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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-4085

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

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

Eric D. Roiter, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	July 31
Date of reporting period:	October 31, 2007

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Ginnie Mae Fund

October 31, 2007

MOG-QTLY-1207

1.809097.103

Investments October 31, 2007 (Unaudited)

Showing Percentage of Net Assets

U.S. Government Agency - Mortgage Securities - 94.7%
	Principal Amount (000s)		Value (000s)
Fannie Mae - 9.8%
3.583% 9/1/33 (c)	$ 1,467		$ 1,457
3.72% 6/1/33 (c)	4,521		4,523
3.754% 10/1/33 (c)	416		415
3.783% 6/1/33 (c)	5,362		5,360
3.811% 10/1/33 (c)	3,614		3,606
3.812% 4/1/33 (c)	1,094		1,095
3.891% 9/1/33 (c)	4,130		4,133
3.969% 8/1/33 (c)	1,996		1,991
3.969% 1/1/35 (c)	8,947		9,008
3.977% 4/1/34 (c)	4,573		4,517
4.023% 6/1/34 (c)	8,455		8,347
4.028% 3/1/34 (c)	8,375		8,273
4.066% 7/1/34 (c)	12,703		12,689
4.093% 1/1/35 (c)	7,692		7,750
4.116% 4/1/34 (c)	5,535		5,474
4.123% 5/1/34 (c)	4,499		4,453
4.128% 2/1/35 (c)	14,585		14,422
4.158% 9/1/33 (c)	2,739		2,737
4.16% 8/1/34 (c)	2,340		2,316
4.223% 5/1/34 (c)	6,041		6,034
4.249% 1/1/34 (c)	1,061		1,056
4.263% 10/1/33 (c)	172		172
4.283% 6/1/33 (c)	209		210
4.286% 3/1/33 (c)	409		412
4.296% 3/1/33 (c)	187		185
4.305% 4/1/35 (c)	212		213
4.385% 10/1/34 (c)	2,010		1,991
4.449% 5/1/35 (c)	1,185		1,181
4.501% 2/1/35 (c)	19,926		20,116
4.507% 3/1/35 (c)	1,701		1,691
4.529% 8/1/34 (c)	8,857		8,879
4.532% 7/1/35 (c)	1,396		1,397
4.558% 1/1/34 (c)	10,789		10,813
4.592% 2/1/36 (c)	5,915		5,895
4.601% 8/1/35 (c)	4,846		4,876
4.604% 10/1/35 (c)	118		118
4.654% 6/1/35 (c)	1,717		1,722
4.663% 8/1/35 (c)	2,128		2,132
4.668% 8/1/35 (c)	2,344		2,347
4.709% 3/1/35 (c)	112		113
4.753% 1/1/35 (c)	1,421		1,416
4.769% 12/1/34 (c)	382		380
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
4.814% 2/1/33 (c)	$ 544		$ 549
4.822% 10/1/35 (c)	950		947
4.836% 9/1/34 (c)	1,832		1,824
4.845% 10/1/34 (c)	4,013		4,000
4.856% 1/1/35 (c)	8,763		8,770
4.87% 5/1/33 (c)	18		18
4.87% 1/1/35 (c)	1,535		1,532
4.899% 9/1/34 (c)	635		633
4.909% 3/1/33 (c)	1,219		1,217
4.977% 9/1/34 (c)	579		578
5.007% 8/1/34 (c)	298		298
5.016% 7/1/34 (c)	186		186
5.042% 5/1/35 (c)	2,322		2,339
5.044% 10/1/36 (c)	10,079		10,093
5.08% 9/1/34 (c)	359		359
5.119% 3/1/34 (c)	6,792		6,798
5.132% 3/1/35 (c)	187		187
5.176% 6/1/35 (c)	1,652		1,664
5.193% 8/1/33 (c)	531		532
5.227% 7/1/35 (c)	1,755		1,757
5.251% 11/1/36 (c)	1,270		1,278
5.297% 7/1/35 (c)	201		202
5.312% 12/1/34 (c)	524		525
5.344% 1/1/36 (c)	4,874		4,888
5.474% 11/1/36 (c)	4,672		4,704
5.483% 6/1/47 (c)	972		980
5.5% 11/1/13 to 3/1/20	16,027		16,124
5.528% 2/1/37 (c)	10,591		10,673
5.659% 4/1/37 (c)	5,402		5,457
5.791% 5/1/34 (c)	12,699		12,805
5.828% 3/1/36 (c)	3,768		3,814
5.85% 3/1/36 (c)	3,714		3,757
5.856% 12/1/35 (c)	5,383		5,424
5.938% 5/1/36 (c)	3,432		3,480
6.5% 10/1/17 to 7/1/32	14,822		15,299
7% 11/1/16 to 3/1/17	1,721		1,809
7.5% 11/1/07 to 4/1/17	1,805		1,872
8.5% 12/1/27	236		257
9.5% 9/1/30	467		521
10.25% 10/1/18	11		12
11.5% 5/1/14 to 9/1/15	30		34
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
12.5% 11/1/13 to 7/1/16	$ 63		$ 71
13.25% 9/1/11	35		40
			314,222
Freddie Mac - 5.7%
3.751% 10/1/33 (c)	4,785		4,753
3.909% 6/1/33 (c)	6,316		6,305
4.075% 7/1/35 (c)	3,007		2,991
4.08% 6/1/33 (c)	5,945		5,941
4.179% 1/1/35 (c)	6,475		6,439
4.247% 6/1/33 (c)	5,972		5,960
4.353% 6/1/35 (c)	12,505		12,438
4.384% 9/1/36 (c)	18,862		18,686
4.523% 7/1/36 (c)	4,653		4,691
4.566% 6/1/33 (c)	2,055		2,051
4.651% 5/1/35 (c)	4,241		4,238
4.67% 6/1/35 (c)	10,020		10,022
4.708% 3/1/34 (c)	6,582		6,568
4.804% 3/1/33 (c)	175		176
4.864% 10/1/35 (c)	2,626		2,615
5.115% 10/1/36 (c)	2,681		2,684
5.12% 3/1/36 (c)	11,305		11,263
5.275% 11/1/35 (c)	2,326		2,324
5.341% 10/1/35 (c)	7,655		7,701
5.455% 3/1/37 (c)	826		829
5.5% 11/1/17 to 1/1/25	12,629		12,583
5.776% 6/1/37 (c)	13,554		13,671
5.835% 5/1/37 (c)	980		987
6.387% 8/1/34 (c)	1,388		1,401
6.602% 10/1/36 (c)	11,599		11,784
6.75% 9/1/36 (c)	20,114		20,463
8.5% 2/1/09 to 6/1/25	57		61
9% 7/1/08 to 4/1/21	65		68
9.5% 7/1/30 to 8/1/30	97		110
9.75% 12/1/08 to 4/1/13	5		5
10% 1/1/09 to 11/1/20	239		262
10.25% 2/1/09 to 11/1/16	75		78
10.5% 5/1/10	2		2
11.25% 2/1/10	9		9
11.75% 11/1/11	8		9
12% 5/1/10 to 2/1/17	54		61
12.5% 11/1/12 to 5/1/15	76		86
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Freddie Mac - continued
13% 5/1/14 to 11/1/14	$ 10		$ 12
13.5% 1/1/13 to 12/1/14	5		6
			180,333
Government National Mortgage Association - 79.2%
3.5% 3/20/34	1,229		1,076
3.5% 5/20/35 (c)	1,687		1,653
3.5% 6/20/35 (c)	1,620		1,588
3.75% 4/20/35 (c)	624		614
4% 11/20/33	1,435		1,316
4% 4/20/35 (c)	9,563		9,498
4% 5/20/35 (c)	10,812		10,739
4.25% 7/20/34 (c)	1,020		1,028
4.25% 7/20/34 (c)	2,721		2,743
4.5% 7/20/33 to 4/20/34	51,980		48,823
4.5% 5/20/34 (c)	1,081		1,081
4.5% 9/20/34 (c)	4,642		4,682
4.5% 3/20/35 (c)	973		977
4.75% 4/20/34 (c)	18,920		18,963
4.75% 6/20/34 (c)	18,086		18,112
4.75% 10/20/35 (c)	4,845		4,816
5% 8/15/18 to 4/20/36	355,631		344,638
5% 4/20/37 (c)	43,072		42,746
5.5% 12/20/18 to 5/20/37	390,778		388,742
5.5% 6/20/35 (c)	3,543		3,569
5.5% 11/1/37 (a)	96,000		95,442
5.5% 11/1/37 (a)	100,000		98,883
5.5% 11/1/37 (a)	26,000		25,849
5.5% 11/20/37 (a)	205,000		203,809
5.5% 11/20/37 (a)	71,200		70,786
5.75% 8/20/35 (c)	619		622
6% 8/15/17 to 8/20/37	575,713		586,332
6% 11/1/37 (a)	44,000		44,440
6% 11/20/37 (a)	59,000		59,744
6.5% 4/15/23 to 12/15/36	198,418		205,824
6.5% 11/1/37 (a)	10,000		10,282
6.5% 11/1/37 (a)	37,000		38,042
7% 10/20/16 to 9/20/34	107,644		112,645
7.25% 9/15/27	257		271
7.395% 6/20/25 to 11/20/27	1,869		1,965
7.5% 5/15/17 to 9/20/32	42,281		44,885
8% 11/15/07 to 7/15/32	11,145		11,961
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Government National Mortgage Association - continued
8.5% 7/15/08 to 2/15/31	$ 3,832		$ 4,149
9% 2/15/09 to 5/15/30	1,609		1,776
9.5% 12/20/15 to 4/20/17	578		644
10.5% 1/15/14 to 5/15/19	737		837
13% 2/15/11 to 1/15/15	119		137
13.5% 7/15/10 to 1/15/15	19		21
			2,526,750
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES (Cost $3,014,627)		3,021,305
Asset-Backed Securities - 0.4%
Fannie Mae Grantor Trust Series 2005-T4 Class A1C, 5.0225% 9/25/35 (c) (Cost $13,161)	13,161		13,161
Collateralized Mortgage Obligations - 19.5%
U.S. Government Agency - 19.5%
Fannie Mae:
floater Series 2007-95 Class A1, 5.1225% 8/27/36 (c)	44,102		44,088
Series 2003-39 Class IA, 5.5% 10/25/22 (c)(d)	4,244		665
Series 2006-48 Class LF, 0% 8/25/34 (c)	625		619
target amortization class Series G94-2 Class D, 6.45% 1/25/24	3,017		3,083
Fannie Mae STRIP:
Series 331 Class 12, 6.5% 2/1/33 (d)	2,755		602
Series 339 Class 5, 5.5% 7/1/33 (d)	4,305		979
Series 343 Class 16, 5.5% 5/1/34 (d)	3,070		704
Freddie Mac Multi-class participation certificates guaranteed:
floater:
Series 2861 Class JF, 5.3913% 4/15/17 (c)	2,722		2,731
Series 3094 Class UF, 0% 9/15/34 (c)	481		460
planned amortization class:
Series 2220 Class PD, 8% 3/15/30	4,091		4,269
Series 2787 Class OI, 5.5% 10/15/24 (d)	2,673		100
Series 40 Class K, 6.5% 8/17/24 (b)	1,715		1,769
sequential payer:
Series 2204 Class N, 7.5% 12/20/29	7,209		7,458
Collateralized Mortgage Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Government Agency - continued
Freddie Mac Multi-class participation certificates guaranteed: - continued
sequential payer:
Series 2601 Class TI, 5.5% 10/15/22 (d)	$ 17,843		$ 3,058
Series 2750 Class ZT, 5% 2/15/34	6,148		5,487
Series 2866 Class CY, 4.5% 10/15/19	4,491		4,179
Series 2957 Class SW, 0.9088% 4/15/35 (c)(d)	12,533		513
Ginnie Mae guaranteed Multi-family REMIC pass-thru securities sequential payer Series 2002-71:
Class Z, 5.5% 10/20/32	46,266		45,203
Class ZJ, 6% 10/20/32	23,605		23,634
Ginnie Mae guaranteed REMIC pass-thru securities:
floater:
Series 2001-22 Class FM, 5.3475% 5/20/31 (c)	696		697
Series 2002-41 Class HF, 5.46% 6/16/32 (c)	756		759
Series 2007-22 Class TC, 0% 4/20/37 (c)	2,616		2,891
planned amortization class:
Series 1993-13 Class PD, 6% 5/20/29	17,376		17,633
Series 1994-4 Class KQ, 7.9875% 7/16/24	1,125		1,197
Series 2000-26 Class PK, 7.5% 9/20/30	2,952		3,096
Series 2001-65 Class PH, 6% 11/20/28	6,323		6,362
Series 2002-5 Class PD, 6.5% 5/16/31	8,394		8,441
Series 2002-50 Class PE, 6% 7/20/32	17,485		17,636
Series 2003-31 Class PI, 5.5% 4/16/30 (d)	3,978		277
Series 2003-34 Class IO, 5.5% 4/16/28 (d)	670		1
Series 2003-7 Class IN, 5.5% 1/16/28 (d)	3,552		64
Series 2003-70 Class LE, 5% 7/20/32	44,000		42,355
Series 2004-19:
Class DJ, 4.5% 3/20/34	2,704		2,679
Class DP, 5.5% 3/20/34	3,895		3,915
Series 2004-30:
Class PC, 5% 11/20/30	19,736		19,376
Class UA, 3.5% 2/20/32	5,262		5,113
Series 2004-64 Class KE, 5.5% 12/20/33	22,978		22,582
Series 2004-98 Class IG, 5.5% 2/20/30 (d)	2,581		355
Series 2005-17 Class IA, 5.5% 8/20/33 (d)	7,457		935
Series 2005-24 Class TC, 5.5% 3/20/35	5,403		5,192
Series 2005-54 Class BM, 5% 7/20/35	9,658		9,446
Series 2005-57 Class PB, 5.5% 7/20/35	5,673		5,466
Series 2005-58 Class NJ, 4.5% 8/20/35	41,635		41,160
Series 2006-50 Class JC, 5% 6/20/36	11,780		11,140
Series 2008-28 Class PC, 5.5% 4/20/34	18,652		18,511
Collateralized Mortgage Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Government Agency - continued
Ginnie Mae guaranteed REMIC pass-thru securities: - continued
sequential payer:
Series 1995-4 Class CQ, 8% 6/20/25	$ 817		$ 871
Series 2001-40 Class Z, 6% 8/20/31	8,678		8,788
Series 2002-18 Class ZB, 6% 3/20/32	8,475		8,589
Series 2002-29 Class SK, 8.25% 5/20/32 (c)	383		404
Series 2002-67 Class ZA, 6% 9/20/32	83,269		84,394
Series 2003-7 Class VP, 6% 11/20/13	4,836		4,895
Series 2004-65 Class VE, 5.5% 7/20/15	4,559		4,600
Series 2004-86 Class G, 6% 10/20/34	6,273		6,286
Series 2005-28 Class AJ, 5.5% 4/20/35	32,065		32,204
Series 2005-47 Class ZY, 6% 6/20/35	4,599		4,504
Series 2005-6 Class EX, 5.5% 11/20/34	1,001		963
Series 2005-82 Class JV, 5% 6/20/35	3,500		3,193
Series 1995-6 Class Z, 7% 9/20/25	2,337		2,442
Series 2003-11 Class S, 1.49% 2/16/33 (c)(d)	10,090		514
Series 2003-92 Class SN, 1.37% 10/16/33 (c)(d)	31,492		1,712
Series 2004-32 Class GS, 1.44% 5/16/34 (c)(d)	3,011		153
Series 2005-6 Class EY, 5.5% 11/20/33	1,016		976
Series 2006-13 Class DS, 3.6038% 3/20/36 (c)	44,056		38,072
Series 2007-18 Class S, 1.74% 4/16/37 (c)(d)	48,601		2,840
Series 2007-35 Class SC, 9.84% 6/16/37 (c)	16,460		19,321
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $626,348)		622,601
Commercial Mortgage Securities - 0.5%
Fannie Mae Series 1997-M1 Class N, 0.445% 10/17/36 (c)(d)	7,446		62
Fannie Mae subordinate REMIC pass-thru certificates:
Series 1998-M3 Class IB, 0.8058% 1/17/38 (c)(d)	33,083		527
Series 1998-M4 Class N, 1.2623% 2/25/35 (c)(d)	13,347		162
Ginnie Mae guaranteed Multi-family REMIC pass-thru securities:
sequential payer Series 2001-58 Class X, 1.1521% 9/16/41 (c)(d)	140,545		3,118
Series 2001-12 Class X, 0.8462% 7/16/40 (c)(d)	42,107		816
Ginnie Mae guaranteed REMIC pass-thru securities:
sequential payer Series 2002-81 Class IO, 1.8511% 9/16/42 (c)(d)	120,072		4,990
Commercial Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Ginnie Mae guaranteed REMIC pass-thru securities: - continued
Series 2002-62 Class IO, 1.4314% 8/16/42 (c)(d)	$ 83,143		$ 2,962
Series 2002-85 Class X, 1.7411% 3/16/42 (c)(d)	65,423		3,644
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $38,625)		16,281

Cash Equivalents - 4.8%
	Maturity Amount (000s)
Investments in repurchase agreements in a joint trading account at 4.94%, dated 10/31/07 due 11/1/07 (Collateralized by U.S. Government Obligations) # (Cost $151,555)	$ 151,576		151,555
TOTAL INVESTMENT PORTFOLIO - 119.9% (Cost $3,844,316)			3,824,903
NET OTHER ASSETS - (19.9)%			(634,947)
NET ASSETS - 100%		$ 3,189,956

Swap Agreements
	Expiration Date	Notional Amount (000s)	Value (000s)
Interest Rate Swaps
Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 4.92% with Morgan Stanley, Inc.	Sept. 2012	$ 75,000	$ (234)
Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 5.135% with Credit Suisse First Boston	August 2009	90,000	(1,101)
Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 5.32% with Morgan Stanley, Inc.	July 2010	40,000	(1,248)
Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 5.47% with Credit Suisse First Boston	Sept. 2037	6,000	(105)
Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 5.523% with JPMorgan Chase, Inc.	August 2017	12,000	(390)
Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 5.524% with Credit Suisse First Boston	June 2009	121,000	(3,346)
		$ 344,000	$ (6,424)

Legend

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

(b) Security or a portion of the security has been segregated as collateral for open swap agreements. At the period end, the value of securities pledged amounted to $1,461,623.

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

(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 held as of the end of the period.

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

Repurchase Agreement / Counterparty	Value (Amounts in thousands)
$151,555,000 due 11/01/07 at 4.94%
BNP Paribas Securities Corp.	$ 18,887
Banc of America Securities LLC	28,990
Bank of America, NA	44,865
Bear Stearns & Co., Inc.	4,607
Citigroup Global Markets, Inc.	6,331
Countrywide Securities Corp.	5,276
Credit Suisse Securities (USA) LLC	6,331
ING Financial Markets LLC	13,054
J.P. Morgan Securities, Inc.	10,552
Societe Generale, New York Branch	8,441
WestLB AG	4,221
	$ 151,555

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $3,845,952,000. Net unrealized depreciation aggregated $21,049,000, of which $27,842,000 related to appreciated investment securities and $48,891,000 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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see the fund's most recent prospectus and annual report.

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Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Government Income Fund

October 31, 2007

GOV-QTLY-1207

1.809070.103

Investments October 31, 2007 (Unaudited)

Showing Percentage of Net Assets

U.S. Government and Government Agency Obligations - 60.7%
	Principal Amount (000s)		Value (000s)
U.S. Government Agency Obligations - 35.1%
Fannie Mae:
3.25% 8/15/08	$ 4,812		$ 4,764
3.25% 2/15/09 (b)	143,050		140,957
4.25% 5/15/09	11,235		11,216
4.5% 10/15/08	81,560		81,812
4.625% 10/15/13	125,000		124,217
4.75% 11/19/12	114,000		114,386
4.875% 4/15/09	43,350		43,638
4.875% 5/18/12	160,000		161,746
5.125% 9/2/08	78,770		79,141
5.125% 7/13/09	2,000		2,025
5.375% 6/12/17 (b)	183,063		188,990
6.375% 6/15/09	55,710		57,435
6.625% 9/15/09	106,820		111,162
7.25% 1/15/10	25,086		26,603
Federal Home Loan Bank:
4.5% 10/14/08	56,475		56,476
5.375% 8/19/11	35,350		36,377
5.8% 9/2/08	26,570		26,840
Freddie Mac:
3.875% 6/15/08	2,791		2,779
4.625% 10/25/12	10,000		9,988
4.75% 3/5/09	77,806		78,135
4.75% 11/3/09	77,000		77,628
4.75% 1/18/11 (b)	204,790		206,736
4.75% 3/5/12	10,000		10,055
5% 6/11/09	100,000		100,958
5% 1/30/14	25,000		25,309
5.125% 4/18/11	31,220		31,892
5.25% 5/21/09	225,000		227,899
5.25% 7/18/11	29,000		29,742
5.5% 8/23/17 (b)	42,900		44,674
5.625% 3/15/11	48,555		50,336
5.75% 1/15/12	1,686		1,761
6.625% 9/15/09	155,000		161,300
Israeli State (guaranteed by U.S. Government through Agency for International Development):
5.5% 9/18/23	110,500		117,634
6.6% 2/15/08	10,649		10,676
6.8% 2/15/12	30,000		31,434
U.S. Government and Government Agency Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Government Agency Obligations - continued
Overseas Private Investment Corp. U.S. Government guaranteed participation certificates:
6.77% 11/15/13	$ 6,394		$ 6,491
6.99% 5/21/16	21,433		23,358
Private Export Funding Corp.:
secured:
5.66% 9/15/11 (c)	18,000		18,662
5.685% 5/15/12	24,035		25,059
6.67% 9/15/09	3,500		3,646
4.974% 8/15/13	22,940		23,269
Small Business Administration guaranteed development participation certificates:
Series 2002-20J Class 1, 4.75% 10/1/22	6,158		6,067
Series 2002-20K Class 1, 5.08% 11/1/22	14,321		14,346
Series 2003 P10B, 5.136% 8/10/13	10,593		10,610
Series 2004-20H Class 1, 5.17% 8/1/24	3,782		3,790
Tennessee Valley Authority 5.375% 4/1/56	8,429		8,586
U.S. Department of Housing and Urban Development Government guaranteed participation certificates Series 1999-A, 5.96% 8/1/09	18,380		18,530
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS			2,649,135
U.S. Treasury Inflation Protected Obligations - 1.4%
U.S. Treasury Inflation-Indexed Notes 2.625% 7/15/17	100,325		104,888
U.S. Treasury Obligations - 24.2%
U.S. Treasury Bonds:
4.75% 2/15/37 (e)	19,000		18,990
5% 5/15/37 (b)	131,000		136,209
6.125% 8/15/29 (b)	174,102		205,413
6.25% 8/15/23	1,500		1,741
8% 11/15/21	146,794		195,339
U.S. Treasury Notes:
4% 9/30/09 (d)	133,060		133,256
4.25% 9/30/12 (d)	329,005		330,400
4.25% 8/15/14 (b)(e)	161,550		161,197
4.25% 11/15/14 (b)	77,185		76,914
4.25% 8/15/15 (b)	84,500		83,866
4.375% 12/15/10	5,230		5,291
4.5% 11/15/15 (b)	111,800		112,682
4.5% 5/15/17 (b)	58,000		58,168
4.625% 7/31/12	12,500		12,754
U.S. Government and Government Agency Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Treasury Obligations - continued
U.S. Treasury Notes: - continued
4.625% 11/15/16 (b)	$ 72,000		$ 72,968
4.625% 2/15/17	20,000		20,259
4.75% 2/15/10	11,630		11,833
4.75% 5/15/14 (b)	155,733		160,052
5.125% 5/15/16	30,000		31,486
TOTAL U.S. TREASURY OBLIGATIONS			1,828,818
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $4,519,626)		4,582,841
U.S. Government Agency - Mortgage Securities - 37.3%
Fannie Mae - 30.3%
3.7% 10/1/33 (f)	663		661
3.75% 1/1/34 (f)	621		617
3.75% 4/1/34 (f)	10,654		10,492
3.754% 10/1/33 (f)	685		683
3.796% 6/1/33 (f)	525		526
3.812% 4/1/33 (f)	1,825		1,829
3.876% 6/1/33 (f)	2,546		2,547
3.905% 5/1/34 (f)	6,446		6,363
3.912% 5/1/33 (f)	4,478		4,484
3.925% 9/1/33 (f)	10,879		10,858
3.932% 5/1/33 (f)	213		213
3.938% 5/1/34 (f)	4,902		4,839
3.974% 9/1/33 (f)	8,267		8,244
4% 9/1/13 to 6/1/20	25,945		24,762
4% 3/1/34 (f)	8,910		8,802
4.001% 4/1/34 (f)	10,038		9,914
4.006% 10/1/18 (f)	478		476
4.029% 4/1/33 (f)	166		167
4.03% 6/1/34 (f)	9,141		9,028
4.053% 2/1/35 (f)	317		318
4.062% 3/1/35 (f)	17,191		17,025
4.129% 5/1/33 (f)	7,551		7,573
4.167% 1/1/35 (f)	1,498		1,478
4.187% 11/1/34 (f)	12,098		12,078
4.205% 6/1/34 (f)	10,334		10,220
4.249% 1/1/34 (f)	2,044		2,035
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
4.25% 2/1/35 (f)	$ 740		$ 731
4.258% 5/1/35 (f)	699		703
4.263% 10/1/33 (f)	321		321
4.28% 6/1/34 (f)	11,444		11,335
4.283% 6/1/33 (f)	397		399
4.286% 3/1/33 (f)	767		772
4.295% 8/1/33 (f)	1,233		1,233
4.296% 3/1/33 (f)	261		258
4.296% 3/1/35 (f)	610		612
4.299% 3/1/33 (f)	356		351
4.305% 4/1/35 (f)	357		359
4.321% 1/1/35 (f)	8,422		8,337
4.342% 1/1/35 (f)	805		796
4.344% 10/1/19 (f)	1,144		1,132
4.357% 2/1/34 (f)	1,219		1,214
4.369% 11/1/35 (f)	28,055		27,845
4.385% 10/1/34 (f)	3,869		3,833
4.393% 2/1/35 (f)	1,025		1,014
4.412% 5/1/35 (f)	583		585
4.434% 3/1/35 (f)	1,089		1,078
4.438% 8/1/34 (f)	1,968		1,954
4.449% 5/1/35 (f)	1,987		1,980
4.453% 11/1/33 (f)	1,560		1,557
4.482% 1/1/35 (f)	5,393		5,345
4.484% 1/1/35 (f)	775		770
4.489% 12/1/34 (f)	604		599
4.5% 2/1/18 to 4/1/20	15,442		15,010
4.501% 2/1/35 (f)	302		305
4.507% 2/1/35 (f)	11,252		11,177
4.517% 2/1/35 (f)	553		556
4.532% 7/1/35 (f)	2,375		2,377
4.553% 9/1/34 (f)	18,699		18,559
4.569% 7/1/35 (f)	2,843		2,847
4.604% 10/1/35 (f)	355		355
4.635% 1/1/35 (f)	5,323		5,291
4.646% 10/1/34 (f)	3,394		3,372
4.665% 3/1/35 (f)	579		583
4.682% 9/1/34 (f)	13,575		13,508
4.709% 3/1/35 (f)	212		214
4.711% 7/1/34 (f)	22,639		22,677
4.714% 7/1/34 (f)	1,895		1,887
4.719% 2/1/35 (f)	6,390		6,354
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
4.733% 12/1/35 (f)	$ 60,163		$ 59,893
4.769% 12/1/34 (f)	641		637
4.771% 12/1/35 (f)	4,359		4,359
4.794% 4/1/35 (f)	12,008		12,028
4.799% 7/1/35 (f)	4,525		4,503
4.802% 6/1/35 (f)	3,307		3,318
4.803% 11/1/34 (f)	2,183		2,173
4.811% 11/1/35 (f)	9,660		9,644
4.814% 2/1/33 (f)	1,073		1,083
4.817% 12/1/34 (f)	10,159		10,119
4.822% 10/1/35 (f)	1,872		1,867
4.835% 1/1/35 (f)	10,371		10,338
4.841% 9/1/34 (f)	9,456		9,419
4.852% 7/1/35 (f)	5,904		5,882
4.859% 10/1/34 (f)	7,802		7,777
4.869% 7/1/34 (f)	5,852		5,831
4.87% 5/1/33 (f)	36		36
4.884% 5/1/35 (f)	1,740		1,735
4.895% 8/1/34 (f)	5,034		5,019
4.918% 8/1/34 (f)	9,039		9,015
4.947% 3/1/35 (f)	5,063		5,056
4.948% 2/1/35 (f)	5,175		5,165
5% 12/1/15 to 10/1/37	572,084		552,153
5.005% 2/1/34 (f)	7,862		7,849
5.007% 8/1/34 (f)	558		557
5.016% 7/1/34 (f)	353		352
5.042% 5/1/35 (f)	3,950		3,978
5.055% 1/1/37 (f)	5,833		5,848
5.067% 9/1/34 (f)	5,409		5,403
5.08% 9/1/34 (f)	718		717
5.106% 10/1/35 (f)	4,320		4,323
5.112% 7/1/34 (f)	2,006		2,003
5.118% 8/1/34 (f)	6,043		6,048
5.128% 8/1/36 (f)	29,805		29,852
5.132% 3/1/35 (f)	373		374
5.163% 3/1/36 (f)	13,545		13,592
5.176% 6/1/35 (f)	2,798		2,817
5.193% 8/1/33 (f)	994		995
5.262% 5/1/35 (f)	5,729		5,748
5.282% 4/1/36 (f)	5,254		5,326
5.297% 7/1/35 (f)	374		376
5.298% 12/1/36 (f)	2,984		2,996
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
5.307% 3/1/36 (f)	$ 36,733		$ 36,934
5.312% 12/1/34 (f)	1,005		1,007
5.357% 2/1/36 (f)	8,244		8,273
5.39% 2/1/37 (f)	2,834		2,851
5.393% 7/1/35 (f)	2,486		2,498
5.421% 2/1/37 (f)	13,446		13,559
5.49% 1/1/34 (f)	67		67
5.5% 4/1/09 to 10/1/37	404,911		400,446
5.5% 11/1/22 (d)	13,000		13,020
5.5% 11/1/22 (d)	13,000		13,020
5.618% 2/1/36 (f)	3,389		3,423
5.651% 4/1/36 (f)	12,249		12,370
5.663% 6/1/36 (f)	7,745		7,827
5.794% 3/1/36 (f)	8,321		8,419
5.805% 1/1/36 (f)	2,588		2,615
5.807% 5/1/36 (f)	3,325		3,359
5.833% 5/1/36 (f)	18,946		19,181
5.85% 3/1/36 (f)	7,966		8,059
5.865% 6/1/35 (f)	1,973		1,993
5.893% 12/1/36 (f)	4,501		4,558
5.914% 3/1/36 (f)	7,224		7,305
5.936% 5/1/36 (f)	5,307		5,377
5.948% 5/1/36 (f)	2,771		2,809
6% 5/1/12 to 10/1/37	138,219		139,813
6% 11/1/22 (d)	8,000		8,135
6% 11/1/37 (d)	2,000		2,014
6% 11/1/37 (d)	20,000		20,143
6% 11/1/37 (d)	40,000		40,286
6% 11/13/37 (d)	75,000		75,535
6% 11/13/37 (d)	75,000		75,535
6.028% 4/1/36 (f)	50,367		51,120
6.09% 4/1/36 (f)	27,083		27,514
6.101% 3/1/37 (f)	4,610		4,682
6.155% 4/1/36 (f)	4,839		4,913
6.226% 3/1/37 (f)	1,495		1,517
6.256% 6/1/36 (f)	740		747
6.3% 10/1/36 (f)	21,978		22,316
6.5% 2/1/12 to 1/1/35	50,540		52,081
6.572% 9/1/36 (f)	9,771		9,966
7% 7/1/13 to 7/1/32	5,487		5,764
7.5% 8/1/10 to 4/1/29	139		145
8% 1/1/22	5		5
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
8.5% 1/1/15 to 7/1/31	$ 568		$ 606
9% 11/1/11 to 5/1/14	585		593
9.5% 11/15/09 to 10/1/20	830		905
10% 8/1/10	1		1
11% 8/1/10	11		11
11.25% 5/1/14	9		10
11.5% 6/15/19 to 1/15/21	1,319		1,485
12.5% 8/1/15 to 3/1/16	3		3
			2,287,436
Freddie Mac - 6.4%
3.38% 7/1/33 (f)	8,730		8,675
4% 5/1/19 to 11/1/20	25,985		24,607
4.29% 3/1/35 (f)	825		826
4.299% 12/1/34 (f)	1,017		1,003
4.302% 2/1/35 (f)	1,644		1,647
4.421% 2/1/34 (f)	730		722
4.421% 6/1/35 (f)	1,259		1,259
4.423% 3/1/35 (f)	1,053		1,039
4.45% 3/1/35 (f)	1,059		1,046
4.5% 2/1/18 to 8/1/33	26,447		25,553
4.697% 9/1/36 (f)	3,139		3,129
4.704% 9/1/35 (f)	25,984		25,870
4.73% 2/1/34 (f)	8,202		8,116
4.788% 2/1/36 (f)	1,346		1,336
4.804% 3/1/33 (f)	329		332
4.819% 3/1/35 (f)	2,622		2,604
4.903% 10/1/36 (f)	18,282		18,190
4.991% 4/1/35 (f)	4,309		4,330
5% 1/1/09 to 9/1/35	12,876		12,470
5.021% 4/1/35 (f)	527		523
5.121% 7/1/35 (f)	4,913		4,902
5.271% 2/1/36 (f)	311		311
5.498% 1/1/36 (f)	4,334		4,351
5.5% 8/1/14 to 11/1/36	54,000		54,040
5.5% 11/1/22 (d)	75,605		75,707
5.532% 1/1/36 (f)	6,379		6,409
5.78% 10/1/35 (f)	1,344		1,353
5.833% 5/1/37 (f)	3,337		3,365
6% 7/1/16 to 11/1/33	40,759		41,522
6.015% 6/1/36 (f)	3,319		3,354
6.221% 5/1/36 (f)	2,733		2,772
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Freddie Mac - continued
6.266% 9/1/36 (f)	$ 14,415		$ 14,601
6.352% 7/1/36 (f)	3,562		3,608
6.468% 10/1/36 (f)	10,124		10,287
6.5% 11/1/10 to 10/1/36	56,024		57,445
6.611% 12/1/36 (f)	17,474		17,737
6.739% 10/1/36 (f)	9,466		9,628
6.741% 1/1/37 (f)	13,065		13,301
6.85% 10/1/36 (f)	12,774		12,976
7% 4/1/11	4		4
7.5% 5/1/11 to 7/1/16	2,102		2,213
8.5% 8/1/08 to 9/1/29	221		239
9% 8/1/08 to 10/1/20	99		105
9.5% 6/1/09 to 8/1/21	335		368
9.75% 8/1/14	150		160
10% 7/1/09 to 8/1/21	33		35
11% 7/1/13 to 5/1/14	67		75
12% 8/1/13 to 3/1/15	2		3
12.25% 4/1/11 to 9/1/13	3		3
12.5% 2/1/10 to 6/1/19	31		34
13% 8/1/10 to 6/1/15	8		9
			484,194
Government National Mortgage Association - 0.6%
4.25% 7/20/34 (f)	1,020		1,028
6% 7/15/08 to 12/15/10	1,181		1,204
6.5% 2/15/24 to 10/15/35	22,866		23,677
6.5% 11/1/37 (d)	2,000		2,056
6.5% 11/1/37 (d)	14,000		14,394
7% 10/15/26 to 8/15/32	107		113
7.5% 3/15/28 to 8/15/29	114		121
8% 11/15/07 to 12/15/23	1,392		1,493
8.5% 10/15/08 to 1/15/25	12		12
9.5% 2/15/25	1		1
10.5% 4/15/14 to 1/20/18	103		117
13.5% 7/15/11	7		8
			44,224
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES (Cost $2,811,629)		2,815,854
Asset-Backed Securities - 0.3%
	Principal Amount (000s)		Value (000s)
Fannie Mae Grantor Trust Series 2005-T4 Class A1C, 5.0225% 9/25/35 (f) (Cost $22,726)	$ 22,726		$ 22,726
Collateralized Mortgage Obligations - 8.1%
U.S. Government Agency - 8.1%
Fannie Mae:
planned amortization class:
Series 1992-168 Class KB, 7% 10/25/22	1,481		1,527
Series 1993-109 Class NZ, 6% 7/25/08	640		639
Series 1993-207 Class H, 6.5% 11/25/23	18,360		18,901
Series 1993-240 Class PD, 6.25% 12/25/13	5,866		5,974
Series 1994-23:
Class PG, 6% 4/25/23	5,130		5,147
Class PZ, 6% 2/25/24	10,208		10,150
Series 1996-28 Class PK, 6.5% 7/25/25	4,114		4,236
Series 2003-28 Class KG, 5.5% 4/25/23	4,940		4,886
Series 2006-45 Class OP, 6/25/36 (h)	6,438		4,979
Series 2006-62 Class KP, 4/25/36 (h)	13,337		9,612
sequential payer Series 1997-41 Class J, 7.5% 6/18/27	2,884		3,041
Series 2003-22 6% 4/25/33 (g)	20,001		4,357
Fannie Mae Grantor Trust planned amortization class Series 2005-81 Class PC, 5.5% 9/25/35	2,150		2,096
Fannie Mae subordinate REMIC pass-thru certificates:
floater:
Series 2001-38 Class QF, 5.8525% 8/25/31 (f)	726		741
Series 2002-49 Class FB, 5.635% 11/18/31 (f)	1,158		1,166
Series 2002-60 Class FV, 5.8725% 4/25/32 (f)	487		498
Series 2002-75 Class FA, 5.8725% 11/25/32 (f)	999		1,021
Series 2004-54 Class FE, 6.0225% 2/25/33 (f)	522		524
planned amortization class:
Series 2002-11 Class QC, 5.5% 3/25/17	14,955		14,997
Series 2002-18 Class PC, 5.5% 4/25/17	1,170		1,176
Series 2003-113:
Class PD, 4% 2/25/17	23,515		22,715
Class PE, 4% 11/25/18	7,545		6,920
Series 2003-128 Class NE, 4% 12/25/16	13,100		12,594
Series 2004-21 Class QE, 4.5% 11/25/32	1,500		1,417
Series 2004-80 Class LD, 4% 1/25/19	10,160		9,707
Series 2005-102 Class CO, 11/25/35 (h)	6,606		4,984
Series 2006-12 Class BO, 10/25/35 (h)	30,268		22,821
Collateralized Mortgage Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Government Agency - continued
Fannie Mae subordinate REMIC pass-thru certificates: - continued
planned amortization class:
Series 2006-37 Class OW, 5/25/36 (h)	$ 7,143		$ 5,499
sequential payer:
Series 2001-20 Class Z, 6% 5/25/31	23,291		23,587
Series 2001-46 Class ZG, 6% 9/25/31	8,377		8,487
Series 2004-3 Class BA, 4% 7/25/17	687		667
Series 2004-91 Class AH, 4.5% 5/25/29	6,152		6,029
Series 2005-117, Class JN, 4.5% 1/25/36	645		568
Series 2005-14 Class SE, 1.1775% 3/25/35 (f)(g)	20,841		808
Series 2007-36:
Class GO, 4/25/37 (h)	1,411		1,092
Class PO, 4/25/37 (h)	3,126		2,415
Class SB, 1.7275% 4/25/37 (f)(g)	40,593		2,487
Class SG, 1.7275% 4/25/37 (f)(g)	18,346		1,083
Series 2007-66 Class SA, 10.365% 7/25/37 (f)	5,401		5,993
Freddie Mac:
planned amortization class:
Series 1413 Class J, 4% 11/15/07	10		10
Series 2115 Class PE, 6% 1/15/14	964		982
Series 3149 Class OD, 5/15/36 (h)	34,796		24,708
sequential payer Series 2114 Class ZM, 6% 1/15/29	2,622		2,661
Freddie Mac Manufactured Housing participation certificates guaranteed:
floater Series 1686 Class FA, 6.025% 2/15/24 (f)	1,017		1,040
planned amortization class Series 1681 Class PJ, 7% 12/15/23	8,211		8,344
Series 1560 Class PN, 7% 12/15/12	4,943		4,963
Freddie Mac Multi-class participation certificates guaranteed:
floater:
Series 2389 Class DA, 5.9913% 11/15/30 (f)	592		593
Series 2530 Class FE, 5.6913% 2/15/32 (f)	676		680
Series 2630 Class FL, 5.5913% 6/15/18 (f)	550		556
Series 3008 Class SM, 0% 7/15/35 (f)	376		335
planned amortization class:
Series 1141 Class G, 9% 9/15/21	417		428
Series 1614 Class L, 6.5% 7/15/23	5,011		5,073
Series 1671 Class G, 6.5% 8/15/23	849		850
Series 2006-15 Class OP, 3/25/36 (h)	7,944		5,723
Series 2356 Class GD, 6% 9/15/16	590		601
Series 2376 Class JE, 5.5% 11/15/16	4,037		4,099
Collateralized Mortgage Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Government Agency - continued
Freddie Mac Multi-class participation certificates guaranteed: - continued
planned amortization class:
Series 2378 Class PE, 5.5% 11/15/16	$ 11,564		$ 11,630
Series 2381 Class OG, 5.5% 11/15/16	3,193		3,211
Series 2390 Class CH, 5.5% 12/15/16	10,441		10,504
Series 2543 Class PM, 5.5% 8/15/18	182		182
Series 2625 Class QX, 2.25% 3/15/22	40		40
Series 2640:
Class GE, 4.5% 7/15/18	7,310		7,072
Class QG, 2% 4/15/22	63		63
Series 2660 Class ML, 3.5% 7/15/22	4,841		4,809
Series 2682 Class LD, 4.5% 10/15/33	777		691
Series 2752 Class PW, 4% 4/15/22	2,154		2,139
Series 2802 Class OB, 6% 5/15/34	10,455		10,550
Series 2810 Class PD, 6% 6/15/33	995		1,005
Series 2866 Class XE, 4% 12/15/18	19,350		18,509
Series 2937 Class KC, 4.5% 2/15/20	19,686		18,818
Series 2966 Class XC, 5.5% 1/15/31	25,111		25,156
Series 3077 Class TO, 4/15/35 (h)	17,444		12,993
Series 3110 Class OP, 9/15/35 (h)	16,461		12,269
Series 3119 Class PO, 2/15/36 (h)	19,873		14,464
Series 3121 Class KO, 3/15/36 (h)	6,982		5,443
Series 3123 Class LO, 3/15/36 (h)	12,865		9,339
Series 3145 Class GO, 4/15/36 (h)	11,596		8,491
Series 3151 Class PO, 5/15/36 (h)	12,479		9,082
sequential payer:
Series 2388 Class ZA, 6% 12/15/31	7,252		7,328
Series 2546 Class MJ, 5.5% 3/15/23	2,861		2,781
Series 2570 Class CU, 4.5% 7/15/17	1,951		1,920
Series 2587 Class AD, 4.71% 3/15/33	5,785		5,045
Series 2601 Class TB, 5.5% 4/15/23	869		843
Series 2617 Class GW, 3.5% 6/15/16	3,627		3,593
Series 2675 Class CB, 4% 5/15/16	1,902		1,861
Series 2677 Class HG, 3% 8/15/12	862		856
Series 2683 Class JA, 4% 10/15/16	1,998		1,950
Series 2685 Class ND, 4% 10/15/18	9,064		8,276
Series 2750 Class ZT, 5% 2/15/34	1,033		922
Series 2773 Class HC, 4.5% 4/15/19	704		649
Series 2809 Class UA, 4% 12/15/14	2,723		2,703
Series 2849 Class AL, 5% 5/15/18	7,672		7,597
Series 2860 Class CP, 4% 10/15/17	2,316		2,265
Collateralized Mortgage Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Government Agency - continued
Freddie Mac Multi-class participation certificates guaranteed: - continued
sequential payer:
Series 2866 Class N, 4.5% 12/15/18	$ 7,093		$ 7,022
Series 2937 Class HJ, 5% 10/15/19	9,184		9,111
Series 2998 Class LY, 5.5% 7/15/25	2,011		1,937
Series 3007 Class EW, 5.5% 7/15/25	8,875		8,552
Series 3013 Class VJ, 5% 1/15/14	1,916		1,910
Series 2769 Class BU, 5% 3/15/34	5,744		5,322
Series 2863 Class DB, 4% 9/15/14	1,288		1,242
Series 2957 Class SW, 0.9088% 4/15/35 (f)(g)	28,729		1,176
Series 3002 Class SN, 1.4088% 7/15/35 (f)(g)	28,658		1,652
target amortization class:
Series 2156 Class TC, 6.25% 5/15/29	9,518		9,830
Series 2877 Class JC, 5% 10/15/34	1,383		1,370
Ginnie Mae guaranteed REMIC pass-thru securities planned amortization class:
Series 1997-8 Class PE, 7.5% 5/16/27	4,688		4,961
Series 2005-58 Class NJ, 4.5% 8/20/35	21,605		21,358
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $606,180)		607,679

Cash Equivalents - 21.2%
	Maturity Amount (000s)
Investments in repurchase agreements in a joint trading account at:
4.94%, dated 10/31/07 due 11/1/07 (Collateralized by U.S. Government Obligations) #	$ 194,956		194,929
4.96%, dated 10/31/07 due 11/1/07 (Collateralized by U.S. Government Obligations) # (a)	1,409,081		1,408,887
TOTAL CASH EQUIVALENTS (Cost $1,603,816)		1,603,816
TOTAL INVESTMENT PORTFOLIO - 127.6% (Cost $9,563,977)			9,632,916
NET OTHER ASSETS - (27.6)%			(2,085,371)
NET ASSETS - 100%		$ 7,547,545

Swap Agreements
	Expiration Date	Notional Amount (000s)	Value (000s)
Interest Rate Swaps
Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 5.03% with Credit Suisse First Boston	Oct. 2017	$ 72,000	$ 405
Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 5.57% with Goldman Sachs	August 2017	100,000	(5,060)
Receive semi-annually a fixed rate equal to 4.42% and pay quarterly a floating rate based on 3-month LIBOR with Credit Suisse First Boston	Oct. 2009	300,000	(850)
Receive semi-annually a fixed rate equal to 4.88% and pay quarterly a floating rate based on 3-month LIBOR with Bank of America	Sept. 2010	106,700	515
Receive semi-annually a fixed rate equal to 5.03% and pay quarterly a floating rate based on 3-month LIBOR with JPMorgan Chase, Inc.	August 2010	91,000	894
Receive semi-annually a fixed rate equal to 5.706% and pay quarterly a floating rate based on 3-month LIBOR with Deutsche Bank	June 2017	75,000	4,609
		$ 744,700	$ 513

Legend

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

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

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $18,662,000 or 0.2% of net assets.

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

(e) Security or a portion of the security has been segregated as collateral for open swap agreements. At the period end, the value of securities pledged amounted to $2,398,000.

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

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

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

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

Repurchase Agreement / Counterparty	Value (Amounts in thousands)
$194,929,000 due 11/01/07 at 4.94%
BNP Paribas Securities Corp.	$ 24,293
Banc of America Securities LLC	37,286
Bank of America, NA	57,706
Bear Stearns & Co., Inc.	5,925
Citigroup Global Markets, Inc.	8,143
Countrywide Securities Corp.	6,786
Credit Suisse Securities (USA) LLC	8,143
ING Financial Markets LLC	16,790
J.P. Morgan Securities, Inc.	13,571
Societe Generale, New York Branch	10,857
WestLB AG	5,429
	$ 194,929
$1,408,887,000 due 11/01/07 at 4.96%
Barclays Capital, Inc.	$ 1,137,521
Bear Stearns & Co., Inc.	271,366
	$ 1,408,887

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $9,562,280,000. Net unrealized appreciation aggregated $70,636,000, of which $90,191,000 related to appreciated investment securities and $19,555,000 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

see the fund's most recent prospectus and annual report.

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

October 31, 2007

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

AGVT-QTLY-1207

1.859105.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Net Assets

U.S. Government and Government Agency Obligations - 60.7%
	Principal Amount (000s)		Value (000s)
U.S. Government Agency Obligations - 35.1%
Fannie Mae:
3.25% 8/15/08	$ 4,812		$ 4,764
3.25% 2/15/09 (b)	143,050		140,957
4.25% 5/15/09	11,235		11,216
4.5% 10/15/08	81,560		81,812
4.625% 10/15/13	125,000		124,217
4.75% 11/19/12	114,000		114,386
4.875% 4/15/09	43,350		43,638
4.875% 5/18/12	160,000		161,746
5.125% 9/2/08	78,770		79,141
5.125% 7/13/09	2,000		2,025
5.375% 6/12/17 (b)	183,063		188,990
6.375% 6/15/09	55,710		57,435
6.625% 9/15/09	106,820		111,162
7.25% 1/15/10	25,086		26,603
Federal Home Loan Bank:
4.5% 10/14/08	56,475		56,476
5.375% 8/19/11	35,350		36,377
5.8% 9/2/08	26,570		26,840
Freddie Mac:
3.875% 6/15/08	2,791		2,779
4.625% 10/25/12	10,000		9,988
4.75% 3/5/09	77,806		78,135
4.75% 11/3/09	77,000		77,628
4.75% 1/18/11 (b)	204,790		206,736
4.75% 3/5/12	10,000		10,055
5% 6/11/09	100,000		100,958
5% 1/30/14	25,000		25,309
5.125% 4/18/11	31,220		31,892
5.25% 5/21/09	225,000		227,899
5.25% 7/18/11	29,000		29,742
5.5% 8/23/17 (b)	42,900		44,674
5.625% 3/15/11	48,555		50,336
5.75% 1/15/12	1,686		1,761
6.625% 9/15/09	155,000		161,300
Israeli State (guaranteed by U.S. Government through Agency for International Development):
5.5% 9/18/23	110,500		117,634
6.6% 2/15/08	10,649		10,676
6.8% 2/15/12	30,000		31,434
U.S. Government and Government Agency Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Government Agency Obligations - continued
Overseas Private Investment Corp. U.S. Government guaranteed participation certificates:
6.77% 11/15/13	$ 6,394		$ 6,491
6.99% 5/21/16	21,433		23,358
Private Export Funding Corp.:
secured:
5.66% 9/15/11 (c)	18,000		18,662
5.685% 5/15/12	24,035		25,059
6.67% 9/15/09	3,500		3,646
4.974% 8/15/13	22,940		23,269
Small Business Administration guaranteed development participation certificates:
Series 2002-20J Class 1, 4.75% 10/1/22	6,158		6,067
Series 2002-20K Class 1, 5.08% 11/1/22	14,321		14,346
Series 2003 P10B, 5.136% 8/10/13	10,593		10,610
Series 2004-20H Class 1, 5.17% 8/1/24	3,782		3,790
Tennessee Valley Authority 5.375% 4/1/56	8,429		8,586
U.S. Department of Housing and Urban Development Government guaranteed participation certificates Series 1999-A, 5.96% 8/1/09	18,380		18,530
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS			2,649,135
U.S. Treasury Inflation Protected Obligations - 1.4%
U.S. Treasury Inflation-Indexed Notes 2.625% 7/15/17	100,325		104,888
U.S. Treasury Obligations - 24.2%
U.S. Treasury Bonds:
4.75% 2/15/37 (e)	19,000		18,990
5% 5/15/37 (b)	131,000		136,209
6.125% 8/15/29 (b)	174,102		205,413
6.25% 8/15/23	1,500		1,741
8% 11/15/21	146,794		195,339
U.S. Treasury Notes:
4% 9/30/09 (d)	133,060		133,256
4.25% 9/30/12 (d)	329,005		330,400
4.25% 8/15/14 (b)(e)	161,550		161,197
4.25% 11/15/14 (b)	77,185		76,914
4.25% 8/15/15 (b)	84,500		83,866
4.375% 12/15/10	5,230		5,291
4.5% 11/15/15 (b)	111,800		112,682
4.5% 5/15/17 (b)	58,000		58,168
4.625% 7/31/12	12,500		12,754
U.S. Government and Government Agency Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Treasury Obligations - continued
U.S. Treasury Notes: - continued
4.625% 11/15/16 (b)	$ 72,000		$ 72,968
4.625% 2/15/17	20,000		20,259
4.75% 2/15/10	11,630		11,833
4.75% 5/15/14 (b)	155,733		160,052
5.125% 5/15/16	30,000		31,486
TOTAL U.S. TREASURY OBLIGATIONS			1,828,818
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $4,519,626)		4,582,841
U.S. Government Agency - Mortgage Securities - 37.3%
Fannie Mae - 30.3%
3.7% 10/1/33 (f)	663		661
3.75% 1/1/34 (f)	621		617
3.75% 4/1/34 (f)	10,654		10,492
3.754% 10/1/33 (f)	685		683
3.796% 6/1/33 (f)	525		526
3.812% 4/1/33 (f)	1,825		1,829
3.876% 6/1/33 (f)	2,546		2,547
3.905% 5/1/34 (f)	6,446		6,363
3.912% 5/1/33 (f)	4,478		4,484
3.925% 9/1/33 (f)	10,879		10,858
3.932% 5/1/33 (f)	213		213
3.938% 5/1/34 (f)	4,902		4,839
3.974% 9/1/33 (f)	8,267		8,244
4% 9/1/13 to 6/1/20	25,945		24,762
4% 3/1/34 (f)	8,910		8,802
4.001% 4/1/34 (f)	10,038		9,914
4.006% 10/1/18 (f)	478		476
4.029% 4/1/33 (f)	166		167
4.03% 6/1/34 (f)	9,141		9,028
4.053% 2/1/35 (f)	317		318
4.062% 3/1/35 (f)	17,191		17,025
4.129% 5/1/33 (f)	7,551		7,573
4.167% 1/1/35 (f)	1,498		1,478
4.187% 11/1/34 (f)	12,098		12,078
4.205% 6/1/34 (f)	10,334		10,220
4.249% 1/1/34 (f)	2,044		2,035
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
4.25% 2/1/35 (f)	$ 740		$ 731
4.258% 5/1/35 (f)	699		703
4.263% 10/1/33 (f)	321		321
4.28% 6/1/34 (f)	11,444		11,335
4.283% 6/1/33 (f)	397		399
4.286% 3/1/33 (f)	767		772
4.295% 8/1/33 (f)	1,233		1,233
4.296% 3/1/33 (f)	261		258
4.296% 3/1/35 (f)	610		612
4.299% 3/1/33 (f)	356		351
4.305% 4/1/35 (f)	357		359
4.321% 1/1/35 (f)	8,422		8,337
4.342% 1/1/35 (f)	805		796
4.344% 10/1/19 (f)	1,144		1,132
4.357% 2/1/34 (f)	1,219		1,214
4.369% 11/1/35 (f)	28,055		27,845
4.385% 10/1/34 (f)	3,869		3,833
4.393% 2/1/35 (f)	1,025		1,014
4.412% 5/1/35 (f)	583		585
4.434% 3/1/35 (f)	1,089		1,078
4.438% 8/1/34 (f)	1,968		1,954
4.449% 5/1/35 (f)	1,987		1,980
4.453% 11/1/33 (f)	1,560		1,557
4.482% 1/1/35 (f)	5,393		5,345
4.484% 1/1/35 (f)	775		770
4.489% 12/1/34 (f)	604		599
4.5% 2/1/18 to 4/1/20	15,442		15,010
4.501% 2/1/35 (f)	302		305
4.507% 2/1/35 (f)	11,252		11,177
4.517% 2/1/35 (f)	553		556
4.532% 7/1/35 (f)	2,375		2,377
4.553% 9/1/34 (f)	18,699		18,559
4.569% 7/1/35 (f)	2,843		2,847
4.604% 10/1/35 (f)	355		355
4.635% 1/1/35 (f)	5,323		5,291
4.646% 10/1/34 (f)	3,394		3,372
4.665% 3/1/35 (f)	579		583
4.682% 9/1/34 (f)	13,575		13,508
4.709% 3/1/35 (f)	212		214
4.711% 7/1/34 (f)	22,639		22,677
4.714% 7/1/34 (f)	1,895		1,887
4.719% 2/1/35 (f)	6,390		6,354
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
4.733% 12/1/35 (f)	$ 60,163		$ 59,893
4.769% 12/1/34 (f)	641		637
4.771% 12/1/35 (f)	4,359		4,359
4.794% 4/1/35 (f)	12,008		12,028
4.799% 7/1/35 (f)	4,525		4,503
4.802% 6/1/35 (f)	3,307		3,318
4.803% 11/1/34 (f)	2,183		2,173
4.811% 11/1/35 (f)	9,660		9,644
4.814% 2/1/33 (f)	1,073		1,083
4.817% 12/1/34 (f)	10,159		10,119
4.822% 10/1/35 (f)	1,872		1,867
4.835% 1/1/35 (f)	10,371		10,338
4.841% 9/1/34 (f)	9,456		9,419
4.852% 7/1/35 (f)	5,904		5,882
4.859% 10/1/34 (f)	7,802		7,777
4.869% 7/1/34 (f)	5,852		5,831
4.87% 5/1/33 (f)	36		36
4.884% 5/1/35 (f)	1,740		1,735
4.895% 8/1/34 (f)	5,034		5,019
4.918% 8/1/34 (f)	9,039		9,015
4.947% 3/1/35 (f)	5,063		5,056
4.948% 2/1/35 (f)	5,175		5,165
5% 12/1/15 to 10/1/37	572,084		552,153
5.005% 2/1/34 (f)	7,862		7,849
5.007% 8/1/34 (f)	558		557
5.016% 7/1/34 (f)	353		352
5.042% 5/1/35 (f)	3,950		3,978
5.055% 1/1/37 (f)	5,833		5,848
5.067% 9/1/34 (f)	5,409		5,403
5.08% 9/1/34 (f)	718		717
5.106% 10/1/35 (f)	4,320		4,323
5.112% 7/1/34 (f)	2,006		2,003
5.118% 8/1/34 (f)	6,043		6,048
5.128% 8/1/36 (f)	29,805		29,852
5.132% 3/1/35 (f)	373		374
5.163% 3/1/36 (f)	13,545		13,592
5.176% 6/1/35 (f)	2,798		2,817
5.193% 8/1/33 (f)	994		995
5.262% 5/1/35 (f)	5,729		5,748
5.282% 4/1/36 (f)	5,254		5,326
5.297% 7/1/35 (f)	374		376
5.298% 12/1/36 (f)	2,984		2,996
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
5.307% 3/1/36 (f)	$ 36,733		$ 36,934
5.312% 12/1/34 (f)	1,005		1,007
5.357% 2/1/36 (f)	8,244		8,273
5.39% 2/1/37 (f)	2,834		2,851
5.393% 7/1/35 (f)	2,486		2,498
5.421% 2/1/37 (f)	13,446		13,559
5.49% 1/1/34 (f)	67		67
5.5% 4/1/09 to 10/1/37	404,911		400,446
5.5% 11/1/22 (d)	13,000		13,020
5.5% 11/1/22 (d)	13,000		13,020
5.618% 2/1/36 (f)	3,389		3,423
5.651% 4/1/36 (f)	12,249		12,370
5.663% 6/1/36 (f)	7,745		7,827
5.794% 3/1/36 (f)	8,321		8,419
5.805% 1/1/36 (f)	2,588		2,615
5.807% 5/1/36 (f)	3,325		3,359
5.833% 5/1/36 (f)	18,946		19,181
5.85% 3/1/36 (f)	7,966		8,059
5.865% 6/1/35 (f)	1,973		1,993
5.893% 12/1/36 (f)	4,501		4,558
5.914% 3/1/36 (f)	7,224		7,305
5.936% 5/1/36 (f)	5,307		5,377
5.948% 5/1/36 (f)	2,771		2,809
6% 5/1/12 to 10/1/37	138,219		139,813
6% 11/1/22 (d)	8,000		8,135
6% 11/1/37 (d)	2,000		2,014
6% 11/1/37 (d)	20,000		20,143
6% 11/1/37 (d)	40,000		40,286
6% 11/13/37 (d)	75,000		75,535
6% 11/13/37 (d)	75,000		75,535
6.028% 4/1/36 (f)	50,367		51,120
6.09% 4/1/36 (f)	27,083		27,514
6.101% 3/1/37 (f)	4,610		4,682
6.155% 4/1/36 (f)	4,839		4,913
6.226% 3/1/37 (f)	1,495		1,517
6.256% 6/1/36 (f)	740		747
6.3% 10/1/36 (f)	21,978		22,316
6.5% 2/1/12 to 1/1/35	50,540		52,081
6.572% 9/1/36 (f)	9,771		9,966
7% 7/1/13 to 7/1/32	5,487		5,764
7.5% 8/1/10 to 4/1/29	139		145
8% 1/1/22	5		5
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
8.5% 1/1/15 to 7/1/31	$ 568		$ 606
9% 11/1/11 to 5/1/14	585		593
9.5% 11/15/09 to 10/1/20	830		905
10% 8/1/10	1		1
11% 8/1/10	11		11
11.25% 5/1/14	9		10
11.5% 6/15/19 to 1/15/21	1,319		1,485
12.5% 8/1/15 to 3/1/16	3		3
			2,287,436
Freddie Mac - 6.4%
3.38% 7/1/33 (f)	8,730		8,675
4% 5/1/19 to 11/1/20	25,985		24,607
4.29% 3/1/35 (f)	825		826
4.299% 12/1/34 (f)	1,017		1,003
4.302% 2/1/35 (f)	1,644		1,647
4.421% 2/1/34 (f)	730		722
4.421% 6/1/35 (f)	1,259		1,259
4.423% 3/1/35 (f)	1,053		1,039
4.45% 3/1/35 (f)	1,059		1,046
4.5% 2/1/18 to 8/1/33	26,447		25,553
4.697% 9/1/36 (f)	3,139		3,129
4.704% 9/1/35 (f)	25,984		25,870
4.73% 2/1/34 (f)	8,202		8,116
4.788% 2/1/36 (f)	1,346		1,336
4.804% 3/1/33 (f)	329		332
4.819% 3/1/35 (f)	2,622		2,604
4.903% 10/1/36 (f)	18,282		18,190
4.991% 4/1/35 (f)	4,309		4,330
5% 1/1/09 to 9/1/35	12,876		12,470
5.021% 4/1/35 (f)	527		523
5.121% 7/1/35 (f)	4,913		4,902
5.271% 2/1/36 (f)	311		311
5.498% 1/1/36 (f)	4,334		4,351
5.5% 8/1/14 to 11/1/36	54,000		54,040
5.5% 11/1/22 (d)	75,605		75,707
5.532% 1/1/36 (f)	6,379		6,409
5.78% 10/1/35 (f)	1,344		1,353
5.833% 5/1/37 (f)	3,337		3,365
6% 7/1/16 to 11/1/33	40,759		41,522
6.015% 6/1/36 (f)	3,319		3,354
6.221% 5/1/36 (f)	2,733		2,772
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Freddie Mac - continued
6.266% 9/1/36 (f)	$ 14,415		$ 14,601
6.352% 7/1/36 (f)	3,562		3,608
6.468% 10/1/36 (f)	10,124		10,287
6.5% 11/1/10 to 10/1/36	56,024		57,445
6.611% 12/1/36 (f)	17,474		17,737
6.739% 10/1/36 (f)	9,466		9,628
6.741% 1/1/37 (f)	13,065		13,301
6.85% 10/1/36 (f)	12,774		12,976
7% 4/1/11	4		4
7.5% 5/1/11 to 7/1/16	2,102		2,213
8.5% 8/1/08 to 9/1/29	221		239
9% 8/1/08 to 10/1/20	99		105
9.5% 6/1/09 to 8/1/21	335		368
9.75% 8/1/14	150		160
10% 7/1/09 to 8/1/21	33		35
11% 7/1/13 to 5/1/14	67		75
12% 8/1/13 to 3/1/15	2		3
12.25% 4/1/11 to 9/1/13	3		3
12.5% 2/1/10 to 6/1/19	31		34
13% 8/1/10 to 6/1/15	8		9
			484,194
Government National Mortgage Association - 0.6%
4.25% 7/20/34 (f)	1,020		1,028
6% 7/15/08 to 12/15/10	1,181		1,204
6.5% 2/15/24 to 10/15/35	22,866		23,677
6.5% 11/1/37 (d)	2,000		2,056
6.5% 11/1/37 (d)	14,000		14,394
7% 10/15/26 to 8/15/32	107		113
7.5% 3/15/28 to 8/15/29	114		121
8% 11/15/07 to 12/15/23	1,392		1,493
8.5% 10/15/08 to 1/15/25	12		12
9.5% 2/15/25	1		1
10.5% 4/15/14 to 1/20/18	103		117
13.5% 7/15/11	7		8
			44,224
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES (Cost $2,811,629)		2,815,854
Asset-Backed Securities - 0.3%
	Principal Amount (000s)		Value (000s)
Fannie Mae Grantor Trust Series 2005-T4 Class A1C, 5.0225% 9/25/35 (f) (Cost $22,726)	$ 22,726		$ 22,726
Collateralized Mortgage Obligations - 8.1%
U.S. Government Agency - 8.1%
Fannie Mae:
planned amortization class:
Series 1992-168 Class KB, 7% 10/25/22	1,481		1,527
Series 1993-109 Class NZ, 6% 7/25/08	640		639
Series 1993-207 Class H, 6.5% 11/25/23	18,360		18,901
Series 1993-240 Class PD, 6.25% 12/25/13	5,866		5,974
Series 1994-23:
Class PG, 6% 4/25/23	5,130		5,147
Class PZ, 6% 2/25/24	10,208		10,150
Series 1996-28 Class PK, 6.5% 7/25/25	4,114		4,236
Series 2003-28 Class KG, 5.5% 4/25/23	4,940		4,886
Series 2006-45 Class OP, 6/25/36 (h)	6,438		4,979
Series 2006-62 Class KP, 4/25/36 (h)	13,337		9,612
sequential payer Series 1997-41 Class J, 7.5% 6/18/27	2,884		3,041
Series 2003-22 6% 4/25/33 (g)	20,001		4,357
Fannie Mae Grantor Trust planned amortization class Series 2005-81 Class PC, 5.5% 9/25/35	2,150		2,096
Fannie Mae subordinate REMIC pass-thru certificates:
floater:
Series 2001-38 Class QF, 5.8525% 8/25/31 (f)	726		741
Series 2002-49 Class FB, 5.635% 11/18/31 (f)	1,158		1,166
Series 2002-60 Class FV, 5.8725% 4/25/32 (f)	487		498
Series 2002-75 Class FA, 5.8725% 11/25/32 (f)	999		1,021
Series 2004-54 Class FE, 6.0225% 2/25/33 (f)	522		524
planned amortization class:
Series 2002-11 Class QC, 5.5% 3/25/17	14,955		14,997
Series 2002-18 Class PC, 5.5% 4/25/17	1,170		1,176
Series 2003-113:
Class PD, 4% 2/25/17	23,515		22,715
Class PE, 4% 11/25/18	7,545		6,920
Series 2003-128 Class NE, 4% 12/25/16	13,100		12,594
Series 2004-21 Class QE, 4.5% 11/25/32	1,500		1,417
Series 2004-80 Class LD, 4% 1/25/19	10,160		9,707
Series 2005-102 Class CO, 11/25/35 (h)	6,606		4,984
Series 2006-12 Class BO, 10/25/35 (h)	30,268		22,821
Collateralized Mortgage Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Government Agency - continued
Fannie Mae subordinate REMIC pass-thru certificates: - continued
planned amortization class:
Series 2006-37 Class OW, 5/25/36 (h)	$ 7,143		$ 5,499
sequential payer:
Series 2001-20 Class Z, 6% 5/25/31	23,291		23,587
Series 2001-46 Class ZG, 6% 9/25/31	8,377		8,487
Series 2004-3 Class BA, 4% 7/25/17	687		667
Series 2004-91 Class AH, 4.5% 5/25/29	6,152		6,029
Series 2005-117, Class JN, 4.5% 1/25/36	645		568
Series 2005-14 Class SE, 1.1775% 3/25/35 (f)(g)	20,841		808
Series 2007-36:
Class GO, 4/25/37 (h)	1,411		1,092
Class PO, 4/25/37 (h)	3,126		2,415
Class SB, 1.7275% 4/25/37 (f)(g)	40,593		2,487
Class SG, 1.7275% 4/25/37 (f)(g)	18,346		1,083
Series 2007-66 Class SA, 10.365% 7/25/37 (f)	5,401		5,993
Freddie Mac:
planned amortization class:
Series 1413 Class J, 4% 11/15/07	10		10
Series 2115 Class PE, 6% 1/15/14	964		982
Series 3149 Class OD, 5/15/36 (h)	34,796		24,708
sequential payer Series 2114 Class ZM, 6% 1/15/29	2,622		2,661
Freddie Mac Manufactured Housing participation certificates guaranteed:
floater Series 1686 Class FA, 6.025% 2/15/24 (f)	1,017		1,040
planned amortization class Series 1681 Class PJ, 7% 12/15/23	8,211		8,344
Series 1560 Class PN, 7% 12/15/12	4,943		4,963
Freddie Mac Multi-class participation certificates guaranteed:
floater:
Series 2389 Class DA, 5.9913% 11/15/30 (f)	592		593
Series 2530 Class FE, 5.6913% 2/15/32 (f)	676		680
Series 2630 Class FL, 5.5913% 6/15/18 (f)	550		556
Series 3008 Class SM, 0% 7/15/35 (f)	376		335
planned amortization class:
Series 1141 Class G, 9% 9/15/21	417		428
Series 1614 Class L, 6.5% 7/15/23	5,011		5,073
Series 1671 Class G, 6.5% 8/15/23	849		850
Series 2006-15 Class OP, 3/25/36 (h)	7,944		5,723
Series 2356 Class GD, 6% 9/15/16	590		601
Series 2376 Class JE, 5.5% 11/15/16	4,037		4,099
Collateralized Mortgage Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Government Agency - continued
Freddie Mac Multi-class participation certificates guaranteed: - continued
planned amortization class:
Series 2378 Class PE, 5.5% 11/15/16	$ 11,564		$ 11,630
Series 2381 Class OG, 5.5% 11/15/16	3,193		3,211
Series 2390 Class CH, 5.5% 12/15/16	10,441		10,504
Series 2543 Class PM, 5.5% 8/15/18	182		182
Series 2625 Class QX, 2.25% 3/15/22	40		40
Series 2640:
Class GE, 4.5% 7/15/18	7,310		7,072
Class QG, 2% 4/15/22	63		63
Series 2660 Class ML, 3.5% 7/15/22	4,841		4,809
Series 2682 Class LD, 4.5% 10/15/33	777		691
Series 2752 Class PW, 4% 4/15/22	2,154		2,139
Series 2802 Class OB, 6% 5/15/34	10,455		10,550
Series 2810 Class PD, 6% 6/15/33	995		1,005
Series 2866 Class XE, 4% 12/15/18	19,350		18,509
Series 2937 Class KC, 4.5% 2/15/20	19,686		18,818
Series 2966 Class XC, 5.5% 1/15/31	25,111		25,156
Series 3077 Class TO, 4/15/35 (h)	17,444		12,993
Series 3110 Class OP, 9/15/35 (h)	16,461		12,269
Series 3119 Class PO, 2/15/36 (h)	19,873		14,464
Series 3121 Class KO, 3/15/36 (h)	6,982		5,443
Series 3123 Class LO, 3/15/36 (h)	12,865		9,339
Series 3145 Class GO, 4/15/36 (h)	11,596		8,491
Series 3151 Class PO, 5/15/36 (h)	12,479		9,082
sequential payer:
Series 2388 Class ZA, 6% 12/15/31	7,252		7,328
Series 2546 Class MJ, 5.5% 3/15/23	2,861		2,781
Series 2570 Class CU, 4.5% 7/15/17	1,951		1,920
Series 2587 Class AD, 4.71% 3/15/33	5,785		5,045
Series 2601 Class TB, 5.5% 4/15/23	869		843
Series 2617 Class GW, 3.5% 6/15/16	3,627		3,593
Series 2675 Class CB, 4% 5/15/16	1,902		1,861
Series 2677 Class HG, 3% 8/15/12	862		856
Series 2683 Class JA, 4% 10/15/16	1,998		1,950
Series 2685 Class ND, 4% 10/15/18	9,064		8,276
Series 2750 Class ZT, 5% 2/15/34	1,033		922
Series 2773 Class HC, 4.5% 4/15/19	704		649
Series 2809 Class UA, 4% 12/15/14	2,723		2,703
Series 2849 Class AL, 5% 5/15/18	7,672		7,597
Series 2860 Class CP, 4% 10/15/17	2,316		2,265
Collateralized Mortgage Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Government Agency - continued
Freddie Mac Multi-class participation certificates guaranteed: - continued
sequential payer:
Series 2866 Class N, 4.5% 12/15/18	$ 7,093		$ 7,022
Series 2937 Class HJ, 5% 10/15/19	9,184		9,111
Series 2998 Class LY, 5.5% 7/15/25	2,011		1,937
Series 3007 Class EW, 5.5% 7/15/25	8,875		8,552
Series 3013 Class VJ, 5% 1/15/14	1,916		1,910
Series 2769 Class BU, 5% 3/15/34	5,744		5,322
Series 2863 Class DB, 4% 9/15/14	1,288		1,242
Series 2957 Class SW, 0.9088% 4/15/35 (f)(g)	28,729		1,176
Series 3002 Class SN, 1.4088% 7/15/35 (f)(g)	28,658		1,652
target amortization class:
Series 2156 Class TC, 6.25% 5/15/29	9,518		9,830
Series 2877 Class JC, 5% 10/15/34	1,383		1,370
Ginnie Mae guaranteed REMIC pass-thru securities planned amortization class:
Series 1997-8 Class PE, 7.5% 5/16/27	4,688		4,961
Series 2005-58 Class NJ, 4.5% 8/20/35	21,605		21,358
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $606,180)		607,679

Cash Equivalents - 21.2%
	Maturity Amount (000s)
Investments in repurchase agreements in a joint trading account at:
4.94%, dated 10/31/07 due 11/1/07 (Collateralized by U.S. Government Obligations) #	$ 194,956		194,929
4.96%, dated 10/31/07 due 11/1/07 (Collateralized by U.S. Government Obligations) # (a)	1,409,081		1,408,887
TOTAL CASH EQUIVALENTS (Cost $1,603,816)		1,603,816
TOTAL INVESTMENT PORTFOLIO - 127.6% (Cost $9,563,977)			9,632,916
NET OTHER ASSETS - (27.6)%			(2,085,371)
NET ASSETS - 100%		$ 7,547,545

Swap Agreements
	Expiration Date	Notional Amount (000s)	Value (000s)
Interest Rate Swaps
Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 5.03% with Credit Suisse First Boston	Oct. 2017	$ 72,000	$ 405
Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 5.57% with Goldman Sachs	August 2017	100,000	(5,060)
Receive semi-annually a fixed rate equal to 4.42% and pay quarterly a floating rate based on 3-month LIBOR with Credit Suisse First Boston	Oct. 2009	300,000	(850)
Receive semi-annually a fixed rate equal to 4.88% and pay quarterly a floating rate based on 3-month LIBOR with Bank of America	Sept. 2010	106,700	515
Receive semi-annually a fixed rate equal to 5.03% and pay quarterly a floating rate based on 3-month LIBOR with JPMorgan Chase, Inc.	August 2010	91,000	894
Receive semi-annually a fixed rate equal to 5.706% and pay quarterly a floating rate based on 3-month LIBOR with Deutsche Bank	June 2017	75,000	4,609
		$ 744,700	$ 513

Legend

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

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

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $18,662,000 or 0.2% of net assets.

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

(e) Security or a portion of the security has been segregated as collateral for open swap agreements. At the period end, the value of securities pledged amounted to $2,398,000.

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

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

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

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

Repurchase Agreement / Counterparty	Value (Amounts in thousands)
$194,929,000 due 11/01/07 at 4.94%
BNP Paribas Securities Corp.	$ 24,293
Banc of America Securities LLC	37,286
Bank of America, NA	57,706
Bear Stearns & Co., Inc.	5,925
Citigroup Global Markets, Inc.	8,143
Countrywide Securities Corp.	6,786
Credit Suisse Securities (USA) LLC	8,143
ING Financial Markets LLC	16,790
J.P. Morgan Securities, Inc.	13,571
Societe Generale, New York Branch	10,857
WestLB AG	5,429
	$ 194,929
$1,408,887,000 due 11/01/07 at 4.96%
Barclays Capital, Inc.	$ 1,137,521
Bear Stearns & Co., Inc.	271,366
	$ 1,408,887

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $9,562,280,000. Net unrealized appreciation aggregated $70,636,000, of which $90,191,000 related to appreciated investment securities and $19,555,000 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Income Replacement 2016 Fund^SM

October 31, 2007

RW16-QTLY-1207

1.858577.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 37.3%
	Shares		Value
Domestic Equity Funds - 33.6%
Fidelity 100 Index Fund	12,370		$ 139,283
Fidelity Advisor Mid Cap II Fund Institutional Class	5,739		112,720
Fidelity Broad Markets Opportunity Fund	16,857		186,781
Fidelity Disciplined Equity Fund	3,516		117,345
Fidelity Equity Income Fund	1,862		114,701
Fidelity Large Capital Core Enhanced Index Fund	17,445		185,961
Fidelity Small Cap Opportunities Fund	7,337		73,960
TOTAL DOMESTIC EQUITY FUNDS			930,751
International Equity Funds - 3.7%
Fidelity Advisor International Discovery Fund Institutional Class	2,150		102,597
TOTAL EQUITY FUNDS (Cost $1,005,912)		1,033,348
Fixed-Income Funds - 39.1%
High Yield Fixed-Income Funds - 2.5%
Fidelity Capital & Income Fund	3,841		34,568
Fidelity Strategic Income Fund	3,235		34,551
TOTAL HIGH YIELD FIXED-INCOME FUNDS			69,119
Investment Grade Fixed-Income Funds - 36.6%
Fidelity Government Income Fund	19,948		202,668
Fidelity Strategic Real Return Fund	20,043		205,243
Fidelity Total Bond Fund	58,858		606,240
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			1,014,151
TOTAL FIXED-INCOME FUNDS (Cost $1,082,251)		1,083,270
Short-Term Funds - 23.6%
Fidelity Institutional Money Market Portfolio Class I	230,489		230,489
Fidelity Short-Term Bond Fund	49,095		423,688
TOTAL SHORT-TERM FUNDS (Cost $656,005)		654,177
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $2,744,168)		$ 2,770,795

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $2,744,168. Net unrealized appreciation aggregated $26,627, of which $31,838 related to appreciated investment securities and $5,211 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Income Replacement 2016 Fund

Class A
Class T
Class C
Institutional Class

October 31, 2007

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

ARW16-QTLY-1207

1.858553.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 37.3%
	Shares		Value
Domestic Equity Funds - 33.6%
Fidelity 100 Index Fund	12,370		$ 139,283
Fidelity Advisor Mid Cap II Fund Institutional Class	5,739		112,720
Fidelity Broad Markets Opportunity Fund	16,857		186,781
Fidelity Disciplined Equity Fund	3,516		117,345
Fidelity Equity Income Fund	1,862		114,701
Fidelity Large Capital Core Enhanced Index Fund	17,445		185,961
Fidelity Small Cap Opportunities Fund	7,337		73,960
TOTAL DOMESTIC EQUITY FUNDS			930,751
International Equity Funds - 3.7%
Fidelity Advisor International Discovery Fund Institutional Class	2,150		102,597
TOTAL EQUITY FUNDS (Cost $1,005,912)		1,033,348
Fixed-Income Funds - 39.1%
High Yield Fixed-Income Funds - 2.5%
Fidelity Capital & Income Fund	3,841		34,568
Fidelity Strategic Income Fund	3,235		34,551
TOTAL HIGH YIELD FIXED-INCOME FUNDS			69,119
Investment Grade Fixed-Income Funds - 36.6%
Fidelity Government Income Fund	19,948		202,668
Fidelity Strategic Real Return Fund	20,043		205,243
Fidelity Total Bond Fund	58,858		606,240
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			1,014,151
TOTAL FIXED-INCOME FUNDS (Cost $1,082,251)		1,083,270
Short-Term Funds - 23.6%
Fidelity Institutional Money Market Portfolio Class I	230,489		230,489
Fidelity Short-Term Bond Fund	49,095		423,688
TOTAL SHORT-TERM FUNDS (Cost $656,005)		654,177
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $2,744,168)		$ 2,770,795

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $2,744,168. Net unrealized appreciation aggregated $26,627, of which $31,838 related to appreciated investment securities and $5,211 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Income Replacement 2018 Fund^SM

October 31, 2007

RW18-QTLY-1207

1.858579.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 42.8%
	Shares		Value
Domestic Equity Funds - 38.0%
Fidelity 100 Index Fund	8,690		$ 97,844
Fidelity Advisor Mid Cap II Fund Institutional Class	4,080		80,131
Fidelity Broad Markets Opportunity Fund	11,996		132,911
Fidelity Disciplined Equity Fund	2,509		83,734
Fidelity Equity Income Fund	1,303		80,248
Fidelity Large Capital Core Enhanced Index Fund	12,311		131,231
Fidelity Small Cap Opportunities Fund	5,198		52,396
TOTAL DOMESTIC EQUITY FUNDS			658,495
International Equity Funds - 4.8%
Fidelity Advisor International Discovery Fund Institutional Class	1,730		82,592
TOTAL EQUITY FUNDS (Cost $713,907)		741,087
Fixed-Income Funds - 37.4%
High Yield Fixed-Income Funds - 3.3%
Fidelity Capital & Income Fund	3,168		28,510
Fidelity Strategic Income Fund	2,668		28,498
TOTAL HIGH YIELD FIXED-INCOME FUNDS			57,008
Investment Grade Fixed-Income Funds - 34.1%
Fidelity Government Income Fund	11,622		118,081
Fidelity Strategic Real Return Fund	11,688		119,690
Fidelity Total Bond Fund	34,304		353,333
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			591,104
TOTAL FIXED-INCOME FUNDS (Cost $646,008)		648,112
Short-Term Funds - 19.8%
Fidelity Institutional Money Market Portfolio Class I	151,179		151,179
Fidelity Short-Term Bond Fund	22,149		191,143
TOTAL SHORT-TERM FUNDS (Cost $343,534)		342,322
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,703,449)		$ 1,731,521

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $1,703,457. Net unrealized appreciation aggregated $28,064, of which $30,783 related to appreciated investment securities and $2,719 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Income Replacement 2018 Fund

Class A
Class T
Class C
Institutional Class

October 31, 2007

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

ARW18-QTLY-1207

1.858555.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 42.8%
	Shares		Value
Domestic Equity Funds - 38.0%
Fidelity 100 Index Fund	8,690		$ 97,844
Fidelity Advisor Mid Cap II Fund Institutional Class	4,080		80,131
Fidelity Broad Markets Opportunity Fund	11,996		132,911
Fidelity Disciplined Equity Fund	2,509		83,734
Fidelity Equity Income Fund	1,303		80,248
Fidelity Large Capital Core Enhanced Index Fund	12,311		131,231
Fidelity Small Cap Opportunities Fund	5,198		52,396
TOTAL DOMESTIC EQUITY FUNDS			658,495
International Equity Funds - 4.8%
Fidelity Advisor International Discovery Fund Institutional Class	1,730		82,592
TOTAL EQUITY FUNDS (Cost $713,907)		741,087
Fixed-Income Funds - 37.4%
High Yield Fixed-Income Funds - 3.3%
Fidelity Capital & Income Fund	3,168		28,510
Fidelity Strategic Income Fund	2,668		28,498
TOTAL HIGH YIELD FIXED-INCOME FUNDS			57,008
Investment Grade Fixed-Income Funds - 34.1%
Fidelity Government Income Fund	11,622		118,081
Fidelity Strategic Real Return Fund	11,688		119,690
Fidelity Total Bond Fund	34,304		353,333
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			591,104
TOTAL FIXED-INCOME FUNDS (Cost $646,008)		648,112
Short-Term Funds - 19.8%
Fidelity Institutional Money Market Portfolio Class I	151,179		151,179
Fidelity Short-Term Bond Fund	22,149		191,143
TOTAL SHORT-TERM FUNDS (Cost $343,534)		342,322
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,703,449)		$ 1,731,521

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $1,703,457. Net unrealized appreciation aggregated $28,064, of which $30,783 related to appreciated investment securities and $2,719 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Income Replacement 2020 Fund^SM

October 31, 2007

RW20-QTLY-1207

1.858582.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 47.6%
	Shares		Value
Domestic Equity Funds - 41.7%
Fidelity 100 Index Fund	2,882		$ 32,452
Fidelity Advisor Mid Cap II Fund Institutional Class	1,371		26,923
Fidelity Broad Markets Opportunity Fund	4,015		44,483
Fidelity Disciplined Equity Fund	834		27,823
Fidelity Equity Income Fund	427		26,324
Fidelity Large Capital Core Enhanced Index Fund	4,079		43,486
Fidelity Small Cap Opportunities Fund	1,714		17,274
TOTAL DOMESTIC EQUITY FUNDS			218,765
International Equity Funds - 5.9%
Fidelity Advisor International Discovery Fund Institutional Class	650		31,008
TOTAL EQUITY FUNDS (Cost $229,350)		249,773
Fixed-Income Funds - 35.5%
High Yield Fixed-Income Funds - 3.8%
Fidelity Capital & Income Fund	1,125		10,125
Fidelity Strategic Income Fund	938		10,017
TOTAL HIGH YIELD FIXED-INCOME FUNDS			20,142
Investment Grade Fixed-Income Funds - 31.7%
Fidelity Government Income Fund	3,250		33,019
Fidelity Strategic Real Return Fund	3,343		34,234
Fidelity Total Bond Fund	9,614		99,028
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			166,281
TOTAL FIXED-INCOME FUNDS (Cost $184,331)		186,423
Short-Term Funds - 16.9%
Fidelity Institutional Money Market Portfolio Class I	44,541		44,541
Fidelity Short-Term Bond Fund	5,131		44,279
TOTAL SHORT-TERM FUNDS (Cost $89,025)		88,820
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $502,706)		$ 525,016

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $502,705. Net unrealized appreciation aggregated $22,311, of which $22,519 related to appreciated investment securities and $208 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Income Replacement 2020 Fund

Class A
Class T
Class C
Institutional Class

October 31, 2007

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

ARW20-QTLY-1207

1.858557.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 47.6%
	Shares		Value
Domestic Equity Funds - 41.7%
Fidelity 100 Index Fund	2,882		$ 32,452
Fidelity Advisor Mid Cap II Fund Institutional Class	1,371		26,923
Fidelity Broad Markets Opportunity Fund	4,015		44,483
Fidelity Disciplined Equity Fund	834		27,823
Fidelity Equity Income Fund	427		26,324
Fidelity Large Capital Core Enhanced Index Fund	4,079		43,486
Fidelity Small Cap Opportunities Fund	1,714		17,274
TOTAL DOMESTIC EQUITY FUNDS			218,765
International Equity Funds - 5.9%
Fidelity Advisor International Discovery Fund Institutional Class	650		31,008
TOTAL EQUITY FUNDS (Cost $229,350)		249,773
Fixed-Income Funds - 35.5%
High Yield Fixed-Income Funds - 3.8%
Fidelity Capital & Income Fund	1,125		10,125
Fidelity Strategic Income Fund	938		10,017
TOTAL HIGH YIELD FIXED-INCOME FUNDS			20,142
Investment Grade Fixed-Income Funds - 31.7%
Fidelity Government Income Fund	3,250		33,019
Fidelity Strategic Real Return Fund	3,343		34,234
Fidelity Total Bond Fund	9,614		99,028
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			166,281
TOTAL FIXED-INCOME FUNDS (Cost $184,331)		186,423
Short-Term Funds - 16.9%
Fidelity Institutional Money Market Portfolio Class I	44,541		44,541
Fidelity Short-Term Bond Fund	5,131		44,279
TOTAL SHORT-TERM FUNDS (Cost $89,025)		88,820
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $502,706)		$ 525,016

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $502,705. Net unrealized appreciation aggregated $22,311, of which $22,519 related to appreciated investment securities and $208 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Income Replacement 2022 Fund^SM

October 31, 2007

RW22-QTLY-1207

1.858584.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 49.5%
	Shares		Value
Domestic Equity Funds - 43.1%
Fidelity 100 Index Fund	10,533		$ 118,597
Fidelity Advisor Mid Cap II Fund Institutional Class	4,893		96,105
Fidelity Broad Markets Opportunity Fund	14,384		159,369
Fidelity Disciplined Equity Fund	2,985		99,624
Fidelity Equity Income Fund	1,582		97,466
Fidelity Large Capital Core Enhanced Index Fund	14,859		158,393
Fidelity Small Cap Opportunities Fund	6,259		63,095
TOTAL DOMESTIC EQUITY FUNDS			792,649
International Equity Funds - 6.4%
Fidelity Advisor International Discovery Fund Institutional Class	2,473		118,055
TOTAL EQUITY FUNDS (Cost $875,658)		910,704
Fixed-Income Funds - 34.8%
High Yield Fixed-Income Funds - 4.3%
Fidelity Capital & Income Fund	4,345		39,103
Fidelity Strategic Income Fund	3,650		38,983
TOTAL HIGH YIELD FIXED-INCOME FUNDS			78,086
Investment Grade Fixed-Income Funds - 30.5%
Fidelity Government Income Fund	11,038		112,148
Fidelity Strategic Real Return Fund	11,130		113,971
Fidelity Total Bond Fund	32,613		335,920
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			562,039
TOTAL FIXED-INCOME FUNDS (Cost $639,243)		640,125
Short-Term Funds - 15.7%
Fidelity Institutional Money Market Portfolio Class I	130,632		130,632
Fidelity Short-Term Bond Fund	18,490		159,573
TOTAL SHORT-TERM FUNDS (Cost $290,898)		290,205
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,805,799)		$ 1,841,034

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $1,805,803. Net unrealized appreciation aggregated $35,231, of which $38,054 related to appreciated investment securities and $2,823 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Income Replacement 2022 Fund

Class A
Class T
Class C
Institutional Class

October 31, 2007

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

ARW22-QTLY-1207

1.858560.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 49.5%
	Shares		Value
Domestic Equity Funds - 43.1%
Fidelity 100 Index Fund	10,533		$ 118,597
Fidelity Advisor Mid Cap II Fund Institutional Class	4,893		96,105
Fidelity Broad Markets Opportunity Fund	14,384		159,369
Fidelity Disciplined Equity Fund	2,985		99,624
Fidelity Equity Income Fund	1,582		97,466
Fidelity Large Capital Core Enhanced Index Fund	14,859		158,393
Fidelity Small Cap Opportunities Fund	6,259		63,095
TOTAL DOMESTIC EQUITY FUNDS			792,649
International Equity Funds - 6.4%
Fidelity Advisor International Discovery Fund Institutional Class	2,473		118,055
TOTAL EQUITY FUNDS (Cost $875,658)		910,704
Fixed-Income Funds - 34.8%
High Yield Fixed-Income Funds - 4.3%
Fidelity Capital & Income Fund	4,345		39,103
Fidelity Strategic Income Fund	3,650		38,983
TOTAL HIGH YIELD FIXED-INCOME FUNDS			78,086
Investment Grade Fixed-Income Funds - 30.5%
Fidelity Government Income Fund	11,038		112,148
Fidelity Strategic Real Return Fund	11,130		113,971
Fidelity Total Bond Fund	32,613		335,920
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			562,039
TOTAL FIXED-INCOME FUNDS (Cost $639,243)		640,125
Short-Term Funds - 15.7%
Fidelity Institutional Money Market Portfolio Class I	130,632		130,632
Fidelity Short-Term Bond Fund	18,490		159,573
TOTAL SHORT-TERM FUNDS (Cost $290,898)		290,205
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,805,799)		$ 1,841,034

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $1,805,803. Net unrealized appreciation aggregated $35,231, of which $38,054 related to appreciated investment securities and $2,823 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Income Replacement 2024 Fund^SM

October 31, 2007

RW24-QTLY-1207

1.858587.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 52.4%
	Shares		Value
Domestic Equity Funds - 44.8%
Fidelity 100 Index Fund	3,447		$ 38,814
Fidelity Advisor Mid Cap II Fund Institutional Class	1,635		32,110
Fidelity Broad Markets Opportunity Fund	4,793		53,102
Fidelity Disciplined Equity Fund	996		33,238
Fidelity Equity Income Fund	512		31,537
Fidelity Large Capital Core Enhanced Index Fund	4,879		52,011
Fidelity Small Cap Opportunities Fund	2,053		20,689
TOTAL DOMESTIC EQUITY FUNDS			261,501
International Equity Funds - 7.6%
Fidelity Advisor International Discovery Fund Institutional Class	928		44,282
TOTAL EQUITY FUNDS (Cost $282,306)		305,783
Fixed-Income Funds - 33.5%
High Yield Fixed-Income Funds - 4.5%
Fidelity Capital & Income Fund	1,482		13,340
Fidelity Strategic Income Fund	1,238		13,224
TOTAL HIGH YIELD FIXED-INCOME FUNDS			26,564
Investment Grade Fixed-Income Funds - 29.0%
Fidelity Government Income Fund	3,312		33,645
Fidelity Strategic Real Return Fund	3,395		34,762
Fidelity Total Bond Fund	9,783		100,765
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			169,172
TOTAL FIXED-INCOME FUNDS (Cost $193,602)		195,736
Short-Term Funds - 14.1%
Fidelity Institutional Money Market Portfolio Class I	37,076		37,076
Fidelity Short-Term Bond Fund	5,218		45,031
TOTAL SHORT-TERM FUNDS (Cost $82,306)		82,107
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $558,214)		$ 583,626

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $558,214. Net unrealized appreciation aggregated $25,412, of which $25,640 related to appreciated investment securities and $228 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Income Replacement 2024 Fund

Class A
Class T
Class C
Institutional Class

October 31, 2007

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

ARW24-QTLY-1207

1.858562.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 52.4%
	Shares		Value
Domestic Equity Funds - 44.8%
Fidelity 100 Index Fund	3,447		$ 38,814
Fidelity Advisor Mid Cap II Fund Institutional Class	1,635		32,110
Fidelity Broad Markets Opportunity Fund	4,793		53,102
Fidelity Disciplined Equity Fund	996		33,238
Fidelity Equity Income Fund	512		31,537
Fidelity Large Capital Core Enhanced Index Fund	4,879		52,011
Fidelity Small Cap Opportunities Fund	2,053		20,689
TOTAL DOMESTIC EQUITY FUNDS			261,501
International Equity Funds - 7.6%
Fidelity Advisor International Discovery Fund Institutional Class	928		44,282
TOTAL EQUITY FUNDS (Cost $282,306)		305,783
Fixed-Income Funds - 33.5%
High Yield Fixed-Income Funds - 4.5%
Fidelity Capital & Income Fund	1,482		13,340
Fidelity Strategic Income Fund	1,238		13,224
TOTAL HIGH YIELD FIXED-INCOME FUNDS			26,564
Investment Grade Fixed-Income Funds - 29.0%
Fidelity Government Income Fund	3,312		33,645
Fidelity Strategic Real Return Fund	3,395		34,762
Fidelity Total Bond Fund	9,783		100,765
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			169,172
TOTAL FIXED-INCOME FUNDS (Cost $193,602)		195,736
Short-Term Funds - 14.1%
Fidelity Institutional Money Market Portfolio Class I	37,076		37,076
Fidelity Short-Term Bond Fund	5,218		45,031
TOTAL SHORT-TERM FUNDS (Cost $82,306)		82,107
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $558,214)		$ 583,626

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $558,214. Net unrealized appreciation aggregated $25,412, of which $25,640 related to appreciated investment securities and $228 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Income Replacement 2026 Fund^SM

October 31, 2007

RW26-QTLY-1207

1.858589.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 54.3%
	Shares		Value
Domestic Equity Funds - 45.9%
Fidelity 100 Index Fund	3,195		$ 35,975
Fidelity Advisor Mid Cap II Fund Institutional Class	1,520		29,859
Fidelity Broad Markets Opportunity Fund	4,451		49,315
Fidelity Disciplined Equity Fund	924		30,847
Fidelity Equity Income Fund	474		29,185
Fidelity Large Capital Core Enhanced Index Fund	4,523		48,210
Fidelity Small Cap Opportunities Fund	1,899		19,141
TOTAL DOMESTIC EQUITY FUNDS			242,532
International Equity Funds - 8.4%
Fidelity Advisor International Discovery Fund Institutional Class	937		44,738
TOTAL EQUITY FUNDS (Cost $263,173)		287,270
Fixed-Income Funds - 32.9%
High Yield Fixed-Income Funds - 4.8%
Fidelity Capital & Income Fund	1,415		12,735
Fidelity Strategic Income Fund	1,180		12,599
TOTAL HIGH YIELD FIXED-INCOME FUNDS			25,334
Investment Grade Fixed-Income Funds - 28.1%
Fidelity Government Income Fund	2,901		29,474
Fidelity Strategic Real Return Fund	2,984		30,559
Fidelity Total Bond Fund	8,574		88,311
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			148,344
TOTAL FIXED-INCOME FUNDS (Cost $171,610)		173,678
Short-Term Funds - 12.8%
Fidelity Institutional Money Market Portfolio Class I	33,847		33,847
Fidelity Short-Term Bond Fund	3,899		33,648
TOTAL SHORT-TERM FUNDS (Cost $67,651)		67,495
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $502,434)		$ 528,443

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $502,434. Net unrealized appreciation aggregated $26,009, of which $26,168 related to appreciated investment securities and $159 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Income Replacement 2026 Fund

Class A
Class T
Class C
Institutional Class

October 31, 2007

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

ARW26-QTLY-1207

1.858564.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 54.3%
	Shares		Value
Domestic Equity Funds - 45.9%
Fidelity 100 Index Fund	3,195		$ 35,975
Fidelity Advisor Mid Cap II Fund Institutional Class	1,520		29,859
Fidelity Broad Markets Opportunity Fund	4,451		49,315
Fidelity Disciplined Equity Fund	924		30,847
Fidelity Equity Income Fund	474		29,185
Fidelity Large Capital Core Enhanced Index Fund	4,523		48,210
Fidelity Small Cap Opportunities Fund	1,899		19,141
TOTAL DOMESTIC EQUITY FUNDS			242,532
International Equity Funds - 8.4%
Fidelity Advisor International Discovery Fund Institutional Class	937		44,738
TOTAL EQUITY FUNDS (Cost $263,173)		287,270
Fixed-Income Funds - 32.9%
High Yield Fixed-Income Funds - 4.8%
Fidelity Capital & Income Fund	1,415		12,735
Fidelity Strategic Income Fund	1,180		12,599
TOTAL HIGH YIELD FIXED-INCOME FUNDS			25,334
Investment Grade Fixed-Income Funds - 28.1%
Fidelity Government Income Fund	2,901		29,474
Fidelity Strategic Real Return Fund	2,984		30,559
Fidelity Total Bond Fund	8,574		88,311
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			148,344
TOTAL FIXED-INCOME FUNDS (Cost $171,610)		173,678
Short-Term Funds - 12.8%
Fidelity Institutional Money Market Portfolio Class I	33,847		33,847
Fidelity Short-Term Bond Fund	3,899		33,648
TOTAL SHORT-TERM FUNDS (Cost $67,651)		67,495
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $502,434)		$ 528,443

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $502,434. Net unrealized appreciation aggregated $26,009, of which $26,168 related to appreciated investment securities and $159 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Income Replacement 2028 Fund^SM

October 31, 2007

RW28-QTLY-1207

1.858591.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 55.6%
	Shares		Value
Domestic Equity Funds - 46.5%
Fidelity 100 Index Fund	4,356		$ 49,047
Fidelity Advisor Mid Cap II Fund Institutional Class	2,057		40,396
Fidelity Broad Markets Opportunity Fund	6,032		66,831
Fidelity Disciplined Equity Fund	1,254		41,839
Fidelity Equity Income Fund	650		40,062
Fidelity Large Capital Core Enhanced Index Fund	6,165		65,717
Fidelity Small Cap Opportunities Fund	2,594		26,144
TOTAL DOMESTIC EQUITY FUNDS			330,036
International Equity Funds - 9.1%
Fidelity Advisor International Discovery Fund Institutional Class	1,358		64,806
TOTAL EQUITY FUNDS (Cost $368,196)		394,842
Fixed-Income Funds - 32.3%
High Yield Fixed-Income Funds - 5.1%
Fidelity Capital & Income Fund	2,001		18,010
Fidelity Strategic Income Fund	1,673		17,869
TOTAL HIGH YIELD FIXED-INCOME FUNDS			35,879
Investment Grade Fixed-Income Funds - 27.2%
Fidelity Government Income Fund	3,781		38,419
Fidelity Strategic Real Return Fund	3,860		39,531
Fidelity Total Bond Fund	11,176		115,113
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			193,063
TOTAL FIXED-INCOME FUNDS (Cost $226,978)		228,942
Short-Term Funds - 12.1%
Fidelity Institutional Money Market Portfolio Class I	31,729		31,729
Fidelity Short-Term Bond Fund	6,252		53,952
TOTAL SHORT-TERM FUNDS (Cost $85,909)		85,681
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $681,083)		$ 709,465

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $681,082. Net unrealized appreciation aggregated $28,383, of which $28,814 related to appreciated investment securities and $431 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Income Replacement 2028 Fund

Class A
Class T
Class C
Institutional Class

October 31, 2007

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

ARW28-QTLY-1207

1.858566.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 55.6%
	Shares		Value
Domestic Equity Funds - 46.5%
Fidelity 100 Index Fund	4,356		$ 49,047
Fidelity Advisor Mid Cap II Fund Institutional Class	2,057		40,396
Fidelity Broad Markets Opportunity Fund	6,032		66,831
Fidelity Disciplined Equity Fund	1,254		41,839
Fidelity Equity Income Fund	650		40,062
Fidelity Large Capital Core Enhanced Index Fund	6,165		65,717
Fidelity Small Cap Opportunities Fund	2,594		26,144
TOTAL DOMESTIC EQUITY FUNDS			330,036
International Equity Funds - 9.1%
Fidelity Advisor International Discovery Fund Institutional Class	1,358		64,806
TOTAL EQUITY FUNDS (Cost $368,196)		394,842
Fixed-Income Funds - 32.3%
High Yield Fixed-Income Funds - 5.1%
Fidelity Capital & Income Fund	2,001		18,010
Fidelity Strategic Income Fund	1,673		17,869
TOTAL HIGH YIELD FIXED-INCOME FUNDS			35,879
Investment Grade Fixed-Income Funds - 27.2%
Fidelity Government Income Fund	3,781		38,419
Fidelity Strategic Real Return Fund	3,860		39,531
Fidelity Total Bond Fund	11,176		115,113
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			193,063
TOTAL FIXED-INCOME FUNDS (Cost $226,978)		228,942
Short-Term Funds - 12.1%
Fidelity Institutional Money Market Portfolio Class I	31,729		31,729
Fidelity Short-Term Bond Fund	6,252		53,952
TOTAL SHORT-TERM FUNDS (Cost $85,909)		85,681
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $681,083)		$ 709,465

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $681,082. Net unrealized appreciation aggregated $28,383, of which $28,814 related to appreciated investment securities and $431 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Income Replacement 2030 Fund^SM

October 31, 2007

RW30-QTLY-1207

1.858593.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 57.6%
	Shares		Value
Domestic Equity Funds - 47.4%
Fidelity 100 Index Fund	3,309		$ 37,256
Fidelity Advisor Mid Cap II Fund Institutional Class	1,577		30,967
Fidelity Broad Markets Opportunity Fund	4,614		51,128
Fidelity Disciplined Equity Fund	959		32,002
Fidelity Equity Income Fund	492		30,278
Fidelity Large Capital Core Enhanced Index Fund	4,689		49,982
Fidelity Small Cap Opportunities Fund	1,968		19,834
TOTAL DOMESTIC EQUITY FUNDS			251,447
International Equity Funds - 10.2%
Fidelity Advisor International Discovery Fund Institutional Class	1,131		53,988
TOTAL EQUITY FUNDS (Cost $279,383)		305,435
Fixed-Income Funds - 31.8%
High Yield Fixed-Income Funds - 5.3%
Fidelity Capital & Income Fund	1,560		14,040
Fidelity Strategic Income Fund	1,301		13,890
TOTAL HIGH YIELD FIXED-INCOME FUNDS			27,930
Investment Grade Fixed-Income Funds - 26.5%
Fidelity Government Income Fund	2,756		28,006
Fidelity Strategic Real Return Fund	2,836		29,036
Fidelity Total Bond Fund	8,132		83,758
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			140,800
TOTAL FIXED-INCOME FUNDS (Cost $166,663)		168,730
Short-Term Funds - 10.6%
Fidelity Institutional Money Market Portfolio Class I	28,147		28,147
Fidelity Short-Term Bond Fund	3,242		27,982
TOTAL SHORT-TERM FUNDS (Cost $56,258)		56,129
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $502,304)		$ 530,294

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $502,304. Net unrealized appreciation aggregated $27,990, of which $28,124 related to appreciated investment securities and $134 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Income Replacement 2030 Fund

Class A
Class T
Class C
Institutional Class

October 31, 2007

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

ARW30-QTLY-1207

1.858569.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 57.6%
	Shares		Value
Domestic Equity Funds - 47.4%
Fidelity 100 Index Fund	3,309		$ 37,256
Fidelity Advisor Mid Cap II Fund Institutional Class	1,577		30,967
Fidelity Broad Markets Opportunity Fund	4,614		51,128
Fidelity Disciplined Equity Fund	959		32,002
Fidelity Equity Income Fund	492		30,278
Fidelity Large Capital Core Enhanced Index Fund	4,689		49,982
Fidelity Small Cap Opportunities Fund	1,968		19,834
TOTAL DOMESTIC EQUITY FUNDS			251,447
International Equity Funds - 10.2%
Fidelity Advisor International Discovery Fund Institutional Class	1,131		53,988
TOTAL EQUITY FUNDS (Cost $279,383)		305,435
Fixed-Income Funds - 31.8%
High Yield Fixed-Income Funds - 5.3%
Fidelity Capital & Income Fund	1,560		14,040
Fidelity Strategic Income Fund	1,301		13,890
TOTAL HIGH YIELD FIXED-INCOME FUNDS			27,930
Investment Grade Fixed-Income Funds - 26.5%
Fidelity Government Income Fund	2,756		28,006
Fidelity Strategic Real Return Fund	2,836		29,036
Fidelity Total Bond Fund	8,132		83,758
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			140,800
TOTAL FIXED-INCOME FUNDS (Cost $166,663)		168,730
Short-Term Funds - 10.6%
Fidelity Institutional Money Market Portfolio Class I	28,147		28,147
Fidelity Short-Term Bond Fund	3,242		27,982
TOTAL SHORT-TERM FUNDS (Cost $56,258)		56,129
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $502,304)		$ 530,294

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $502,304. Net unrealized appreciation aggregated $27,990, of which $28,124 related to appreciated investment securities and $134 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Income Replacement 2032 Fund^SM

October 31, 2007

RW32-QTLY-1207

1.858595.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 59.3%
	Shares		Value
Domestic Equity Funds - 48.2%
Fidelity 100 Index Fund	3,635		$ 40,930
Fidelity Advisor Mid Cap II Fund Institutional Class	1,729		33,965
Fidelity Broad Markets Opportunity Fund	5,066		56,131
Fidelity Disciplined Equity Fund	1,054		35,172
Fidelity Equity Income Fund	540		33,293
Fidelity Large Capital Core Enhanced Index Fund	5,151		54,908
Fidelity Small Cap Opportunities Fund	2,164		21,809
TOTAL DOMESTIC EQUITY FUNDS			276,208
International Equity Funds - 11.1%
Fidelity Advisor International Discovery Fund Institutional Class	1,334		63,663
TOTAL EQUITY FUNDS (Cost $310,952)		339,871
Fixed-Income Funds - 31.3%
High Yield Fixed-Income Funds - 5.5%
Fidelity Capital & Income Fund	1,764		15,879
Fidelity Strategic Income Fund	1,471		15,709
TOTAL HIGH YIELD FIXED-INCOME FUNDS			31,588
Investment Grade Fixed-Income Funds - 25.8%
Fidelity Government Income Fund	2,888		29,342
Fidelity Strategic Real Return Fund	2,968		30,397
Fidelity Total Bond Fund	8,525		87,807
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			147,546
TOTAL FIXED-INCOME FUNDS (Cost $177,009)		179,134
Short-Term Funds - 9.4%
Fidelity Institutional Money Market Portfolio Class I	25,121		25,121
Fidelity Short-Term Bond Fund	3,353		28,933
TOTAL SHORT-TERM FUNDS (Cost $54,197)		54,054
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $542,158)		$ 573,059

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $542,158. Net unrealized appreciation aggregated $30,901, of which $31,075 related to appreciated investment securities and $174 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Income Replacement 2032 Fund

Class A
Class T
Class C
Institutional Class

October 31, 2007

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

ARW32-QTLY-1207

1.858571.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 59.3%
	Shares		Value
Domestic Equity Funds - 48.2%
Fidelity 100 Index Fund	3,635		$ 40,930
Fidelity Advisor Mid Cap II Fund Institutional Class	1,729		33,965
Fidelity Broad Markets Opportunity Fund	5,066		56,131
Fidelity Disciplined Equity Fund	1,054		35,172
Fidelity Equity Income Fund	540		33,293
Fidelity Large Capital Core Enhanced Index Fund	5,151		54,908
Fidelity Small Cap Opportunities Fund	2,164		21,809
TOTAL DOMESTIC EQUITY FUNDS			276,208
International Equity Funds - 11.1%
Fidelity Advisor International Discovery Fund Institutional Class	1,334		63,663
TOTAL EQUITY FUNDS (Cost $310,952)		339,871
Fixed-Income Funds - 31.3%
High Yield Fixed-Income Funds - 5.5%
Fidelity Capital & Income Fund	1,764		15,879
Fidelity Strategic Income Fund	1,471		15,709
TOTAL HIGH YIELD FIXED-INCOME FUNDS			31,588
Investment Grade Fixed-Income Funds - 25.8%
Fidelity Government Income Fund	2,888		29,342
Fidelity Strategic Real Return Fund	2,968		30,397
Fidelity Total Bond Fund	8,525		87,807
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			147,546
TOTAL FIXED-INCOME FUNDS (Cost $177,009)		179,134
Short-Term Funds - 9.4%
Fidelity Institutional Money Market Portfolio Class I	25,121		25,121
Fidelity Short-Term Bond Fund	3,353		28,933
TOTAL SHORT-TERM FUNDS (Cost $54,197)		54,054
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $542,158)		$ 573,059

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $542,158. Net unrealized appreciation aggregated $30,901, of which $31,075 related to appreciated investment securities and $174 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Income Replacement 2034 Fund^SM

October 31, 2007

RW34-QTLY-1207

1.858597.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 61.3%
	Shares		Value
Domestic Equity Funds - 49.2%
Fidelity 100 Index Fund	3,446		$ 38,804
Fidelity Advisor Mid Cap II Fund Institutional Class	1,642		32,241
Fidelity Broad Markets Opportunity Fund	4,808		53,269
Fidelity Disciplined Equity Fund	999		33,322
Fidelity Equity Income Fund	512		31,526
Fidelity Large Capital Core Enhanced Index Fund	4,885		52,076
Fidelity Small Cap Opportunities Fund	2,052		20,687
TOTAL DOMESTIC EQUITY FUNDS			261,925
International Equity Funds - 12.1%
Fidelity Advisor International Discovery Fund Institutional Class	1,353		64,576
TOTAL EQUITY FUNDS (Cost $298,194)		326,501
Fixed-Income Funds - 31.1%
High Yield Fixed-Income Funds - 5.8%
Fidelity Capital & Income Fund	1,722		15,501
Fidelity Strategic Income Fund	1,436		15,335
TOTAL HIGH YIELD FIXED-INCOME FUNDS			30,836
Investment Grade Fixed-Income Funds - 25.3%
Fidelity Government Income Fund	2,637		26,790
Fidelity Strategic Real Return Fund	2,712		27,776
Fidelity Total Bond Fund	7,779		80,121
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			134,687
TOTAL FIXED-INCOME FUNDS (Cost $163,433)		165,523
Short-Term Funds - 7.6%
Fidelity Institutional Money Market Portfolio Class I	20,278		20,278
Fidelity Short-Term Bond Fund	2,336		20,159
TOTAL SHORT-TERM FUNDS (Cost $40,530)		40,437
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $502,157)		$ 532,461

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $502,157. Net unrealized appreciation aggregated $30,304, of which $30,402 related to appreciated investment securities and $98 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Income Replacement 2034 Fund

Class A
Class T
Class C
Institutional Class

October 31, 2007

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

ARW34-QTLY-1207

1.858573.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 61.3%
	Shares		Value
Domestic Equity Funds - 49.2%
Fidelity 100 Index Fund	3,446		$ 38,804
Fidelity Advisor Mid Cap II Fund Institutional Class	1,642		32,241
Fidelity Broad Markets Opportunity Fund	4,808		53,269
Fidelity Disciplined Equity Fund	999		33,322
Fidelity Equity Income Fund	512		31,526
Fidelity Large Capital Core Enhanced Index Fund	4,885		52,076
Fidelity Small Cap Opportunities Fund	2,052		20,687
TOTAL DOMESTIC EQUITY FUNDS			261,925
International Equity Funds - 12.1%
Fidelity Advisor International Discovery Fund Institutional Class	1,353		64,576
TOTAL EQUITY FUNDS (Cost $298,194)		326,501
Fixed-Income Funds - 31.1%
High Yield Fixed-Income Funds - 5.8%
Fidelity Capital & Income Fund	1,722		15,501
Fidelity Strategic Income Fund	1,436		15,335
TOTAL HIGH YIELD FIXED-INCOME FUNDS			30,836
Investment Grade Fixed-Income Funds - 25.3%
Fidelity Government Income Fund	2,637		26,790
Fidelity Strategic Real Return Fund	2,712		27,776
Fidelity Total Bond Fund	7,779		80,121
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			134,687
TOTAL FIXED-INCOME FUNDS (Cost $163,433)		165,523
Short-Term Funds - 7.6%
Fidelity Institutional Money Market Portfolio Class I	20,278		20,278
Fidelity Short-Term Bond Fund	2,336		20,159
TOTAL SHORT-TERM FUNDS (Cost $40,530)		40,437
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $502,157)		$ 532,461

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $502,157. Net unrealized appreciation aggregated $30,304, of which $30,402 related to appreciated investment securities and $98 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Income Replacement 2036 Fund^SM

October 31, 2007

RW36-QTLY-1207

1.858599.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 63.0%
	Shares		Value
Domestic Equity Funds - 50.0%
Fidelity 100 Index Fund	6,234		$ 70,193
Fidelity Advisor Mid Cap II Fund Institutional Class	2,927		57,490
Fidelity Broad Markets Opportunity Fund	8,596		95,247
Fidelity Disciplined Equity Fund	1,792		59,786
Fidelity Equity Income Fund	929		57,221
Fidelity Large Capital Core Enhanced Index Fund	8,812		93,933
Fidelity Small Cap Opportunities Fund	3,704		37,332
TOTAL DOMESTIC EQUITY FUNDS			471,202
International Equity Funds - 13.0%
Fidelity Advisor International Discovery Fund Institutional Class	2,565		122,447
TOTAL EQUITY FUNDS (Cost $560,515)		593,649
Fixed-Income Funds - 31.7%
High Yield Fixed-Income Funds - 6.2%
Fidelity Capital & Income Fund	3,242		29,180
Fidelity Strategic Income Fund	2,725		29,105
TOTAL HIGH YIELD FIXED-INCOME FUNDS			58,285
Investment Grade Fixed-Income Funds - 25.5%
Fidelity Government Income Fund	4,710		47,854
Fidelity Strategic Real Return Fund	4,777		48,913
Fidelity Total Bond Fund	13,888		143,047
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			239,814
TOTAL FIXED-INCOME FUNDS (Cost $295,589)		298,099
Short-Term Funds - 5.3%
Fidelity Institutional Money Market Portfolio Class I	13,821		13,821
Fidelity Short-Term Bond Fund	4,146		35,781
TOTAL SHORT-TERM FUNDS (Cost $49,797)		49,602
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $905,901)		$ 941,350

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $905,901. Net unrealized appreciation aggregated $35,449, of which $36,664 related to appreciated investment securities and $1,215 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Income Replacement 2036 Fund

Class A
Class T
Class C
Institutional Class

October 31, 2007

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

ARW36-QTLY-1207

1.858575.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 63.0%
	Shares		Value
Domestic Equity Funds - 50.0%
Fidelity 100 Index Fund	6,234		$ 70,193
Fidelity Advisor Mid Cap II Fund Institutional Class	2,927		57,490
Fidelity Broad Markets Opportunity Fund	8,596		95,247
Fidelity Disciplined Equity Fund	1,792		59,786
Fidelity Equity Income Fund	929		57,221
Fidelity Large Capital Core Enhanced Index Fund	8,812		93,933
Fidelity Small Cap Opportunities Fund	3,704		37,332
TOTAL DOMESTIC EQUITY FUNDS			471,202
International Equity Funds - 13.0%
Fidelity Advisor International Discovery Fund Institutional Class	2,565		122,447
TOTAL EQUITY FUNDS (Cost $560,515)		593,649
Fixed-Income Funds - 31.7%
High Yield Fixed-Income Funds - 6.2%
Fidelity Capital & Income Fund	3,242		29,180
Fidelity Strategic Income Fund	2,725		29,105
TOTAL HIGH YIELD FIXED-INCOME FUNDS			58,285
Investment Grade Fixed-Income Funds - 25.5%
Fidelity Government Income Fund	4,710		47,854
Fidelity Strategic Real Return Fund	4,777		48,913
Fidelity Total Bond Fund	13,888		143,047
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			239,814
TOTAL FIXED-INCOME FUNDS (Cost $295,589)		298,099
Short-Term Funds - 5.3%
Fidelity Institutional Money Market Portfolio Class I	13,821		13,821
Fidelity Short-Term Bond Fund	4,146		35,781
TOTAL SHORT-TERM FUNDS (Cost $49,797)		49,602
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $905,901)		$ 941,350

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $905,901. Net unrealized appreciation aggregated $35,449, of which $36,664 related to appreciated investment securities and $1,215 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Intermediate Government
Income Fund

October 31, 2007

SLM-QTLY-1207

1.809098.103

Investments October 31, 2007 (Unaudited)

Showing Percentage of Net Assets

U.S. Government and Government Agency Obligations - 60.8%
	Principal Amount (000s)		Value (000s)
U.S. Government Agency Obligations - 26.3%
Fannie Mae:
4.125% 5/15/10	$ 1,700		$ 1,689
4.5% 10/15/08	2,905		2,914
4.875% 4/15/09	1		1
4.875% 5/18/12	20,000		20,218
5.125% 9/2/08	8,135		8,173
5.375% 6/12/17	9,012		9,304
7.25% 1/15/10	1,779		1,887
Federal Home Loan Bank:
4.5% 10/14/08	1,850		1,850
5.375% 8/19/11	16,960		17,453
5.8% 9/2/08	5,845		5,904
Freddie Mac:
3.625% 9/15/08	2,285		2,268
4.75% 11/3/09	49,500		49,904
5.125% 4/18/11	2,360		2,411
5.25% 7/18/11	58		59
5.5% 7/18/16	22,000		22,921
5.5% 8/23/17	6,700		6,977
5.625% 3/15/11	1,000		1,037
Israeli State (guaranteed by U.S. Government through Agency for International Development):
6.6% 2/15/08	2,887		2,894
6.8% 2/15/12	7,500		7,859
Private Export Funding Corp.:
secured:
5.66% 9/15/11 (b)	9,000		9,331
5.685% 5/15/12	3,915		4,082
4.974% 8/15/13	3,435		3,484
Small Business Administration guaranteed development participation certificates Series 2004-20H Class 1, 5.17% 8/1/24	730		732
U.S. Department of Housing and Urban Development Government guaranteed participation certificates Series 1999-A, 6.06% 8/1/10	10,000		10,098
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS			193,450
U.S. Treasury Inflation Protected Obligations - 2.3%
U.S. Treasury Inflation-Indexed Notes 2.5% 7/15/16	16,731		17,291
U.S. Government and Government Agency Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Treasury Obligations - 32.2%
U.S. Treasury Notes:
4% 9/30/09 (c)	$ 26,672		$ 26,713
4.25% 9/30/12 (c)	62,255		62,522
4.25% 11/15/14 (a)	31,500		31,389
4.625% 7/31/12	15,000		15,305
4.75% 2/15/10 (c)	48,307		49,145
4.75% 5/31/12	18,000		18,468
4.75% 5/15/14	14,058		14,448
4.75% 8/15/17 (c)	18,000		18,394
TOTAL U.S. TREASURY OBLIGATIONS			236,384
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $443,602)		447,125
U.S. Government Agency - Mortgage Securities - 36.6%
Fannie Mae - 27.1%
3.583% 9/1/33 (e)	319		317
3.72% 6/1/33 (e)	986		986
3.754% 10/1/33 (e)	86		85
3.783% 6/1/33 (e)	1,171		1,170
3.796% 6/1/33 (e)	82		82
3.876% 6/1/33 (e)	397		397
3.905% 5/1/34 (e)	644		636
3.912% 5/1/33 (e)	471		472
3.932% 5/1/33 (e)	28		28
3.938% 5/1/34 (e)	503		496
3.969% 8/1/33 (e)	435		434
3.974% 9/1/33 (e)	853		850
4% 9/1/13 to 5/1/20	2,791		2,664
4% 3/1/34 (e)	868		858
4.001% 4/1/34 (e)	951		940
4.006% 10/1/18 (e)	66		66
4.028% 3/1/34 (e)	1,819		1,796
4.029% 4/1/33 (e)	25		26
4.043% 6/1/33 (e)	1,102		1,103
4.053% 2/1/35 (e)	41		41
4.062% 3/1/35 (e)	1,737		1,720
4.116% 4/1/34 (e)	1,202		1,189
4.123% 5/1/34 (e)	978		968
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
4.156% 8/1/33 (e)	$ 460		$ 460
4.167% 1/1/35 (e)	212		209
4.187% 11/1/34 (e)	1,194		1,192
4.249% 1/1/34 (e)	233		232
4.25% 2/1/35 (e)	97		95
4.258% 5/1/35 (e)	96		97
4.263% 10/1/33 (e)	37		37
4.283% 6/1/33 (e)	47		47
4.286% 3/1/33 (e)	90		90
4.295% 8/1/33 (e)	169		169
4.296% 3/1/35 (e)	80		80
4.299% 3/1/33 (e)	52		52
4.305% 4/1/35 (e)	45		45
4.321% 1/1/35 (e)	819		811
4.342% 1/1/35 (e)	105		104
4.344% 10/1/19 (e)	108		107
4.357% 2/1/34 (e)	201		200
4.369% 11/1/35 (e)	2,727		2,706
4.385% 10/1/34 (e)	452		448
4.393% 2/1/35 (e)	165		164
4.396% 10/1/33 (e)	461		456
4.412% 5/1/35 (e)	106		106
4.425% 8/1/34 (e)	2,335		2,314
4.434% 3/1/35 (e)	163		162
4.437% 5/1/35 (e)	1,364		1,368
4.438% 8/1/34 (e)	278		276
4.449% 5/1/35 (e)	263		262
4.453% 11/1/33 (e)	164		164
4.46% 8/1/35 (e)	1,453		1,453
4.482% 1/1/35 (e)	510		505
4.484% 1/1/35 (e)	102		101
4.489% 12/1/34 (e)	56		56
4.5% 3/1/18 to 10/1/18	2,760		2,683
4.501% 2/1/35 (e)	44		45
4.507% 2/1/35 (e)	1,199		1,191
4.517% 2/1/35 (e)	75		75
4.529% 8/1/34 (e)	1,936		1,941
4.532% 7/1/35 (e)	302		303
4.553% 9/1/34 (e)	2,137		2,121
4.566% 2/1/35 (e)	392		389
4.569% 1/1/35 (e)	807		801
4.569% 7/1/35 (e)	293		294
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
4.592% 2/1/36 (e)	$ 1,356		$ 1,352
4.601% 8/1/35 (e)	1,099		1,106
4.604% 10/1/35 (e)	59		59
4.635% 1/1/35 (e)	520		517
4.646% 10/1/34 (e)	326		324
4.654% 6/1/35 (e)	381		383
4.665% 3/1/35 (e)	653		658
4.668% 8/1/35 (e)	511		512
4.682% 9/1/34 (e)	1,326		1,319
4.69% 2/1/35 (e)	1,402		1,393
4.703% 10/1/34 (e)	290		288
4.709% 3/1/35 (e)	24		24
4.714% 7/1/34 (e)	269		268
4.719% 2/1/35 (e)	624		620
4.733% 12/1/35 (e)	4,016		3,998
4.769% 12/1/34 (e)	79		78
4.772% 1/1/35 (e)	450		448
4.794% 4/1/35 (e)	1,237		1,239
4.799% 7/1/35 (e)	428		425
4.802% 6/1/35 (e)	340		341
4.803% 11/1/34 (e)	235		234
4.809% 7/1/36 (e)	476		477
4.811% 11/1/35 (e)	995		993
4.814% 2/1/33 (e)	112		113
4.817% 12/1/34 (e)	995		991
4.822% 10/1/35 (e)	196		195
4.836% 9/1/34 (e)	419		417
4.841% 9/1/34 (e)	924		920
4.852% 7/1/35 (e)	575		573
4.859% 10/1/34 (e)	944		941
4.87% 5/1/33 (e)	6		6
4.87% 1/1/35 (e)	349		349
4.882% 10/1/35 (e)	155		156
4.884% 5/1/35 (e)	176		175
4.909% 3/1/33 (e)	279		279
4.918% 8/1/34 (e)	884		881
4.946% 8/1/34 (e)	711		709
4.947% 3/1/35 (e)	495		494
4.948% 2/1/35 (e)	506		505
5% 2/1/16 to 10/1/37 (d)	80,532		77,729
5.005% 2/1/34 (e)	745		744
5.007% 8/1/34 (e)	65		64
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
5.016% 7/1/34 (e)	$ 41		$ 41
5.035% 12/1/32 (e)	909		908
5.042% 5/1/35 (e)	515		518
5.067% 9/1/34 (e)	659		658
5.076% 10/1/35 (e)	630		630
5.08% 9/1/34 (e)	72		72
5.087% 2/1/35 (e)	646		646
5.096% 5/1/35 (e)	226		227
5.106% 10/1/35 (e)	438		438
5.118% 8/1/34 (e)	590		590
5.132% 3/1/35 (e)	47		47
5.163% 3/1/36 (e)	1,345		1,349
5.176% 6/1/35 (e)	362		364
5.193% 8/1/33 (e)	116		116
5.251% 11/1/36 (e)	275		277
5.282% 4/1/36 (e)	521		528
5.285% 7/1/35 (e)	2,541		2,551
5.297% 7/1/35 (e)	44		44
5.298% 12/1/36 (e)	297		299
5.312% 12/1/34 (e)	105		105
5.334% 2/1/36 (e)	97		97
5.344% 1/1/36 (e)	1,076		1,079
5.357% 2/1/36 (e)	786		789
5.381% 3/1/37 (e)	1,979		1,993
5.39% 2/1/37 (e)	268		269
5.421% 2/1/37 (e)	1,273		1,284
5.483% 6/1/47 (e)	213		215
5.484% 2/1/37 (e)	1,712		1,729
5.5% 1/1/09 to 10/1/17	6,705		6,745
5.53% 11/1/36 (e)	534		540
5.618% 2/1/36 (e)	320		323
5.651% 4/1/36 (e)	1,161		1,173
5.659% 4/1/37 (e)	1,181		1,193
5.663% 6/1/36 (e)	737		745
5.794% 3/1/36 (e)	2,311		2,338
5.805% 1/1/36 (e)	288		291
5.828% 3/1/36 (e)	829		839
5.833% 5/1/36 (e)	1,794		1,816
5.893% 12/1/36 (e)	428		433
5.912% 9/1/36 (e)	485		490
5.938% 5/1/36 (e)	750		761
5.948% 5/1/36 (e)	271		275
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
6% 5/1/12 to 3/1/31	$ 7,693		$ 7,826
6.028% 4/1/36 (e)	4,791		4,862
6.101% 3/1/37 (e)	452		459
6.155% 4/1/36 (e)	471		479
6.226% 3/1/37 (e)	140		142
6.256% 6/1/36 (e)	71		72
6.5% 6/1/16 to 7/1/32	2,149		2,202
7% 12/1/08 to 9/1/31	354		366
7.5% 5/1/37	398		417
9% 2/1/13	94		99
9.5% 11/15/09	104		108
10.25% 10/1/09 to 10/1/18	7		8
11% 8/1/10 to 1/1/16	273		292
11.25% 5/1/14 to 1/1/16	54		61
11.5% 9/1/11 to 6/15/19	183		202
12.25% 7/1/12 to 8/1/13	9		10
12.5% 9/1/12 to 7/1/16	147		170
12.75% 10/1/11 to 6/1/15	92		101
13% 7/1/13 to 7/1/15	64		75
13.25% 9/1/11	58		64
13.5% 11/1/14 to 12/1/14	15		17
15% 4/1/12	3		3
			198,892
Freddie Mac - 9.3%
3.38% 7/1/33 (e)	860		855
4% 1/1/19 to 11/1/20	4,308		4,081
4.005% 5/1/33 (e)	1,429		1,429
4.005% 4/1/34 (e)	1,465		1,441
4.075% 7/1/35 (e)	665		661
4.179% 1/1/35 (e)	1,410		1,403
4.29% 3/1/35 (e)	118		118
4.299% 12/1/34 (e)	150		147
4.302% 2/1/35 (e)	236		237
4.421% 2/1/34 (e)	119		118
4.421% 6/1/35 (e)	164		164
4.423% 3/1/35 (e)	145		143
4.45% 3/1/35 (e)	156		154
4.5% 2/1/18 to 11/1/20	1,615		1,570
4.54% 2/1/35 (e)	261		258
4.566% 6/1/33 (e)	449		448
4.651% 5/1/35 (e)	941		940
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Freddie Mac - continued
4.664% 2/1/35 (e)	$ 3,560		$ 3,527
4.697% 9/1/36 (e)	297		296
4.704% 9/1/35 (e)	3,800		3,783
4.788% 2/1/36 (e)	129		128
4.804% 3/1/33 (e)	38		38
4.819% 3/1/35 (e)	257		255
4.819% 5/1/35 (e)	2,409		2,391
4.864% 10/1/35 (e)	575		573
4.903% 10/1/36 (e)	1,745		1,736
4.991% 4/1/35 (e)	587		590
5% 3/1/18 to 9/1/35	3,121		3,092
5.013% 7/1/35 (e)	1,517		1,511
5.115% 10/1/36 (e)	611		612
5.121% 7/1/35 (e)	496		495
5.271% 2/1/36 (e)	41		41
5.275% 11/1/35 (e)	506		505
5.455% 3/1/37 (e)	183		184
5.498% 1/1/36 (e)	438		440
5.5% 8/1/14 to 11/1/20	3,423		3,443
5.529% 4/1/37 (e)	286		288
5.532% 1/1/36 (e)	657		660
5.586% 3/1/36 (e)	1,929		1,940
5.654% 8/1/36 (e)	1,939		1,950
5.694% 4/1/36 (e)	4,292		4,325
5.78% 10/1/35 (e)	132		133
5.784% 3/1/37 (e)	997		1,005
5.79% 5/1/37 (e)	2,207		2,224
5.809% 4/1/37 (e)	940		946
5.833% 5/1/37 (e)	325		328
5.834% 6/1/37 (e)	747		753
5.835% 5/1/37 (e)	215		216
5.839% 5/1/37 (e)	1,238		1,248
5.96% 4/1/36 (e)	2,474		2,499
6% 7/1/16 to 2/1/19	2,785		2,850
6.015% 6/1/36 (e)	325		328
6.141% 2/1/37 (e)	274		277
6.162% 12/1/36 (e)	2,323		2,345
6.221% 5/1/36 (e)	268		271
6.352% 7/1/36 (e)	348		352
6.416% 6/1/37 (e)	70		71
6.5% 5/1/08 to 12/1/21	996		1,019
6.511% 9/1/36 (e)	1,751		1,775
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Freddie Mac - continued
6.725% 8/1/37 (e)	$ 555		$ 565
7.581% 4/1/37 (e)	75		77
8.5% 6/1/14 to 5/1/17	19		19
9% 11/1/09 to 8/1/16	34		36
9.5% 7/1/16 to 8/1/21	270		297
10% 7/1/09 to 3/1/21	554		614
10.5% 9/1/09 to 5/1/21	36		38
11% 9/1/20	20		23
11.25% 2/1/10 to 6/1/14	65		73
11.5% 10/1/15 to 8/1/19	49		54
11.75% 11/1/11 to 7/1/15	9		10
12% 10/1/09 to 11/1/19	123		136
12.25% 12/1/11 to 8/1/15	55		62
12.5% 10/1/09 to 6/1/19	596		673
12.75% 2/1/10 to 10/1/10	6		7
13% 9/1/10 to 5/1/17	96		110
13.25% 11/1/10 to 10/1/13	27		31
13.5% 11/1/10 to 8/1/11	31		35
14% 11/1/12 to 4/1/16	5		6
14.5% 12/1/10	1		1
14.75% 3/1/10	1		1
			68,478
Government National Mortgage Association - 0.2%
8% 12/15/23	408		438
8.5% 6/15/16 to 2/15/17	8		8
10.5% 9/15/15 to 10/15/21	671		778
10.75% 12/15/09 to 3/15/10	7		7
11% 5/20/16 to 1/20/21	40		47
12.5% 12/15/10	1		2
13% 1/15/11 to 10/15/13	45		50
13.25% 8/15/14	9		11
13.5% 7/15/11 to 12/15/14	10		12
14% 6/15/11	6		6
			1,359
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES (Cost $267,028)		268,729
Asset-Backed Securities - 0.4%
	Principal Amount (000s)		Value (000s)
Fannie Mae Grantor Trust Series 2005-T4 Class A1C, 5.0225% 9/25/35 (e) (Cost $2,877)	$ 2,877		$ 2,877
Collateralized Mortgage Obligations - 9.7%
U.S. Government Agency - 9.7%
Fannie Mae:
floater:
Series 1994-42 Class FK, 4.12% 4/25/24 (e)	3,458		3,294
Series 2007-95 Class A1, 5.1225% 8/27/36 (e)	2,205		2,204
planned amortization class:
Series 1988-21 Class G, 9.5% 8/25/18	80		87
Series 1994-12 Class PH, 6.25% 1/25/09	375		376
Series 2002-83 Class ME, 5% 12/25/17	5,150		4,993
Series 2003-28 Class KG, 5.5% 4/25/23	725		717
sequential payer Series 1993-238 Class C, 6.5% 12/25/08	1,627		1,632
Fannie Mae subordinate REMIC pass-thru certificates:
floater:
Series 2001-38 Class QF, 5.8525% 8/25/31 (e)	679		693
Series 2002-60 Class FV, 5.8725% 4/25/32 (e)	244		249
Series 2002-74 Class FV, 5.3225% 11/25/32 (e)	3,348		3,363
Series 2002-75 Class FA, 5.8725% 11/25/32 (e)	499		510
planned amortization class:
Series 2001-68 Class QZ, 5.5% 12/25/16	540		541
Series 2002-11:
Class QC, 5.5% 3/25/17	1,465		1,469
Class UC, 6% 3/25/17	1,146		1,167
Series 2002-16 Class PG, 6% 4/25/17	1,273		1,296
Series 2002-18 Class PC, 5.5% 4/25/17	1,790		1,799
Series 2002-61 Class PG, 5.5% 10/25/17	1,945		1,969
Series 2002-71 Class UC, 5% 11/25/17	3,155		3,093
Series 2002-9 Class PC, 6% 3/25/17	104		106
Series 2003-128 Class NE, 4% 12/25/16	1,260		1,211
Series 2003-85 Class GD, 4.5% 9/25/18	610		589
Series 2004-80 Class LD, 4% 1/25/19	980		936
Series 2004-81:
Class KC, 4.5% 4/25/17	690		683
Class KD, 4.5% 7/25/18	1,315		1,279
Series 2005-52 Class PB, 6.5% 12/25/34	1,942		1,975
sequential payer:
Series 2002-56 Class MC, 5.5% 9/25/17	417		418
Collateralized Mortgage Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Government Agency - continued
Fannie Mae subordinate REMIC pass-thru certificates: - continued
sequential payer:
Series 2003-18 Class EY, 5% 6/25/17	$ 1,981		$ 1,969
Freddie Mac Multi-class participation certificates guaranteed:
floater:
Series 2526 Class FC, 5.4913% 11/15/32 (e)	779		782
Series 2630 Class FL, 5.5913% 6/15/18 (e)	58		59
Series 2925 Class CQ, 0% 1/15/35 (e)	227		195
planned amortization class:
Series 2356 Class GD, 6% 9/15/16	448		456
Series 2376 Class JE, 5.5% 11/15/16	395		401
Series 2378 Class PE, 5.5% 11/15/16	1,131		1,137
Series 2381 Class OG, 5.5% 11/15/16	311		313
Series 2390 Class CH, 5.5% 12/15/16	1,022		1,028
Series 2425 Class JH, 6% 3/15/17	540		550
Series 2640 Class GE, 4.5% 7/15/18	3,690		3,570
Series 2695 Class DG, 4% 10/15/18	1,635		1,533
Series 2752 Class PW, 4% 4/15/22	1,713		1,701
Series 2802 Class OB, 6% 5/15/34	1,355		1,367
Series 2810 Class PD, 6% 6/15/33	1,020		1,030
Series 2831 Class PB, 5% 7/15/19	1,975		1,923
Series 2866 Class XE, 4% 12/15/18	1,875		1,793
sequential payer:
Series 1929 Class EZ, 7.5% 2/17/27	2,218		2,321
Series 2570 Class CU, 4.5% 7/15/17	207		204
Series 2572 Class HK, 4% 2/15/17	299		292
Series 2617 Class GW, 3.5% 6/15/16	1,490		1,476
Series 2860 Class CP, 4% 10/15/17	221		216
Series 2866 Class N, 4.5% 12/15/18	1,340		1,327
Series 2937 Class HJ, 5% 10/15/19	969		961
Series 2998 Class LY, 5.5% 7/15/25	295		284
Series 3007 Class EW, 5.5% 7/15/25	1,125		1,084
Series 3013 Class VJ, 5% 1/15/14	1,922		1,916
Series 2769 Class BU, 5% 3/15/34	1,020		945
Series 2975 Class NA, 5% 7/15/23	660		661
Ginnie Mae guaranteed REMIC pass-thru securities planned amortization class Series 2005-58 Class NJ, 4.5% 8/20/35	3,465		3,425
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $71,855)		71,568

Cash Equivalents - 17.2%
	Maturity Amount (000s)		Value (000s)
Investments in repurchase agreements in a joint trading account at:
4.94%, dated 10/31/07 due 11/1/07 (Collateralized by U.S. Government Obligations) #	$ 93,865		$ 93,852
4.96%, dated 10/31/07 due 11/1/07 (Collateralized by U.S. Government Obligations) # (f)	32,321		32,317
TOTAL CASH EQUIVALENTS (Cost $126,169)		126,169
TOTAL INVESTMENT PORTFOLIO - 124.7% (Cost $911,531)			916,468
NET OTHER ASSETS - (24.7)%			(181,665)
NET ASSETS - 100%		$ 734,803

Swap Agreements
	Expiration Date	Notional Amount (000s)
Interest Rate Swaps
Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed equal to 5.484% with Deutsche Bank	June 2010	$ 4,000	$ (137)
Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 5.35% with Bank of America	March 2037	1,800	0
Receive semi-annually a fixed rate equal to 4.64% and pay quarterly a floating rate based on 3-month LIBOR with Morgan Stanley, Inc.	Oct. 2009	10,000	5
Receive semi-annually a fixed rate equal to 4.68% and pay quarterly a floating rate based on 3-month LIBOR with JPMorgan Chase, Inc.	Sept. 2009	29,000	7
Receive semi-annually a fixed rate equal to 4.81% and pay quarterly a floating rate based on 3-month LIBOR with JPMorgan Chase, Inc.	Sept. 2009	25,000	52
Receive semi-annually a fixed rate equal to 5.44% and pay quarterly a floating rate based on 3-month LIBOR with JPMogan Chase, Inc.	July 2010	7,000	240
Swap Agreements - continued
	Expiration Date	Notional Amount (000s)	Value (000s)
Receive semi-annually a fixed rate equal to 5.467% and pay quarterly a floating rate based on 3-month LIBOR with JPMorgan Chase, Inc.	July 2011	$ 1,500	$ 59
Receive semi-annually a fixed rate equal to 5.60% and pay quarterly a floating rate based on 3-month LIBOR with Bank of America	June 2011	7,500	324
		$ 85,800	$ 550

Legend

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

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $9,331,000 or 1.3% of net assets.

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

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

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

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

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

Repurchase Agreement / Counterparty	Value (Amounts in thousands)
$93,852,000 due 11/01/07 at 4.94%
BNP Paribas Securities Corp.	$ 11,696
Banc of America Securities LLC	17,952
Bank of America, NA	27,783
Bear Stearns & Co., Inc.	2,853
Citigroup Global Markets, Inc.	3,921
Countrywide Securities Corp.	3,267
Credit Suisse Securities (USA) LLC	3,921
ING Financial Markets LLC	8,084
J.P. Morgan Securities, Inc.	6,534
Societe Generale, New York Branch	5,227
WestLB AG	2,614
	$ 93,852
$32,317,000 due 11/01/07 at 4.96%
Barclays Capital, Inc.	$ 26,092
Bear Stearns & Co., Inc.	6,225
	$ 32,317

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $911,388,000. Net unrealized appreciation aggregated $5,080,000, of which $6,640,000 related to appreciated investment securities and $1,560,000 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

see the fund's most recent prospectus and annual report.

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Ultra-Short Bond Fund

October 31, 2007

ULB-QTLY-1207

1.809108.103

Investments October 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 9.8%
	Principal Amount		Value
CONSUMER DISCRETIONARY - 1.5%
Auto Components - 0.8%
DaimlerChrysler NA Holding Corp.:
6.0531% 3/13/09 (d)	$ 3,685,000		$ 3,681,024
6.1331% 3/13/09 (d)	1,800,000		1,799,928
			5,480,952
Media - 0.7%
Continental Cablevision, Inc. 9% 9/1/08	1,100,000		1,131,328
Cox Communications, Inc. (Reg. S) 6.2531% 12/14/07 (d)	2,330,000		2,331,960
Viacom, Inc. 6.0444% 6/16/09 (d)	2,000,000		1,993,204
			5,456,492
TOTAL CONSUMER DISCRETIONARY			10,937,444
CONSUMER STAPLES - 0.3%
Food & Staples Retailing - 0.3%
CVS Caremark Corp. 5.9213% 6/1/10 (d)	2,200,000		2,183,034
ENERGY - 0.8%
Energy Equipment & Services - 0.4%
Transocean, Inc. 5.8688% 9/5/08 (d)	2,400,000		2,395,486
Oil, Gas & Consumable Fuels - 0.4%
Anadarko Petroleum Corp.:
3.25% 5/1/08	850,000		841,653
6.0944% 9/15/09 (d)	2,200,000		2,190,538
			3,032,191
TOTAL ENERGY			5,427,677
FINANCIALS - 5.8%
Capital Markets - 1.0%
Bear Stearns Companies, Inc.:
5.5463% 2/1/12 (d)	745,000		713,104
5.5988% 7/19/10 (d)	2,000,000		1,966,828
Lehman Brothers Holdings E-Capital Trust I 6.29% 8/19/65 (d)	1,205,000		1,128,527
Lehman Brothers Holdings, Inc. 5.645% 5/25/10 (d)	1,500,000		1,476,896
Morgan Stanley 5.4588% 1/18/11 (d)	1,900,000		1,882,286
			7,167,641
Nonconvertible Bonds - continued
	Principal Amount		Value
FINANCIALS - continued
Commercial Banks - 1.3%
Barclays Bank PLC 5.705% 5/25/15 (d)	$ 825,000		$ 825,823
DBS Bank Ltd. (Singapore) 5.75% 5/16/17 (a)(d)	2,000,000		1,914,390
HBOS plc 5.635% 2/6/14 (d)	305,000		303,380
HSBC Holdings PLC 5.4431% 10/6/16 (d)	500,000		501,407
ING Bank NV 5.4925% 10/14/14 (d)	440,000		437,096
Manufacturers & Traders Trust Co. 3.85% 4/1/13 (a)(d)	520,000		516,119
PNC Funding Corp. 5.1% 1/31/12 (d)	2,400,000		2,367,922
Santander Issuances SA Unipersonal 5.9475% 6/20/16 (a)(d)	1,900,000		1,886,504
Sovereign Bank 4.375% 8/1/13 (d)	500,000		494,579
			9,247,220
Consumer Finance - 1.1%
Capital One Financial Corp. 6.0038% 9/10/09 (d)	2,260,000		2,225,677
MBNA Capital I 8.278% 12/1/26	810,000		841,504
SLM Corp.:
5.0075% 4/18/08 (a)(d)	2,500,000		2,480,953
5.2438% 7/26/10 (d)	2,770,000		2,612,057
			8,160,191
Insurance - 0.2%
Monumental Global Funding III 5.2538% 1/25/13 (a)(d)	1,745,000		1,723,448
Real Estate Investment Trusts - 0.9%
iStar Financial, Inc.:
6.0738% 3/9/10 (d)	2,000,000		1,889,640
6.2444% 3/16/09 (d)	2,505,000		2,440,799
Simon Property Group LP 6.375% 11/15/07	2,310,000		2,310,462
			6,640,901
Thrifts & Mortgage Finance - 1.3%
Capmark Financial Group, Inc. 6.03% 5/10/10 (a)(d)	2,000,000		1,821,042
Countrywide Financial Corp. 5.43% 3/24/09 (d)	735,000		668,499
Independence Community Bank Corp. 3.5% 6/20/13 (d)	735,000		724,695
Residential Capital Corp. 8.0444% 4/17/09 (a)(d)	2,050,000		1,230,000
Washington Mutual Bank 5.4463% 5/1/09 (d)	3,000,000		2,951,259
Washington Mutual, Inc. 5.6388% 8/24/09 (d)	2,250,000		2,199,101
			9,594,596
TOTAL FINANCIALS			42,533,997
Nonconvertible Bonds - continued
	Principal Amount		Value
INFORMATION TECHNOLOGY - 0.2%
Semiconductors & Semiconductor Equipment - 0.2%
National Semiconductor Corp. 5.9444% 6/15/10 (d)	$ 1,710,000		$ 1,702,209
TELECOMMUNICATION SERVICES - 0.7%
Diversified Telecommunication Services - 0.7%
Telecom Italia Capital SA 5.8188% 7/18/11 (d)	3,750,000		3,747,656
Telefonos de Mexico SA de CV 4.5% 11/19/08	1,605,000		1,592,160
			5,339,816
UTILITIES - 0.5%
Electric Utilities - 0.1%
Commonwealth Edison Co. 3.7% 2/1/08	1,125,000		1,120,284
Gas Utilities - 0.1%
NiSource Finance Corp. 6.0644% 11/23/09 (d)	845,000		841,716
Multi-Utilities - 0.3%
Sempra Energy 4.75% 5/15/09	2,000,000		1,989,080
TOTAL UTILITIES			3,951,080
TOTAL NONCONVERTIBLE BONDS (Cost $73,989,469)		72,075,257
U.S. Government and Government Agency Obligations - 5.5%
U.S. Government Agency Obligations - 2.8%
Freddie Mac:
4.25% 7/15/09	20,000,000		19,962,707
4.75% 3/5/09 (b)	400,000		401,693
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS			20,364,400
U.S. Treasury Obligations - 2.7%
U.S. Treasury Notes 3.75% 5/15/08	20,000,000		19,954,680
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $40,266,173)		40,319,080
U.S. Government Agency - Mortgage Securities - 2.0%
	Principal Amount		Value
Fannie Mae - 1.5%
3.232% 9/1/33 (d)	$ 450,741		$ 448,782
3.683% 7/1/33 (d)	352,219		351,437
3.966% 5/1/34 (d)	500,156		497,749
4.239% 3/1/34 (d)	502,081		497,674
4.263% 10/1/33 (d)	38,930		38,890
4.28% 6/1/34 (d)	1,253,935		1,242,038
4.283% 6/1/33 (d)	47,135		47,365
4.286% 3/1/33 (d)	92,948		93,493
4.604% 10/1/35 (d)	59,126		59,087
4.709% 3/1/35 (d)	25,238		25,465
4.87% 5/1/33 (d)	5,940		6,008
4.882% 10/1/35 (d)	207,171		207,510
4.912% 7/1/35 (d)	514,019		515,349
5.007% 8/1/34 (d)	67,678		67,518
5.016% 7/1/34 (d)	42,799		42,713
5.15% 9/1/35 (d)	2,945,884		2,951,768
5.193% 8/1/33 (d)	119,881		119,969
5.251% 11/1/36 (d)	338,591		340,861
5.259% 5/1/36 (d)	194,627		195,589
5.282% 4/1/36 (d)	568,376		576,171
5.293% 8/1/36 (d)	624,594		626,381
5.297% 7/1/35 (d)	46,117		46,412
5.334% 2/1/36 (d)	129,174		129,581
5.53% 11/1/36 (d)	672,834		679,716
5.653% 10/1/35 (d)	242,379		243,010
6.5% 7/1/16	75,494		77,184
6.514% 8/1/34 (d)	70,086		70,938
7% 8/1/17 to 5/1/32	876,609		919,663
TOTAL FANNIE MAE			11,118,321
Freddie Mac - 0.5%
3.38% 7/1/33 (d)	941,569		935,638
4.037% 4/1/34 (d)	746,349		735,153
4.804% 3/1/33 (d)	39,499		39,838
4.903% 10/1/36 (d)	1,599,695		1,591,619
TOTAL FREDDIE MAC			3,302,248
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES (Cost $14,371,384)		14,420,569
Asset-Backed Securities - 30.7%
	Principal Amount		Value
Accredited Mortgage Loan Trust:
Series 2004-2 Class A2, 5.1725% 7/25/34 (d)	$ 232,734		$ 226,661
Series 2004-4 Class A2D, 5.2225% 1/25/35 (d)	78,584		74,667
Series 2005-1 Class M1, 5.3425% 4/25/35 (d)	1,545,000		1,504,249
Series 2007-1 Class A3, 5.0025% 2/25/37 (d)	1,000,000		912,656
ACE Securities Corp. Home Equity Loan Trust:
Series 2002-HE2 Class M1, 6.1475% 8/25/32 (d)	140,441		138,413
Series 2003-HE1:
Class M1, 5.5225% 11/25/33 (d)	113,099		108,232
Class M2, 6.5725% 11/25/33 (d)	50,238		47,611
Series 2003-HS1:
Class M1, 5.6225% 6/25/33 (d)	21,135		20,482
Class M2, 6.6225% 6/25/33 (d)	50,000		45,989
Series 2003-NC1 Class M1, 5.6525% 7/25/33 (d)	100,000		96,919
Series 2004-HE1:
Class M1, 5.3725% 2/25/34 (d)	86,768		82,887
Class M2, 5.9725% 2/25/34 (d)	175,000		157,134
Series 2005-HE2 Class M3, 5.3525% 4/25/35 (d)	145,000		137,926
Series 2005-SD1 Class A1, 5.2725% 11/25/50 (d)	68,899		66,035
Series 2006-HE2:
Class A2C, 5.0325% 5/25/36 (d)	995,000		935,611
Class M1, 5.1725% 5/25/36 (d)	915,000		591,090
Class M3, 5.2125% 5/25/36 (d)	240,000		91,104
Class M4, 5.2725% 5/25/36 (d)	200,000		78,616
Class M5, 5.3125% 5/25/36 (d)	295,000		56,772
Series 2007-HE1:
Class A2C, 5.0425% 1/25/37 (d)	1,000,000		920,200
Class M1, 5.1325% 1/25/37 (d)	755,000		487,270
Advanta Business Card Master Trust:
Series 2004-C1 Class C, 6.0475% 9/20/13 (d)	340,000		337,498
Series 2006-C1 Class C1, 5.4775% 10/20/14 (d)	770,000		745,702
Series 2007-B1 Class B, 5.2475% 12/22/14 (d)	1,725,000		1,692,382
Aesop Funding II LLC Series 2005-1A Class A2, 5.0575% 4/20/09 (a)(d)	1,200,000		1,199,452
American Express Credit Account Master Trust:
Series 2004-5 Class B, 5.3413% 4/16/12 (d)	2,150,000		2,137,456
Series 2004-C Class C, 5.5913% 2/15/12 (a)(d)	310,739		310,390
AmeriCredit Automobile Receivables Trust Series 2005-1 Class C, 4.73% 7/6/10	2,500,000		2,491,798
Ameriquest Mortgage Securities, Inc.:
Series 2003-1 Class M1, 6.2225% 2/25/33 (d)	474,619		472,771
Series 2004-R11 Class M1, 5.5325% 11/25/34 (d)	560,000		552,483
Asset-Backed Securities - continued
	Principal Amount		Value
Ameriquest Mortgage Securities, Inc.: - continued
Series 2004-R2:
Class M1, 5.3025% 4/25/34 (d)	$ 85,000		$ 83,760
Class M2, 5.3525% 4/25/34 (d)	75,000		73,075
Series 2004-R8 Class M9, 7.6225% 9/25/34 (d)	767,013		479,010
Series 2004-R9 Class M2, 5.5225% 10/25/34 (d)	720,000		708,541
Series 2005-R1:
Class M1, 5.3225% 3/25/35 (d)	770,000		684,030
Class M2, 5.3525% 3/25/35 (d)	260,000		215,237
Series 2005-R2 Class M1, 5.3225% 4/25/35 (d)	1,700,000		1,652,458
Series 2006-M3:
Class M7, 5.7225% 10/25/36 (d)	705,000		111,287
Class M9, 6.8725% 10/25/36 (d)	450,000		51,577
Amortizing Residential Collateral Trust Series 2002-BC1 Class M2, 5.9725% 1/25/32 (d)	20,448		18,716
ARG Funding Corp.:
Series 2005-1A Class A2, 5.0975% 4/20/09 (a)(d)	1,500,000		1,499,793
Series 2005-2A Class A2, 5.1075% 5/20/09 (a)(d)	800,000		799,789
Argent Securities, Inc.:
Series 2003-W3 Class M2, 6.9163% 9/25/33 (d)	727,865		703,956
Series 2004-W5 Class M1, 5.4725% 4/25/34 (d)	1,420,000		1,382,113
Series 2004-W7:
Class M1, 5.4225% 5/25/34 (d)	305,000		275,510
Class M2, 5.4725% 5/25/34 (d)	250,000		234,349
Series 2006-W4:
Class A2C, 5.0325% 5/25/36 (d)	1,200,000		1,162,687
Class M3, 5.2125% 5/25/36 (d)	1,010,000		353,096
Arran Funding Ltd. Series 2005-A Class C, 5.4113% 12/15/10 (d)	3,235,000		3,195,857
Asset Backed Funding Certificates Series 2004-HE1 Class M2, 6.0225% 1/25/34 (d)	230,000		216,359
Asset Backed Funding Corp. Series 2006-OPT2 Class C7, 5.0225% 10/25/36 (d)	780,000		733,566
Asset Backed Securities Corp. Home Equity Loan Trust:
Series 2003-HE2 Class M1, 6.4413% 4/15/33 (d)	1,104,929		1,022,059
Series 2003-HE6 Class M1, 5.5225% 11/25/33 (d)	215,000		211,290
Series 2004-HE6 Class A2, 5.2325% 6/25/34 (d)	261,521		248,200
Series 2005-HE1 Class M1, 5.3725% 3/25/35 (d)	502,052		480,711
Series 2005-HE2:
Class M1, 5.3225% 3/25/35 (d)	1,006,478		875,555
Class M2, 5.3725% 3/25/35 (d)	275,000		227,588
Series 2007-HE1 Class A4, 5.0125% 12/25/36 (d)	1,000,000		927,969
Asset-Backed Securities - continued
	Principal Amount		Value
Bank of America Credit Card Master Trust:
Series 2006-C7 Class C7, 5.3213% 3/15/12 (d)	$ 3,165,000		$ 3,105,058
Series 2007-C2 Class C2, 5.3613% 9/17/12 (d)	2,050,000		2,011,864
Bank One Issuance Trust:
Series 2003-C4 Class C4, 6.1213% 2/15/11 (d)	2,010,000		2,013,455
Series 2004-C1 Class C1, 5.5913% 11/15/11 (d)	25,000		24,813
Bayview Financial Acquisition Trust Series 2004-C Class A1, 5.5488% 5/28/44 (d)	335,399		325,337
Bayview Financial Mortgage Loan Trust Series 2004-A Class A, 5.5788% 2/28/44 (d)	163,727		157,505
Bear Stearns Asset Backed Securities I Trust:
Series 2004-BO1:
Class M2, 5.6225% 9/25/34 (d)	390,000		361,913
Class M3, 5.9225% 9/25/34 (d)	265,000		240,262
Class M4, 6.0725% 9/25/34 (d)	225,000		197,635
Series 2004-HE9 Class M2, 6.0725% 11/25/34 (d)	490,000		427,293
Series 2005-HE2:
Class M1, 5.3725% 2/25/35 (d)	868,700		808,027
Class M2, 5.6225% 2/25/35 (d)	330,000		253,389
Capital Auto Receivables Asset Trust Series 2005-1 Class B, 5.4663% 6/15/10 (d)	850,000		849,735
Capital One Master Trust Series 2001-6 Class C, 6.7% 6/15/11 (a)	2,200,000		2,208,508
Capital One Multi-Asset Execution Trust:
Series 2003-B6 Class B6, 5.6213% 9/15/11 (d)	1,125,000		1,125,053
Series 2004-B1 Class B1, 5.5313% 11/15/11 (d)	1,180,000		1,178,078
Capital Trust Ltd. Series 2004-1:
Class A2, 5.4475% 7/20/39 (a)(d)	265,000		261,136
Class B, 5.7475% 7/20/39 (a)(d)	140,000		134,915
Class C, 6.0975% 7/20/39 (a)(d)	180,000		165,017
Carrington Mortgage Loan Trust:
Series 2006-FRE1:
Class M7, 5.8225% 7/25/36 (d)	445,000		131,416
Class M9, 6.7725% 7/25/36 (d)	285,000		56,404
Series 2006-NC3 Class M10, 6.8725% 8/25/36 (a)(d)	125,000		27,344
Series 2007-RFC1 Class A3, 5.0125% 12/25/36 (d)	1,000,000		912,656
CDC Mortgage Capital Trust Series 2003-HE3 Class M1, 5.5725% 11/25/33 (d)	91,792		84,328
Cendant Timeshare Receivables Funding LLC Series 2005 1A Class 2A2, 5.1775% 5/20/17 (a)(d)	446,412		437,215
Chase Credit Card Owner Trust Series 2003-6 Class C, 5.8913% 2/15/11 (d)	2,210,000		2,205,778
Asset-Backed Securities - continued
	Principal Amount		Value
Chase Issuance Trust:
Series 2004-C3 Class C3, 5.5613% 6/15/12 (d)	$ 1,645,000		$ 1,626,494
Series 2006-C3 Class C3, 5.3213% 6/15/11 (d)	1,975,000		1,951,855
CIT Equipment Collateral Trust Series 2005-VT1:
Class C, 4.18% 11/20/12	211,990		210,870
Class D, 4.51% 11/20/12	209,796		208,526
Citibank Credit Card Issuance Trust:
Series 2003-C1 Class C1, 6.3431% 4/7/10 (d)	1,685,000		1,685,694
Series 2006-C4 Class C4, 5.345% 1/9/12 (d)	2,365,000		2,314,165
Series 2006-C6 Class C6, 5.4213% 11/15/12 (d)	1,595,000		1,558,397
CNH Equipment Trust Series 2007-A Class A2, 5.09% 10/15/09	2,500,000		2,504,515
Countrywide Home Loan Trust Series 2006-13N Class N, 7% 8/25/37 (a)	258,717		175,927
Countrywide Home Loans, Inc.:
Series 2002-6 Class AV1, 5.3025% 5/25/33 (d)	20,505		20,268
Series 2003-BC1 Class M2, 6.8725% 9/25/32 (d)	186,791		176,287
Series 2004-2 Class M1, 5.3725% 5/25/34 (d)	375,000		358,480
Series 2004-3:
Class 3A4, 5.1225% 8/25/34 (d)	1,273,720		1,200,283
Class M1, 5.3725% 6/25/34 (d)	100,000		96,580
Series 2004-4 Class M2, 5.4025% 6/25/34 (d)	315,000		304,593
Series 2005-1:
Class 1AV2, 5.0725% 7/25/35 (d)	285,304		278,260
Class MV1, 5.2725% 7/25/35 (d)	435,000		412,330
Class MV2, 5.3125% 7/25/35 (d)	525,000		483,326
Series 2005-AB1 Class A2, 5.0825% 8/25/35 (d)	1,187,905		1,167,302
CPS Auto Receivables Trust:
Series 2006-B Class A2, 5.71% 6/15/16 (a)	1,183,626		1,184,550
Series 2006-C Class A2, 5.31% 3/15/10 (a)	1,015,156		1,014,853
Discover Card Master Trust I:
Series 2003-4 Class B1, 5.4213% 5/16/11 (d)	550,000		548,806
Series 2005-1 Class B, 5.2413% 9/16/10 (d)	1,580,000		1,578,073
Series 2005-3 Class B, 5.2813% 5/15/11 (d)	2,000,000		1,972,262
Series 2006-1 Class B1, 5.2413% 8/16/11 (d)	1,845,000		1,834,883
Series 2006-2 Class B1, 5.2113% 1/17/12 (d)	2,000,000		1,985,387
DriveTime Auto Owner Trust Series 2006-B Class A2, 5.32% 3/15/10 (a)	930,008		927,247
Fannie Mae subordinate REMIC pass-thru certificates Series 2004-T5:
Class AB1, 5.5632% 5/28/35 (d)	80,751		76,738
Class AB3, 5.7063% 5/28/35 (d)	32,052		29,468
Asset-Backed Securities - continued
	Principal Amount		Value
Fieldstone Mortgage Investment Corp.:
Series 2004-3 Class M5, 6.3225% 8/25/34 (d)	$ 1,500,000		$ 1,329,314
Series 2006-2:
Class 2A2, 5.0425% 7/25/36 (d)	880,000		846,037
Class M1, 5.1825% 7/25/36 (d)	1,765,000		1,077,010
First Franklin Mortgage Loan Trust:
Series 2004-FF2:
Class M3, 5.4225% 3/25/34 (d)	25,000		22,236
Class M4, 5.7725% 3/25/34 (d)	11,654		10,718
Series 2004-FF8 Class M3, 5.8225% 10/25/34 (d)	1,760,000		1,552,489
Series 2006-FF14:
Class A5, 5.0325% 10/25/36 (d)	990,000		913,275
Class M1, 5.1325% 10/25/36 (d)	880,000		516,095
Series 2006-FF18 Class M1, 5.1025% 12/25/37 (d)	3,500,000		2,097,200
Series 2007-FF1 Class M1, 5.1025% 1/25/38 (d)	375,000		206,250
First Investors Auto Owner Trust Series 2006-A Class A3, 4.93% 2/15/11 (a)	551,129		550,009
Ford Credit Floorplan Master Owner Trust:
Series 2005-1:
Class A, 5.2413% 5/15/10 (d)	1,375,000		1,373,433
Class B, 5.5313% 5/15/10 (d)	1,110,000		1,109,810
Series 2006-3:
Class A, 5.2713% 6/15/11 (d)	990,000		984,345
Class B, 5.5413% 6/15/11 (d)	1,405,000		1,390,737
Fosse Master Issuer PLC Series 2007-1A Class C2, 5.7588% 10/18/54 (a)(d)	460,000		439,323
Franklin Auto Trust Series 2006-1 Class A2, 5.2% 10/20/09	439,411		439,451
Fremont Home Loan Trust:
Series 2003-B Class M6, 9.3725% 12/25/33 (d)	196,854		49,346
Series 2004-B Class M1, 5.4525% 5/25/34 (d)	205,000		191,348
Series 2004-C Class M1, 5.5225% 8/25/34 (d)	540,000		511,040
Series 2005-A:
Class M1, 5.3025% 1/25/35 (d)	225,000		208,348
Class M2, 5.3325% 1/25/35 (d)	325,000		308,207
Class M3, 5.3625% 1/25/35 (d)	175,000		165,553
Class M4, 5.5525% 1/25/35 (d)	125,000		115,303
Series 2006-A:
Class M3, 5.2525% 5/25/36 (d)	455,000		171,200
Class M4, 5.2725% 5/25/36 (d)	685,000		176,883
Class M5, 5.3725% 5/25/36 (d)	365,000		69,810
GCO Education Loan Funding Master Trust II Series 2007-1A Class C1L, 5.885% 9/25/30 (a)(d)	960,000		952,793
Asset-Backed Securities - continued
	Principal Amount		Value
GE Business Loan Trust Series 2003-1 Class A, 5.5213% 4/15/31 (a)(d)	$ 150,098		$ 146,346
GE Capital Credit Card Master Note Trust:
Series 2005-2 Class B, 5.2913% 6/15/11 (d)	925,000		924,447
Series 2006-1:
Class B, 5.2013% 9/17/12 (d)	585,000		580,016
Class C, 5.3313% 9/17/12 (d)	455,000		448,279
GE Equipment Midticket LLC Series 2006-1 Class A2, 5.1% 5/15/09	1,049,267		1,049,648
Gracechurch Card Funding PLC:
Series 11 Class C, 5.3713% 11/15/10 (d)	2,490,000		2,446,350
Series 8 Class C, 5.4213% 6/15/10 (d)	2,650,000		2,622,732
Series 9:
Class B, 5.2413% 9/15/10 (d)	485,000		481,455
Class C, 5.4013% 9/15/10 (d)	1,800,000		1,773,972
Granite Master Issuer PLC Series 2006-1A Class A4, 5.0375% 12/20/30 (a)(d)	60,777		60,625
GSAMP Trust:
Series 2002-NC1 Class A2, 5.5125% 7/25/32 (d)	2,606		2,458
Series 2003-FM1 Class M1, 6.2275% 3/20/33 (d)	533,607		517,527
Series 2004-FM1:
Class M1, 5.5225% 11/25/33 (d)	168,544		160,547
Class M2, 6.2725% 11/25/33 (d)	62,956		59,263
Series 2004-FM2 Class M1, 5.6225% 1/25/34 (d)	212,605		203,289
Series 2004-HE1:
Class M1, 5.4225% 5/25/34 (d)	289,483		268,970
Class M2, 6.0225% 5/25/34 (d)	150,000		137,566
Series 2006-FM3 Class ABS, 5.0725% 11/25/36 (d)	2,045,000		1,892,584
Series 2006-HE5 Class M7, 5.7025% 8/25/36 (d)	1,495,000		188,158
Series 2006-NC2 Class M4, 5.2225% 6/25/36 (d)	1,541,000		434,115
Series 2007-FM1 Class M1, 5.1425% 12/25/36 (d)	1,000,000		644,800
Series 2007-FM2 Class M1, 5.1525% 1/25/37 (d)	1,615,000		1,041,998
Series 2007-HE1 Class M1, 5.1225% 3/25/47 (d)	335,000		215,740
Series 2007-NC1 Class M7, 5.8225% 12/25/46 (d)	3,390,000		871,800
GSR Mortgage Loan Trust:
Series 2005-6 Class A2, 5.0825% 6/25/35 (d)	1,800,000		1,788,129
Series 2005-9 Class 2A1, 4.9925% 8/25/35 (d)	299,430		299,121
Series 2005-HE2 Class M, 5.3025% 3/25/35 (d)	1,207,506		1,093,035
Series 2005-MTR1 Class A1, 5.0125% 10/25/35 (d)	552,895		549,160
Series 2005-NC1 Class M1, 5.3225% 2/25/35 (d)	1,162,823		993,658
Guggenheim Structured Real Estate Funding Ltd.:
Series 2005-1 Class C, 5.9525% 5/25/30 (a)(d)	651,189		607,233
Asset-Backed Securities - continued
	Principal Amount		Value
Guggenheim Structured Real Estate Funding Ltd.: - continued
Series 2006-3:
Class B, 5.2725% 9/25/46 (a)(d)	$ 450,000		$ 398,250
Class C, 5.4225% 9/25/46 (a)(d)	1,150,000		973,188
Harwood Street Funding I LLC Series 2004-1A Class CTFS, 6.9975% 9/20/09 (a)(d)	1,700,000		1,300,366
Holmes Master Issuer PLC Series 2007-2A Class 1C, 5.4725% 7/15/21 (d)	1,640,000		1,618,024
Home Equity Asset Trust:
Series 2002-3 Class A5, 5.7525% 2/25/33 (d)	14		14
Series 2002-5 Class M1, 6.5725% 5/25/33 (d)	152,642		149,721
Series 2003-1 Class M1, 6.3725% 6/25/33 (d)	524,845		509,678
Series 2003-2 Class M1, 6.1925% 8/25/33 (d)	66,323		64,257
Series 2003-3 Class M1, 6.1625% 8/25/33 (d)	320,568		307,783
Series 2003-4 Class M1, 6.0725% 10/25/33 (d)	96,601		89,067
Series 2003-5:
Class A2, 5.2225% 12/25/33 (d)	10,566		10,175
Class M1, 5.5725% 12/25/33 (d)	160,000		155,605
Class M2, 6.6025% 12/25/33 (d)	18,009		16,550
Series 2003-7:
Class A2, 5.2525% 3/25/34 (d)	2,079		2,078
Class M1, 5.5225% 3/25/34 (d)	795,000		752,392
Series 2003-8 Class M1, 5.5925% 4/25/34 (d)	192,210		181,464
Series 2005-1 Class M1, 5.3025% 5/25/35 (d)	1,270,000		1,194,534
Series 2005-2:
Class 2A2, 5.0725% 7/25/35 (d)	99,377		99,299
Class M1, 5.3225% 7/25/35 (d)	890,000		838,999
Series 2007-1 Class M1, 5.1125% 5/25/37 (d)	1,940,000		1,172,984
Series 2007-3 Class 2A3, 5.1125% 8/25/37 (d)	2,015,000		1,857,264
Household Home Equity Loan Trust Series 2004-1 Class M, 5.5175% 9/20/33 (d)	85,816		83,352
HSBC Home Equity Loan Trust:
Series 2005-2:
Class M1, 5.4575% 1/20/35 (d)	169,903		153,356
Class M2, 5.4875% 1/20/35 (d)	126,483		110,338
Series 2005-3:
Class A1, 5.2575% 1/20/35 (d)	386,737		375,437
Class M1, 5.4175% 1/20/35 (d)	227,095		205,829
Series 2006-2:
Class M1, 5.3613% 3/20/36 (d)	566,074		349,154
Class M2, 5.2875% 3/20/36 (d)	934,524		549,127
Asset-Backed Securities - continued
	Principal Amount		Value
HSI Asset Securitization Corp. Trust Series 2007-HE1 Class M1, 5.1725% 1/25/37 (d)	$ 1,025,000		$ 662,150
IXIS Real Estate Capital Trust Series 2005-HE1 Class M1, 5.3425% 6/25/35 (d)	492,536		458,704
JPMorgan Auto Receivables Trust Series 2007-A Class A2, 5.3% 12/15/09 (a)	1,482,889		1,484,413
JPMorgan Mortgage Acquisition Trust Series 2006-WMC4 Class A4, 5.0225% 12/25/36 (d)	3,000,000		2,800,782
Keycorp Student Loan Trust Series 1999-A Class A2, 5.69% 12/27/09 (d)	169,824		170,372
Long Beach Auto Receivables Trust Series 2006-B Class A2, 5.34% 11/15/09	575,829		576,007
Long Beach Mortgage Loan Trust:
Series 2003-2 Class M1, 6.1025% 6/25/33 (d)	445,406		427,535
Series 2003-3 Class M1, 5.6225% 7/25/33 (d)	337,423		310,598
Series 2005-1 Class M2, 5.4025% 2/25/35 (d)	1,410,000		1,333,926
Series 2005-WL1 Class M2, 5.4225% 6/25/35 (d)	660,000		600,600
Series 2006-6:
Class 2A3, 5.0225% 7/25/36 (d)	1,435,000		1,309,661
Class M4, 5.2325% 7/25/36 (d)	425,000		96,250
Series 2006-7 Class M10, 7.3725% 8/25/36 (d)	675,000		63,877
MASTR Asset Backed Securities Trust:
Series 2004-HE1 Class M1, 5.5225% 9/25/34 (d)	685,000		654,786
Series 2006-HE3 Class A2, 4.9725% 8/25/36 (d)	1,140,000		1,109,363
Series 2007-WMC1 Class A4, 5.0325% 1/25/37 (d)	1,380,000		1,274,560
MBNA Credit Card Master Note Trust:
Series 2003-B2 Class B2, 5.4813% 10/15/10 (d)	125,000		125,154
Series 2003-B3 Class B3, 5.4663% 1/18/11 (d)	1,550,000		1,550,174
Series 2003-B5 Class B5, 5.4613% 2/15/11 (d)	2,000,000		2,002,386
Series 2003-C2 Class C2, 6.6913% 6/15/10 (d)	2,000,000		2,002,857
Series 2005-C1 Class C, 5.5013% 10/15/12 (d)	2,505,000		2,470,907
Series 2005-C2 Class C, 5.4413% 2/15/13 (d)	2,505,000		2,456,406
Series 2005-C3 Class C, 5.3613% 3/15/11 (d)	2,830,000		2,804,824
MBNA Master Credit Card Trust II Series 1998-E Class B, 5.5725% 9/15/10 (d)	200,000		199,970
Meritage Mortgage Loan Trust Series 2004-1:
Class M1, 5.6225% 7/25/34 (d)	134,520		127,878
Class M2, 5.6975% 7/25/34 (d)	3,764		3,548
Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-1:
Class A2C, 5.1225% 4/25/37 (d)	1,035,000		963,844
Class M1, 5.2525% 4/25/37 (d)	1,355,000		841,726
Asset-Backed Securities - continued
	Principal Amount		Value
Merrill Lynch Mortgage Investors Trust:
Series 2004-FM1 Class M2, 6.0225% 1/25/35 (d)	$ 51,018		$ 46,161
Series 2004-HE2 Class A1B, 5.3425% 8/25/35 (d)	39,863		38,680
Merrill Lynch Mortgage Investors, Inc. Series 2006-FM1 Class A2B, 4.9825% 4/25/37 (d)	1,055,000		1,029,449
Morgan Stanley ABS Capital I Trust:
Series 2002-HE3 Class M1, 5.9725% 12/27/32 (d)	102,728		101,172
Series 2003-NC10 Class M1, 5.5525% 10/25/33 (d)	792,708		761,030
Series 2003-NC8 Class M1, 5.5725% 9/25/33 (d)	119,992		114,676
Series 2004-HE6 Class A2, 5.2125% 8/25/34 (d)	65,756		62,807
Series 2004-NC2 Class M1, 5.4225% 12/25/33 (d)	347,703		330,852
Series 2005-1 Class M2, 5.3425% 12/25/34 (d)	570,000		527,818
Series 2005-HE1:
Class M1, 5.3225% 12/25/34 (d)	150,000		141,852
Class M2, 5.3425% 12/25/34 (d)	385,000		354,982
Series 2005-HE2:
Class M1, 5.2725% 1/25/35 (d)	370,000		332,343
Class M2, 5.3125% 1/25/35 (d)	265,000		243,977
Series 2005-NC1:
Class M1, 5.3125% 1/25/35 (d)	325,000		302,736
Class M2, 5.3425% 1/25/35 (d)	325,000		299,423
Class M3, 5.3825% 1/25/35 (d)	325,000		295,966
Morgan Stanley Dean Witter Capital I Trust:
Series 2001-AM1 Class M1, 6.1475% 2/25/32 (d)	279,043		273,063
Series 2001-NC1 Class M2, 6.4775% 10/25/31 (d)	7,137		6,813
Series 2001-NC4 Class M1, 6.3725% 1/25/32 (d)	15,266		14,483
Series 2002-AM3 Class A3, 5.8525% 2/25/33 (d)	14,114		13,902
Series 2002-HE1 Class M1, 5.7725% 7/25/32 (d)	551,181		503,228
Series 2002-NC3 Class M1, 5.9525% 8/25/32 (d)	96,554		90,688
Series 2002-OP1 Class M1, 5.9975% 9/25/32 (d)	264,935		228,510
Navistar Financial Dealer Note Master Trust Series 2005-1 Class A, 4.9825% 2/25/13 (d)	2,050,000		2,015,458
New Century Home Equity Loan Trust Series 2005-1:
Class M1, 5.3225% 3/25/35 (d)	595,000		549,959
Class M2, 5.3525% 3/25/35 (d)	595,000		546,875
Class M3, 5.3925% 3/25/35 (d)	290,000		264,315
Nomura Home Equity Loan Trust:
Series 2006-HE3:
Class M7, 5.6725% 7/25/36 (d)	485,000		129,876
Class M8, 5.8225% 7/25/36 (d)	340,000		66,963
Class M9, 6.7225% 7/25/36 (d)	490,000		122,760
Series 2007-2 Class 2A3, 5.0625% 2/25/37 (d)	947,000		868,873
Asset-Backed Securities - continued
	Principal Amount		Value
NovaStar Home Equity Loan Series 2004-1 Class M1, 5.3225% 6/25/34 (d)	$ 100,000		$ 91,973
NovaStar Mortgage Funding Trust:
Series 2003-3 Class A3, 5.3225% 12/25/33 (d)	41,849		39,250
Series 2007-1 Class A2C, 5.0525% 3/25/37 (d)	805,000		733,556
Ocala Funding LLC Series 2006-1A Class A, 6.3975% 3/20/11 (a)(d)	965,000		850,648
Option One Mortgage Loan Trust Series 2003-6 Class M1, 5.5225% 11/25/33 (d)	1,025,000		1,007,338
Park Place Securities, Inc.:
Series 2004-WCW1:
Class M1, 5.5025% 9/25/34 (d)	815,000		753,432
Class M2, 5.5525% 9/25/34 (d)	160,000		149,031
Class M3, 6.1225% 9/25/34 (d)	310,000		276,252
Class M4, 6.3225% 9/25/34 (d)	435,000		389,270
Series 2004-WWF1:
Class A5, 5.3425% 1/25/35 (d)	3		3
Class M4, 5.9725% 1/25/35 (d)	945,000		851,628
Series 2005-WCH1:
Class M2, 5.3925% 1/25/35 (d)	1,130,000		1,065,626
Class M3, 5.4325% 1/25/35 (d)	425,000		396,532
Class M5, 5.7525% 1/25/35 (d)	400,000		339,768
Series 2005-WHQ1 Class M7, 6.1225% 3/25/35 (d)	910,000		650,905
Providian Master Note Trust:
Series 2005-2 Class C2, 5.5913% 11/15/12 (a)(d)	2,160,000		2,126,974
Series 2006-C1A Class C1, 5.6413% 3/16/15 (a)(d)	2,465,000		2,319,989
Residential Asset Mortgage Products, Inc.:
Series 2004-RS10 Class MII2, 6.1225% 10/25/34 (d)	1,300,000		1,172,440
Series 2004-RS6:
Class 2M2, 6.1725% 6/25/34 (d)	250,000		235,634
Class 2M3, 6.3225% 6/25/34 (d)	250,000		230,600
Series 2005-SP2 Class 1A1, 5.0225% 5/25/44 (d)	60,898		60,832
Series 2007-RZ1 Class A2, 5.0325% 2/25/37 (d)	1,200,000		1,160,939
Salomon Brothers Mortgage Securities VII, Inc. Series 2003-HE1 Class A, 5.2725% 4/25/33 (d)	1,451		1,387
Saxon Asset Securities Trust:
Series 2004-1 Class M1, 5.6675% 3/25/35 (d)	640,000		584,896
Series 2007-1 Class A2C, 5.0225% 2/25/37 (d)	1,000,000		930,000
Securitized Asset Backed Receivables LLC Trust:
Series 2007-NC1 Class M1, 5.1125% 12/25/36 (d)	2,035,000		1,309,726
Series 2007-NC2 Class M1, 5.1025% 1/25/37 (d)	385,000		247,632
Asset-Backed Securities - continued
	Principal Amount		Value
Sierra Timeshare Receivables Fund LLC Series 2006-1A Class A2, 5.1475% 5/20/18 (a)(d)	$ 1,932,533		$ 1,885,236
Sovereign Dealer Floor Plan Master LLC Series 2006-1:
Class B, 5.2713% 8/15/11 (a)(d)	1,140,000		1,071,691
Class C, 5.4713% 8/15/11 (a)(d)	520,000		480,142
Specialty Underwriting & Residential Finance Trust:
Series 2003-BC3 Class M1, 5.5225% 8/25/34 (d)	1,000,000		1,000,000
Series 2003-BC4 Class M1, 5.4725% 11/25/34 (d)	260,000		248,915
Structured Asset Corp. Trust Series 2006-BC6:
Class A4, 5.0425% 1/25/37 (d)	1,215,000		1,138,114
Class M1, 5.1425% 1/25/37 (d)	1,180,000		760,864
Structured Asset Investment Loan Trust:
Series 2003-BC9 Class M1, 5.5725% 8/25/33 (d)	1,135,000		1,103,949
Series 2004-8 Class M5, 6.0225% 9/25/34 (d)	290,000		267,390
Series 2005-1 Class M4, 5.6325% 2/25/35 (a)(d)	485,000		427,413
Structured Asset Securities Corp.:
Series 2004-GEL1 Class A, 5.2325% 2/25/34 (d)	25,222		23,918
Series 2007-BC1 Class M1, 5.1025% 2/25/37 (d)	3,195,000		2,069,031
Superior Wholesale Inventory Financing Trust:
Series 2004-A10:
Class A, 5.1913% 9/15/11 (d)	2,735,000		2,716,126
Class B, 5.3713% 9/15/11 (d)	1,625,000		1,610,595
Series 2007-AE1:
Class A, 5.1913% 1/15/12 (d)	400,000		396,155
Class B, 5.3913% 1/15/12 (d)	335,000		331,958
Class C, 5.6913% 1/15/12 (d)	420,000		414,243
Superior Wholesale Inventory Financing Trust VII Series 2003-A8 Class CTFS, 5.5413% 3/15/11 (a)(d)	675,000		672,154
Superior Wholesale Inventory Financing Trust XII Series 2005-A12 Class C, 6.2913% 6/15/10 (d)	980,000		959,673
Swift Master Auto Receivables Trust Series 2007-1:
Class A, 5.1913% 6/15/12 (d)	1,015,000		1,001,818
Class B, 5.3113% 6/15/12 (d)	790,000		770,084
Class C, 5.5913% 6/15/12 (d)	470,000		457,016
Terwin Mortgage Trust:
Series 2003-4HE Class A1, 5.3025% 9/25/34 (d)	21,802		20,780
Series 2003-6HE Class A1, 5.3425% 11/25/33 (d)	17,086		16,825
Series 2005-14HE Class AF1, 5.0125% 8/25/36 (d)	19,768		19,768
Triad Auto Receivables Owner Trust Series 2006-B Class A2, 5.36% 11/12/09	2,835		2,835
Turquoise Card Backed Securities PLC Series 2006-1A Class C, 5.4213% 5/16/11 (a)(d)	2,165,000		2,100,267
Asset-Backed Securities - continued
	Principal Amount		Value
UPFC Auto Receivables Trust:
Series 2006-A Class A2, 5.46% 6/15/09	$ 129,045		$ 129,105
Series 2007-A Class A2, 5.46% 6/15/10	1,245,000		1,249,173
Wachovia Auto Loan Owner Trust Series 2006-1 Class A2, 5.28% 4/20/10 (a)	1,096,536		1,096,773
WaMu Master Note Trust:
Series 2006-A3A Class A3, 5.1213% 9/16/13 (a)(d)	3,025,000		2,989,429
Series 2007-C1 Class C1, 5.4913% 5/15/14 (a)(d)	1,595,000		1,509,253
WFS Financial Owner Trust:
Series 2004-3 Class D, 4.07% 2/17/12	133,072		132,466
Series 2004-4 Class D, 3.58% 5/17/12	125,964		125,132
Series 2005-1 Class D, 4.09% 8/15/12	142,149		141,487
Whinstone Capital Management Ltd. Series 1A Class B3, 5.9838% 10/25/44 (a)(d)	1,529,388		1,501,400
World Omni Auto Receivables Trust Series 2007-B Class A2B, 5.4113% 2/16/10 (d)	185,000		185,108
TOTAL ASSET-BACKED SECURITIES (Cost $253,804,514)		225,303,511
Collateralized Mortgage Obligations - 14.3%
Private Sponsor - 12.9%
ACE Securities Corp. Home Equity Loan Trust floater Series 2007-WM1 Class A2C, 5.0425% 11/25/36 (d)	1,000,000		929,063
American Home Mortgage Assets Trust floater Series 2006-1 Class 2A1, 5.0625% 5/25/46 (d)	916,401		887,464
Arkle Master Issuer PLC floater Series 2007-1A Class 1C, 5.78% 2/17/52 (a)(d)	1,625,000		1,600,625
Banc of America Mortgage Securities, Inc. Series 2003-I Class 2A6, 4.15% 10/25/33 (d)	4,245,000		4,200,927
Bear Stearns Adjustable Rate Mortgage Trust floater Series 2005-6 Class 1A1, 5.0849% 8/25/35 (d)	1,401,311		1,400,019
Bear Stearns Alt-A Trust floater:
Series 2005-1 Class A1, 5.1525% 1/25/35 (d)	1,043,144		1,039,550
Series 2005-2 Class 1A1, 5.1225% 3/25/35 (d)	549,905		545,501
Citigroup Mortgage Loan Trust Series 2004-UST1 Class A3, 4.2381% 8/25/34 (d)	2,081,389		2,069,095
Credit Suisse First Boston Adjustable Rate Mortgage Trust floater:
Series 2004-2 Class 7A3, 5.2725% 2/25/35 (d)	254,416		253,976
Series 2004-4 Class 5A2, 5.2725% 3/25/35 (d)	58,744		57,418
Series 2005-1 Class 5A2, 5.2025% 5/25/35 (d)	167,473		162,650
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
Private Sponsor - continued
Credit Suisse First Boston Adjustable Rate Mortgage Trust floater: - continued
Series 2005-10 Class 5A2, 5.1925% 1/25/36 (d)	$ 939,673		$ 927,777
Series 2005-2:
Class 6A2, 5.1525% 6/25/35 (d)	56,118		54,013
Class 6M2, 5.3525% 6/25/35 (d)	1,375,000		1,307,100
Series 2005-3 Class 8A2, 5.1125% 7/25/35 (d)	686,553		672,827
Series 2005-5 Class 6A2, 5.1025% 9/25/35 (d)	570,304		552,558
Series 2005-8 Class 7A2, 5.1525% 11/25/35 (d)	427,923		418,229
Credit Suisse First Boston Mortgage Securities Corp. floater:
Series 2004-AR2 Class 6A1, 5.2725% 3/25/34 (d)	13,446		13,356
Series 2004-AR3 Class 6A2, 5.2425% 4/25/34 (d)	6,346		6,267
Series 2004-AR5 Class 11A2, 5.2425% 6/25/34 (d)	28,850		28,525
Series 2004-AR6 Class 9A2, 5.2425% 10/25/34 (d)	43,392		43,398
Series 2004-AR7 Class 6A2, 5.2525% 8/25/34 (d)	77,944		77,963
Series 2004-AR8 Class 8A2, 5.2525% 9/25/34 (d)	37,512		36,546
CWALT, Inc. floater Series 2005-56 Class 3A1, 5.1625% 11/25/35 (d)	327,151		319,621
Deutsche Alt-A Securities Mortgage Loan Trust floater Series 2007-BAR1 Class A3, 5.0325% 3/25/37 (d)	1,375,000		1,335,550
First Franklin Mortgage Loan Trust floater Series 2006-FF13:
Class M7, 5.6225% 10/25/36 (d)	1,205,000		139,525
Class M8, 5.8225% 10/25/36 (d)	525,000		60,822
First Horizon Mortgage pass-thru Trust floater Series 2004-FL1 Class 2A1, 5.6934% 12/25/34 (d)	67,758		66,910
Gracechurch Mortgage Funding PLC floater Series 1A:
Class A2B, 5.3188% 10/11/41 (a)(d)	1,814,137		1,798,517
Class CB, 5.5288% 10/11/41 (a)(d)	260,000		250,947
Class DB, 5.7188% 10/11/41 (a)(d)	1,060,000		993,538
Granite Master Issuer PLC floater:
Series 2005-1 Class A3, 5.6675% 12/21/24 (d)	175,000		175,030
Series 2005-2 Class C1, 6.01% 12/20/54 (d)	1,610,000		1,395,870
Series 2005-4 Class A3, 5.58% 12/20/54 (d)	1,905,991		1,886,931
Series 2006-1A:
Class A5, 5.58% 12/20/54 (a)(d)	1,000,000		994,093
Class C2, 6.11% 12/20/54 (a)(d)	1,545,000		1,236,000
Series 2006-3 Class C2, 5.68% 12/20/54 (d)	820,000		657,066
Series 2006-4:
Class B1, 5.6775% 12/20/54 (d)	1,250,000		1,235,000
Class C1, 5.9675% 12/20/54 (d)	765,000		650,250
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
Private Sponsor - continued
Granite Master Issuer PLC floater: - continued
Series 2006-4:
Class M1, 5.7575% 12/20/54 (d)	$ 330,000		$ 309,738
Series 2007-1:
Class 1C1, 5.8875% 12/20/54 (d)	555,000		473,415
Class 1M1, 5.7375% 12/20/54 (d)	500,000		467,500
Class 2B1, 5.7075% 12/20/54 (d)	535,000		518,950
Class 2C1, 6.0175% 12/20/54 (d)	295,000		252,963
Class 2M1, 5.8375% 12/20/54 (d)	645,000		561,150
GSR Mortgage Loan Trust:
floater Series 2004-11 Class 2A1, 5.2025% 12/20/34 (d)	564,960		564,088
Series 2006-AR2 Class 4A1, 5.8522% 4/25/36 (d)	3,008,005		2,998,632
Holmes Financing No. 10 PLC floater Series 10A:
Class 2A, 5.2725% 7/15/40 (a)(d)	1,040,000		1,039,100
Class 2C, 5.5925% 7/15/40 (a)(d)	886,364		878,067
Holmes Financing No. 9 PLC floater Class 2A, 5.3025% 7/15/13 (d)	2,780,000		2,761,263
Homestar Mortgage Acceptance Corp. floater Series 2004-5 Class A1, 5.3225% 10/25/34 (d)	323,199		322,848
HSI Asset Securitization Corp. Trust floater Series 2007-OPT1 Class M1, 5.1025% 12/25/36 (d)	670,000		430,944
Impac CMB Trust floater:
Series 2004-11 Class 2A2, 5.2425% 3/25/35 (d)	282,752		278,727
Series 2004-6 Class 1A2, 5.2625% 10/25/34 (d)	79,666		78,624
Series 2005-1:
Class M1, 5.3325% 4/25/35 (d)	146,556		129,821
Class M2, 5.3725% 4/25/35 (d)	259,172		224,995
Class M3, 5.4025% 4/25/35 (d)	63,250		52,958
Class M4, 5.6225% 4/25/35 (d)	38,567		20,055
Class M5, 5.9013% 4/25/35 (d)	38,567		19,284
Class M6, 5.6425% 4/25/35 (d)	60,164		28,879
Series 2005-2 Class 1A2, 5.1825% 4/25/35 (d)	635,430		621,355
Series 2005-4 Class 1B1, 6.4313% 5/25/35 (d)	254,179		146,510
Series 2005-7:
Class M1, 5.3525% 11/25/35 (d)	138,000		126,612
Class M2, 5.3925% 11/25/35 (d)	103,500		89,420
Class M3, 5.4925% 11/25/35 (d)	517,499		269,099
Class M4, 5.5325% 11/25/35 (d)	247,249		123,625
JPMorgan Mortgage Trust Series 2006-A2 Class 5A1, 3.7561% 11/25/33 (d)	2,959,880		2,931,546
Kildare Securities Ltd. floater Series 2007-1 Class A2, 5.7838% 12/10/43 (a)(d)	865,000		860,134
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
Private Sponsor - continued
Lehman Structured Securities Corp. floater Series 2005-1 Class A2, 5.5188% 9/26/45 (a)(d)	$ 501,630		$ 500,833
Lehman XS Trust floater:
Series 2006-12N Class A1A1, 4.9525% 8/25/46 (d)	944,231		937,533
Series 2006-GP1 Class A1, 4.9625% 5/25/46 (d)	790,825		787,820
MASTR Adjustable Rate Mortgages Trust floater:
Series 2004-11:
Class 1A4, 5.3625% 11/25/34 (d)	28,840		27,856
Class 2A1, 5.2525% 11/25/34 (d)	55,572		54,261
Class 2A2, 5.3125% 11/25/34 (d)	12,234		11,891
Series 2005-1 Class 1A1, 5.1425% 3/25/35 (d)	76,104		75,925
MASTR Seasoned Securitization Trust Series 2004-1 Class 1A1, 6.2377% 8/25/17 (d)	382,189		389,174
Merrill Lynch Mortgage Investors Trust:
floater:
Series 2003-A:
Class 2A1, 5.2625% 3/25/28 (d)	73,855		72,225
Class 2A2, 5.8413% 3/25/28 (d)	26,377		25,721
Series 2003-B Class A1, 5.2125% 4/25/28 (d)	79,210		76,939
Series 2003-D Class A, 5.1825% 8/25/28 (d)	366,279		363,686
Series 2003-E Class A2, 5.7613% 10/25/28 (d)	130,877		129,349
Series 2003-F Class A2, 5.7713% 10/25/28 (d)	147,978		146,838
Series 2004-A Class A2, 5.345% 4/25/29 (d)	192,162		190,740
Series 2004-B Class A2, 5.65% 6/25/29 (d)	173,366		172,192
Series 2004-C Class A2, 5.68% 7/25/29 (d)	229,890		227,997
Series 2004-D Class A2, 5.455% 9/25/29 (d)	249,305		248,015
Series 2004-E Class A2D, 5.645% 11/25/29 (d)	277,424		276,308
Series 2004-G Class A2, 5.6934% 11/25/29 (d)	93,995		92,211
Series 2005-A Class A2, 5.6813% 2/25/30 (d)	277,579		272,671
Series 2005-B Class A2, 5.61% 7/25/30 (d)	248,359		243,850
Series 2006-MLN1 Class M4, 5.2325% 7/25/37 (d)	1,015,000		255,382
Series 2003-G Class XA1, 1% 1/25/29 (f)	885,711		9
MortgageIT Trust floater Series 2004-2:
Class A1, 5.2425% 12/25/34 (d)	328,450		326,773
Class A2, 5.3225% 12/25/34 (d)	443,652		442,194
Opteum Mortgage Acceptance Corp. floater:
Series 2005-3 Class APT, 5.1625% 7/25/35 (d)	1,246,040		1,238,143
Series 2005-5 Class 1A1B, 5.0725% 12/25/35 (d)	920,000		917,148
Option One Mortgage Loan Trust floater Series 2007-CP1 Class M1, 5.1725% 3/25/37 (d)	980,000		633,080
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
Private Sponsor - continued
Permanent Financing No. 3 PLC floater Series 2006-3 Class 3A, 5.9038% 9/10/33 (d)	$ 2,495,000		$ 2,494,359
Permanent Financing No. 5 PLC floater Series 3 Class C, 6.5438% 6/10/42 (d)	1,030,000		1,004,250
Permanent Financing No. 6 PLC floater Series 6 Class 2C, 6.1738% 6/10/42 (d)	1,600,000		1,585,250
Permanent Financing No. 8 PLC floater:
Class 2A, 5.7938% 6/10/14 (d)	2,945,000		2,943,374
Class 2C, 6.1238% 6/10/42 (d)	2,350,000		2,330,721
Class 3C, 6.2438% 6/10/42 (d)	910,000		877,766
Permanent Master Issuer PLC floater:
Series 2006-1 Class 2C, 5.6425% 7/17/42 (d)	2,645,000		2,569,353
Series 2007-1 Class 4A, 5.3225% 10/15/33 (d)	3,450,000		3,397,526
Provident Funding Mortgage Loan Trust Series 2005-2 Class 3A, 4.4824% 10/25/35 (d)	976,636		974,774
Residential Accredit Loans, Inc. floater Series 2006-QO7 Class 3A1, 4.9725% 9/25/46 (d)	1,785,119		1,770,057
Residential Asset Mortgage Products, Inc.:
sequential payer:
Series 2003-SL1 Class A31, 7.125% 4/25/31	152,560		154,766
Series 2004-SL2 Class A1, 6.5% 10/25/16	48,579		49,435
Series 2005-AR5 Class 1A1, 4.7763% 9/19/35 (d)	411,134		410,989
Residential Funding Securities Corp. floater Series 2003-RP2 Class A1, 5.3225% 6/25/33 (a)(d)	70,471		67,366
Sequoia Mortgage Funding Trust Series 2003-A Class AX1, 0.8% 10/21/08 (a)(f)	849,171		8
Sequoia Mortgage Trust floater:
Series 2003-5 Class A2, 5.72% 9/20/33 (d)	135,926		135,904
Series 2004-1 Class A, 5.6825% 2/20/34 (d)	94,289		93,105
Series 2004-10 Class A4, 5.7006% 11/20/34 (d)	251,615		250,081
Series 2004-12 Class 1A2, 5.69% 1/20/35 (d)	471,082		464,654
Series 2004-4 Class A, 5.6206% 5/20/34 (d)	295,119		292,469
Series 2004-5 Class A3, 5.6409% 6/20/34 (d)	113,643		112,848
Series 2004-6:
Class A3A, 5.6975% 6/20/35 (d)	123,771		122,992
Class A3B, 5.84% 7/20/34 (d)	247,541		245,768
Series 2004-7:
Class A3A, 5.7038% 8/20/34 (d)	161,417		160,842
Class A3B, 5.9288% 7/20/34 (d)	313,431		312,903
Series 2004-8 Class A2, 5.755% 9/20/34 (d)	455,645		452,592
Series 2005-1 Class A2, 5.6325% 2/20/35 (d)	262,660		255,142
Series 2005-2 Class A2, 5.6288% 3/20/35 (d)	412,811		410,078
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
Private Sponsor - continued
Soundview Home Equity Loan Trust floater Series 2006-EQ1:
Class M2, 5.1925% 9/25/36 (d)	$ 640,000		$ 404,992
Class M7, 5.6725% 9/25/36 (d)	330,000		84,090
Structured Asset Securities Corp. floater:
Series 2004-NP1 Class A, 5.2725% 9/25/33 (a)(d)	75,827		74,573
Series 2005-AR1 Class B1, 6.8725% 9/25/35 (a)(d)	1,155,000		174,290
Series 2007-GEL1 Class A2, 5.062% 1/25/37 (a)(d)	1,000,000		930,625
TBW Mortgage-Backed pass-thru certificates floater Series 2006-4 Class A3, 5.0725% 9/25/36 (d)	2,255,000		2,238,209
Thornburg Mortgage Securities Trust floater:
Series 2004-3 Class A, 5.2425% 9/25/34 (d)	1,142,171		1,140,179
Series 2005-3 Class A4, 5.1425% 10/25/35 (d)	1,963,996		1,957,519
WaMu Mortgage pass-thru certificates:
floater Series 2006-AR11 Class C1B1, 4.9525% 9/25/46 (d)	544,360		543,244
sequential payer Series 2002-S6 Class A25, 6% 10/25/32	87,431		87,309
Series 2003-AR10 Class A7, 4.0565% 10/25/33 (d)	690,000		683,189
WaMu Mortgage Securities Corp. pass-thru certificates sequential payer Series 2003-MS9 Class 2A1, 7.5% 12/25/33	44,082		46,127
Wells Fargo Mortgage Backed Securities Trust:
Series 2005-AR10 Class 2A2, 4.1096% 6/25/35 (d)	3,901,286		3,831,046
Series 2005-AR12 Class 2A1, 4.3182% 7/25/35 (d)	1,464,938		1,457,515
TOTAL PRIVATE SPONSOR			94,789,862
U.S. Government Agency - 1.4%
Fannie Mae:
floater Series 2002-89 Class F, 5.1725% 1/25/33 (d)	77,161		77,197
planned amortization class:
Series 1993-207 Class G, 6.15% 4/25/23	198,055		198,119
Series 2003-24 Class PB, 4.5% 12/25/12	203,106		202,372
Fannie Mae subordinate REMIC pass-thru certificates:
floater:
Series 2001-38 Class QF, 5.8525% 8/25/31 (d)	690,274		705,290
Series 2002-36 Class FT, 5.3725% 6/25/32 (d)	106,487		106,971
Series 2002-49 Class FB, 5.635% 11/18/31 (d)	1,142,593		1,149,793
Series 2002-60 Class FV, 5.8725% 4/25/32 (d)	252,692		258,261
Series 2002-64 Class FE, 5.385% 10/18/32 (d)	52,183		52,330
Series 2002-68 Class FH, 5.535% 10/18/32 (c)(d)	2,146,638		2,157,540
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
U.S. Government Agency - continued
Fannie Mae subordinate REMIC pass-thru certificates: - continued
floater:
Series 2002-74 Class FV, 5.3225% 11/25/32 (d)	$ 68,192		$ 68,508
Series 2002-75 Class FA, 5.8725% 11/25/32 (d)	517,637		529,033
Series 2003-11:
Class DF, 5.3225% 2/25/33 (d)	52,934		53,134
Class EF, 5.3225% 2/25/33 (d)	21,107		21,192
Series 2003-122 Class FL, 5.2225% 7/25/29 (d)	393,144		393,975
Series 2004-33 Class FW, 5.2725% 8/25/25 (d)	642,092		644,705
Series 2004-54 Class FE, 6.0225% 2/25/33 (d)	508,219		510,289
planned amortization class Series 2002-52 Class PA, 6% 4/25/31	1,742		1,739
Freddie Mac planned amortization class Series 2162 Class PH, 6% 6/15/29	1,119,535		1,138,439
Freddie Mac Multi-class participation certificates guaranteed:
floater:
Series 2389 Class DA, 5.9913% 11/15/30 (c)(d)	587,740		588,963
Series 2526 Class FC, 5.4913% 11/15/32 (d)	12,977		13,033
Series 2551 Class FH, 5.5413% 1/15/33 (d)	47,622		47,824
Series 2861 Class JF, 5.3913% 4/15/17 (d)	615,820		617,819
Series 3066 Class HF, 0% 1/15/34 (d)	39,296		39,153
planned amortization class:
Series 2543 Class PM, 5.5% 8/15/18	166,857		166,773
Series 2776 Class UJ, 4.5% 5/15/20 (f)	37,036		67
Series 1803 Class A, 6% 12/15/08	121,009		121,274
Ginnie Mae guaranteed REMIC pass-thru securities:
floater Series 2001-21 Class FB, 5.46% 1/16/27 (d)	80,384		80,637
planned amortization class Series 2002-5 Class PD, 6.5% 5/16/31	90,938		91,448
TOTAL U.S. GOVERNMENT AGENCY			10,035,878
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $111,747,810)		104,825,740
Commercial Mortgage Securities - 8.5%
Banc of America Large Loan, Inc. floater:
Series 2003-BBA2 Class K, 7.6913% 11/15/15 (a)(d)	61,614		61,679
Commercial Mortgage Securities - continued
	Principal Amount		Value
Banc of America Large Loan, Inc. floater: - continued
Series 2005-MIB1:
Class B, 5.3513% 3/15/22 (a)(d)	$ 475,000		$ 472,893
Class C, 5.4013% 3/15/22 (a)(d)	200,000		199,078
Class D, 5.4513% 3/15/22 (a)(d)	205,000		202,679
Class E, 5.4913% 3/15/22 (a)(d)	390,000		383,121
Class F, 5.5613% 3/15/22 (a)(d)	200,000		196,526
Class G, 5.6213% 3/15/22 (a)(d)	130,000		127,164
Series 2006-BIX1:
Class E, 5.3313% 10/15/19 (a)(d)	170,000		168,102
Class F, 5.4013% 10/15/19 (a)(d)	325,000		320,454
Class G, 5.4213% 10/15/19 (a)(d)	125,000		122,900
Class JCP, 5.5913% 10/15/19 (a)(d)	4,700		4,594
Bayview Commercial Asset Trust floater:
Series 2003-2 Class A, 5.4525% 12/25/33 (a)(d)	389,318		383,236
Series 2004-1:
Class A, 5.2325% 4/25/34 (a)(d)	235,977		235,370
Class B, 6.7725% 4/25/34 (a)(d)	39,329		38,867
Series 2004-2:
Class A, 5.3025% 8/25/34 (a)(d)	294,927		293,848
Class M1, 5.4525% 8/25/34 (a)(d)	94,469		93,705
Series 2004-3:
Class A1, 5.2425% 1/25/35 (a)(d)	460,893		457,722
Class A2, 5.2925% 1/25/35 (a)(d)	54,223		53,667
Class M1, 5.3725% 1/25/35 (a)(d)	81,334		80,203
Class M2, 5.8725% 1/25/35 (a)(d)	54,223		52,990
Series 2005-2A:
Class A1, 5.1825% 8/25/35 (a)(d)	730,137		727,598
Class M1, 5.3025% 8/25/35 (a)(d)	131,781		128,569
Class M2, 5.3525% 8/25/35 (a)(d)	220,822		214,197
Class M3, 5.3725% 8/25/35 (a)(d)	121,096		115,836
Class M4, 5.4825% 8/25/35 (a)(d)	110,411		104,442
Series 2005-3A:
Class A1, 5.1925% 11/25/35 (a)(d)	629,805		607,130
Class A2, 5.2725% 11/25/35 (a)(d)	258,670		254,099
Class M1, 5.3125% 11/25/35 (a)(d)	89,972		86,261
Class M2, 5.3625% 11/25/35 (a)(d)	123,712		119,285
Class M3, 5.3825% 11/25/35 (a)(d)	112,465		106,561
Class M4, 5.4725% 11/25/35 (a)(d)	138,707		127,611
Series 2005-4A:
Class A2, 5.2625% 1/25/36 (a)(d)	901,331		877,842
Class B1, 6.2725% 1/25/36 (a)(d)	81,939		76,818
Class M1, 5.3225% 1/25/36 (a)(d)	327,757		316,973
Commercial Mortgage Securities - continued
	Principal Amount		Value
Bayview Commercial Asset Trust floater: - continued
Series 2005-4A:
Class M2, 5.3425% 1/25/36 (a)(d)	$ 81,939		$ 78,833
Class M3, 5.3725% 1/25/36 (a)(d)	163,878		156,333
Class M4, 5.4825% 1/25/36 (a)(d)	81,939		77,829
Class M5, 5.5225% 1/25/36 (a)(d)	81,939		77,445
Class M6, 5.5725% 1/25/36 (a)(d)	81,939		76,856
Series 2006-2A:
Class A1, 5.1025% 7/25/36 (a)(d)	1,484,544		1,457,057
Class A2, 5.1525% 7/25/36 (a)(d)	250,204		240,535
Class B1, 5.7425% 7/25/36 (a)(d)	91,741		78,898
Class B3, 7.5725% 7/25/36 (a)(d)	150,122		133,821
Class M1, 5.1825% 7/25/36 (a)(d)	262,714		250,264
Class M2, 5.2025% 7/25/36 (a)(d)	187,653		177,902
Class M3, 5.2225% 7/25/36 (a)(d)	145,952		137,196
Class M4, 5.2925% 7/25/36 (a)(d)	100,082		93,465
Class M5, 5.3425% 7/25/36 (a)(d)	120,932		110,087
Class M6, 5.4125% 7/25/36 (a)(d)	191,823		168,882
Series 2006-3A:
Class A1, 5.1225% 10/25/36 (a)(d)	1,184,953		1,157,365
Class B1, 5.6725% 10/25/36 (a)(d)	140,204		124,344
Class B2, 6.2225% 10/25/36 (a)(d)	90,454		78,158
Class B3, 7.4725% 10/25/36 (a)(d)	162,818		138,955
Class M4, 5.3025% 10/25/36 (a)(d)	140,204		128,988
Class M5, 5.3525% 10/25/36 (a)(d)	176,386		161,228
Class M6, 5.4325% 10/25/36 (a)(d)	348,249		315,383
Series 2007-1:
Class A2, 5.1425% 3/25/37 (a)(d)	327,773		317,018
Class B1, 5.5425% 3/25/37 (a)(d)	106,180		93,920
Class B2, 6.0225% 3/25/37 (a)(d)	73,864		63,512
Class B3, 8.2225% 3/25/37 (a)(d)	216,976		188,532
Class M1, 5.1425% 3/25/37 (a)(d)	87,714		83,876
Class M2, 5.1625% 3/25/37 (a)(d)	64,631		61,046
Class M3, 5.1925% 3/27/37 (a)(d)	60,015		56,386
Class M4, 5.2425% 3/25/37 (a)(d)	46,165		42,450
Class M5, 5.2925% 3/25/37 (a)(d)	73,864		67,494
Class M6, 5.3725% 3/25/37 (a)(d)	101,563		91,963
Series 2007-3:
Class B1, 5.8225% 7/25/37 (a)(d)	70,805		69,035
Class B2, 6.4725% 7/25/37 (a)(d)	179,374		174,889
Class B3, 8.8725% 7/25/37 (a)(d)	94,407		91,575
Class M1, 5.1825% 7/25/37 (a)(d)	61,365		60,751
Class M2, 5.2125% 7/25/37 (a)(d)	66,085		65,424
Commercial Mortgage Securities - continued
	Principal Amount		Value
Bayview Commercial Asset Trust floater: - continued
Series 2007-3:
Class M3, 5.2425% 7/25/37 (a)(d)	$ 103,848		$ 102,680
Class M4, 5.3725% 7/25/37 (a)(d)	165,213		162,734
Class M5, 5.4725% 7/25/37 (a)(d)	80,246		78,641
Class M6, 5.6725% 7/25/37 (a)(d)	61,365		60,137
Series 2007-4A:
Class A2, 5.4373% 9/25/37 (a)(d)	656,679		630,484
Class B1, 7.4225% 9/25/37 (a)(d)	83,936		80,474
Class B2, 8.3225% 9/25/37 (a)(d)	306,121		289,093
Class M1, 5.8225% 9/25/37 (a)(d)	74,062		72,916
Class M2, 5.9225% 9/25/37 (a)(d)	74,062		72,430
Class M4, 6.4725% 9/25/37 (a)(d)	202,435		196,362
Class M5, 6.6225% 9/25/37 (a)(d)	202,435		195,951
Class M6, 6.8225% 9/25/37 (a)(d)	202,435		195,160
Bear Stearns Commercial Mortgage Securities Trust floater Series 2007-BBA8:
Class D, 6.0025% 3/15/22 (a)(d)	165,000		160,875
Class E, 5.3913% 3/15/22 (a)(d)	870,000		846,075
Class F, 5.4413% 5/15/22 (a)(d)	535,000		518,950
Class G, 5.4913% 3/15/22 (a)(d)	135,000		130,275
Class H, 5.6413% 3/15/22 (a)(d)	165,000		158,400
Class J, 5.7913% 3/15/22 (a)(d)	165,000		157,575
Class MS-6, 5.9913% 3/15/22 (a)(d)	335,000		325,788
Class MS5, 5.7413% 3/15/22 (a)(d)	600,000		585,750
Class X-1M, 1.12% 3/15/22 (a)(f)	18,625,725		174,616
Commercial Mortgage pass-thru certificates floater:
Series 2005-F10A:
Class B, 5.3213% 4/15/17 (a)(d)	1,005,000		1,002,125
Class C, 5.3613% 4/15/17 (a)(d)	425,000		423,240
Class D, 5.4013% 4/15/17 (a)(d)	345,000		343,254
Class E, 5.4613% 4/15/17 (a)(d)	260,000		258,289
Class F, 5.5013% 4/15/17 (a)(d)	145,000		143,853
Class G, 5.6413% 4/15/17 (a)(d)	145,000		143,687
Class H, 5.7113% 4/15/17 (a)(d)	145,000		142,994
Class J, 5.9413% 4/15/17 (a)(d)	50,000		48,918
Series 2005-FL11:
Class B, 5.3413% 11/15/17 (a)(d)	271,200		270,008
Class C, 5.3913% 11/15/17 (a)(d)	542,401		540,081
Class D, 5.4313% 11/15/17 (a)(d)	94,016		93,317
Class E, 5.4813% 11/15/17 (a)(d)	144,640		144,186
Class F, 5.5413% 11/15/17 (a)(d)	130,176		129,376
Class G, 5.5913% 11/15/17 (a)(d)	206,112		204,036
Series 2006-CN2A Class AJFL, 5.385% 2/5/19 (d)	1,135,000		1,137,485
Commercial Mortgage Securities - continued
	Principal Amount		Value
Commercial Mortgage pass-thru certificates floater: - continued
Series 2007-FL14:
Class F, 5.5913% 6/15/22 (a)(d)	$ 1,303,005		$ 1,298,730
Class G, 5.6413% 6/15/22 (a)(d)	208,085		207,320
Class H, 5.7913% 6/15/22 (a)(d)	208,085		207,410
Class MLK1, 5.8913% 6/15/22 (a)(d)	565,000		562,859
Class MLK2, 6.0913% 6/15/22 (a)(d)	315,000		315,394
Class MLK3, 6.2913% 6/15/22 (a)(d)	380,000		377,447
Credit Suisse First Boston Mortgage Capital Certificates floater Series 2007-TF2A Class B, 5.4413% 4/15/22 (a)(d)	1,775,000		1,739,500
Credit Suisse Mortgage Capital Certificates floater:
Series 200-TFL1 Class B, 5.2413% 2/15/22 (a)(d)	685,000		671,300
Series 2007-TFL1:
Class C:
5.2613% 2/15/22 (a)(d)	740,000		723,350
5.3613% 2/15/22 (a)(d)	265,000		257,050
Class F, 5.4113% 2/15/22 (a)(d)	530,000		512,775
Crown Castle Towers LLC/Crown Atlantic Holdings Sub LLC/Crown Communication, Inc. Series 2006-1A Class AFL, 5.2613% 11/15/36 (a)(d)	540,000		529,497
CSMC Commercial Mortgage Trust floater Series 2006-TFLA:
Class D, 5.3713% 4/15/21 (a)(d)	300,000		298,158
Class E, 5.4213% 4/15/21 (a)(d)	300,000		298,158
Class G, 5.5113% 4/15/21 (a)(d)	300,000		297,187
Class H, 5.8213% 4/15/21 (a)(d)	300,000		296,965
Class J, 5.8913% 4/15/21 (a)(d)	200,000		197,544
Class K, 6.2913% 4/15/21 (a)(d)	1,005,000		991,408
Greenwich Capital Commercial Funding Corp. floater Series 2006-FL4:
Class A2, 5.265% 11/5/21 (a)(d)	1,815,000		1,805,598
Class B, 5.315% 11/5/21 (a)(d)	670,000		662,805
GS Mortgage Securities Corp. II floater:
Series 2006-FL8A:
Class C, 5.365% 6/6/20 (a)(d)	145,000		144,624
Class D, 5.405% 6/6/20 (a)(d)	1,400,000		1,385,902
Class E, 5.495% 6/6/20 (a)(d)	800,000		777,947
Class F, 5.565% 6/6/20 (a)(d)	575,000		554,558
Series 2007-EOP:
Class C, 5.4419% 3/1/20 (a)(d)	440,000		431,200
Class D, 5.4919% 3/1/20 (a)(d)	130,000		127,725
Class E, 5.5619% 3/1/20 (a)(d)	220,000		213,400
Commercial Mortgage Securities - continued
	Principal Amount		Value
GS Mortgage Securities Corp. II floater: - continued
Series 2007-EOP:
Class F, 5.6019% 3/1/20 (a)(d)	$ 110,000		$ 106,700
Class G, 5.6419% 3/1/20 (a)(d)	55,000		54,136
Class H, 5.7719% 3/1/20 (a)(d)	90,000		87,750
Class J:
5.9719% 3/1/20 (a)(d)	130,000		126,100
6.1719% 3/1/20 (a)(d)	90,000		86,460
JPMorgan Chase Commercial Mortgage Securities Trust floater Series 2006-FLA2:
Class A2, 5.2213% 11/15/18 (a)(d)	1,535,000		1,526,172
Class B, 5.2613% 11/15/18 (a)(d)	388,029		386,310
Class C, 5.3013% 11/15/18 (a)(d)	275,610		272,830
Class D, 5.3213% 11/15/18 (a)(d)	97,914		96,449
Class E, 5.3713% 11/15/18 (a)(d)	145,058		142,865
Class F, 5.4213% 11/15/18 (a)(d)	217,587		212,533
Class G, 5.4513% 11/15/18 (a)(d)	188,575		183,305
Class H, 5.5913% 11/15/18 (a)(d)	145,058		140,162
Lehman Brothers Floating Rate Commercial Mortgage Trust floater:
Series 2003-LLFA Class K1, 7.6413% 12/16/14 (a)(d)	435,000		423,432
Series 2006-LLFA:
Class F, 5.4313% 9/15/21 (a)(d)	291,191		283,492
Class G, 5.4513% 9/15/21 (a)(d)	648,135		626,008
Merrill Lynch Mortgage Trust Series 2005-GGP1 Class X, 0.1416% 11/15/10 (a)(d)(f)	417,400,000		22,874
Merrill Lynch/Countrywide Commercial Mortgage Trust floater Series 2006-4 Class A2FL, 5.23% 12/12/49 (d)	1,180,000		1,155,756
Morgan Stanley Capital I Trust:
floater:
Series 2007-XCLA Class A1, 5.2913% 7/17/17 (a)(d)	1,150,107		1,132,855
Series 2007-XLFA:
Class A2, 5.1913% 10/15/20 (a)(d)	1,225,000		1,206,625
Class B, 5.2213% 10/15/20 (a)(d)	440,000		431,200
Class C, 5.2513% 10/15/20 (a)(d)	330,000		319,745
Class D, 5.2813% 10/15/20 (a)(d)	265,000		256,533
Class E, 5.3413% 10/15/20 (a)(d)	330,000		317,261
Class F, 5.3913% 10/15/20 (a)(d)	195,000		188,049
Class G, 5.4313% 10/15/20 (a)(d)	245,000		235,200
Class H, 5.5213% 10/15/20 (a)(d)	155,000		148,025
Class J, 6.0913% 10/15/20 (a)(d)	175,000		167,125
Commercial Mortgage Securities - continued
	Principal Amount		Value
Morgan Stanley Capital I Trust: - continued
floater:
Series 2007-XLFA:
Class MHRO, 5.7813% 10/15/20 (a)(d)	$ 474,674		$ 450,940
Class MJPM, 6.0913% 10/15/20 (a)(d)	167,445		159,073
Class MSTR, 5.7913% 10/15/20 (a)(d)	260,000		245,700
Class NHRO, 5.9813% 10/15/20 (a)(d)	730,268		693,754
Class NSTR, 5.9413% 10/15/20 (a)(d)	240,000		226,800
Series 2007-XLC1:
Class C, 5.6913% 7/17/17 (a)(d)	951,961		932,922
Class D, 5.7913% 7/17/17 (a)(d)	447,982		436,782
Class E, 5.8913% 7/17/17 (a)(d)	361,831		352,786
Morgan Stanley Capital I, Inc. floater:
Series 2005-XLF:
Class F, 5.4113% 8/15/19 (a)(d)	164,163		164,010
Class G, 5.4613% 8/15/19 (a)(d)	120,000		119,370
Class H, 5.4813% 8/15/19 (a)(d)	100,000		99,182
Class J, 5.5513% 8/15/19 (a)(d)	75,000		74,923
Class K, 5.7413% 8/15/19 (a)(d)	420,000		415,980
Series 2006-XLF:
Class C, 6.2913% 7/15/19 (a)(d)	570,000		552,900
Class D, 5.3413% 7/15/19 (a)(d)	1,345,000		1,344,911
Class E, 5.3813% 7/15/19 (a)(d)	1,450,000		1,448,409
Class F, 5.4113% 7/15/19 (a)(d)	535,000		532,569
Class G, 5.4513% 7/15/19 (a)(d)	385,000		382,477
STRIPS III Ltd./STRIPS III Corp. floater Series 2004-1A Class A, 5.3725% 3/24/18 (a)(d)	239,771		238,423
Wachovia Bank Commercial Mortgage Trust floater Series 2006-WL7A:
Class F, 5.4313% 8/11/18 (a)(d)	1,235,000		1,217,393
Class G, 5.4513% 8/11/18 (a)(d)	1,170,000		1,116,399
Class J, 5.6913% 8/11/18 (a)(d)	260,000		250,362
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $64,127,310)		62,657,758
Commercial Paper - 0.3%
Sprint Nextel Corp. 5.61% 11/9/07 (d) (Cost $2,000,000)	2,000,000		2,000,072

Fixed-Income Funds - 20.4%
	Shares		Value
Fidelity Ultra-Short Central Fund (e) (Cost $160,759,973)	1,615,650		$ 149,334,566
Cash Equivalents - 8.1%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 4.94%, dated 10/31/07 due 11/1/07 (Collateralized by U.S. Government Obligations) # (Cost $59,790,000)	$ 59,798,211		59,790,000
TOTAL INVESTMENT PORTFOLIO - 99.6% (Cost $780,856,633)			730,726,553
NET OTHER ASSETS - 0.4%			3,241,334
NET ASSETS - 100%		$ 733,967,887

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Eurodollar Contracts
113 Eurodollar 90 Day Index Contracts	Dec. 2007	$ 111,658,125	$ (5,152)
113 Eurodollar 90 Day Index Contracts	March 2008	111,730,163	57,461
108 Eurodollar 90 Day Index Contracts	June 2008	106,817,400	29,586
61 Eurodollar 90 Day Index Contracts	Sept. 2008	60,342,725	24,906
TOTAL EURODOLLAR CONTRACTS			$ 106,801
Sold
Eurodollar Contracts
2 Eurodollar 90 Day Index Contracts	Dec. 2008	1,978,500	$ (1,358)
1 Eurodollar 90 Day Index Contracts	March 2009	989,138	(617)
TOTAL EURODOLLAR CONTRACTS			$ (1,975)
			$ 104,826
Swap Agreements
		Notional Amount	Value
Credit Default Swaps
Receive monthly notional amount multiplied by 3.86% and pay Morgan Stanley, Inc. upon credit event of Merrill Lynch Mortgage Investors Trust, Inc., par value of the notional amount of Merrill Lynch Mortgage Investors Trust, Inc. Series 2006 HE5, Class B3, 7.32% 8/25/37	Sept. 2037	$ 600,000	$ (504,664)
Receive monthly notional amount multiplied by 3.3% and pay to Morgan Stanley, Inc. upon credit event of Ameriquest Mortgage Securities, Inc., par value of the notional amount of Ameriquest Mortgage Securities, Inc. Series 2004-R11, Class M9, 6.88% 11/25/34	Dec. 2034	275,000	(76,786)
Receive monthly notional amount multiplied by 2.7% and pay Lehman Brothers, Inc. upon credit event of Morgan Stanley ABS Capital I, Inc., par value of the notional amount of Morgan Stanley ABS Capital I, Inc. Series 2006 WMC1, Class B3, 7.47% 12/25/35	Jan. 2036	600,000	(475,200)
Receive monthly notional amount multiplied by 1.9% and pay Morgan Stanley, Inc., upon credit event of Morgan Stanley ABS Capital I, Inc., par value of the notional amount of Morgan Stanley ABS Capital I, Inc. Series 2006-HE3 Class B3, 7.2225% 4/25/36	May 2036	500,000	(421,831)
Receive monthly notional amount multiplied by 2.39% and pay UBS upon credit event of Fremont Home Loan Trust, par value of the notional amount of Fremont Home Loan Trust Series 2004-1 Class M9, 7.73% 2/25/34	March 2034	183,497	(28,337)
Receive monthly notional amount multiplied by 2.4% and pay Deutsche Bank upon credit event of Fremont Home Loan Trust, par value of the notional amount of Fremont Home Loan Trust Series 2004-A Class B3, 7.2288% 1/25/34	Feb. 2034	82,257	(67,613)
Receive monthly notional amount multiplied by 2.7% and pay Morgan Stanley, Inc. upon credit event of Park Place Securities, Inc., par value of the notional amount of Park Place Securities, Inc. Series 2005-WHQ2 Class M9, 6.41% 5/25/35	June 2035	845,000	(374,812)
Swap Agreements - continued
	Expiration Date	Notional Amount	Value
Credit Default Swaps - continued
Receive monthly notional amount multiplied by 2.79% and pay Merrill Lynch, Inc. upon credit event of New Century Home Equity Loan Trust, par value of the notional amount of New Century Home Equity Loan Trust Series 2004-4 Class M9, 7.0788% 2/25/35	March 2035	$ 213,526	$ (63,802)
Receive quarterly notional amount multiplied by .48% and pay Goldman Sachs upon credit event of TXU Energy Co. LLC, par value of the notional amount of TXU Energy Co. LLC 7% 3/15/13	Sept. 2008	1,840,000	(21,914)
Receive quarterly notional amount multiplied by .55% and pay Deutsche Bank upon credit event of MBIA, Inc., par value of the notional amount of MBIA, Inc. 6.625% 10/1/28	Sept. 2010	900,000	(63,023)
Receive quarterly notional amount multiplied by .58% and pay Deutsche Bank upon credit event of MBIA, Inc., par value of the notional amount of MBIA, Inc. 6.625% 10/1/28	Sept. 2010	200,000	(13,846)
Receive quarterly notional amount multiplied by .59% and pay Bank of America upon credit event of MBIA, Inc., par value of the notional amount of MBIA, Inc. 6.625% 10/1/28	Sept. 2010	200,000	(13,793)
Receive quarterly notional amount multiplied by .59% and pay Merrill Lynch, Inc. upon credit event of MBIA, Inc., par value of the notional amount of MBIA, Inc. 6.625% 10/1/28	Sept. 2010	500,000	(34,483)
Receive quarterly notional amount multiplied by .78% and pay Goldman Sachs upon credit event of TXU Energy Co. LLC, par value of the notional amount of TXU Energy Co. LLC 7% 3/15/13	Dec. 2008	1,750,000	(21,493)
TOTAL CREDIT DEFAULT SWAPS		8,689,280	(2,181,597)
Swap Agreements - continued
	Expiration Date	Notional Amount	Value
Total Return Swaps
Receive monthly notional amount multiplied by the nominal spread appreciation of the Lehman Brothers CMBS AAA 8.5+ Index adjusted by a modified duration factor plus 25 basis points and pay monthly notional amount multiplied by the nominal spread depreciation of the Lehman Brothers CMBS AAA 8.5+ Index adjusted by a modified duration factor with Lehman Brothers, Inc.	April 2008	$ 4,000,000	$ (44,552)
Receive monthly notional amount multiplied by the nominal spread appreciation of the Lehman Brothers CMBS U.S. Aggregate Index adjusted by a modified duration factor and pay monthly notional amount multiplied by the nominal spread depreciation of the Lehman Brothers CMBS U.S. Aggregate Index adjusted by a modified duration factor with Lehman Brothers, Inc.	Dec. 2007	4,450,000	(52,751)
Receive monthly notional amount multiplied by the nominal spread appreciation of the Lehman Brothers CMBS U.S. Aggregate Index adjusted by a modified duration factor plus 15 basis points and pay monthly notional amount multiplied by the nominal spread depreciation of the Lehman Brothers CMBS U.S. Aggregate Index adjusted by a modified duration factor with Lehman Brothers, Inc.	May 2008	5,655,000	(66,328)
Receive monthly notional amount multiplied by the nominal spread appreciation of the Lehman Brothers CMBS AAA 8.5+ Index adjusted by a modified duration factor plus 25 basis points and pay monthly notional amount multiplied by the nominal spread depreciation of the Lehman Brothers CMBS AAA 8.5+ Index adjusted by a modified duration factor with Lehman Brothers, Inc.	March 2008	10,000,000	(189,227)
TOTAL TOTAL RETURN SWAPS		24,105,000	(352,858)
		$ 32,794,280	$ (2,534,455)

Legend

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $119,625,740 or 16.3% of net assets.

(b) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $351,481.

(c) Security or a portion of the security has been segregated as collateral for open swap agreements. At the period end, the value of securities pledged amounted to $365,000.

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

(e) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. A complete schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-Q and is available upon request or at the SEC's web site at www.sec.gov. A holdings listing for the Fund, which presents direct holdings as well as the pro rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's web site or upon request.

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

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

Repurchase Agreement / Counterparty	Value
$59,790,000 due 11/01/07 at 4.94%
BNP Paribas Securities Corp.	$ 7,451,286
Banc of America Securities LLC	11,436,712
Bank of America, NA	17,699,925
Bear Stearns & Co., Inc.	1,817,486
Citigroup Global Markets, Inc.	2,497,638
Countrywide Securities Corp.	2,081,365
Credit Suisse Securities (USA) LLC	2,497,638
ING Financial Markets LLC	5,149,944
J.P. Morgan Securities, Inc.	4,162,730
Societe Generale, New York Branch	3,330,184
WestLB AG	1,665,092
	$ 59,790,000

Affiliated Central Funds

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

Fund	Income earned
Fidelity Ultra-Short Central Fund	$ 2,723,534

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

Fund	Value, beginning of period	Purchases	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity Ultra-Short Central Fund	$ 255,014,810	$ -	$ 94,967,809	$ 149,334,566	1.3%

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $780,791,863. Net unrealized depreciation aggregated $50,065,310, of which $266,745 related to appreciated investment securities and $50,332,055 related to depreciated investment securities.

Investment Valuation

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

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

Credit Risk

The Fund invests a significant portion of its assets in securities of issuers that hold mortgage securities, including securities backed by subprime mortgage loans. The value of these securities is sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be adversely affected by shifts in the market's perception of the issuers and changes in interest rates.

Quarterly Report

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

see the fund's most recent prospectus and annual report.

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

October 31, 2007

AUSB-QTLY-1207

1.809541.103

Investments October 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 9.8%
	Principal Amount		Value
CONSUMER DISCRETIONARY - 1.5%
Auto Components - 0.8%
DaimlerChrysler NA Holding Corp.:
6.0531% 3/13/09 (d)	$ 3,685,000		$ 3,681,024
6.1331% 3/13/09 (d)	1,800,000		1,799,928
			5,480,952
Media - 0.7%
Continental Cablevision, Inc. 9% 9/1/08	1,100,000		1,131,328
Cox Communications, Inc. (Reg. S) 6.2531% 12/14/07 (d)	2,330,000		2,331,960
Viacom, Inc. 6.0444% 6/16/09 (d)	2,000,000		1,993,204
			5,456,492
TOTAL CONSUMER DISCRETIONARY			10,937,444
CONSUMER STAPLES - 0.3%
Food & Staples Retailing - 0.3%
CVS Caremark Corp. 5.9213% 6/1/10 (d)	2,200,000		2,183,034
ENERGY - 0.8%
Energy Equipment & Services - 0.4%
Transocean, Inc. 5.8688% 9/5/08 (d)	2,400,000		2,395,486
Oil, Gas & Consumable Fuels - 0.4%
Anadarko Petroleum Corp.:
3.25% 5/1/08	850,000		841,653
6.0944% 9/15/09 (d)	2,200,000		2,190,538
			3,032,191
TOTAL ENERGY			5,427,677
FINANCIALS - 5.8%
Capital Markets - 1.0%
Bear Stearns Companies, Inc.:
5.5463% 2/1/12 (d)	745,000		713,104
5.5988% 7/19/10 (d)	2,000,000		1,966,828
Lehman Brothers Holdings E-Capital Trust I 6.29% 8/19/65 (d)	1,205,000		1,128,527
Lehman Brothers Holdings, Inc. 5.645% 5/25/10 (d)	1,500,000		1,476,896
Morgan Stanley 5.4588% 1/18/11 (d)	1,900,000		1,882,286
			7,167,641
Nonconvertible Bonds - continued
	Principal Amount		Value
FINANCIALS - continued
Commercial Banks - 1.3%
Barclays Bank PLC 5.705% 5/25/15 (d)	$ 825,000		$ 825,823
DBS Bank Ltd. (Singapore) 5.75% 5/16/17 (a)(d)	2,000,000		1,914,390
HBOS plc 5.635% 2/6/14 (d)	305,000		303,380
HSBC Holdings PLC 5.4431% 10/6/16 (d)	500,000		501,407
ING Bank NV 5.4925% 10/14/14 (d)	440,000		437,096
Manufacturers & Traders Trust Co. 3.85% 4/1/13 (a)(d)	520,000		516,119
PNC Funding Corp. 5.1% 1/31/12 (d)	2,400,000		2,367,922
Santander Issuances SA Unipersonal 5.9475% 6/20/16 (a)(d)	1,900,000		1,886,504
Sovereign Bank 4.375% 8/1/13 (d)	500,000		494,579
			9,247,220
Consumer Finance - 1.1%
Capital One Financial Corp. 6.0038% 9/10/09 (d)	2,260,000		2,225,677
MBNA Capital I 8.278% 12/1/26	810,000		841,504
SLM Corp.:
5.0075% 4/18/08 (a)(d)	2,500,000		2,480,953
5.2438% 7/26/10 (d)	2,770,000		2,612,057
			8,160,191
Insurance - 0.2%
Monumental Global Funding III 5.2538% 1/25/13 (a)(d)	1,745,000		1,723,448
Real Estate Investment Trusts - 0.9%
iStar Financial, Inc.:
6.0738% 3/9/10 (d)	2,000,000		1,889,640
6.2444% 3/16/09 (d)	2,505,000		2,440,799
Simon Property Group LP 6.375% 11/15/07	2,310,000		2,310,462
			6,640,901
Thrifts & Mortgage Finance - 1.3%
Capmark Financial Group, Inc. 6.03% 5/10/10 (a)(d)	2,000,000		1,821,042
Countrywide Financial Corp. 5.43% 3/24/09 (d)	735,000		668,499
Independence Community Bank Corp. 3.5% 6/20/13 (d)	735,000		724,695
Residential Capital Corp. 8.0444% 4/17/09 (a)(d)	2,050,000		1,230,000
Washington Mutual Bank 5.4463% 5/1/09 (d)	3,000,000		2,951,259
Washington Mutual, Inc. 5.6388% 8/24/09 (d)	2,250,000		2,199,101
			9,594,596
TOTAL FINANCIALS			42,533,997
Nonconvertible Bonds - continued
	Principal Amount		Value
INFORMATION TECHNOLOGY - 0.2%
Semiconductors & Semiconductor Equipment - 0.2%
National Semiconductor Corp. 5.9444% 6/15/10 (d)	$ 1,710,000		$ 1,702,209
TELECOMMUNICATION SERVICES - 0.7%
Diversified Telecommunication Services - 0.7%
Telecom Italia Capital SA 5.8188% 7/18/11 (d)	3,750,000		3,747,656
Telefonos de Mexico SA de CV 4.5% 11/19/08	1,605,000		1,592,160
			5,339,816
UTILITIES - 0.5%
Electric Utilities - 0.1%
Commonwealth Edison Co. 3.7% 2/1/08	1,125,000		1,120,284
Gas Utilities - 0.1%
NiSource Finance Corp. 6.0644% 11/23/09 (d)	845,000		841,716
Multi-Utilities - 0.3%
Sempra Energy 4.75% 5/15/09	2,000,000		1,989,080
TOTAL UTILITIES			3,951,080
TOTAL NONCONVERTIBLE BONDS (Cost $73,989,469)		72,075,257
U.S. Government and Government Agency Obligations - 5.5%
U.S. Government Agency Obligations - 2.8%
Freddie Mac:
4.25% 7/15/09	20,000,000		19,962,707
4.75% 3/5/09 (b)	400,000		401,693
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS			20,364,400
U.S. Treasury Obligations - 2.7%
U.S. Treasury Notes 3.75% 5/15/08	20,000,000		19,954,680
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $40,266,173)		40,319,080
U.S. Government Agency - Mortgage Securities - 2.0%
	Principal Amount		Value
Fannie Mae - 1.5%
3.232% 9/1/33 (d)	$ 450,741		$ 448,782
3.683% 7/1/33 (d)	352,219		351,437
3.966% 5/1/34 (d)	500,156		497,749
4.239% 3/1/34 (d)	502,081		497,674
4.263% 10/1/33 (d)	38,930		38,890
4.28% 6/1/34 (d)	1,253,935		1,242,038
4.283% 6/1/33 (d)	47,135		47,365
4.286% 3/1/33 (d)	92,948		93,493
4.604% 10/1/35 (d)	59,126		59,087
4.709% 3/1/35 (d)	25,238		25,465
4.87% 5/1/33 (d)	5,940		6,008
4.882% 10/1/35 (d)	207,171		207,510
4.912% 7/1/35 (d)	514,019		515,349
5.007% 8/1/34 (d)	67,678		67,518
5.016% 7/1/34 (d)	42,799		42,713
5.15% 9/1/35 (d)	2,945,884		2,951,768
5.193% 8/1/33 (d)	119,881		119,969
5.251% 11/1/36 (d)	338,591		340,861
5.259% 5/1/36 (d)	194,627		195,589
5.282% 4/1/36 (d)	568,376		576,171
5.293% 8/1/36 (d)	624,594		626,381
5.297% 7/1/35 (d)	46,117		46,412
5.334% 2/1/36 (d)	129,174		129,581
5.53% 11/1/36 (d)	672,834		679,716
5.653% 10/1/35 (d)	242,379		243,010
6.5% 7/1/16	75,494		77,184
6.514% 8/1/34 (d)	70,086		70,938
7% 8/1/17 to 5/1/32	876,609		919,663
TOTAL FANNIE MAE			11,118,321
Freddie Mac - 0.5%
3.38% 7/1/33 (d)	941,569		935,638
4.037% 4/1/34 (d)	746,349		735,153
4.804% 3/1/33 (d)	39,499		39,838
4.903% 10/1/36 (d)	1,599,695		1,591,619
TOTAL FREDDIE MAC			3,302,248
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES (Cost $14,371,384)		14,420,569
Asset-Backed Securities - 30.7%
	Principal Amount		Value
Accredited Mortgage Loan Trust:
Series 2004-2 Class A2, 5.1725% 7/25/34 (d)	$ 232,734		$ 226,661
Series 2004-4 Class A2D, 5.2225% 1/25/35 (d)	78,584		74,667
Series 2005-1 Class M1, 5.3425% 4/25/35 (d)	1,545,000		1,504,249
Series 2007-1 Class A3, 5.0025% 2/25/37 (d)	1,000,000		912,656
ACE Securities Corp. Home Equity Loan Trust:
Series 2002-HE2 Class M1, 6.1475% 8/25/32 (d)	140,441		138,413
Series 2003-HE1:
Class M1, 5.5225% 11/25/33 (d)	113,099		108,232
Class M2, 6.5725% 11/25/33 (d)	50,238		47,611
Series 2003-HS1:
Class M1, 5.6225% 6/25/33 (d)	21,135		20,482
Class M2, 6.6225% 6/25/33 (d)	50,000		45,989
Series 2003-NC1 Class M1, 5.6525% 7/25/33 (d)	100,000		96,919
Series 2004-HE1:
Class M1, 5.3725% 2/25/34 (d)	86,768		82,887
Class M2, 5.9725% 2/25/34 (d)	175,000		157,134
Series 2005-HE2 Class M3, 5.3525% 4/25/35 (d)	145,000		137,926
Series 2005-SD1 Class A1, 5.2725% 11/25/50 (d)	68,899		66,035
Series 2006-HE2:
Class A2C, 5.0325% 5/25/36 (d)	995,000		935,611
Class M1, 5.1725% 5/25/36 (d)	915,000		591,090
Class M3, 5.2125% 5/25/36 (d)	240,000		91,104
Class M4, 5.2725% 5/25/36 (d)	200,000		78,616
Class M5, 5.3125% 5/25/36 (d)	295,000		56,772
Series 2007-HE1:
Class A2C, 5.0425% 1/25/37 (d)	1,000,000		920,200
Class M1, 5.1325% 1/25/37 (d)	755,000		487,270
Advanta Business Card Master Trust:
Series 2004-C1 Class C, 6.0475% 9/20/13 (d)	340,000		337,498
Series 2006-C1 Class C1, 5.4775% 10/20/14 (d)	770,000		745,702
Series 2007-B1 Class B, 5.2475% 12/22/14 (d)	1,725,000		1,692,382
Aesop Funding II LLC Series 2005-1A Class A2, 5.0575% 4/20/09 (a)(d)	1,200,000		1,199,452
American Express Credit Account Master Trust:
Series 2004-5 Class B, 5.3413% 4/16/12 (d)	2,150,000		2,137,456
Series 2004-C Class C, 5.5913% 2/15/12 (a)(d)	310,739		310,390
AmeriCredit Automobile Receivables Trust Series 2005-1 Class C, 4.73% 7/6/10	2,500,000		2,491,798
Ameriquest Mortgage Securities, Inc.:
Series 2003-1 Class M1, 6.2225% 2/25/33 (d)	474,619		472,771
Series 2004-R11 Class M1, 5.5325% 11/25/34 (d)	560,000		552,483
Asset-Backed Securities - continued
	Principal Amount		Value
Ameriquest Mortgage Securities, Inc.: - continued
Series 2004-R2:
Class M1, 5.3025% 4/25/34 (d)	$ 85,000		$ 83,760
Class M2, 5.3525% 4/25/34 (d)	75,000		73,075
Series 2004-R8 Class M9, 7.6225% 9/25/34 (d)	767,013		479,010
Series 2004-R9 Class M2, 5.5225% 10/25/34 (d)	720,000		708,541
Series 2005-R1:
Class M1, 5.3225% 3/25/35 (d)	770,000		684,030
Class M2, 5.3525% 3/25/35 (d)	260,000		215,237
Series 2005-R2 Class M1, 5.3225% 4/25/35 (d)	1,700,000		1,652,458
Series 2006-M3:
Class M7, 5.7225% 10/25/36 (d)	705,000		111,287
Class M9, 6.8725% 10/25/36 (d)	450,000		51,577
Amortizing Residential Collateral Trust Series 2002-BC1 Class M2, 5.9725% 1/25/32 (d)	20,448		18,716
ARG Funding Corp.:
Series 2005-1A Class A2, 5.0975% 4/20/09 (a)(d)	1,500,000		1,499,793
Series 2005-2A Class A2, 5.1075% 5/20/09 (a)(d)	800,000		799,789
Argent Securities, Inc.:
Series 2003-W3 Class M2, 6.9163% 9/25/33 (d)	727,865		703,956
Series 2004-W5 Class M1, 5.4725% 4/25/34 (d)	1,420,000		1,382,113
Series 2004-W7:
Class M1, 5.4225% 5/25/34 (d)	305,000		275,510
Class M2, 5.4725% 5/25/34 (d)	250,000		234,349
Series 2006-W4:
Class A2C, 5.0325% 5/25/36 (d)	1,200,000		1,162,687
Class M3, 5.2125% 5/25/36 (d)	1,010,000		353,096
Arran Funding Ltd. Series 2005-A Class C, 5.4113% 12/15/10 (d)	3,235,000		3,195,857
Asset Backed Funding Certificates Series 2004-HE1 Class M2, 6.0225% 1/25/34 (d)	230,000		216,359
Asset Backed Funding Corp. Series 2006-OPT2 Class C7, 5.0225% 10/25/36 (d)	780,000		733,566
Asset Backed Securities Corp. Home Equity Loan Trust:
Series 2003-HE2 Class M1, 6.4413% 4/15/33 (d)	1,104,929		1,022,059
Series 2003-HE6 Class M1, 5.5225% 11/25/33 (d)	215,000		211,290
Series 2004-HE6 Class A2, 5.2325% 6/25/34 (d)	261,521		248,200
Series 2005-HE1 Class M1, 5.3725% 3/25/35 (d)	502,052		480,711
Series 2005-HE2:
Class M1, 5.3225% 3/25/35 (d)	1,006,478		875,555
Class M2, 5.3725% 3/25/35 (d)	275,000		227,588
Series 2007-HE1 Class A4, 5.0125% 12/25/36 (d)	1,000,000		927,969
Asset-Backed Securities - continued
	Principal Amount		Value
Bank of America Credit Card Master Trust:
Series 2006-C7 Class C7, 5.3213% 3/15/12 (d)	$ 3,165,000		$ 3,105,058
Series 2007-C2 Class C2, 5.3613% 9/17/12 (d)	2,050,000		2,011,864
Bank One Issuance Trust:
Series 2003-C4 Class C4, 6.1213% 2/15/11 (d)	2,010,000		2,013,455
Series 2004-C1 Class C1, 5.5913% 11/15/11 (d)	25,000		24,813
Bayview Financial Acquisition Trust Series 2004-C Class A1, 5.5488% 5/28/44 (d)	335,399		325,337
Bayview Financial Mortgage Loan Trust Series 2004-A Class A, 5.5788% 2/28/44 (d)	163,727		157,505
Bear Stearns Asset Backed Securities I Trust:
Series 2004-BO1:
Class M2, 5.6225% 9/25/34 (d)	390,000		361,913
Class M3, 5.9225% 9/25/34 (d)	265,000		240,262
Class M4, 6.0725% 9/25/34 (d)	225,000		197,635
Series 2004-HE9 Class M2, 6.0725% 11/25/34 (d)	490,000		427,293
Series 2005-HE2:
Class M1, 5.3725% 2/25/35 (d)	868,700		808,027
Class M2, 5.6225% 2/25/35 (d)	330,000		253,389
Capital Auto Receivables Asset Trust Series 2005-1 Class B, 5.4663% 6/15/10 (d)	850,000		849,735
Capital One Master Trust Series 2001-6 Class C, 6.7% 6/15/11 (a)	2,200,000		2,208,508
Capital One Multi-Asset Execution Trust:
Series 2003-B6 Class B6, 5.6213% 9/15/11 (d)	1,125,000		1,125,053
Series 2004-B1 Class B1, 5.5313% 11/15/11 (d)	1,180,000		1,178,078
Capital Trust Ltd. Series 2004-1:
Class A2, 5.4475% 7/20/39 (a)(d)	265,000		261,136
Class B, 5.7475% 7/20/39 (a)(d)	140,000		134,915
Class C, 6.0975% 7/20/39 (a)(d)	180,000		165,017
Carrington Mortgage Loan Trust:
Series 2006-FRE1:
Class M7, 5.8225% 7/25/36 (d)	445,000		131,416
Class M9, 6.7725% 7/25/36 (d)	285,000		56,404
Series 2006-NC3 Class M10, 6.8725% 8/25/36 (a)(d)	125,000		27,344
Series 2007-RFC1 Class A3, 5.0125% 12/25/36 (d)	1,000,000		912,656
CDC Mortgage Capital Trust Series 2003-HE3 Class M1, 5.5725% 11/25/33 (d)	91,792		84,328
Cendant Timeshare Receivables Funding LLC Series 2005 1A Class 2A2, 5.1775% 5/20/17 (a)(d)	446,412		437,215
Chase Credit Card Owner Trust Series 2003-6 Class C, 5.8913% 2/15/11 (d)	2,210,000		2,205,778
Asset-Backed Securities - continued
	Principal Amount		Value
Chase Issuance Trust:
Series 2004-C3 Class C3, 5.5613% 6/15/12 (d)	$ 1,645,000		$ 1,626,494
Series 2006-C3 Class C3, 5.3213% 6/15/11 (d)	1,975,000		1,951,855
CIT Equipment Collateral Trust Series 2005-VT1:
Class C, 4.18% 11/20/12	211,990		210,870
Class D, 4.51% 11/20/12	209,796		208,526
Citibank Credit Card Issuance Trust:
Series 2003-C1 Class C1, 6.3431% 4/7/10 (d)	1,685,000		1,685,694
Series 2006-C4 Class C4, 5.345% 1/9/12 (d)	2,365,000		2,314,165
Series 2006-C6 Class C6, 5.4213% 11/15/12 (d)	1,595,000		1,558,397
CNH Equipment Trust Series 2007-A Class A2, 5.09% 10/15/09	2,500,000		2,504,515
Countrywide Home Loan Trust Series 2006-13N Class N, 7% 8/25/37 (a)	258,717		175,927
Countrywide Home Loans, Inc.:
Series 2002-6 Class AV1, 5.3025% 5/25/33 (d)	20,505		20,268
Series 2003-BC1 Class M2, 6.8725% 9/25/32 (d)	186,791		176,287
Series 2004-2 Class M1, 5.3725% 5/25/34 (d)	375,000		358,480
Series 2004-3:
Class 3A4, 5.1225% 8/25/34 (d)	1,273,720		1,200,283
Class M1, 5.3725% 6/25/34 (d)	100,000		96,580
Series 2004-4 Class M2, 5.4025% 6/25/34 (d)	315,000		304,593
Series 2005-1:
Class 1AV2, 5.0725% 7/25/35 (d)	285,304		278,260
Class MV1, 5.2725% 7/25/35 (d)	435,000		412,330
Class MV2, 5.3125% 7/25/35 (d)	525,000		483,326
Series 2005-AB1 Class A2, 5.0825% 8/25/35 (d)	1,187,905		1,167,302
CPS Auto Receivables Trust:
Series 2006-B Class A2, 5.71% 6/15/16 (a)	1,183,626		1,184,550
Series 2006-C Class A2, 5.31% 3/15/10 (a)	1,015,156		1,014,853
Discover Card Master Trust I:
Series 2003-4 Class B1, 5.4213% 5/16/11 (d)	550,000		548,806
Series 2005-1 Class B, 5.2413% 9/16/10 (d)	1,580,000		1,578,073
Series 2005-3 Class B, 5.2813% 5/15/11 (d)	2,000,000		1,972,262
Series 2006-1 Class B1, 5.2413% 8/16/11 (d)	1,845,000		1,834,883
Series 2006-2 Class B1, 5.2113% 1/17/12 (d)	2,000,000		1,985,387
DriveTime Auto Owner Trust Series 2006-B Class A2, 5.32% 3/15/10 (a)	930,008		927,247
Fannie Mae subordinate REMIC pass-thru certificates Series 2004-T5:
Class AB1, 5.5632% 5/28/35 (d)	80,751		76,738
Class AB3, 5.7063% 5/28/35 (d)	32,052		29,468
Asset-Backed Securities - continued
	Principal Amount		Value
Fieldstone Mortgage Investment Corp.:
Series 2004-3 Class M5, 6.3225% 8/25/34 (d)	$ 1,500,000		$ 1,329,314
Series 2006-2:
Class 2A2, 5.0425% 7/25/36 (d)	880,000		846,037
Class M1, 5.1825% 7/25/36 (d)	1,765,000		1,077,010
First Franklin Mortgage Loan Trust:
Series 2004-FF2:
Class M3, 5.4225% 3/25/34 (d)	25,000		22,236
Class M4, 5.7725% 3/25/34 (d)	11,654		10,718
Series 2004-FF8 Class M3, 5.8225% 10/25/34 (d)	1,760,000		1,552,489
Series 2006-FF14:
Class A5, 5.0325% 10/25/36 (d)	990,000		913,275
Class M1, 5.1325% 10/25/36 (d)	880,000		516,095
Series 2006-FF18 Class M1, 5.1025% 12/25/37 (d)	3,500,000		2,097,200
Series 2007-FF1 Class M1, 5.1025% 1/25/38 (d)	375,000		206,250
First Investors Auto Owner Trust Series 2006-A Class A3, 4.93% 2/15/11 (a)	551,129		550,009
Ford Credit Floorplan Master Owner Trust:
Series 2005-1:
Class A, 5.2413% 5/15/10 (d)	1,375,000		1,373,433
Class B, 5.5313% 5/15/10 (d)	1,110,000		1,109,810
Series 2006-3:
Class A, 5.2713% 6/15/11 (d)	990,000		984,345
Class B, 5.5413% 6/15/11 (d)	1,405,000		1,390,737
Fosse Master Issuer PLC Series 2007-1A Class C2, 5.7588% 10/18/54 (a)(d)	460,000		439,323
Franklin Auto Trust Series 2006-1 Class A2, 5.2% 10/20/09	439,411		439,451
Fremont Home Loan Trust:
Series 2003-B Class M6, 9.3725% 12/25/33 (d)	196,854		49,346
Series 2004-B Class M1, 5.4525% 5/25/34 (d)	205,000		191,348
Series 2004-C Class M1, 5.5225% 8/25/34 (d)	540,000		511,040
Series 2005-A:
Class M1, 5.3025% 1/25/35 (d)	225,000		208,348
Class M2, 5.3325% 1/25/35 (d)	325,000		308,207
Class M3, 5.3625% 1/25/35 (d)	175,000		165,553
Class M4, 5.5525% 1/25/35 (d)	125,000		115,303
Series 2006-A:
Class M3, 5.2525% 5/25/36 (d)	455,000		171,200
Class M4, 5.2725% 5/25/36 (d)	685,000		176,883
Class M5, 5.3725% 5/25/36 (d)	365,000		69,810
GCO Education Loan Funding Master Trust II Series 2007-1A Class C1L, 5.885% 9/25/30 (a)(d)	960,000		952,793
Asset-Backed Securities - continued
	Principal Amount		Value
GE Business Loan Trust Series 2003-1 Class A, 5.5213% 4/15/31 (a)(d)	$ 150,098		$ 146,346
GE Capital Credit Card Master Note Trust:
Series 2005-2 Class B, 5.2913% 6/15/11 (d)	925,000		924,447
Series 2006-1:
Class B, 5.2013% 9/17/12 (d)	585,000		580,016
Class C, 5.3313% 9/17/12 (d)	455,000		448,279
GE Equipment Midticket LLC Series 2006-1 Class A2, 5.1% 5/15/09	1,049,267		1,049,648
Gracechurch Card Funding PLC:
Series 11 Class C, 5.3713% 11/15/10 (d)	2,490,000		2,446,350
Series 8 Class C, 5.4213% 6/15/10 (d)	2,650,000		2,622,732
Series 9:
Class B, 5.2413% 9/15/10 (d)	485,000		481,455
Class C, 5.4013% 9/15/10 (d)	1,800,000		1,773,972
Granite Master Issuer PLC Series 2006-1A Class A4, 5.0375% 12/20/30 (a)(d)	60,777		60,625
GSAMP Trust:
Series 2002-NC1 Class A2, 5.5125% 7/25/32 (d)	2,606		2,458
Series 2003-FM1 Class M1, 6.2275% 3/20/33 (d)	533,607		517,527
Series 2004-FM1:
Class M1, 5.5225% 11/25/33 (d)	168,544		160,547
Class M2, 6.2725% 11/25/33 (d)	62,956		59,263
Series 2004-FM2 Class M1, 5.6225% 1/25/34 (d)	212,605		203,289
Series 2004-HE1:
Class M1, 5.4225% 5/25/34 (d)	289,483		268,970
Class M2, 6.0225% 5/25/34 (d)	150,000		137,566
Series 2006-FM3 Class ABS, 5.0725% 11/25/36 (d)	2,045,000		1,892,584
Series 2006-HE5 Class M7, 5.7025% 8/25/36 (d)	1,495,000		188,158
Series 2006-NC2 Class M4, 5.2225% 6/25/36 (d)	1,541,000		434,115
Series 2007-FM1 Class M1, 5.1425% 12/25/36 (d)	1,000,000		644,800
Series 2007-FM2 Class M1, 5.1525% 1/25/37 (d)	1,615,000		1,041,998
Series 2007-HE1 Class M1, 5.1225% 3/25/47 (d)	335,000		215,740
Series 2007-NC1 Class M7, 5.8225% 12/25/46 (d)	3,390,000		871,800
GSR Mortgage Loan Trust:
Series 2005-6 Class A2, 5.0825% 6/25/35 (d)	1,800,000		1,788,129
Series 2005-9 Class 2A1, 4.9925% 8/25/35 (d)	299,430		299,121
Series 2005-HE2 Class M, 5.3025% 3/25/35 (d)	1,207,506		1,093,035
Series 2005-MTR1 Class A1, 5.0125% 10/25/35 (d)	552,895		549,160
Series 2005-NC1 Class M1, 5.3225% 2/25/35 (d)	1,162,823		993,658
Guggenheim Structured Real Estate Funding Ltd.:
Series 2005-1 Class C, 5.9525% 5/25/30 (a)(d)	651,189		607,233
Asset-Backed Securities - continued
	Principal Amount		Value
Guggenheim Structured Real Estate Funding Ltd.: - continued
Series 2006-3:
Class B, 5.2725% 9/25/46 (a)(d)	$ 450,000		$ 398,250
Class C, 5.4225% 9/25/46 (a)(d)	1,150,000		973,188
Harwood Street Funding I LLC Series 2004-1A Class CTFS, 6.9975% 9/20/09 (a)(d)	1,700,000		1,300,366
Holmes Master Issuer PLC Series 2007-2A Class 1C, 5.4725% 7/15/21 (d)	1,640,000		1,618,024
Home Equity Asset Trust:
Series 2002-3 Class A5, 5.7525% 2/25/33 (d)	14		14
Series 2002-5 Class M1, 6.5725% 5/25/33 (d)	152,642		149,721
Series 2003-1 Class M1, 6.3725% 6/25/33 (d)	524,845		509,678
Series 2003-2 Class M1, 6.1925% 8/25/33 (d)	66,323		64,257
Series 2003-3 Class M1, 6.1625% 8/25/33 (d)	320,568		307,783
Series 2003-4 Class M1, 6.0725% 10/25/33 (d)	96,601		89,067
Series 2003-5:
Class A2, 5.2225% 12/25/33 (d)	10,566		10,175
Class M1, 5.5725% 12/25/33 (d)	160,000		155,605
Class M2, 6.6025% 12/25/33 (d)	18,009		16,550
Series 2003-7:
Class A2, 5.2525% 3/25/34 (d)	2,079		2,078
Class M1, 5.5225% 3/25/34 (d)	795,000		752,392
Series 2003-8 Class M1, 5.5925% 4/25/34 (d)	192,210		181,464
Series 2005-1 Class M1, 5.3025% 5/25/35 (d)	1,270,000		1,194,534
Series 2005-2:
Class 2A2, 5.0725% 7/25/35 (d)	99,377		99,299
Class M1, 5.3225% 7/25/35 (d)	890,000		838,999
Series 2007-1 Class M1, 5.1125% 5/25/37 (d)	1,940,000		1,172,984
Series 2007-3 Class 2A3, 5.1125% 8/25/37 (d)	2,015,000		1,857,264
Household Home Equity Loan Trust Series 2004-1 Class M, 5.5175% 9/20/33 (d)	85,816		83,352
HSBC Home Equity Loan Trust:
Series 2005-2:
Class M1, 5.4575% 1/20/35 (d)	169,903		153,356
Class M2, 5.4875% 1/20/35 (d)	126,483		110,338
Series 2005-3:
Class A1, 5.2575% 1/20/35 (d)	386,737		375,437
Class M1, 5.4175% 1/20/35 (d)	227,095		205,829
Series 2006-2:
Class M1, 5.3613% 3/20/36 (d)	566,074		349,154
Class M2, 5.2875% 3/20/36 (d)	934,524		549,127
Asset-Backed Securities - continued
	Principal Amount		Value
HSI Asset Securitization Corp. Trust Series 2007-HE1 Class M1, 5.1725% 1/25/37 (d)	$ 1,025,000		$ 662,150
IXIS Real Estate Capital Trust Series 2005-HE1 Class M1, 5.3425% 6/25/35 (d)	492,536		458,704
JPMorgan Auto Receivables Trust Series 2007-A Class A2, 5.3% 12/15/09 (a)	1,482,889		1,484,413
JPMorgan Mortgage Acquisition Trust Series 2006-WMC4 Class A4, 5.0225% 12/25/36 (d)	3,000,000		2,800,782
Keycorp Student Loan Trust Series 1999-A Class A2, 5.69% 12/27/09 (d)	169,824		170,372
Long Beach Auto Receivables Trust Series 2006-B Class A2, 5.34% 11/15/09	575,829		576,007
Long Beach Mortgage Loan Trust:
Series 2003-2 Class M1, 6.1025% 6/25/33 (d)	445,406		427,535
Series 2003-3 Class M1, 5.6225% 7/25/33 (d)	337,423		310,598
Series 2005-1 Class M2, 5.4025% 2/25/35 (d)	1,410,000		1,333,926
Series 2005-WL1 Class M2, 5.4225% 6/25/35 (d)	660,000		600,600
Series 2006-6:
Class 2A3, 5.0225% 7/25/36 (d)	1,435,000		1,309,661
Class M4, 5.2325% 7/25/36 (d)	425,000		96,250
Series 2006-7 Class M10, 7.3725% 8/25/36 (d)	675,000		63,877
MASTR Asset Backed Securities Trust:
Series 2004-HE1 Class M1, 5.5225% 9/25/34 (d)	685,000		654,786
Series 2006-HE3 Class A2, 4.9725% 8/25/36 (d)	1,140,000		1,109,363
Series 2007-WMC1 Class A4, 5.0325% 1/25/37 (d)	1,380,000		1,274,560
MBNA Credit Card Master Note Trust:
Series 2003-B2 Class B2, 5.4813% 10/15/10 (d)	125,000		125,154
Series 2003-B3 Class B3, 5.4663% 1/18/11 (d)	1,550,000		1,550,174
Series 2003-B5 Class B5, 5.4613% 2/15/11 (d)	2,000,000		2,002,386
Series 2003-C2 Class C2, 6.6913% 6/15/10 (d)	2,000,000		2,002,857
Series 2005-C1 Class C, 5.5013% 10/15/12 (d)	2,505,000		2,470,907
Series 2005-C2 Class C, 5.4413% 2/15/13 (d)	2,505,000		2,456,406
Series 2005-C3 Class C, 5.3613% 3/15/11 (d)	2,830,000		2,804,824
MBNA Master Credit Card Trust II Series 1998-E Class B, 5.5725% 9/15/10 (d)	200,000		199,970
Meritage Mortgage Loan Trust Series 2004-1:
Class M1, 5.6225% 7/25/34 (d)	134,520		127,878
Class M2, 5.6975% 7/25/34 (d)	3,764		3,548
Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-1:
Class A2C, 5.1225% 4/25/37 (d)	1,035,000		963,844
Class M1, 5.2525% 4/25/37 (d)	1,355,000		841,726
Asset-Backed Securities - continued
	Principal Amount		Value
Merrill Lynch Mortgage Investors Trust:
Series 2004-FM1 Class M2, 6.0225% 1/25/35 (d)	$ 51,018		$ 46,161
Series 2004-HE2 Class A1B, 5.3425% 8/25/35 (d)	39,863		38,680
Merrill Lynch Mortgage Investors, Inc. Series 2006-FM1 Class A2B, 4.9825% 4/25/37 (d)	1,055,000		1,029,449
Morgan Stanley ABS Capital I Trust:
Series 2002-HE3 Class M1, 5.9725% 12/27/32 (d)	102,728		101,172
Series 2003-NC10 Class M1, 5.5525% 10/25/33 (d)	792,708		761,030
Series 2003-NC8 Class M1, 5.5725% 9/25/33 (d)	119,992		114,676
Series 2004-HE6 Class A2, 5.2125% 8/25/34 (d)	65,756		62,807
Series 2004-NC2 Class M1, 5.4225% 12/25/33 (d)	347,703		330,852
Series 2005-1 Class M2, 5.3425% 12/25/34 (d)	570,000		527,818
Series 2005-HE1:
Class M1, 5.3225% 12/25/34 (d)	150,000		141,852
Class M2, 5.3425% 12/25/34 (d)	385,000		354,982
Series 2005-HE2:
Class M1, 5.2725% 1/25/35 (d)	370,000		332,343
Class M2, 5.3125% 1/25/35 (d)	265,000		243,977
Series 2005-NC1:
Class M1, 5.3125% 1/25/35 (d)	325,000		302,736
Class M2, 5.3425% 1/25/35 (d)	325,000		299,423
Class M3, 5.3825% 1/25/35 (d)	325,000		295,966
Morgan Stanley Dean Witter Capital I Trust:
Series 2001-AM1 Class M1, 6.1475% 2/25/32 (d)	279,043		273,063
Series 2001-NC1 Class M2, 6.4775% 10/25/31 (d)	7,137		6,813
Series 2001-NC4 Class M1, 6.3725% 1/25/32 (d)	15,266		14,483
Series 2002-AM3 Class A3, 5.8525% 2/25/33 (d)	14,114		13,902
Series 2002-HE1 Class M1, 5.7725% 7/25/32 (d)	551,181		503,228
Series 2002-NC3 Class M1, 5.9525% 8/25/32 (d)	96,554		90,688
Series 2002-OP1 Class M1, 5.9975% 9/25/32 (d)	264,935		228,510
Navistar Financial Dealer Note Master Trust Series 2005-1 Class A, 4.9825% 2/25/13 (d)	2,050,000		2,015,458
New Century Home Equity Loan Trust Series 2005-1:
Class M1, 5.3225% 3/25/35 (d)	595,000		549,959
Class M2, 5.3525% 3/25/35 (d)	595,000		546,875
Class M3, 5.3925% 3/25/35 (d)	290,000		264,315
Nomura Home Equity Loan Trust:
Series 2006-HE3:
Class M7, 5.6725% 7/25/36 (d)	485,000		129,876
Class M8, 5.8225% 7/25/36 (d)	340,000		66,963
Class M9, 6.7225% 7/25/36 (d)	490,000		122,760
Series 2007-2 Class 2A3, 5.0625% 2/25/37 (d)	947,000		868,873
Asset-Backed Securities - continued
	Principal Amount		Value
NovaStar Home Equity Loan Series 2004-1 Class M1, 5.3225% 6/25/34 (d)	$ 100,000		$ 91,973
NovaStar Mortgage Funding Trust:
Series 2003-3 Class A3, 5.3225% 12/25/33 (d)	41,849		39,250
Series 2007-1 Class A2C, 5.0525% 3/25/37 (d)	805,000		733,556
Ocala Funding LLC Series 2006-1A Class A, 6.3975% 3/20/11 (a)(d)	965,000		850,648
Option One Mortgage Loan Trust Series 2003-6 Class M1, 5.5225% 11/25/33 (d)	1,025,000		1,007,338
Park Place Securities, Inc.:
Series 2004-WCW1:
Class M1, 5.5025% 9/25/34 (d)	815,000		753,432
Class M2, 5.5525% 9/25/34 (d)	160,000		149,031
Class M3, 6.1225% 9/25/34 (d)	310,000		276,252
Class M4, 6.3225% 9/25/34 (d)	435,000		389,270
Series 2004-WWF1:
Class A5, 5.3425% 1/25/35 (d)	3		3
Class M4, 5.9725% 1/25/35 (d)	945,000		851,628
Series 2005-WCH1:
Class M2, 5.3925% 1/25/35 (d)	1,130,000		1,065,626
Class M3, 5.4325% 1/25/35 (d)	425,000		396,532
Class M5, 5.7525% 1/25/35 (d)	400,000		339,768
Series 2005-WHQ1 Class M7, 6.1225% 3/25/35 (d)	910,000		650,905
Providian Master Note Trust:
Series 2005-2 Class C2, 5.5913% 11/15/12 (a)(d)	2,160,000		2,126,974
Series 2006-C1A Class C1, 5.6413% 3/16/15 (a)(d)	2,465,000		2,319,989
Residential Asset Mortgage Products, Inc.:
Series 2004-RS10 Class MII2, 6.1225% 10/25/34 (d)	1,300,000		1,172,440
Series 2004-RS6:
Class 2M2, 6.1725% 6/25/34 (d)	250,000		235,634
Class 2M3, 6.3225% 6/25/34 (d)	250,000		230,600
Series 2005-SP2 Class 1A1, 5.0225% 5/25/44 (d)	60,898		60,832
Series 2007-RZ1 Class A2, 5.0325% 2/25/37 (d)	1,200,000		1,160,939
Salomon Brothers Mortgage Securities VII, Inc. Series 2003-HE1 Class A, 5.2725% 4/25/33 (d)	1,451		1,387
Saxon Asset Securities Trust:
Series 2004-1 Class M1, 5.6675% 3/25/35 (d)	640,000		584,896
Series 2007-1 Class A2C, 5.0225% 2/25/37 (d)	1,000,000		930,000
Securitized Asset Backed Receivables LLC Trust:
Series 2007-NC1 Class M1, 5.1125% 12/25/36 (d)	2,035,000		1,309,726
Series 2007-NC2 Class M1, 5.1025% 1/25/37 (d)	385,000		247,632
Asset-Backed Securities - continued
	Principal Amount		Value
Sierra Timeshare Receivables Fund LLC Series 2006-1A Class A2, 5.1475% 5/20/18 (a)(d)	$ 1,932,533		$ 1,885,236
Sovereign Dealer Floor Plan Master LLC Series 2006-1:
Class B, 5.2713% 8/15/11 (a)(d)	1,140,000		1,071,691
Class C, 5.4713% 8/15/11 (a)(d)	520,000		480,142
Specialty Underwriting & Residential Finance Trust:
Series 2003-BC3 Class M1, 5.5225% 8/25/34 (d)	1,000,000		1,000,000
Series 2003-BC4 Class M1, 5.4725% 11/25/34 (d)	260,000		248,915
Structured Asset Corp. Trust Series 2006-BC6:
Class A4, 5.0425% 1/25/37 (d)	1,215,000		1,138,114
Class M1, 5.1425% 1/25/37 (d)	1,180,000		760,864
Structured Asset Investment Loan Trust:
Series 2003-BC9 Class M1, 5.5725% 8/25/33 (d)	1,135,000		1,103,949
Series 2004-8 Class M5, 6.0225% 9/25/34 (d)	290,000		267,390
Series 2005-1 Class M4, 5.6325% 2/25/35 (a)(d)	485,000		427,413
Structured Asset Securities Corp.:
Series 2004-GEL1 Class A, 5.2325% 2/25/34 (d)	25,222		23,918
Series 2007-BC1 Class M1, 5.1025% 2/25/37 (d)	3,195,000		2,069,031
Superior Wholesale Inventory Financing Trust:
Series 2004-A10:
Class A, 5.1913% 9/15/11 (d)	2,735,000		2,716,126
Class B, 5.3713% 9/15/11 (d)	1,625,000		1,610,595
Series 2007-AE1:
Class A, 5.1913% 1/15/12 (d)	400,000		396,155
Class B, 5.3913% 1/15/12 (d)	335,000		331,958
Class C, 5.6913% 1/15/12 (d)	420,000		414,243
Superior Wholesale Inventory Financing Trust VII Series 2003-A8 Class CTFS, 5.5413% 3/15/11 (a)(d)	675,000		672,154
Superior Wholesale Inventory Financing Trust XII Series 2005-A12 Class C, 6.2913% 6/15/10 (d)	980,000		959,673
Swift Master Auto Receivables Trust Series 2007-1:
Class A, 5.1913% 6/15/12 (d)	1,015,000		1,001,818
Class B, 5.3113% 6/15/12 (d)	790,000		770,084
Class C, 5.5913% 6/15/12 (d)	470,000		457,016
Terwin Mortgage Trust:
Series 2003-4HE Class A1, 5.3025% 9/25/34 (d)	21,802		20,780
Series 2003-6HE Class A1, 5.3425% 11/25/33 (d)	17,086		16,825
Series 2005-14HE Class AF1, 5.0125% 8/25/36 (d)	19,768		19,768
Triad Auto Receivables Owner Trust Series 2006-B Class A2, 5.36% 11/12/09	2,835		2,835
Turquoise Card Backed Securities PLC Series 2006-1A Class C, 5.4213% 5/16/11 (a)(d)	2,165,000		2,100,267
Asset-Backed Securities - continued
	Principal Amount		Value
UPFC Auto Receivables Trust:
Series 2006-A Class A2, 5.46% 6/15/09	$ 129,045		$ 129,105
Series 2007-A Class A2, 5.46% 6/15/10	1,245,000		1,249,173
Wachovia Auto Loan Owner Trust Series 2006-1 Class A2, 5.28% 4/20/10 (a)	1,096,536		1,096,773
WaMu Master Note Trust:
Series 2006-A3A Class A3, 5.1213% 9/16/13 (a)(d)	3,025,000		2,989,429
Series 2007-C1 Class C1, 5.4913% 5/15/14 (a)(d)	1,595,000		1,509,253
WFS Financial Owner Trust:
Series 2004-3 Class D, 4.07% 2/17/12	133,072		132,466
Series 2004-4 Class D, 3.58% 5/17/12	125,964		125,132
Series 2005-1 Class D, 4.09% 8/15/12	142,149		141,487
Whinstone Capital Management Ltd. Series 1A Class B3, 5.9838% 10/25/44 (a)(d)	1,529,388		1,501,400
World Omni Auto Receivables Trust Series 2007-B Class A2B, 5.4113% 2/16/10 (d)	185,000		185,108
TOTAL ASSET-BACKED SECURITIES (Cost $253,804,514)		225,303,511
Collateralized Mortgage Obligations - 14.3%
Private Sponsor - 12.9%
ACE Securities Corp. Home Equity Loan Trust floater Series 2007-WM1 Class A2C, 5.0425% 11/25/36 (d)	1,000,000		929,063
American Home Mortgage Assets Trust floater Series 2006-1 Class 2A1, 5.0625% 5/25/46 (d)	916,401		887,464
Arkle Master Issuer PLC floater Series 2007-1A Class 1C, 5.78% 2/17/52 (a)(d)	1,625,000		1,600,625
Banc of America Mortgage Securities, Inc. Series 2003-I Class 2A6, 4.15% 10/25/33 (d)	4,245,000		4,200,927
Bear Stearns Adjustable Rate Mortgage Trust floater Series 2005-6 Class 1A1, 5.0849% 8/25/35 (d)	1,401,311		1,400,019
Bear Stearns Alt-A Trust floater:
Series 2005-1 Class A1, 5.1525% 1/25/35 (d)	1,043,144		1,039,550
Series 2005-2 Class 1A1, 5.1225% 3/25/35 (d)	549,905		545,501
Citigroup Mortgage Loan Trust Series 2004-UST1 Class A3, 4.2381% 8/25/34 (d)	2,081,389		2,069,095
Credit Suisse First Boston Adjustable Rate Mortgage Trust floater:
Series 2004-2 Class 7A3, 5.2725% 2/25/35 (d)	254,416		253,976
Series 2004-4 Class 5A2, 5.2725% 3/25/35 (d)	58,744		57,418
Series 2005-1 Class 5A2, 5.2025% 5/25/35 (d)	167,473		162,650
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
Private Sponsor - continued
Credit Suisse First Boston Adjustable Rate Mortgage Trust floater: - continued
Series 2005-10 Class 5A2, 5.1925% 1/25/36 (d)	$ 939,673		$ 927,777
Series 2005-2:
Class 6A2, 5.1525% 6/25/35 (d)	56,118		54,013
Class 6M2, 5.3525% 6/25/35 (d)	1,375,000		1,307,100
Series 2005-3 Class 8A2, 5.1125% 7/25/35 (d)	686,553		672,827
Series 2005-5 Class 6A2, 5.1025% 9/25/35 (d)	570,304		552,558
Series 2005-8 Class 7A2, 5.1525% 11/25/35 (d)	427,923		418,229
Credit Suisse First Boston Mortgage Securities Corp. floater:
Series 2004-AR2 Class 6A1, 5.2725% 3/25/34 (d)	13,446		13,356
Series 2004-AR3 Class 6A2, 5.2425% 4/25/34 (d)	6,346		6,267
Series 2004-AR5 Class 11A2, 5.2425% 6/25/34 (d)	28,850		28,525
Series 2004-AR6 Class 9A2, 5.2425% 10/25/34 (d)	43,392		43,398
Series 2004-AR7 Class 6A2, 5.2525% 8/25/34 (d)	77,944		77,963
Series 2004-AR8 Class 8A2, 5.2525% 9/25/34 (d)	37,512		36,546
CWALT, Inc. floater Series 2005-56 Class 3A1, 5.1625% 11/25/35 (d)	327,151		319,621
Deutsche Alt-A Securities Mortgage Loan Trust floater Series 2007-BAR1 Class A3, 5.0325% 3/25/37 (d)	1,375,000		1,335,550
First Franklin Mortgage Loan Trust floater Series 2006-FF13:
Class M7, 5.6225% 10/25/36 (d)	1,205,000		139,525
Class M8, 5.8225% 10/25/36 (d)	525,000		60,822
First Horizon Mortgage pass-thru Trust floater Series 2004-FL1 Class 2A1, 5.6934% 12/25/34 (d)	67,758		66,910
Gracechurch Mortgage Funding PLC floater Series 1A:
Class A2B, 5.3188% 10/11/41 (a)(d)	1,814,137		1,798,517
Class CB, 5.5288% 10/11/41 (a)(d)	260,000		250,947
Class DB, 5.7188% 10/11/41 (a)(d)	1,060,000		993,538
Granite Master Issuer PLC floater:
Series 2005-1 Class A3, 5.6675% 12/21/24 (d)	175,000		175,030
Series 2005-2 Class C1, 6.01% 12/20/54 (d)	1,610,000		1,395,870
Series 2005-4 Class A3, 5.58% 12/20/54 (d)	1,905,991		1,886,931
Series 2006-1A:
Class A5, 5.58% 12/20/54 (a)(d)	1,000,000		994,093
Class C2, 6.11% 12/20/54 (a)(d)	1,545,000		1,236,000
Series 2006-3 Class C2, 5.68% 12/20/54 (d)	820,000		657,066
Series 2006-4:
Class B1, 5.6775% 12/20/54 (d)	1,250,000		1,235,000
Class C1, 5.9675% 12/20/54 (d)	765,000		650,250
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
Private Sponsor - continued
Granite Master Issuer PLC floater: - continued
Series 2006-4:
Class M1, 5.7575% 12/20/54 (d)	$ 330,000		$ 309,738
Series 2007-1:
Class 1C1, 5.8875% 12/20/54 (d)	555,000		473,415
Class 1M1, 5.7375% 12/20/54 (d)	500,000		467,500
Class 2B1, 5.7075% 12/20/54 (d)	535,000		518,950
Class 2C1, 6.0175% 12/20/54 (d)	295,000		252,963
Class 2M1, 5.8375% 12/20/54 (d)	645,000		561,150
GSR Mortgage Loan Trust:
floater Series 2004-11 Class 2A1, 5.2025% 12/20/34 (d)	564,960		564,088
Series 2006-AR2 Class 4A1, 5.8522% 4/25/36 (d)	3,008,005		2,998,632
Holmes Financing No. 10 PLC floater Series 10A:
Class 2A, 5.2725% 7/15/40 (a)(d)	1,040,000		1,039,100
Class 2C, 5.5925% 7/15/40 (a)(d)	886,364		878,067
Holmes Financing No. 9 PLC floater Class 2A, 5.3025% 7/15/13 (d)	2,780,000		2,761,263
Homestar Mortgage Acceptance Corp. floater Series 2004-5 Class A1, 5.3225% 10/25/34 (d)	323,199		322,848
HSI Asset Securitization Corp. Trust floater Series 2007-OPT1 Class M1, 5.1025% 12/25/36 (d)	670,000		430,944
Impac CMB Trust floater:
Series 2004-11 Class 2A2, 5.2425% 3/25/35 (d)	282,752		278,727
Series 2004-6 Class 1A2, 5.2625% 10/25/34 (d)	79,666		78,624
Series 2005-1:
Class M1, 5.3325% 4/25/35 (d)	146,556		129,821
Class M2, 5.3725% 4/25/35 (d)	259,172		224,995
Class M3, 5.4025% 4/25/35 (d)	63,250		52,958
Class M4, 5.6225% 4/25/35 (d)	38,567		20,055
Class M5, 5.9013% 4/25/35 (d)	38,567		19,284
Class M6, 5.6425% 4/25/35 (d)	60,164		28,879
Series 2005-2 Class 1A2, 5.1825% 4/25/35 (d)	635,430		621,355
Series 2005-4 Class 1B1, 6.4313% 5/25/35 (d)	254,179		146,510
Series 2005-7:
Class M1, 5.3525% 11/25/35 (d)	138,000		126,612
Class M2, 5.3925% 11/25/35 (d)	103,500		89,420
Class M3, 5.4925% 11/25/35 (d)	517,499		269,099
Class M4, 5.5325% 11/25/35 (d)	247,249		123,625
JPMorgan Mortgage Trust Series 2006-A2 Class 5A1, 3.7561% 11/25/33 (d)	2,959,880		2,931,546
Kildare Securities Ltd. floater Series 2007-1 Class A2, 5.7838% 12/10/43 (a)(d)	865,000		860,134
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
Private Sponsor - continued
Lehman Structured Securities Corp. floater Series 2005-1 Class A2, 5.5188% 9/26/45 (a)(d)	$ 501,630		$ 500,833
Lehman XS Trust floater:
Series 2006-12N Class A1A1, 4.9525% 8/25/46 (d)	944,231		937,533
Series 2006-GP1 Class A1, 4.9625% 5/25/46 (d)	790,825		787,820
MASTR Adjustable Rate Mortgages Trust floater:
Series 2004-11:
Class 1A4, 5.3625% 11/25/34 (d)	28,840		27,856
Class 2A1, 5.2525% 11/25/34 (d)	55,572		54,261
Class 2A2, 5.3125% 11/25/34 (d)	12,234		11,891
Series 2005-1 Class 1A1, 5.1425% 3/25/35 (d)	76,104		75,925
MASTR Seasoned Securitization Trust Series 2004-1 Class 1A1, 6.2377% 8/25/17 (d)	382,189		389,174
Merrill Lynch Mortgage Investors Trust:
floater:
Series 2003-A:
Class 2A1, 5.2625% 3/25/28 (d)	73,855		72,225
Class 2A2, 5.8413% 3/25/28 (d)	26,377		25,721
Series 2003-B Class A1, 5.2125% 4/25/28 (d)	79,210		76,939
Series 2003-D Class A, 5.1825% 8/25/28 (d)	366,279		363,686
Series 2003-E Class A2, 5.7613% 10/25/28 (d)	130,877		129,349
Series 2003-F Class A2, 5.7713% 10/25/28 (d)	147,978		146,838
Series 2004-A Class A2, 5.345% 4/25/29 (d)	192,162		190,740
Series 2004-B Class A2, 5.65% 6/25/29 (d)	173,366		172,192
Series 2004-C Class A2, 5.68% 7/25/29 (d)	229,890		227,997
Series 2004-D Class A2, 5.455% 9/25/29 (d)	249,305		248,015
Series 2004-E Class A2D, 5.645% 11/25/29 (d)	277,424		276,308
Series 2004-G Class A2, 5.6934% 11/25/29 (d)	93,995		92,211
Series 2005-A Class A2, 5.6813% 2/25/30 (d)	277,579		272,671
Series 2005-B Class A2, 5.61% 7/25/30 (d)	248,359		243,850
Series 2006-MLN1 Class M4, 5.2325% 7/25/37 (d)	1,015,000		255,382
Series 2003-G Class XA1, 1% 1/25/29 (f)	885,711		9
MortgageIT Trust floater Series 2004-2:
Class A1, 5.2425% 12/25/34 (d)	328,450		326,773
Class A2, 5.3225% 12/25/34 (d)	443,652		442,194
Opteum Mortgage Acceptance Corp. floater:
Series 2005-3 Class APT, 5.1625% 7/25/35 (d)	1,246,040		1,238,143
Series 2005-5 Class 1A1B, 5.0725% 12/25/35 (d)	920,000		917,148
Option One Mortgage Loan Trust floater Series 2007-CP1 Class M1, 5.1725% 3/25/37 (d)	980,000		633,080
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
Private Sponsor - continued
Permanent Financing No. 3 PLC floater Series 2006-3 Class 3A, 5.9038% 9/10/33 (d)	$ 2,495,000		$ 2,494,359
Permanent Financing No. 5 PLC floater Series 3 Class C, 6.5438% 6/10/42 (d)	1,030,000		1,004,250
Permanent Financing No. 6 PLC floater Series 6 Class 2C, 6.1738% 6/10/42 (d)	1,600,000		1,585,250
Permanent Financing No. 8 PLC floater:
Class 2A, 5.7938% 6/10/14 (d)	2,945,000		2,943,374
Class 2C, 6.1238% 6/10/42 (d)	2,350,000		2,330,721
Class 3C, 6.2438% 6/10/42 (d)	910,000		877,766
Permanent Master Issuer PLC floater:
Series 2006-1 Class 2C, 5.6425% 7/17/42 (d)	2,645,000		2,569,353
Series 2007-1 Class 4A, 5.3225% 10/15/33 (d)	3,450,000		3,397,526
Provident Funding Mortgage Loan Trust Series 2005-2 Class 3A, 4.4824% 10/25/35 (d)	976,636		974,774
Residential Accredit Loans, Inc. floater Series 2006-QO7 Class 3A1, 4.9725% 9/25/46 (d)	1,785,119		1,770,057
Residential Asset Mortgage Products, Inc.:
sequential payer:
Series 2003-SL1 Class A31, 7.125% 4/25/31	152,560		154,766
Series 2004-SL2 Class A1, 6.5% 10/25/16	48,579		49,435
Series 2005-AR5 Class 1A1, 4.7763% 9/19/35 (d)	411,134		410,989
Residential Funding Securities Corp. floater Series 2003-RP2 Class A1, 5.3225% 6/25/33 (a)(d)	70,471		67,366
Sequoia Mortgage Funding Trust Series 2003-A Class AX1, 0.8% 10/21/08 (a)(f)	849,171		8
Sequoia Mortgage Trust floater:
Series 2003-5 Class A2, 5.72% 9/20/33 (d)	135,926		135,904
Series 2004-1 Class A, 5.6825% 2/20/34 (d)	94,289		93,105
Series 2004-10 Class A4, 5.7006% 11/20/34 (d)	251,615		250,081
Series 2004-12 Class 1A2, 5.69% 1/20/35 (d)	471,082		464,654
Series 2004-4 Class A, 5.6206% 5/20/34 (d)	295,119		292,469
Series 2004-5 Class A3, 5.6409% 6/20/34 (d)	113,643		112,848
Series 2004-6:
Class A3A, 5.6975% 6/20/35 (d)	123,771		122,992
Class A3B, 5.84% 7/20/34 (d)	247,541		245,768
Series 2004-7:
Class A3A, 5.7038% 8/20/34 (d)	161,417		160,842
Class A3B, 5.9288% 7/20/34 (d)	313,431		312,903
Series 2004-8 Class A2, 5.755% 9/20/34 (d)	455,645		452,592
Series 2005-1 Class A2, 5.6325% 2/20/35 (d)	262,660		255,142
Series 2005-2 Class A2, 5.6288% 3/20/35 (d)	412,811		410,078
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
Private Sponsor - continued
Soundview Home Equity Loan Trust floater Series 2006-EQ1:
Class M2, 5.1925% 9/25/36 (d)	$ 640,000		$ 404,992
Class M7, 5.6725% 9/25/36 (d)	330,000		84,090
Structured Asset Securities Corp. floater:
Series 2004-NP1 Class A, 5.2725% 9/25/33 (a)(d)	75,827		74,573
Series 2005-AR1 Class B1, 6.8725% 9/25/35 (a)(d)	1,155,000		174,290
Series 2007-GEL1 Class A2, 5.062% 1/25/37 (a)(d)	1,000,000		930,625
TBW Mortgage-Backed pass-thru certificates floater Series 2006-4 Class A3, 5.0725% 9/25/36 (d)	2,255,000		2,238,209
Thornburg Mortgage Securities Trust floater:
Series 2004-3 Class A, 5.2425% 9/25/34 (d)	1,142,171		1,140,179
Series 2005-3 Class A4, 5.1425% 10/25/35 (d)	1,963,996		1,957,519
WaMu Mortgage pass-thru certificates:
floater Series 2006-AR11 Class C1B1, 4.9525% 9/25/46 (d)	544,360		543,244
sequential payer Series 2002-S6 Class A25, 6% 10/25/32	87,431		87,309
Series 2003-AR10 Class A7, 4.0565% 10/25/33 (d)	690,000		683,189
WaMu Mortgage Securities Corp. pass-thru certificates sequential payer Series 2003-MS9 Class 2A1, 7.5% 12/25/33	44,082		46,127
Wells Fargo Mortgage Backed Securities Trust:
Series 2005-AR10 Class 2A2, 4.1096% 6/25/35 (d)	3,901,286		3,831,046
Series 2005-AR12 Class 2A1, 4.3182% 7/25/35 (d)	1,464,938		1,457,515
TOTAL PRIVATE SPONSOR			94,789,862
U.S. Government Agency - 1.4%
Fannie Mae:
floater Series 2002-89 Class F, 5.1725% 1/25/33 (d)	77,161		77,197
planned amortization class:
Series 1993-207 Class G, 6.15% 4/25/23	198,055		198,119
Series 2003-24 Class PB, 4.5% 12/25/12	203,106		202,372
Fannie Mae subordinate REMIC pass-thru certificates:
floater:
Series 2001-38 Class QF, 5.8525% 8/25/31 (d)	690,274		705,290
Series 2002-36 Class FT, 5.3725% 6/25/32 (d)	106,487		106,971
Series 2002-49 Class FB, 5.635% 11/18/31 (d)	1,142,593		1,149,793
Series 2002-60 Class FV, 5.8725% 4/25/32 (d)	252,692		258,261
Series 2002-64 Class FE, 5.385% 10/18/32 (d)	52,183		52,330
Series 2002-68 Class FH, 5.535% 10/18/32 (c)(d)	2,146,638		2,157,540
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
U.S. Government Agency - continued
Fannie Mae subordinate REMIC pass-thru certificates: - continued
floater:
Series 2002-74 Class FV, 5.3225% 11/25/32 (d)	$ 68,192		$ 68,508
Series 2002-75 Class FA, 5.8725% 11/25/32 (d)	517,637		529,033
Series 2003-11:
Class DF, 5.3225% 2/25/33 (d)	52,934		53,134
Class EF, 5.3225% 2/25/33 (d)	21,107		21,192
Series 2003-122 Class FL, 5.2225% 7/25/29 (d)	393,144		393,975
Series 2004-33 Class FW, 5.2725% 8/25/25 (d)	642,092		644,705
Series 2004-54 Class FE, 6.0225% 2/25/33 (d)	508,219		510,289
planned amortization class Series 2002-52 Class PA, 6% 4/25/31	1,742		1,739
Freddie Mac planned amortization class Series 2162 Class PH, 6% 6/15/29	1,119,535		1,138,439
Freddie Mac Multi-class participation certificates guaranteed:
floater:
Series 2389 Class DA, 5.9913% 11/15/30 (c)(d)	587,740		588,963
Series 2526 Class FC, 5.4913% 11/15/32 (d)	12,977		13,033
Series 2551 Class FH, 5.5413% 1/15/33 (d)	47,622		47,824
Series 2861 Class JF, 5.3913% 4/15/17 (d)	615,820		617,819
Series 3066 Class HF, 0% 1/15/34 (d)	39,296		39,153
planned amortization class:
Series 2543 Class PM, 5.5% 8/15/18	166,857		166,773
Series 2776 Class UJ, 4.5% 5/15/20 (f)	37,036		67
Series 1803 Class A, 6% 12/15/08	121,009		121,274
Ginnie Mae guaranteed REMIC pass-thru securities:
floater Series 2001-21 Class FB, 5.46% 1/16/27 (d)	80,384		80,637
planned amortization class Series 2002-5 Class PD, 6.5% 5/16/31	90,938		91,448
TOTAL U.S. GOVERNMENT AGENCY			10,035,878
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $111,747,810)		104,825,740
Commercial Mortgage Securities - 8.5%
Banc of America Large Loan, Inc. floater:
Series 2003-BBA2 Class K, 7.6913% 11/15/15 (a)(d)	61,614		61,679
Commercial Mortgage Securities - continued
	Principal Amount		Value
Banc of America Large Loan, Inc. floater: - continued
Series 2005-MIB1:
Class B, 5.3513% 3/15/22 (a)(d)	$ 475,000		$ 472,893
Class C, 5.4013% 3/15/22 (a)(d)	200,000		199,078
Class D, 5.4513% 3/15/22 (a)(d)	205,000		202,679
Class E, 5.4913% 3/15/22 (a)(d)	390,000		383,121
Class F, 5.5613% 3/15/22 (a)(d)	200,000		196,526
Class G, 5.6213% 3/15/22 (a)(d)	130,000		127,164
Series 2006-BIX1:
Class E, 5.3313% 10/15/19 (a)(d)	170,000		168,102
Class F, 5.4013% 10/15/19 (a)(d)	325,000		320,454
Class G, 5.4213% 10/15/19 (a)(d)	125,000		122,900
Class JCP, 5.5913% 10/15/19 (a)(d)	4,700		4,594
Bayview Commercial Asset Trust floater:
Series 2003-2 Class A, 5.4525% 12/25/33 (a)(d)	389,318		383,236
Series 2004-1:
Class A, 5.2325% 4/25/34 (a)(d)	235,977		235,370
Class B, 6.7725% 4/25/34 (a)(d)	39,329		38,867
Series 2004-2:
Class A, 5.3025% 8/25/34 (a)(d)	294,927		293,848
Class M1, 5.4525% 8/25/34 (a)(d)	94,469		93,705
Series 2004-3:
Class A1, 5.2425% 1/25/35 (a)(d)	460,893		457,722
Class A2, 5.2925% 1/25/35 (a)(d)	54,223		53,667
Class M1, 5.3725% 1/25/35 (a)(d)	81,334		80,203
Class M2, 5.8725% 1/25/35 (a)(d)	54,223		52,990
Series 2005-2A:
Class A1, 5.1825% 8/25/35 (a)(d)	730,137		727,598
Class M1, 5.3025% 8/25/35 (a)(d)	131,781		128,569
Class M2, 5.3525% 8/25/35 (a)(d)	220,822		214,197
Class M3, 5.3725% 8/25/35 (a)(d)	121,096		115,836
Class M4, 5.4825% 8/25/35 (a)(d)	110,411		104,442
Series 2005-3A:
Class A1, 5.1925% 11/25/35 (a)(d)	629,805		607,130
Class A2, 5.2725% 11/25/35 (a)(d)	258,670		254,099
Class M1, 5.3125% 11/25/35 (a)(d)	89,972		86,261
Class M2, 5.3625% 11/25/35 (a)(d)	123,712		119,285
Class M3, 5.3825% 11/25/35 (a)(d)	112,465		106,561
Class M4, 5.4725% 11/25/35 (a)(d)	138,707		127,611
Series 2005-4A:
Class A2, 5.2625% 1/25/36 (a)(d)	901,331		877,842
Class B1, 6.2725% 1/25/36 (a)(d)	81,939		76,818
Class M1, 5.3225% 1/25/36 (a)(d)	327,757		316,973
Commercial Mortgage Securities - continued
	Principal Amount		Value
Bayview Commercial Asset Trust floater: - continued
Series 2005-4A:
Class M2, 5.3425% 1/25/36 (a)(d)	$ 81,939		$ 78,833
Class M3, 5.3725% 1/25/36 (a)(d)	163,878		156,333
Class M4, 5.4825% 1/25/36 (a)(d)	81,939		77,829
Class M5, 5.5225% 1/25/36 (a)(d)	81,939		77,445
Class M6, 5.5725% 1/25/36 (a)(d)	81,939		76,856
Series 2006-2A:
Class A1, 5.1025% 7/25/36 (a)(d)	1,484,544		1,457,057
Class A2, 5.1525% 7/25/36 (a)(d)	250,204		240,535
Class B1, 5.7425% 7/25/36 (a)(d)	91,741		78,898
Class B3, 7.5725% 7/25/36 (a)(d)	150,122		133,821
Class M1, 5.1825% 7/25/36 (a)(d)	262,714		250,264
Class M2, 5.2025% 7/25/36 (a)(d)	187,653		177,902
Class M3, 5.2225% 7/25/36 (a)(d)	145,952		137,196
Class M4, 5.2925% 7/25/36 (a)(d)	100,082		93,465
Class M5, 5.3425% 7/25/36 (a)(d)	120,932		110,087
Class M6, 5.4125% 7/25/36 (a)(d)	191,823		168,882
Series 2006-3A:
Class A1, 5.1225% 10/25/36 (a)(d)	1,184,953		1,157,365
Class B1, 5.6725% 10/25/36 (a)(d)	140,204		124,344
Class B2, 6.2225% 10/25/36 (a)(d)	90,454		78,158
Class B3, 7.4725% 10/25/36 (a)(d)	162,818		138,955
Class M4, 5.3025% 10/25/36 (a)(d)	140,204		128,988
Class M5, 5.3525% 10/25/36 (a)(d)	176,386		161,228
Class M6, 5.4325% 10/25/36 (a)(d)	348,249		315,383
Series 2007-1:
Class A2, 5.1425% 3/25/37 (a)(d)	327,773		317,018
Class B1, 5.5425% 3/25/37 (a)(d)	106,180		93,920
Class B2, 6.0225% 3/25/37 (a)(d)	73,864		63,512
Class B3, 8.2225% 3/25/37 (a)(d)	216,976		188,532
Class M1, 5.1425% 3/25/37 (a)(d)	87,714		83,876
Class M2, 5.1625% 3/25/37 (a)(d)	64,631		61,046
Class M3, 5.1925% 3/27/37 (a)(d)	60,015		56,386
Class M4, 5.2425% 3/25/37 (a)(d)	46,165		42,450
Class M5, 5.2925% 3/25/37 (a)(d)	73,864		67,494
Class M6, 5.3725% 3/25/37 (a)(d)	101,563		91,963
Series 2007-3:
Class B1, 5.8225% 7/25/37 (a)(d)	70,805		69,035
Class B2, 6.4725% 7/25/37 (a)(d)	179,374		174,889
Class B3, 8.8725% 7/25/37 (a)(d)	94,407		91,575
Class M1, 5.1825% 7/25/37 (a)(d)	61,365		60,751
Class M2, 5.2125% 7/25/37 (a)(d)	66,085		65,424
Commercial Mortgage Securities - continued
	Principal Amount		Value
Bayview Commercial Asset Trust floater: - continued
Series 2007-3:
Class M3, 5.2425% 7/25/37 (a)(d)	$ 103,848		$ 102,680
Class M4, 5.3725% 7/25/37 (a)(d)	165,213		162,734
Class M5, 5.4725% 7/25/37 (a)(d)	80,246		78,641
Class M6, 5.6725% 7/25/37 (a)(d)	61,365		60,137
Series 2007-4A:
Class A2, 5.4373% 9/25/37 (a)(d)	656,679		630,484
Class B1, 7.4225% 9/25/37 (a)(d)	83,936		80,474
Class B2, 8.3225% 9/25/37 (a)(d)	306,121		289,093
Class M1, 5.8225% 9/25/37 (a)(d)	74,062		72,916
Class M2, 5.9225% 9/25/37 (a)(d)	74,062		72,430
Class M4, 6.4725% 9/25/37 (a)(d)	202,435		196,362
Class M5, 6.6225% 9/25/37 (a)(d)	202,435		195,951
Class M6, 6.8225% 9/25/37 (a)(d)	202,435		195,160
Bear Stearns Commercial Mortgage Securities Trust floater Series 2007-BBA8:
Class D, 6.0025% 3/15/22 (a)(d)	165,000		160,875
Class E, 5.3913% 3/15/22 (a)(d)	870,000		846,075
Class F, 5.4413% 5/15/22 (a)(d)	535,000		518,950
Class G, 5.4913% 3/15/22 (a)(d)	135,000		130,275
Class H, 5.6413% 3/15/22 (a)(d)	165,000		158,400
Class J, 5.7913% 3/15/22 (a)(d)	165,000		157,575
Class MS-6, 5.9913% 3/15/22 (a)(d)	335,000		325,788
Class MS5, 5.7413% 3/15/22 (a)(d)	600,000		585,750
Class X-1M, 1.12% 3/15/22 (a)(f)	18,625,725		174,616
Commercial Mortgage pass-thru certificates floater:
Series 2005-F10A:
Class B, 5.3213% 4/15/17 (a)(d)	1,005,000		1,002,125
Class C, 5.3613% 4/15/17 (a)(d)	425,000		423,240
Class D, 5.4013% 4/15/17 (a)(d)	345,000		343,254
Class E, 5.4613% 4/15/17 (a)(d)	260,000		258,289
Class F, 5.5013% 4/15/17 (a)(d)	145,000		143,853
Class G, 5.6413% 4/15/17 (a)(d)	145,000		143,687
Class H, 5.7113% 4/15/17 (a)(d)	145,000		142,994
Class J, 5.9413% 4/15/17 (a)(d)	50,000		48,918
Series 2005-FL11:
Class B, 5.3413% 11/15/17 (a)(d)	271,200		270,008
Class C, 5.3913% 11/15/17 (a)(d)	542,401		540,081
Class D, 5.4313% 11/15/17 (a)(d)	94,016		93,317
Class E, 5.4813% 11/15/17 (a)(d)	144,640		144,186
Class F, 5.5413% 11/15/17 (a)(d)	130,176		129,376
Class G, 5.5913% 11/15/17 (a)(d)	206,112		204,036
Series 2006-CN2A Class AJFL, 5.385% 2/5/19 (d)	1,135,000		1,137,485
Commercial Mortgage Securities - continued
	Principal Amount		Value
Commercial Mortgage pass-thru certificates floater: - continued
Series 2007-FL14:
Class F, 5.5913% 6/15/22 (a)(d)	$ 1,303,005		$ 1,298,730
Class G, 5.6413% 6/15/22 (a)(d)	208,085		207,320
Class H, 5.7913% 6/15/22 (a)(d)	208,085		207,410
Class MLK1, 5.8913% 6/15/22 (a)(d)	565,000		562,859
Class MLK2, 6.0913% 6/15/22 (a)(d)	315,000		315,394
Class MLK3, 6.2913% 6/15/22 (a)(d)	380,000		377,447
Credit Suisse First Boston Mortgage Capital Certificates floater Series 2007-TF2A Class B, 5.4413% 4/15/22 (a)(d)	1,775,000		1,739,500
Credit Suisse Mortgage Capital Certificates floater:
Series 200-TFL1 Class B, 5.2413% 2/15/22 (a)(d)	685,000		671,300
Series 2007-TFL1:
Class C:
5.2613% 2/15/22 (a)(d)	740,000		723,350
5.3613% 2/15/22 (a)(d)	265,000		257,050
Class F, 5.4113% 2/15/22 (a)(d)	530,000		512,775
Crown Castle Towers LLC/Crown Atlantic Holdings Sub LLC/Crown Communication, Inc. Series 2006-1A Class AFL, 5.2613% 11/15/36 (a)(d)	540,000		529,497
CSMC Commercial Mortgage Trust floater Series 2006-TFLA:
Class D, 5.3713% 4/15/21 (a)(d)	300,000		298,158
Class E, 5.4213% 4/15/21 (a)(d)	300,000		298,158
Class G, 5.5113% 4/15/21 (a)(d)	300,000		297,187
Class H, 5.8213% 4/15/21 (a)(d)	300,000		296,965
Class J, 5.8913% 4/15/21 (a)(d)	200,000		197,544
Class K, 6.2913% 4/15/21 (a)(d)	1,005,000		991,408
Greenwich Capital Commercial Funding Corp. floater Series 2006-FL4:
Class A2, 5.265% 11/5/21 (a)(d)	1,815,000		1,805,598
Class B, 5.315% 11/5/21 (a)(d)	670,000		662,805
GS Mortgage Securities Corp. II floater:
Series 2006-FL8A:
Class C, 5.365% 6/6/20 (a)(d)	145,000		144,624
Class D, 5.405% 6/6/20 (a)(d)	1,400,000		1,385,902
Class E, 5.495% 6/6/20 (a)(d)	800,000		777,947
Class F, 5.565% 6/6/20 (a)(d)	575,000		554,558
Series 2007-EOP:
Class C, 5.4419% 3/1/20 (a)(d)	440,000		431,200
Class D, 5.4919% 3/1/20 (a)(d)	130,000		127,725
Class E, 5.5619% 3/1/20 (a)(d)	220,000		213,400
Commercial Mortgage Securities - continued
	Principal Amount		Value
GS Mortgage Securities Corp. II floater: - continued
Series 2007-EOP:
Class F, 5.6019% 3/1/20 (a)(d)	$ 110,000		$ 106,700
Class G, 5.6419% 3/1/20 (a)(d)	55,000		54,136
Class H, 5.7719% 3/1/20 (a)(d)	90,000		87,750
Class J:
5.9719% 3/1/20 (a)(d)	130,000		126,100
6.1719% 3/1/20 (a)(d)	90,000		86,460
JPMorgan Chase Commercial Mortgage Securities Trust floater Series 2006-FLA2:
Class A2, 5.2213% 11/15/18 (a)(d)	1,535,000		1,526,172
Class B, 5.2613% 11/15/18 (a)(d)	388,029		386,310
Class C, 5.3013% 11/15/18 (a)(d)	275,610		272,830
Class D, 5.3213% 11/15/18 (a)(d)	97,914		96,449
Class E, 5.3713% 11/15/18 (a)(d)	145,058		142,865
Class F, 5.4213% 11/15/18 (a)(d)	217,587		212,533
Class G, 5.4513% 11/15/18 (a)(d)	188,575		183,305
Class H, 5.5913% 11/15/18 (a)(d)	145,058		140,162
Lehman Brothers Floating Rate Commercial Mortgage Trust floater:
Series 2003-LLFA Class K1, 7.6413% 12/16/14 (a)(d)	435,000		423,432
Series 2006-LLFA:
Class F, 5.4313% 9/15/21 (a)(d)	291,191		283,492
Class G, 5.4513% 9/15/21 (a)(d)	648,135		626,008
Merrill Lynch Mortgage Trust Series 2005-GGP1 Class X, 0.1416% 11/15/10 (a)(d)(f)	417,400,000		22,874
Merrill Lynch/Countrywide Commercial Mortgage Trust floater Series 2006-4 Class A2FL, 5.23% 12/12/49 (d)	1,180,000		1,155,756
Morgan Stanley Capital I Trust:
floater:
Series 2007-XCLA Class A1, 5.2913% 7/17/17 (a)(d)	1,150,107		1,132,855
Series 2007-XLFA:
Class A2, 5.1913% 10/15/20 (a)(d)	1,225,000		1,206,625
Class B, 5.2213% 10/15/20 (a)(d)	440,000		431,200
Class C, 5.2513% 10/15/20 (a)(d)	330,000		319,745
Class D, 5.2813% 10/15/20 (a)(d)	265,000		256,533
Class E, 5.3413% 10/15/20 (a)(d)	330,000		317,261
Class F, 5.3913% 10/15/20 (a)(d)	195,000		188,049
Class G, 5.4313% 10/15/20 (a)(d)	245,000		235,200
Class H, 5.5213% 10/15/20 (a)(d)	155,000		148,025
Class J, 6.0913% 10/15/20 (a)(d)	175,000		167,125
Commercial Mortgage Securities - continued
	Principal Amount		Value
Morgan Stanley Capital I Trust: - continued
floater:
Series 2007-XLFA:
Class MHRO, 5.7813% 10/15/20 (a)(d)	$ 474,674		$ 450,940
Class MJPM, 6.0913% 10/15/20 (a)(d)	167,445		159,073
Class MSTR, 5.7913% 10/15/20 (a)(d)	260,000		245,700
Class NHRO, 5.9813% 10/15/20 (a)(d)	730,268		693,754
Class NSTR, 5.9413% 10/15/20 (a)(d)	240,000		226,800
Series 2007-XLC1:
Class C, 5.6913% 7/17/17 (a)(d)	951,961		932,922
Class D, 5.7913% 7/17/17 (a)(d)	447,982		436,782
Class E, 5.8913% 7/17/17 (a)(d)	361,831		352,786
Morgan Stanley Capital I, Inc. floater:
Series 2005-XLF:
Class F, 5.4113% 8/15/19 (a)(d)	164,163		164,010
Class G, 5.4613% 8/15/19 (a)(d)	120,000		119,370
Class H, 5.4813% 8/15/19 (a)(d)	100,000		99,182
Class J, 5.5513% 8/15/19 (a)(d)	75,000		74,923
Class K, 5.7413% 8/15/19 (a)(d)	420,000		415,980
Series 2006-XLF:
Class C, 6.2913% 7/15/19 (a)(d)	570,000		552,900
Class D, 5.3413% 7/15/19 (a)(d)	1,345,000		1,344,911
Class E, 5.3813% 7/15/19 (a)(d)	1,450,000		1,448,409
Class F, 5.4113% 7/15/19 (a)(d)	535,000		532,569
Class G, 5.4513% 7/15/19 (a)(d)	385,000		382,477
STRIPS III Ltd./STRIPS III Corp. floater Series 2004-1A Class A, 5.3725% 3/24/18 (a)(d)	239,771		238,423
Wachovia Bank Commercial Mortgage Trust floater Series 2006-WL7A:
Class F, 5.4313% 8/11/18 (a)(d)	1,235,000		1,217,393
Class G, 5.4513% 8/11/18 (a)(d)	1,170,000		1,116,399
Class J, 5.6913% 8/11/18 (a)(d)	260,000		250,362
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $64,127,310)		62,657,758
Commercial Paper - 0.3%
Sprint Nextel Corp. 5.61% 11/9/07 (d) (Cost $2,000,000)	2,000,000		2,000,072

Fixed-Income Funds - 20.4%
	Shares		Value
Fidelity Ultra-Short Central Fund (e) (Cost $160,759,973)	1,615,650		$ 149,334,566
Cash Equivalents - 8.1%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 4.94%, dated 10/31/07 due 11/1/07 (Collateralized by U.S. Government Obligations) # (Cost $59,790,000)	$ 59,798,211		59,790,000
TOTAL INVESTMENT PORTFOLIO - 99.6% (Cost $780,856,633)			730,726,553
NET OTHER ASSETS - 0.4%			3,241,334
NET ASSETS - 100%		$ 733,967,887

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Eurodollar Contracts
113 Eurodollar 90 Day Index Contracts	Dec. 2007	$ 111,658,125	$ (5,152)
113 Eurodollar 90 Day Index Contracts	March 2008	111,730,163	57,461
108 Eurodollar 90 Day Index Contracts	June 2008	106,817,400	29,586
61 Eurodollar 90 Day Index Contracts	Sept. 2008	60,342,725	24,906
TOTAL EURODOLLAR CONTRACTS			$ 106,801
Sold
Eurodollar Contracts
2 Eurodollar 90 Day Index Contracts	Dec. 2008	1,978,500	$ (1,358)
1 Eurodollar 90 Day Index Contracts	March 2009	989,138	(617)
TOTAL EURODOLLAR CONTRACTS			$ (1,975)
			$ 104,826
Swap Agreements
		Notional Amount	Value
Credit Default Swaps
Receive monthly notional amount multiplied by 3.86% and pay Morgan Stanley, Inc. upon credit event of Merrill Lynch Mortgage Investors Trust, Inc., par value of the notional amount of Merrill Lynch Mortgage Investors Trust, Inc. Series 2006 HE5, Class B3, 7.32% 8/25/37	Sept. 2037	$ 600,000	$ (504,664)
Receive monthly notional amount multiplied by 3.3% and pay to Morgan Stanley, Inc. upon credit event of Ameriquest Mortgage Securities, Inc., par value of the notional amount of Ameriquest Mortgage Securities, Inc. Series 2004-R11, Class M9, 6.88% 11/25/34	Dec. 2034	275,000	(76,786)
Receive monthly notional amount multiplied by 2.7% and pay Lehman Brothers, Inc. upon credit event of Morgan Stanley ABS Capital I, Inc., par value of the notional amount of Morgan Stanley ABS Capital I, Inc. Series 2006 WMC1, Class B3, 7.47% 12/25/35	Jan. 2036	600,000	(475,200)
Receive monthly notional amount multiplied by 1.9% and pay Morgan Stanley, Inc., upon credit event of Morgan Stanley ABS Capital I, Inc., par value of the notional amount of Morgan Stanley ABS Capital I, Inc. Series 2006-HE3 Class B3, 7.2225% 4/25/36	May 2036	500,000	(421,831)
Receive monthly notional amount multiplied by 2.39% and pay UBS upon credit event of Fremont Home Loan Trust, par value of the notional amount of Fremont Home Loan Trust Series 2004-1 Class M9, 7.73% 2/25/34	March 2034	183,497	(28,337)
Receive monthly notional amount multiplied by 2.4% and pay Deutsche Bank upon credit event of Fremont Home Loan Trust, par value of the notional amount of Fremont Home Loan Trust Series 2004-A Class B3, 7.2288% 1/25/34	Feb. 2034	82,257	(67,613)
Receive monthly notional amount multiplied by 2.7% and pay Morgan Stanley, Inc. upon credit event of Park Place Securities, Inc., par value of the notional amount of Park Place Securities, Inc. Series 2005-WHQ2 Class M9, 6.41% 5/25/35	June 2035	845,000	(374,812)
Swap Agreements - continued
	Expiration Date	Notional Amount	Value
Credit Default Swaps - continued
Receive monthly notional amount multiplied by 2.79% and pay Merrill Lynch, Inc. upon credit event of New Century Home Equity Loan Trust, par value of the notional amount of New Century Home Equity Loan Trust Series 2004-4 Class M9, 7.0788% 2/25/35	March 2035	$ 213,526	$ (63,802)
Receive quarterly notional amount multiplied by .48% and pay Goldman Sachs upon credit event of TXU Energy Co. LLC, par value of the notional amount of TXU Energy Co. LLC 7% 3/15/13	Sept. 2008	1,840,000	(21,914)
Receive quarterly notional amount multiplied by .55% and pay Deutsche Bank upon credit event of MBIA, Inc., par value of the notional amount of MBIA, Inc. 6.625% 10/1/28	Sept. 2010	900,000	(63,023)
Receive quarterly notional amount multiplied by .58% and pay Deutsche Bank upon credit event of MBIA, Inc., par value of the notional amount of MBIA, Inc. 6.625% 10/1/28	Sept. 2010	200,000	(13,846)
Receive quarterly notional amount multiplied by .59% and pay Bank of America upon credit event of MBIA, Inc., par value of the notional amount of MBIA, Inc. 6.625% 10/1/28	Sept. 2010	200,000	(13,793)
Receive quarterly notional amount multiplied by .59% and pay Merrill Lynch, Inc. upon credit event of MBIA, Inc., par value of the notional amount of MBIA, Inc. 6.625% 10/1/28	Sept. 2010	500,000	(34,483)
Receive quarterly notional amount multiplied by .78% and pay Goldman Sachs upon credit event of TXU Energy Co. LLC, par value of the notional amount of TXU Energy Co. LLC 7% 3/15/13	Dec. 2008	1,750,000	(21,493)
TOTAL CREDIT DEFAULT SWAPS		8,689,280	(2,181,597)
Swap Agreements - continued
	Expiration Date	Notional Amount	Value
Total Return Swaps
Receive monthly notional amount multiplied by the nominal spread appreciation of the Lehman Brothers CMBS AAA 8.5+ Index adjusted by a modified duration factor plus 25 basis points and pay monthly notional amount multiplied by the nominal spread depreciation of the Lehman Brothers CMBS AAA 8.5+ Index adjusted by a modified duration factor with Lehman Brothers, Inc.	April 2008	$ 4,000,000	$ (44,552)
Receive monthly notional amount multiplied by the nominal spread appreciation of the Lehman Brothers CMBS U.S. Aggregate Index adjusted by a modified duration factor and pay monthly notional amount multiplied by the nominal spread depreciation of the Lehman Brothers CMBS U.S. Aggregate Index adjusted by a modified duration factor with Lehman Brothers, Inc.	Dec. 2007	4,450,000	(52,751)
Receive monthly notional amount multiplied by the nominal spread appreciation of the Lehman Brothers CMBS U.S. Aggregate Index adjusted by a modified duration factor plus 15 basis points and pay monthly notional amount multiplied by the nominal spread depreciation of the Lehman Brothers CMBS U.S. Aggregate Index adjusted by a modified duration factor with Lehman Brothers, Inc.	May 2008	5,655,000	(66,328)
Receive monthly notional amount multiplied by the nominal spread appreciation of the Lehman Brothers CMBS AAA 8.5+ Index adjusted by a modified duration factor plus 25 basis points and pay monthly notional amount multiplied by the nominal spread depreciation of the Lehman Brothers CMBS AAA 8.5+ Index adjusted by a modified duration factor with Lehman Brothers, Inc.	March 2008	10,000,000	(189,227)
TOTAL TOTAL RETURN SWAPS		24,105,000	(352,858)
		$ 32,794,280	$ (2,534,455)

Legend

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $119,625,740 or 16.3% of net assets.

(b) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $351,481.

(c) Security or a portion of the security has been segregated as collateral for open swap agreements. At the period end, the value of securities pledged amounted to $365,000.

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

(e) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. A complete schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-Q and is available upon request or at the SEC's web site at www.sec.gov. A holdings listing for the Fund, which presents direct holdings as well as the pro rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's web site or upon request.

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

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

Repurchase Agreement / Counterparty	Value
$59,790,000 due 11/01/07 at 4.94%
BNP Paribas Securities Corp.	$ 7,451,286
Banc of America Securities LLC	11,436,712
Bank of America, NA	17,699,925
Bear Stearns & Co., Inc.	1,817,486
Citigroup Global Markets, Inc.	2,497,638
Countrywide Securities Corp.	2,081,365
Credit Suisse Securities (USA) LLC	2,497,638
ING Financial Markets LLC	5,149,944
J.P. Morgan Securities, Inc.	4,162,730
Societe Generale, New York Branch	3,330,184
WestLB AG	1,665,092
	$ 59,790,000

Affiliated Central Funds

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

Fund	Income earned
Fidelity Ultra-Short Central Fund	$ 2,723,534

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

Fund	Value, beginning of period	Purchases	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity Ultra-Short Central Fund	$ 255,014,810	$ -	$ 94,967,809	$ 149,334,566	1.3%

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $780,791,863. Net unrealized depreciation aggregated $50,065,310, of which $266,745 related to appreciated investment securities and $50,332,055 related to depreciated investment securities.

Investment Valuation

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

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

Credit Risk

The Fund invests a significant portion of its assets in securities of issuers that hold mortgage securities, including securities backed by subprime mortgage loans. The value of these securities is sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be adversely affected by shifts in the market's perception of the issuers and changes in interest rates.

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Income Fund

By:	/s/Kimberley Monasterio
	Kimberley Monasterio
	President and Treasurer
Date:	December 31, 2007

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

By:	/s/ Kimberley Monasterio
	Kimberley Monasterio
	President and Treasurer
Date:	December 31, 2007

By:	/s/Joseph B. Hollis
	Joseph B. Hollis
	Chief Financial Officer
Date:	December 31, 2007