750	(2,620)
Option on an interest rate swap with JPMorgan Chase Bank NA to receive semi-annually a fixed rate of 2.975% and pay quarterly a floating rate based on 3-month LIBOR, expiring July 2028	7/12/21	136,000	(3,884)
TOTAL CALL SWAPTIONS			(6,504)
TOTAL WRITTEN SWAPTIONS			$(13,679)

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount (000s)	Value (000s)	Unrealized Appreciation/(Depreciation) (000s)
Purchased
Treasury Contracts
CBOT 10-Year U.S. Treasury Note Contracts (United States)	12	Sept. 2018	$1,433	$1	$1
Sold
Treasury Contracts
CBOT 2-Year U.S. Treasury Note Contracts (United States)	139	Sept. 2018	29,381	4	4
CBOT 5-Year U.S. Treasury Note Contracts (United States)	567	Sept. 2018	64,142	(200)	(200)
CBOT Long Term U.S. Treasury Bond Contracts (United States)	111	Sept. 2018	15,870	24	24
CBOT Ultra 10-Year U.S. Treasury Note Contracts (United States)	829	Sept. 2018	105,374	(1,136)	(1,136)
CBOT Ultra Long Term U.S. Treasury Bond Contracts (United States)	36	Sept. 2018	5,649	40	40
TOTAL SOLD					(1,268)
TOTAL FUTURES CONTRACTS					$(1,267)

The notional amount of futures purchased as a percentage of Net Assets is 0.0%

The notional amount of futures sold as a percentage of Net Assets is 5.1%

For the period, the average monthly underlying face amount at value for futures contracts in the aggregate was $218,178,000.

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 $2,150,000.

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

(c) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

(d) 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.

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

(f) Security or a portion of the security has been segregated as collateral for mortgage-backed or asset-backed securities purchased on a delayed delivery or when-issued basis. At period end, the value of securities pledged amounted to $950,000.

(g) 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.

(h) 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.

(i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. 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.

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 Cash Central Fund	$1,003
Total	$1,003

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2018, 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	$298	$--	$298	$--
U.S. Government Agency - Mortgage Securities	3,938,844	--	3,938,844	--
Collateralized Mortgage Obligations	791,275	--	791,275	--
Commercial Mortgage Securities	142	--	142	--
Money Market Funds	196,275	196,275	--	--
Total Investments in Securities:	$4,926,834	$196,275	$4,730,559	$--
Derivative Instruments:
Assets
Futures Contracts	$69	$69	$--	$--
Total Assets	$69	$69	$--	$--
Liabilities
Futures Contracts	$(1,336)	$(1,336)	$--	$--
Written Swaptions	(13,679)	--	(13,679)	--
Total Liabilities	$(15,015)	$(1,336)	$(13,679)	$--
Total Derivative Instruments:	$(14,946)	$(1,267)	$(13,679)	$--
Other Financial Instruments:
TBA Sale Commitments	$(140,120)	$--	$(140,120)	$--
Total Other Financial Instruments:	$(140,120)	$--	$(140,120)	$--

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of July 31, 2018. 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
	Asset	Liability
(Amounts in thousands)
Interest Rate Risk
Futures Contracts^(a)	$69	$(1,336)
Written Swaptions^(b)	0	(13,679)
Total Interest Rate Risk	69	(15,015)
Total Value of Derivatives	$69	$(15,015)

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

(b) Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.

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 amount)		July 31, 2018
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $4,841,425)	$4,730,559
Fidelity Central Funds (cost $196,275)	196,275
Total Investment in Securities (cost $5,037,700)		$4,926,834
Cash		1,923
Receivable for investments sold		236
Receivable for premium on written options		14,590
Receivable for TBA sale commitments		140,089
Receivable for fund shares sold		1,922
Interest receivable		11,924
Distributions receivable from Fidelity Central Funds		164
Other receivables		52
Total assets		5,097,734
Liabilities
TBA sale commitments, at value	$140,120
Payable for investments purchased on a delayed delivery basis	616,804
Payable for fund shares redeemed	3,726
Distributions payable	698
Accrued management fee	1,106
Payable for daily variation margin on futures contracts	196
Written options, at value (premium receivable $14,590)	13,679
Other affiliated payables	524
Other payables and accrued expenses	53
Total liabilities		776,906
Net Assets		$4,320,828
Net Assets consist of:
Paid in capital		$4,475,874
Distributions in excess of net investment income		(16,835)
Accumulated undistributed net realized gain (loss) on investments		(26,958)
Net unrealized appreciation (depreciation) on investments		(111,253)
Net Assets, for 388,666 shares outstanding		$4,320,828
Net Asset Value, offering price and redemption price per share ($4,320,828 ÷ 388,666 shares)		$11.12

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

Statement of Operations

Amounts in thousands		Year ended July 31, 2018
Investment Income
Interest		$129,585
Income from Fidelity Central Funds		1,003
Total income		130,588
Expenses
Management fee	$14,659
Transfer agent fees	4,787
Fund wide operations fee	2,080
Independent trustees' fees and expenses	16
Commitment fees	14
Total expenses before reductions	21,556
Expense reductions	(2)
Total expenses after reductions		21,554
Net investment income (loss)		109,034
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(28,663)
Fidelity Central Funds	2
Futures contracts	9,848
Swaps	2,855
Total net realized gain (loss)		(15,958)
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	(128,429)
Fidelity Central Funds	(2)
Futures contracts	(1,280)
Swaps	(563)
Written options	911
Delayed delivery commitments	(169)
Total change in net unrealized appreciation (depreciation)		(129,532)
Net gain (loss)		(145,490)
Net increase (decrease) in net assets resulting from operations		$(36,456)

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

Statement of Changes in Net Assets

Amounts in thousands	Year ended July 31, 2018	Year ended July 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$109,034	$118,833
Net realized gain (loss)	(15,958)	(14,717)
Change in net unrealized appreciation (depreciation)	(129,532)	(109,338)
Net increase (decrease) in net assets resulting from operations	(36,456)	(5,222)
Distributions to shareholders from net investment income	(106,413)	(112,811)
Distributions to shareholders from net realized gain	–	(22,284)
Distributions to shareholders from tax return of capital	–	(2,531)
Total distributions	(106,413)	(137,626)
Share transactions
Proceeds from sales of shares	438,592	847,715
Reinvestment of distributions	94,806	123,889
Cost of shares redeemed	(1,285,460)	(1,988,083)
Net increase (decrease) in net assets resulting from share transactions	(752,062)	(1,016,479)
Total increase (decrease) in net assets	(894,931)	(1,159,327)
Net Assets
Beginning of period	5,215,759	6,375,086
End of period	$4,320,828	$5,215,759
Other Information
Distributions in excess of net investment income end of period	$(16,835)	$(20,629)
Shares
Sold	38,839	73,572
Issued in reinvestment of distributions	8,411	10,759
Redeemed	(114,164)	(173,482)
Net increase (decrease)	(66,914)	(89,151)

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

Financial Highlights

Fidelity GNMA Fund


Years ended July 31,	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$11.45	$11.70	$11.63	$11.49	$11.30
Income from Investment Operations
Net investment income (loss)^A	.257	.235	.245	.228	.257
Net realized and unrealized gain (loss)	(.337)	(.215)	.128	.130	.252
Total from investment operations	(.080)	.020	.373	.358	.509
Distributions from net investment income	(.250)	(.224)	(.244)	(.218)	(.252)^B
Distributions from net realized gain	–	(.041)	(.059)	–	(.067)^B
Distributions from tax return of capital	–	(.005)	–	–	–
Total distributions	(.250)	(.270)	(.303)	(.218)	(.319)
Net asset value, end of period	$11.12	$11.45	$11.70	$11.63	$11.49
Total Return^C	(.71)%	.19%	3.26%	3.13%	4.58%
Ratios to Average Net Assets^D,^E
Expenses before reductions	.45%	.45%	.45%	.45%	.45%
Expenses net of fee waivers, if any	.45%	.45%	.45%	.45%	.45%
Expenses net of all reductions	.45%	.45%	.45%	.45%	.45%
Net investment income (loss)	2.28%	2.04%	2.11%	1.96%	2.26%
Supplemental Data
Net assets, end of period (in millions)	$4,321	$5,216	$6,375	$5,945	$6,683
Portfolio turnover rate^F	252%	270%	304%	450%	409%

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

^B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

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

^D 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.

^E Expense ratios reflect operating expenses of the Fund. 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 Fund 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 Fund.

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

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

Notes to Financial Statements

For the period ended July 31, 2018
(Amounts in thousands except percentages)

1. Organization.

Fidelity GNMA Fund (the Fund) is a fund of Fidelity Income Fund (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. 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.

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.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

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 are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. 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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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. 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. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities 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. Options traded over-the-counter are valued using vendor or broker-supplied valuations and are categorized as Level 2 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.

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 July 31, 2018 is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

Expenses. 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), certain independent Trustees have elected 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 of $52 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.

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. As of July 31, 2018, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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.

Distributions 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 and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

For the period ended July 31, 2017, the Fund's distributions exceeded the aggregate amount of taxable income and net realized gains resulting in a return of capital for tax purposes. This was due to reductions in taxable income available for distribution after certain distributions had been made.

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, deferred trustees compensation, capital loss carryforwards, and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$21,591
Gross unrealized depreciation	(142,168)
Net unrealized appreciation (depreciation)	$(120,577)
Tax Cost	$5,033,702

The tax-based components of distributable earnings as of period end were as follows:

Capital loss carryforward	$(27,720)
Net unrealized appreciation (depreciation) on securities and other investments	$(120,577)

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

No expiration
Short-term	$(15,643)
Long-term	(12,077)
Total capital loss carryforward	$(27,720)

The tax character of distributions paid was as follows:

	July 31, 2018	July 31, 2017
Ordinary Income	$106,413	$ 126,407
Long-term Capital Gains	0	8,688
Tax Return of Capital	0	2,531
Total	$106,413	$ 137,626

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.

New Accounting Pronouncement. In March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2017-08, which amends the amortization period for certain callable debt securities that are held at a premium. The amendment requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount. The ASU is effective for annual periods beginning after December 15, 2018. Management is currently evaluating the potential impact of these changes to the financial statements.

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, options 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.

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain OTC derivatives such as options, the Fund attempts to reduce its exposure to counterparty credit risk by entering into an International Swaps and Derivatives Association, Inc. (ISDA) Master Agreement with each of its counterparties. The ISDA Master Agreement gives the Fund the right to terminate all transactions traded under such agreement upon the deterioration in the credit quality of the counterparty beyond specified levels. The ISDA Master Agreement gives each party the right, upon an event of default by the other party or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net payable by one party to the other. To mitigate counterparty credit risk on bi-lateral OTC derivatives, the Fund receives collateral in the form of cash or securities once the Fund's net unrealized appreciation on outstanding derivative contracts under an ISDA Master Agreement exceeds certain applicable thresholds, subject to certain minimum transfer provisions. The collateral received is held in segregated accounts with the Fund's custodian bank in accordance with the collateral agreements entered into between the Fund, the counterparty and the Fund's custodian bank. The Fund could experience delays and costs in gaining access to the collateral even though it is held by the Fund's custodian bank. The Fund's maximum risk of loss from counterparty credit risk related to bi-lateral OTC derivatives is generally the aggregate unrealized appreciation and unpaid counterparty payments in excess of any collateral pledged by the counterparty to the Fund. For OTC written options with upfront premiums received, the Fund is obligated to perform and therefore does not have counterparty risk. For OTC written options with premiums to be received at a future date, the maximum risk of loss from counterparty credit risk is the amount of the premium in excess of any collateral pledged by the counterparty. The Fund may be required to pledge collateral for the benefit of the counterparties on bi-lateral OTC derivatives in an amount not less than each counterparty's unrealized appreciation on outstanding derivative contracts, subject to certain minimum transfer provisions, and any such pledged collateral is identified in the Schedule of Investments. Exchange-traded futures contracts are not covered by the ISDA Master Agreement; however counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade. Counterparty credit risk related to centrally cleared OTC swaps may be mitigated by the protection provided by the clearinghouse.

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	$9,848	$(1,280)
Swaps	2,855	(563)
Written Options	–	911
Totals	$12,703	$(932)

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 on futures contracts 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 presented 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 notional amount at value reflects each contract's exposure to the underlying instrument or index at period end. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

Options. Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date. The Fund uses OTC options, such as swaptions, which are options where the underlying instrument is a swap, to manage its exposure to fluctuations in interest rates.

Upon entering into an options contract, a fund will pay or receive a premium. Premiums paid on purchased options are reflected as cost of investments and premiums received on written options are reflected as a liability on the Statement of Assets and Liabilities. Certain options may be purchased or written with premiums to be paid or received on a future date. Options are valued daily and any unrealized appreciation (depreciation) is reflected on the Statement of Assets and Liabilities. When an option is exercised, the cost or proceeds of the underlying instrument purchased or sold is adjusted by the amount of the premium. When an option is closed the Fund will realize a gain or loss depending on whether the proceeds or amount paid for the closing sale transaction is greater or less than the premium received or paid. When an option expires, gains and losses are realized to the extent of premiums received and paid, respectively. The net realized and unrealized gains (losses) on purchased options are included in the Statement of Operations in net realized gain (loss) and change in net unrealized appreciation (depreciation) on investment securities. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

Any open options at period end are presented in the Schedule of Investments under the captions "Purchased Options," "Purchased Swaptions," "Written Options" and "Written Swaptions," as applicable, and are representative of volume of activity during the period.

Writing puts and buying calls tend to increase exposure to the underlying instrument while buying puts and writing calls tend to decrease exposure to the underlying instrument. For purchased options, risk of loss is limited to the premium paid, and for written options, risk of loss is the change in value in excess of the premium received.

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. 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 on centrally cleared OTC swaps 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 presented in the Statement of Operations.

Any open swaps at period end are included in the Schedule of Investments under the caption "Swaps". For the period, the average monthly notional amount for swaps in the aggregate was $28,996.

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, other than short-term securities and U.S. government securities, aggregated $0 and $14,590 respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. 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 annual management fee rate was .31% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives an asset-based fee of .10% of the Fund's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

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, 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 annual 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 $14 and is reflected in Commitment fees on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's management fee. During the period, these credits reduced the Fund's management fee by expenses by $2.

9. 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.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Income Fund and Shareholders of Fidelity GNMA Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity GNMA Fund (one of the funds constituting Fidelity Income Fund, referred to hereafter as the "Fund") as of July 31, 2018, the related statement of operations for the year ended July 31, 2018, the statement of changes in net assets for each of the two years in the period ended July 31, 2018, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2018 and the financial highlights for each of the five years in the period ended July 31, 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2018 by correspondence with the custodian, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

September 14, 2018

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 257 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Marie L. Knowles serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity^® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity^® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity^® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity^® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity^® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity^® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present) and Chairman and Director of FMR (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity^® funds (2001-2005), and managed a number of Fidelity^® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee of other Fidelity^® funds. Ms. McAuliffe previously served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.

* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Ms. Acton also serves as Trustee of other Fidelity^® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity^® funds (2013-2016).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity^® funds. He serves on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a Member of the Advisory Board of certain Fidelity^® funds (2014-2016), president of the Business Roundtable (2011-2017), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.

Albert R. Gamper, Jr. (1942)

Year of Election or Appointment: 2006

Trustee

Mr. Gamper also serves as Trustee of other Fidelity^® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity^® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity^® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007), and Chase Manhattan Bank (1975-1978).

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Vice Chairman of the Independent Trustees

Mr. Johnson also serves as Trustee of other Fidelity^® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008), AGL Resources, Inc. (holding company, 2002-2016), and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Mr. Kenneally also serves as Trustee of other Fidelity^® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Chairman of the Independent Trustees

Ms. Knowles also serves as Trustee of other Fidelity^® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity^® funds (2012-2015).

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee of other Fidelity^® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

Name, Year of Birth; Principal Occupation

Ann E. Dunwoody (1953)

Year of Election or Appointment: 2018

Member of the Advisory Board

General Dunwoody also serves as a Member of the Advisory Board of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). She is the President of First to Four LLC (leadership and mentoring services, 2012-present). She also serves as a member of the Board of Directors and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor, and aerospace systems, 2013-present), Board of Directors and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and Board of Directors of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Board of Directors and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board of Directors, Chair of the Nomination and Governance Committee and member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Board of Directors of the Army Historical Foundation (2015-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present) and a member of the Board of Trustees of Florida Institute of Technology (2015-present) and ThanksUSA (military family education non-profit, 2014-present).

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.

Marc R. Bryant (1966)

Year of Election or Appointment: 2015

Secretary and Chief Legal Officer (CLO)

Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (UK) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity^® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

President and Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity^® funds (2016-2018).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

John B. McGinty, Jr. (1962)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2015

Assistant Secretary

Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).

Nancy D. Prior (1967)

Year of Election or Appointment: 2014

Vice President

Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as President Fixed Income, High Income/Emerging Market Debt and Multi Asset Class Strategies of FIAM LLC (2018-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice Chairman of FIAM LLC (investment adviser firm, 2014-2018), a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-2018), President Multi-Asset Class Strategies of FMR's Global Asset Allocation Division (2017-2018), Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity^® funds (2008-2009).

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity^® funds.

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity^® funds (2013-2016).

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management 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 (February 1, 2018 to July 31, 2018).

Actual Expenses

The first line of the accompanying table 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 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 provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's 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.

	Annualized Expense Ratio-^A	Beginning Account Value February 1, 2018	Ending Account Value July 31, 2018	Expenses Paid During Period-^B February 1, 2018 to July 31, 2018
Actual	.45%	$1,000.00	$1,001.40	$2.23
Hypothetical-^C		$1,000.00	$1,022.56	$2.26

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

^B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

A total of 0.14% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $58,677,549 of distributions paid during the period January 1, 2018 to July 31, 2018 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.

Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

MOG-ANN-0918
1.930526.107


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity GNMA Fund	$105,000	$11,800	$4,600	$6,500


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity GNMA Fund	$171,000	$16,300	$4,800	$7,900


	July 31, 2018^A	July 31, 2017^A
Audit-Related Fees	$7,605,000	$6,070,000
Tax Fees	$20,000	$160,000
All Other Fees	$-	$-


Billed By	July 31, 2018^A	July 31, 2017^A
PwC	$10,385,000	$7,525,000


Date of fiscal year end:	July 31

Date of reporting period:	July 31, 2018


(a)	(1)	Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.
(a)	(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(a)	(3)	Not applicable.
(b)		Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.


By:	/s/Laura M. Del Prato
	Laura M. Del Prato
	President and Treasurer

Date:	September 26, 2018


By:	/s/John J. Burke III
	John J. Burke III
	Chief Financial Officer

Date:	September 26, 2018