N-Q 1 main.htm

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- 2105

Fidelity Fixed-Income Trust
 (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:

April 30

Date of reporting period:

January 31, 2005

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® High Income Fund

January 31, 2005

SPH-QTLY-0305

1.813069.100

Investments January 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 84.9%

Principal Amount (000s)

Value
(000s)

Convertible Bonds - 0.1%

Technology - 0.1%

Celestica, Inc. liquid yield option note 0% 8/1/20

$ 5,000

$ 2,781

Nonconvertible Bonds - 84.8%

Aerospace - 0.6%

BE Aerospace, Inc.:

8% 3/1/08

7,125

7,054

8.875% 5/1/11

6,625

6,791

L-3 Communications Corp. 6.125% 1/15/14

5,930

6,049

19,894

Air Transportation - 4.0%

American Airlines, Inc. pass thru trust certificates:

6.817% 5/23/11

11,300

10,650

7.377% 5/23/19

14,597

9,634

7.379% 5/23/16

9,943

6,562

7.8% 4/1/08

6,355

5,592

8.608% 10/1/12

9,395

8,362

10.18% 1/2/13

4,239

2,925

10.32% 7/30/14 (e)

3,994

2,396

AMR Corp.:

9% 9/15/16

3,970

2,819

9.17% 1/30/12

860

525

10.13% 6/15/11

860

525

10.45% 11/15/11

2,595

1,583

Continental Airlines, Inc. pass thru trust certificates:

6.9% 7/2/18

1,840

1,472

7.568% 12/1/06

4,005

3,084

8.312% 10/2/12

2,004

1,483

8.321% 11/1/06

2,305

2,190

Delta Air Lines, Inc.:

equipment trust certificates 8.54% 1/2/07

353

264

9.5% 11/18/08 (e)

22,239

19,126

Delta Air Lines, Inc. pass thru trust certificates:

7.299% 9/18/06

489

352

7.57% 11/18/10

4,000

3,819

7.711% 9/18/11

9,634

6,358

7.779% 11/18/05

4,828

3,959

7.779% 1/2/12

29,785

16,382

7.92% 5/18/12

7,170

4,732

Northwest Airlines Corp. 10% 2/1/09

3,080

2,248

Northwest Airlines, Inc. 10.5% 4/1/09

542

406

Corporate Bonds - continued

Principal Amount (000s)

Value
(000s)

Nonconvertible Bonds - continued

Air Transportation - continued

Northwest Airlines, Inc. pass thru trust certificates:

7.626% 4/1/10

$ 11,537

$ 9,230

7.691% 4/1/17

1,206

965

127,643

Automotive - 2.1%

Cooper Standard Auto, Inc.:

7% 12/15/12 (e)

2,400

2,334

8.375% 12/15/14 (e)

5,000

4,750

Dana Corp. 6.5% 3/1/09

6,832

7,105

Delco Remy International, Inc. 9.375% 4/15/12

13,200

13,134

Navistar International Corp. 7.5% 6/15/11

2,210

2,348

Stoneridge, Inc. 11.5% 5/1/12

4,370

5,004

Tenneco Automotive, Inc. 8.625% 11/15/14 (e)

19,745

20,485

Visteon Corp.:

7% 3/10/14

5,560

5,115

8.25% 8/1/10

6,425

6,457

66,732

Broadcasting - 0.8%

Nexstar Broadcasting, Inc. 7% 1/15/14

17,870

17,513

Nexstar Finance LLC/Nexstar Finance, Inc. 12% 4/1/08

3,000

3,215

Radio One, Inc. 8.875% 7/1/11

3,715

4,031

24,759

Building Materials - 2.0%

Building Materials Corp. of America 7.75% 8/1/14 (e)

12,755

12,883

Goodman Global Holdings, Inc. 7.875% 12/15/12 (e)

2,000

1,930

Maax Holdings, Inc. 0% 12/15/12 (d)(e)

7,750

4,883

Nortek, Inc. 8.5% 9/1/14

11,070

11,374

RMCC Acquisition Co. 9.5% 11/1/12 (e)

22,005

21,730

Texas Industries, Inc. 10.25% 6/15/11

10,000

11,600

64,400

Cable TV - 4.7%

Adelphia Communications Corp. 7.875% 5/1/09 (c)

5,000

4,075

Cablevision Systems Corp.:

6.6688% 4/1/09 (e)(f)

9,130

9,883

8% 4/15/12 (e)

12,510

13,464

Charter Communications Holdings LLC/Charter Communications Holdings Capital Corp.:

0% 5/15/11 (d)

13,070

9,018

9.625% 11/15/09

13,300

10,806

Corporate Bonds - continued

Principal Amount (000s)

Value
(000s)

Nonconvertible Bonds - continued

Cable TV - continued

Charter Communications Holdings LLC/Charter Communications Holdings Capital Corp.: - continued

10% 4/1/09

$ 3,000

$ 2,520

10% 5/15/11

3,170

2,520

10.25% 1/15/10

1,866

1,553

Charter Communications Operating LLC/Charter Communications Operating Capital Corp. 8% 4/30/12 (e)

9,410

9,504

CSC Holdings, Inc.:

7.625% 4/1/11

28,375

30,929

7.625% 7/15/18

1,465

1,612

DirecTV Holdings LLC/DirecTV Financing, Inc. 8.375% 3/15/13

4,055

4,542

EchoStar DBS Corp. 5.75% 10/1/08

7,970

8,030

FrontierVision Operating Partners LP/FrontierVision Capital Corp. 11% 10/15/06 (c)

2,000

2,605

Kabel Deutschland GmbH 10.625% 7/1/14 (e)

3,810

4,305

PanAmSat Corp. 9% 8/15/14

4,860

5,273

Rogers Cable, Inc. 6.75% 3/15/15

14,310

14,686

Videotron Ltee 6.875% 1/15/14 (e)

13,080

13,309

148,634

Capital Goods - 2.6%

Dresser-Rand Group, Inc. 7.375% 11/1/14 (e)

4,220

4,315

Hawk Corp. 8.75% 11/1/14

3,420

3,488

Invensys PLC 9.875% 3/15/11 (e)

30,625

32,769

Mueller Group, Inc. 6.91% 11/1/11 (f)

7,390

7,575

Park-Ohio Industries, Inc. 8.375% 11/15/14 (e)

4,400

4,356

Roller Bearing Holding, Inc. 13% 6/15/09 (e)

22,220

22,664

Terex Corp.:

9.25% 7/15/11

2,000

2,230

10.375% 4/1/11

5,000

5,575

82,972

Chemicals - 3.3%

BCP Caylux Holdings Luxembourg SCA 9.625% 6/15/14 (e)

18,820

20,749

Crystal US Holding 3LLC/Crystal US Sub 3Corp.
Series B, 0% 10/1/14 (d)(e)

21,115

14,253

Equistar Chemicals LP/Equistar Funding Corp. 10.625% 5/1/11

16,700

19,205

Huntsman Advanced Materials LLC 11% 7/15/10 (e)

2,860

3,353

Corporate Bonds - continued

Principal Amount (000s)

Value
(000s)

Nonconvertible Bonds - continued

Chemicals - continued

Huntsman ICI Holdings LLC 0% 12/31/09

$ 4,785

$ 2,680

Lyondell Chemical Co.:

9.5% 12/15/08

20,900

22,572

9.625% 5/1/07

1,875

2,048

NOVA Chemicals Corp. 6.5% 1/15/12

3,150

3,300

Phibro Animal Health Corp. 13% 12/1/07 unit (e)

2,942

3,207

PolyOne Corp.:

8.875% 5/1/12

3,500

3,736

10.625% 5/15/10

6,735

7,459

102,562

Consumer Products - 0.6%

Jafra Cosmetics International, Inc./Distribuidora Comercial Jafra SA de CV 10.75% 5/15/11

3,000

3,473

Jostens IH Corp. 7.625% 10/1/12 (e)

3,300

3,383

K2, Inc. 7.375% 7/1/14

5,760

6,163

Riddell Bell Holdings, Inc. 8.375% 10/1/12 (e)

2,290

2,370

The Scotts Co. 6.625% 11/15/13

4,080

4,243

19,632

Containers - 2.4%

Anchor Glass Container Corp. 11% 2/15/13

3,900

4,173

Berry Plastics Corp. 10.75% 7/15/12

5,060

5,768

BWAY Corp. 10% 10/15/10

7,735

8,296

Crown European Holdings SA 10.875% 3/1/13

9,370

11,010

Graham Packaging Co. LP/ GPC Capital Corp.:

8.5% 10/15/12 (e)

6,080

6,293

9.875% 10/15/14 (e)

5,000

5,300

Owens-Brockway Glass Container, Inc.:

6.75% 12/1/14 (e)

5,330

5,357

7.75% 5/15/11

3,750

4,041

8.25% 5/15/13

3,000

3,285

8.75% 11/15/12

3,000

3,345

8.875% 2/15/09

4,000

4,320

Owens-Illinois, Inc.:

7.35% 5/15/08

2,020

2,111

7.5% 5/15/10

10,000

10,550

7.8% 5/15/18

1,070

1,102

74,951

Corporate Bonds - continued

Principal Amount (000s)

Value
(000s)

Nonconvertible Bonds - continued

Diversified Financial Services - 0.4%

Refco Finance Holdings LLC/Refco Finance, Inc. 9% 8/1/12 (e)

$ 10,550

$ 11,420

Diversified Media - 1.0%

Advanstar Communications, Inc. 10.75% 8/15/10

3,560

4,014

CanWest Media, Inc. 8% 9/15/12 (e)

2,660

2,820

LBI Media Holdings, Inc. 0% 10/15/13 (d)

8,870

6,519

LBI Media, Inc. 10.125% 7/15/12

9,390

10,470

Nextmedia Operating, Inc. 10.75% 7/1/11

4,000

4,470

PEI Holdings, Inc. 11% 3/15/10

2,063

2,393

30,686

Electric Utilities - 7.9%

AES Corp.:

8.75% 6/15/08

1,628

1,758

8.75% 5/15/13 (e)

26,680

29,915

8.875% 2/15/11

906

1,010

9% 5/15/15 (e)

4,000

4,525

9.375% 9/15/10

13,149

14,891

9.5% 6/1/09

17,342

19,423

Allegheny Energy Supply Co. LLC 8.25% 4/15/12 (e)

14,485

16,078

Calpine Corp.:

8.41% 7/15/07 (e)(f)

8,646

7,673

8.5% 7/15/10 (e)

2,950

2,316

Calpine Generating Co. LLC 6.31% 4/1/09 (f)

5,000

5,106

CMS Energy Corp.:

7.75% 8/1/10

22,460

24,173

8.5% 4/15/11

11,175

12,474

8.9% 7/15/08

19,995

21,895

9.875% 10/15/07

13,320

14,719

Illinois Power Co. 6.75% 3/15/05

1,750

1,743

Nevada Power Co.:

5.875% 1/15/15 (e)

2,950

2,965

9% 8/15/13

3,000

3,465

10.875% 10/15/09

4,000

4,560

NorthWestern Energy Corp. 5.875% 11/1/14 (e)

1,500

1,526

NRG Energy, Inc. 8% 12/15/13 (e)

12,985

13,926

Reliant Energy, Inc.:

6.75% 12/15/14

8,735

8,473

9.25% 7/15/10

2,240

2,475

9.5% 7/15/13

2,630

2,939

Sierra Pacific Power Co. 6.25% 4/15/12

2,270

2,361

Corporate Bonds - continued

Principal Amount (000s)

Value
(000s)

Nonconvertible Bonds - continued

Electric Utilities - continued

TECO Energy, Inc.:

6.125% 5/1/07

$ 10,905

$ 11,178

10.5% 12/1/07

6,370

7,310

Texas Genco LLC/Texas Genco Financing Corp. 6.875% 12/15/14 (e)

7,300

7,537

Western Resources, Inc. 7.125% 8/1/09

3,940

4,295

250,709

Energy - 6.5%

ANR Pipeline, Inc. 8.875% 3/15/10

2,395

2,646

BRL Universal Equipment 2001 A LP/BRL Universal Equipment Corp. 8.875% 2/15/08

5,610

5,933

Chesapeake Energy Corp.:

7.5% 9/15/13

4,000

4,340

7.5% 6/15/14

6,430

6,960

El Paso Corp. 7.875% 6/15/12

14,655

15,278

El Paso Energy Corp.:

6.95% 12/15/07

1,480

1,530

7.375% 12/15/12

8,485

8,559

El Paso Production Holding Co. 7.75% 6/1/13

12,115

12,600

Grant Prideco, Inc.:

9% 12/15/09

1,030

1,152

9.625% 12/1/07

2,000

2,225

Hanover Compressor Co.:

8.625% 12/15/10

2,030

2,203

9% 6/1/14

3,710

4,100

Harvest Operations Corp. 7.875% 10/15/11 (e)

3,710

3,729

Northwest Pipeline Corp. 8.125% 3/1/10

2,220

2,442

Plains Exploration & Production Co. 7.125% 6/15/14

3,410

3,734

Premcor Refining Group, Inc.:

7.75% 2/1/12

3,000

3,263

9.25% 2/1/10

5,000

5,600

Pride International, Inc. 7.375% 7/15/14

3,650

4,006

Range Resources Corp. 7.375% 7/15/13

9,015

9,556

Sonat, Inc.:

6.625% 2/1/08

12,595

12,784

6.75% 10/1/07

520

539

7.625% 7/15/11

1,485

1,526

Southern Natural Gas Co. 8.875% 3/15/10

2,810

3,116

Stone Energy Corp. 6.75% 12/15/14 (e)

1,720

1,673

Corporate Bonds - continued

Principal Amount (000s)

Value
(000s)

Nonconvertible Bonds - continued

Energy - continued

The Coastal Corp.:

6.5% 5/15/06

$ 12,550

$ 12,832

6.5% 6/1/08

10,660

10,740

7.5% 8/15/06

16,940

17,639

7.625% 9/1/08

7,970

8,299

7.75% 6/15/10

7,795

8,107

10.75% 10/1/10

770

805

Venoco, Inc. 8.75% 12/15/11 (e)

6,150

6,196

Williams Companies, Inc.:

7.125% 9/1/11

11,320

12,311

7.625% 7/15/19

3,000

3,300

8.75% 3/15/32

5,000

5,950

205,673

Entertainment/Film - 0.3%

Loews Cineplex Entertainment Corp. 9% 8/1/14 (e)

7,880

8,353

Environmental - 1.1%

Allied Waste North America, Inc.:

5.75% 2/15/11

8,475

7,776

6.375% 4/15/11

4,750

4,489

7.625% 1/1/06

18,965

19,439

8.5% 12/1/08

4,290

4,462

36,166

Food and Drug Retail - 1.5%

Ahold Finance USA, Inc.:

6.875% 5/1/29

3,000

2,978

8.25% 7/15/10

17,550

19,919

Jean Coutu Group, Inc.:

7.625% 8/1/12 (e)

2,370

2,465

8.5% 8/1/14 (e)

6,210

6,194

Rite Aid Corp. 12.5% 9/15/06

8,565

9,507

Stater Brothers Holdings, Inc. 5.99% 6/15/10 (f)

5,560

5,713

46,776

Food/Beverage/Tobacco - 2.1%

Dean Foods Co. 8.15% 8/1/07

5,198

5,640

Del Monte Corp. 6.75% 2/15/15 (e)

5,130

5,181

Doane Pet Care Co. 10.75% 3/1/10

7,375

7,891

Dole Food Co., Inc. 8.625% 5/1/09

6,000

6,525

National Beef Packing Co. LLC/National Beef Finance Corp. 10.5% 8/1/11

14,980

15,242

Corporate Bonds - continued

Principal Amount (000s)

Value
(000s)

Nonconvertible Bonds - continued

Food/Beverage/Tobacco - continued

Smithfield Foods, Inc. 7% 8/1/11 (e)

$ 17,460

$ 18,595

United Agriculture Products, Inc. 8.75% 12/15/11 (e)

6,582

7,059

66,133

Gaming - 2.7%

Argosy Gaming Co. 7% 1/15/14

3,680

4,048

Mandalay Resort Group 9.5% 8/1/08

5,385

6,112

MGM MIRAGE:

5.875% 2/27/14

11,850

11,643

6.75% 9/1/12

9,860

10,378

9.75% 6/1/07

4,850

5,390

Mirage Resorts, Inc. 7.25% 10/15/06

5,000

5,232

Mohegan Tribal Gaming Authority 6.375% 7/15/09

4,000

4,075

Park Place Entertainment Corp. 8.125% 5/15/11

3,000

3,443

Penn National Gaming, Inc. 6.875% 12/1/11

8,970

9,082

Station Casinos, Inc. 6% 4/1/12

5,640

5,781

Virgin River Casino Corp./RBG LLC/B&BB, Inc. 9% 1/15/12 (e)

2,100

2,205

Wynn Las Vegas LLC/ Wynn Las Vegas Capital Corp. 6.625% 12/1/14 (e)

17,340

16,993

84,382

Healthcare - 6.3%

AmeriPath, Inc. 10.5% 4/1/13

10,155

10,612

AMR HoldCo, Inc./ EmCare HoldCo, Inc. 10% 2/15/15 (e)

5,430

5,566

Bio-Rad Laboratories, Inc. 6.125% 12/15/14 (e)

5,000

5,050

Carriage Services, Inc. 7.875% 1/15/15 (e)

5,170

5,332

Community Health Systems, Inc. 6.5% 12/15/12 (e)

6,970

6,987

Elan Finance PLC/Elan Finance Corp. 7.75% 11/15/11 (e)

17,435

18,220

HCA, Inc.:

5.5% 12/1/09

14,785

14,712

5.75% 3/15/14

6,895

6,602

6.375% 1/15/15

7,510

7,536

HealthSouth Corp.:

7% 6/15/08

2,000

1,940

7.625% 6/1/12

6,915

6,915

8.375% 10/1/11

1,730

1,795

10.75% 10/1/08

4,315

4,531

IASIS Healthcare LLC/IASIS Capital Corp. 8.75% 6/15/14

17,550

18,910

Corporate Bonds - continued

Principal Amount (000s)

Value
(000s)

Nonconvertible Bonds - continued

Healthcare - continued

National Nephrology Associates, Inc. 9% 11/1/11 (e)

$ 2,110

$ 2,405

NeighborCare, Inc. 6.875% 11/15/13

7,040

7,427

Psychiatric Solutions, Inc. 10.625% 6/15/13

5,227

6,024

Senior Housing Properties Trust 7.875% 4/15/15

2,970

3,252

Spheris, Inc. 11% 12/15/12 (e)

2,000

2,070

Tenet Healthcare Corp.:

6.375% 12/1/11

9,065

8,181

7.375% 2/1/13

10,775

9,913

9.25% 2/1/15 (e)

9,860

9,835

9.875% 7/1/14 (e)

8,005

8,305

U.S. Oncology, Inc.:

9% 8/15/12 (e)

19,610

21,277

10.75% 8/15/14 (e)

5,320

6,065

199,462

Homebuilding/Real Estate - 0.8%

Champion Home Builders Co. 11.25% 4/15/07

1,530

1,683

Standard Pacific Corp. 7.75% 3/15/13

4,000

4,320

Technical Olympic USA, Inc. 9% 7/1/10

5,000

5,375

Ventas Realty LP/Ventas Capital Corp. 6.625% 10/15/14

4,955

5,005

WCI Communities, Inc.:

7.875% 10/1/13

3,440

3,672

10.625% 2/15/11

4,440

4,906

24,961

Hotels - 0.8%

Gaylord Entertainment Co. 8% 11/15/13

2,910

3,125

Host Marriott LP:

7.125% 11/1/13

4,865

5,126

8.375% 2/15/06

8,040

8,442

ITT Corp. 6.75% 11/15/05

3,600

3,681

La Quinta Properties, Inc. 8.875% 3/15/11

5,000

5,513

25,887

Insurance - 0.7%

Provident Companies, Inc.:

7% 7/15/18

855

825

7.25% 3/15/28

1,175

1,113

Corporate Bonds - continued

Principal Amount (000s)

Value
(000s)

Nonconvertible Bonds - continued

Insurance - continued

UnumProvident Corp.:

6.75% 12/15/28

$ 6,795

$ 6,285

7.625% 3/1/11

14,080

14,643

22,866

Leisure - 1.0%

Equinox Holdings Ltd. 9% 12/15/09

2,000

2,120

Six Flags, Inc.:

9.625% 6/1/14

4,295

4,059

9.625% 6/1/14 (e)

12,290

11,614

Universal City Development Partners Ltd./UCDP Finance, Inc. 11.75% 4/1/10

6,155

7,232

Universal City Florida Holding Co. I/II 7.2% 5/1/10 (e)(f)

3,460

3,624

Vail Resorts, Inc. 6.75% 2/15/14

3,640

3,667

32,316

Metals/Mining - 2.6%

America Rock Salt Co. LLC 9.5% 3/15/14

3,920

4,057

Century Aluminum Co. 7.5% 8/15/14 (e)

2,510

2,673

Compass Minerals Group, Inc. 10% 8/15/11

1,960

2,195

Foundation Pennsylvania Coal Co. 7.25% 8/1/14

5,270

5,520

Massey Energy Co. 6.625% 11/15/10

3,800

3,914

Novelis, Inc. 7.25% 2/15/15 (e)

43,790

44,654

Wise Metals Group LLC/Alloys Finance 10.25% 5/15/12

19,915

20,313

83,326

Paper - 2.5%

Boise Cascade LLC/Boise Cascade Finance Corp. 7.125% 10/15/14 (e)

2,300

2,404

Georgia-Pacific Corp.:

7.375% 7/15/08

2,000

2,155

8% 1/15/24

7,430

8,693

8.125% 5/15/11

2,585

2,973

8.875% 2/1/10

2,000

2,320

8.875% 5/15/31

5,320

6,756

9.5% 12/1/11

26,433

32,513

Norampac, Inc. 6.75% 6/1/13

4,480

4,670

Norske Skog Canada Ltd. 8.625% 6/15/11

9,290

9,778

Stone Container Corp. 8.375% 7/1/12

5,000

5,325

77,587

Corporate Bonds - continued

Principal Amount (000s)

Value
(000s)

Nonconvertible Bonds - continued

Publishing/Printing - 1.7%

Dex Media West LLC/Dex Media West Finance Co. 9.875% 8/15/13

$ 3,650

$ 4,143

Dex Media, Inc.:

0% 11/15/13 (d)

3,750

2,822

8% 11/15/13

9,250

9,828

Houghton Mifflin Co. 9.875% 2/1/13

9,525

9,906

PRIMEDIA, Inc. 7.625% 4/1/08

26,402

26,732

53,431

Railroad - 0.3%

Kansas City Southern Railway Co. 7.5% 6/15/09

1,220

1,281

TFM SA de CV yankee:

10.25% 6/15/07

860

918

11.75% 6/15/09

5,625

5,674

7,873

Restaurants - 1.0%

Carrols Corp. 9% 1/15/13 (e)

5,060

5,250

Friendly Ice Cream Corp. 8.375% 6/15/12

2,525

2,437

Landry's Seafood Restaurants, Inc. 7.5% 12/15/14 (e)

12,635

12,319

NE Restaurant, Inc. 10.75% 7/15/08

3,180

3,053

Uno Restaurant Corp. 10% 2/15/11 (e)

8,740

8,642

31,701

Services - 0.5%

Iron Mountain, Inc. 6.625% 1/1/16

4,665

4,385

JohnsonDiversey Holdings, Inc. 0% 5/15/13 (d)

4,105

3,551

United Rentals North America, Inc. 7% 2/15/14

8,000

7,440

15,376

Shipping - 2.8%

General Maritime Corp. 10% 3/15/13

9,615

10,961

Gulfmark Offshore, Inc. 7.75% 7/15/14 (e)

2,000

2,090

H-Lines Finance Holding Corp. 0% 4/1/13 (d)(e)

2,830

2,023

Hornbeck Offshore Services, Inc. 6.125% 12/1/14 (e)

14,605

14,568

OMI Corp. 7.625% 12/1/13

3,160

3,255

Seabulk International, Inc. 9.5% 8/15/13

7,985

8,464

Ship Finance International Ltd. 8.5% 12/15/13

40,195

40,999

Teekay Shipping Corp. 8.875% 7/15/11

5,000

5,800

88,160

Steels - 1.3%

California Steel Industries, Inc. 6.125% 3/15/14

10,490

10,359

Corporate Bonds - continued

Principal Amount (000s)

Value
(000s)

Nonconvertible Bonds - continued

Steels - continued

CSN Islands VIII Corp. 9.75% 12/16/13 (e)

$ 6,640

$ 7,055

Gerdau AmeriSteel Corp./GUSAP Partners 10.375% 7/15/11

11,555

13,288

International Steel Group, Inc. 6.5% 4/15/14

8,335

9,002

39,704

Super Retail - 2.7%

Asbury Automotive Group, Inc.:

8% 3/15/14

21,385

21,492

9% 6/15/12

9,835

10,376

Blockbuster, Inc. 9% 9/1/12 (e)

5,920

5,920

Couche Tard U.S. LP /Couche Tard Financing Corp. 7.5% 12/15/13

5,785

6,132

Dillard's, Inc. 6.69% 8/1/07

14,045

14,449

Levitz Home Furnishings, Inc. 12% 11/1/11 (e)

6,980

7,120

Sonic Automotive, Inc. 8.625% 8/15/13

18,120

19,298

84,787

Technology - 6.4%

Celestica, Inc. 7.875% 7/1/11

23,740

24,690

Flextronics International Ltd.:

6.25% 11/15/14 (e)

6,895

6,723

6.5% 5/15/13

4,170

4,212

Freescale Semiconductor, Inc.:

5.41% 7/15/09 (f)

7,350

7,644

6.875% 7/15/11

8,560

9,116

7.125% 7/15/14

10,760

11,594

Lucent Technologies, Inc.:

6.45% 3/15/29

20,850

18,609

6.5% 1/15/28

1,445

1,279

MagnaChip Semiconductor SA/MagnaChip Semiconductor Finance Co.:

5.78% 12/15/11 (e)(f)

1,980

2,039

6.875% 12/15/11 (e)

3,940

4,068

8% 12/15/14 (e)

1,540

1,605

Nortel Networks Corp. 6.125% 2/15/06

5,000

5,075

Sanmina-SCI Corp. 10.375% 1/15/10

20,775

23,528

Semiconductor Note Participation Trust 0% 8/4/11 (e)

14,535

20,349

UGS Corp. 10% 6/1/12 (e)

4,160

4,638

Viasystems, Inc. 10.5% 1/15/11

2,650

2,604

Xerox Capital Trust I 8% 2/1/27

17,100

17,827

Corporate Bonds - continued

Principal Amount (000s)

Value
(000s)

Nonconvertible Bonds - continued

Technology - continued

Xerox Corp.:

6.875% 8/15/11

$ 10,000

$ 10,588

7.125% 6/15/10

10,685

11,380

7.625% 6/15/13

14,500

15,551

203,119

Telecommunications - 6.8%

Centennial Communications Corp./Centennial Cellular Operating Co. LLC/Centennial Puerto Rico Operations Corp. 8.125% 2/1/14 (f)

6,230

6,588

Citizens Communications Co. 6.25% 1/15/13

7,135

7,126

Crown Castle International Corp.:

Series B, 7.5% 12/1/13

7,430

7,857

10.75% 8/1/11

6,480

7,031

Inmarsat Finance PLC 7.625% 6/30/12

3,710

3,784

Intelsat Ltd.:

6.5% 11/1/13

19,460

16,249

7.625% 4/15/12

10,340

9,384

7.7938% 1/15/12 (e)(f)

8,730

8,992

8.625% 1/15/15 (e)

14,440

15,036

Millicom International Cellular SA 10% 12/1/13 (e)

17,450

18,148

New Skies Satellites BV 7.4375% 11/1/11 (e)(f)

4,490

4,670

Nextel Communications, Inc. 7.375% 8/1/15

20,620

22,734

Primus Telecommunications Group, Inc. 8% 1/15/14

5,065

4,280

Qwest Communications International, Inc.:

7.5% 2/15/11 (e)

4,485

4,586

7.75% 2/15/14 (e)

17,565

17,872

Rogers Communications, Inc.:

5.525% 12/15/10 (f)

5,330

5,597

6.375% 3/1/14

16,950

16,992

7.25% 12/15/12

3,310

3,525

7.5% 3/15/15

8,790

9,361

8% 12/15/12

3,790

4,036

Securus Technologies, Inc. 11% 9/1/11 (e)

2,000

2,010

U.S. West Capital Funding, Inc. 6.375% 7/15/08

6,000

5,775

Corporate Bonds - continued

Principal Amount (000s)

Value
(000s)

Nonconvertible Bonds - continued

Telecommunications - continued

U.S. West Communications:

5.625% 11/15/08

$ 5,000

$ 5,013

6.125% 11/15/05

6,950

7,089

213,735

TOTAL NONCONVERTIBLE BONDS

2,676,768

TOTAL CORPORATE BONDS

(Cost $2,554,738)

2,679,549

Common Stocks - 1.3%

Shares

Cable TV - 0.9%

EchoStar Communications Corp. Class A

150,860

4,603

NTL, Inc. (a)

191,990

13,061

Ono Finance PLC rights 5/31/09 (a)(e)

7,460

4

Telewest Global, Inc. (a)

632,321

10,655

28,323

Consumer Products - 0.2%

Revlon, Inc. Class A (a)

2,285,500

5,485

Containers - 0.0%

Trivest 1992 Special Fund Ltd. (a)(g)

13,662,268

137

Food and Drug Retail - 0.0%

Pathmark Stores, Inc. (a)

218,095

1,034

Healthcare - 0.0%

Fountain View, Inc. (g)

8,484

142

Homebuilding/Real Estate - 0.0%

Swerdlow Real Estate Group LLC (g)

159,600

377

Services - 0.0%

Spincycle LLC:

Class A

418,003

157

Class F

2,936

1

158

Telecommunications - 0.2%

Nextel Communications, Inc. Class A (a)

179,525

5,151

Common Stocks - continued

Shares

Value
(000s)

Textiles & Apparel - 0.0%

Arena Brands Holding Corp. Class B (g)

143,778

$ 1,488

TOTAL COMMON STOCKS

(Cost $53,808)

42,295

Nonconvertible Preferred Stocks - 0.5%

Automotive - 0.0%

Cambridge Industries, Inc. (liquidation trust)

2,303,017

23

Publishing/Printing - 0.5%

PRIMEDIA, Inc. Series D, 10.00%

152,680

15,268

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $14,788)

15,291

Floating Rate Loans - 6.5%

Principal Amount (000s)

Air Transportation - 0.2%

American Airlines, Inc. term loan 9.5% 12/17/10 (f)

$ 4,650

4,708

Cable TV - 2.1%

Charter Communication Operating LLC Tranche B, term loan 5.9798% 4/7/11 (f)

25,436

25,341

Hilton Head Communications LP:

revolver loan 5.25% 9/30/07 (f)

2,512

2,468

Tranche B, term loan 6.5% 3/31/08 (f)

5,833

5,731

NTL Investment Holdings Ltd. Tranche B, term loan 5.2038% 6/13/12 (f)

30,000

30,300

Olympus Cable Holdings LLC Tranche A, term loan 6.5% 6/30/10 (f)

1,800

1,782

65,622

Capital Goods - 0.4%

Invensys International Holding Ltd.:

term loan 7.3413% 12/5/09 (f)

8,000

8,220

Tranche B1, term loan 6.0913% 9/4/09 (f)

4,943

5,023

13,243

Electric Utilities - 1.4%

AES Corp. term loan 5.22% 8/10/11 (f)

3,140

3,195

Astoria Energy LLC term loan 7.1882% 4/15/12 (f)

10,000

10,200

NRG Energy, Inc.:

Credit-Linked Deposit 4.325% 12/24/11 (f)

591

591

term loan 4.515% 12/24/11 (f)

759

759

Floating Rate Loans - continued

Principal Amount (000s)

Value
(000s)

Electric Utilities - continued

Riverside Energy Center LLC:

term loan 6.98% 6/24/11 (f)

$ 9,409

$ 9,598

Credit-Linked Deposit 6.98% 6/24/11 (f)

425

431

Texas Genco LLC term loan 4.48% 12/14/11 (f)

18,000

18,225

42,999

Energy - 0.2%

El Paso Corp.:

Credit-Linked Deposit 5.16% 11/22/09 (f)

2,850

2,879

term loan 5.1875% 11/22/09 (f)

4,750

4,803

7,682

Entertainment/Film - 0.2%

Regal Cinemas Corp. term loan 4.56% 11/10/10 (f)

6,736

6,821

Homebuilding/Real Estate - 0.4%

General Growth Properties, Inc. Tranche B, term loan 4.64% 11/12/08 (f)

11,000

11,110

Metals/Mining - 0.1%

Foundation Pennsylvania Coal Co. Tranche B, term loan 4.6886% 7/30/11 (f)

1,802

1,825

Paper - 0.3%

Boise Cascade Holdings LLC Tranche B, term loan 4.8438% 10/26/11 (f)

10,411

10,541

Telecommunications - 1.2%

Qwest Corp. Tranche A, term loan 7.39% 6/30/07 (f)

37,390

39,026

TOTAL FLOATING RATE LOANS

(Cost $199,410)

203,577

Money Market Funds - 6.5%

Shares

Value
(000s)

Fidelity Cash Central Fund, 2.31% (b)
(Cost $206,159)

206,159,120

$ 206,159

TOTAL INVESTMENT PORTFOLIO - 99.7%

(Cost $3,028,903)

3,146,871

NET OTHER ASSETS - 0.3%

10,884

NET ASSETS - 100%

$ 3,157,755

Legend

(a) Non-income producing

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

(c) Non-income producing - issuer filed for bankruptcy or is in default of interest payments.

(d) Debt obligation initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.

(e) 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 period end, the value of these securities amounted to $780,503,000 or 24.7% of net assets.

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

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,144,000 or 0.1% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Arena Brands Holding Corp. Class B

6/18/97

$ 5,807

Fountain View, Inc.

8/19/03

$ 0

Swerdlow Real Estate Group LLC

1/15/99

$ 7,697

Trivest 1992 Special Fund Ltd.

7/30/92

$ 0

Income Tax Information

At January 31, 2005, the aggregate cost of investment securities for income tax purposes was $3,014,298,000. Net unrealized appreciation aggregated $132,573,000, of which $185,349,000 related to appreciated investment securities and $52,776,000 related to depreciated investment securities.

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 Corp.

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Investment Grade Bond Fund
Class A
Class T
Class B
Class C
Institutional Class

January 31, 2005

Class A, Class T, Class B, Class C and
Institutional Class
are classes of Fidelity®
Investment Grade Bond Fund

AIGB-QTLY-0305

1.813047.100

Investments January 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 20.2%

Principal Amount (000s)

Value
(000s)

CONSUMER DISCRETIONARY - 2.3%

Auto Components - 0.3%

DaimlerChrysler NA Holding Corp.:

4.05% 6/4/08

$ 3,815

$ 3,796

4.75% 1/15/08

15,985

16,254

20,050

Automobiles - 0.9%

Ford Motor Co.:

6.625% 10/1/28

4,300

3,966

7.45% 7/16/31

27,650

27,585

General Motors Corp. 8.375% 7/15/33

30,090

30,300

61,851

Media - 1.1%

British Sky Broadcasting Group PLC (BSkyB) yankee 8.2% 7/15/09

11,200

12,905

Comcast Cable Communications, Inc. 6.875% 6/15/09

6,275

6,931

Cox Communications, Inc.:

7.125% 10/1/12

5,770

6,499

7.75% 11/1/10

9,500

10,868

Liberty Media Corp. 8.25% 2/1/30

5,530

6,206

News America Holdings, Inc. 8% 10/17/16

1,000

1,225

News America, Inc. 6.2% 12/15/34 (b)

15,000

15,473

TCI Communications, Inc. 9.8% 2/1/12

8,000

10,364

70,471

TOTAL CONSUMER DISCRETIONARY

152,372

CONSUMER STAPLES - 0.3%

Food Products - 0.1%

Cadbury Schweppes U.S. Finance LLC 5.125% 10/1/13 (b)

4,725

4,832

Tobacco - 0.2%

Altria Group, Inc. 7% 11/4/13

14,905

16,294

TOTAL CONSUMER STAPLES

21,126

ENERGY - 2.3%

Energy Equipment & Services - 0.6%

Cooper Cameron Corp. 2.65% 4/15/07

6,715

6,519

Petronas Capital Ltd. 7% 5/22/12 (b)

26,925

30,813

37,332

Nonconvertible Bonds - continued

Principal Amount (000s)

Value
(000s)

ENERGY - continued

Oil & Gas - 1.7%

Amerada Hess Corp.:

6.65% 8/15/11

$ 5,490

$ 6,041

7.125% 3/15/33

3,945

4,514

7.375% 10/1/09

3,475

3,891

Canadian Oil Sands Ltd. 4.8% 8/10/09 (b)

8,835

8,944

Duke Energy Field Services LLC 7.875% 8/16/10

8,000

9,312

Energy Transfer Partners LP 5.95% 2/1/15 (b)

5,515

5,636

Enterprise Products Operating LP:

4.625% 10/15/09 (b)

2,435

2,429

5.6% 10/15/14 (b)

1,720

1,762

Louis Dreyfus Natural Gas Corp. 6.875% 12/1/07

4,700

5,024

Pemex Project Funding Master Trust 7.375% 12/15/14

47,060

52,590

Ras Laffan Liquid Natural Gas Co. Ltd. yankee 8.294% 3/15/14 (b)

6,400

7,600

Williams Companies, Inc.:

7.125% 9/1/11

4,410

4,796

7.5% 1/15/31

1,270

1,372

113,911

TOTAL ENERGY

151,243

FINANCIALS - 9.2%

Capital Markets - 0.9%

Bank of New York Co., Inc.:

3.4% 3/15/13 (e)

5,100

4,956

4.25% 9/4/12 (e)

5,730

5,740

Goldman Sachs Group, Inc. 5.125% 1/15/15

25,000

25,308

Merrill Lynch & Co., Inc. 5% 1/15/15

12,090

12,127

Morgan Stanley 4.75% 4/1/14

12,090

11,901

60,032

Commercial Banks - 1.9%

Bank One Corp. 5.25% 1/30/13

13,775

14,237

Banponce Corp. 6.75% 12/15/05

6,965

7,133

Corporacion Andina de Fomento 5.2% 5/21/13

3,910

4,001

Export-Import Bank of Korea:

4.125% 2/10/09 (b)

2,920

2,900

5.25% 2/10/14 (b)

5,000

5,118

Korea Development Bank:

3.875% 3/2/09

16,050

15,787

4.75% 7/20/09

5,805

5,899

Nonconvertible Bonds - continued

Principal Amount (000s)

Value
(000s)

FINANCIALS - continued

Commercial Banks - continued

Korea Development Bank: - continued

5.75% 9/10/13

$ 10,035

$ 10,661

Rabobank Capital Funding Trust II 5.26% 12/31/49 (b)(e)

20,000

20,510

US Bank NA, Minneapolis 6.3% 2/4/14

5,960

6,649

Wachovia Bank NA 4.875% 2/1/15

31,000

31,144

Wells Fargo Bank NA, San Francisco 7.55% 6/21/10

2,900

3,350

127,389

Consumer Finance - 1.5%

Capital One Bank:

4.875% 5/15/08

8,240

8,430

6.5% 6/13/13

8,775

9,641

8.25% 6/15/05

12,300

12,522

General Electric Capital Corp. 6% 6/15/12

4,600

5,028

Household Finance Corp.:

4.125% 11/16/09

20,531

20,395

6.375% 11/27/12

6,035

6,694

7% 5/15/12

6,655

7,617

HSBC Finance Corp. 6.75% 5/15/11

9,235

10,364

MBNA America Bank NA 4.625% 8/3/09

5,000

5,070

MBNA Corp. 7.5% 3/15/12

7,730

8,946

94,707

Diversified Financial Services - 1.6%

Citigroup, Inc. 5.625% 8/27/12

5,960

6,360

Duke Capital LLC 4.331% 11/16/06

2,040

2,059

Hutchison Whampoa International 03/13 Ltd. 6.5% 2/13/13 (b)

3,075

3,342

Hutchison Whampoa International 03/33 Ltd.:

6.25% 1/24/14 (b)

15,035

16,018

7.45% 11/24/33 (b)

8,000

9,122

J.P. Morgan Chase & Co.:

4.875% 3/15/14

9,405

9,427

5.125% 9/15/14

15,000

15,281

6.75% 2/1/11

18,915

21,276

Mizuho Financial Group Cayman Ltd. 5.79% 4/15/14 (b)

21,740

23,042

105,927

Insurance - 0.9%

Aegon NV 4.75% 6/1/13

13,000

12,976

Nonconvertible Bonds - continued

Principal Amount (000s)

Value
(000s)

FINANCIALS - continued

Insurance - continued

Assurant, Inc. 5.625% 2/15/14

$ 4,265

$ 4,438

Axis Capital Holdings Ltd. 5.75% 12/1/14

5,880

5,939

Marsh & McLennan Companies, Inc. 7.125% 6/15/09

16,781

18,177

The Chubb Corp. 6.15% 8/15/05

6,275

6,365

Travelers Property Casualty Corp.:

5% 3/15/13

3,170

3,157

6.375% 3/15/33

4,075

4,247

55,299

Real Estate - 1.3%

Boston Properties, Inc. 6.25% 1/15/13

6,505

7,114

Camden Property Trust:

5.875% 6/1/07

3,920

4,077

5.875% 11/30/12

6,435

6,801

CarrAmerica Realty Corp. 5.25% 11/30/07

7,035

7,223

CenterPoint Properties Trust 5.75% 8/15/09

5,030

5,295

Dominion Resources, Inc. 6.75% 12/15/32

1,000

1,135

EOP Operating LP:

4.65% 10/1/10

8,840

8,854

4.75% 3/15/14

21,525

20,956

Gables Realty LP:

5.75% 7/15/07

8,040

8,312

6.8% 3/15/05

1,120

1,124

Healthcare Realty Trust, Inc. 5.125% 4/1/14

8,535

8,440

Regency Centers LP 6.75% 1/15/12

7,380

8,236

87,567

Thrifts & Mortgage Finance - 1.1%

Countrywide Home Loans, Inc.:

4% 3/22/11

14,235

13,798

5.625% 5/15/07

5,500

5,713

Independence Community Bank Corp. 3.75% 4/1/14 (e)

5,390

5,181

Washington Mutual Bank 5.125% 1/15/15

11,000

11,079

Washington Mutual, Inc.:

2.4% 11/3/05

14,354

14,257

4.625% 4/1/14

22,910

22,250

72,278

TOTAL FINANCIALS

603,199

Nonconvertible Bonds - continued

Principal Amount (000s)

Value
(000s)

INDUSTRIALS - 0.6%

Aerospace & Defense - 0.2%

Bombardier, Inc.:

6.3% 5/1/14 (b)

$ 13,765

$ 11,803

7.45% 5/1/34 (b)

180

150

11,953

Airlines - 0.2%

American Airlines, Inc. pass thru trust certificates 6.978% 10/1/12

2,106

2,133

Delta Air Lines, Inc. pass thru trust certificates 7.57% 11/18/10

12,310

11,753

13,886

Road & Rail - 0.2%

CSX Corp. 6.75% 3/15/11

9,000

10,054

TOTAL INDUSTRIALS

35,893

MATERIALS - 0.4%

Chemicals - 0.1%

Lubrizol Corp.:

5.5% 10/1/14

2,075

2,130

6.5% 10/1/34

3,765

4,057

6,187

Containers & Packaging - 0.1%

Sealed Air Corp. 6.875% 7/15/33 (b)

4,070

4,511

Metals & Mining - 0.1%

Corporacion Nacional del Cobre (Codelco) 6.375% 11/30/12 (b)

3,460

3,844

Paper & Forest Products - 0.1%

International Paper Co.:

4.25% 1/15/09

2,090

2,094

5.5% 1/15/14

5,245

5,494

Weyerhaeuser Co. 5.25% 12/15/09

2,316

2,408

9,996

TOTAL MATERIALS

24,538

TELECOMMUNICATION SERVICES - 3.3%

Diversified Telecommunication Services - 3.2%

Ameritech Capital Funding Corp. 6.25% 5/18/09

4,185

4,492

Bellsouth Capital Funding Corp. 7.875% 2/15/30

3,210

4,100

Nonconvertible Bonds - continued

Principal Amount (000s)

Value
(000s)

TELECOMMUNICATION SERVICES - continued

Diversified Telecommunication Services - continued

BellSouth Corp. 6.55% 6/15/34

$ 28,300

$ 31,408

British Telecommunications PLC:

8.375% 12/15/10

12,619

15,089

8.875% 12/15/30

3,280

4,489

Deutsche Telekom International Finance BV:

5.25% 7/22/13

6,280

6,477

8.25% 6/15/05

2,035

2,072

8.5% 6/15/10

3,725

4,421

8.75% 6/15/30

18,985

25,683

France Telecom SA 8.5% 3/1/11

7,775

9,278

Koninklijke KPN NV yankee 8% 10/1/10

17,000

19,956

KT Corp. 5.875% 6/24/14 (b)

5,295

5,637

SBC Communications, Inc. 4.125% 9/15/09

12,820

12,729

Sprint Capital Corp. 7.625% 1/30/11

7,800

9,013

Telecom Italia Capital:

4% 11/15/08

12,400

12,302

4% 1/15/10 (b)

8,105

7,914

4.95% 9/30/14 (b)

8,070

7,982

TELUS Corp. yankee 7.5% 6/1/07

15,105

16,310

Verizon Global Funding Corp. 7.25% 12/1/10

12,385

14,136

213,488

Wireless Telecommunication Services - 0.1%

AT&T Wireless Services, Inc. 7.875% 3/1/11

5,035

5,920

TOTAL TELECOMMUNICATION SERVICES

219,408

UTILITIES - 1.8%

Electric Utilities - 1.3%

Cleveland Electric Illuminating Co. 5.65% 12/15/13

8,715

9,032

DTE Energy Co. 7.05% 6/1/11

4,090

4,638

Exelon Generation Co. LLC 5.35% 1/15/14

19,963

20,587

FirstEnergy Corp.:

5.5% 11/15/06

4,260

4,380

6.45% 11/15/11

1,690

1,834

MidAmerican Energy Holdings, Inc.:

4.625% 10/1/07

3,965

4,017

5.875% 10/1/12

2,650

2,821

Oncor Electric Delivery Co. 6.375% 5/1/12

10,150

11,233

Pacific Gas & Electric Co.:

4.2% 3/1/11

2,010

1,987

Nonconvertible Bonds - continued

Principal Amount (000s)

Value
(000s)

UTILITIES - continued

Electric Utilities - continued

Pacific Gas & Electric Co.: - continued

4.8% 3/1/14

$ 2,670

$ 2,675

Public Service Co. of Colorado:

5.5% 4/1/14

7,500

7,940

7.875% 10/1/12

5,630

6,844

Southern California Edison Co.:

4.65% 4/1/15

700

691

5% 1/15/14

585

598

Southwestern Public Service Co. 5.125% 11/1/06

5,000

5,113

84,390

Gas Utilities - 0.2%

Consolidated Natural Gas Co. 6.85% 4/15/11

1,535

1,738

NiSource Finance Corp. 7.875% 11/15/10

5,655

6,633

Texas Eastern Transmission Corp. 7.3% 12/1/10

4,480

5,134

13,505

Multi-Utilities & Unregulated Power - 0.3%

Constellation Energy Group, Inc. 7% 4/1/12

5,425

6,206

Dominion Resources, Inc. 8.125% 6/15/10

13,170

15,439

21,645

TOTAL UTILITIES

119,540

TOTAL NONCONVERTIBLE BONDS

(Cost $1,270,272)

1,327,319

U.S. Government and Government Agency Obligations - 22.4%

U.S. Government Agency Obligations - 10.4%

Fannie Mae:

3.25% 8/15/08

100,000

98,207

4.375% 7/17/13

20,950

20,540

4.625% 10/15/13

8,000

8,129

5.5% 7/18/12

34,500

34,845

6.125% 3/15/12

22,972

25,522

6.25% 2/1/11

122,105

133,836

6.25% 3/22/12

19,683

19,780

Financing Corp. - coupon STRIPS 0% 3/7/05

11,375

11,346

Freddie Mac:

2.85% 2/23/07

150,000

148,048

U.S. Government and Government Agency Obligations - continued

Principal Amount (000s)

Value
(000s)

U.S. Government Agency Obligations - continued

Freddie Mac: - continued

3.625% 9/15/08

$ 100,000

$ 99,504

4.5% 1/15/14

25,300

25,418

5.25% 11/5/12

5,610

5,694

5.875% 3/21/11

49,045

52,904

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS

683,773

U.S. Treasury Inflation Protected Obligations - 3.6%

U.S. Treasury Inflation-Indexed Bonds 2.375% 1/15/25

113,080

121,658

U.S. Treasury Inflation-Indexed Notes 2% 1/15/14

113,291

117,208

TOTAL U.S. TREASURY INFLATION PROTECTED OBLIGATIONS

238,866

U.S. Treasury Obligations - 8.4%

U.S. Treasury Bonds 8% 11/15/21

217,857

304,821

U.S. Treasury Notes 2.75% 7/31/06 (d)

248,272

246,875

TOTAL U.S. TREASURY OBLIGATIONS

551,696

TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS

(Cost $1,460,385)

1,474,335

U.S. Government Agency - Mortgage Securities - 25.9%

Fannie Mae - 24.7%

3.878% 6/1/33 (e)

5,447

5,446

3.88% 11/1/34 (e)

7,816

7,837

3.971% 11/1/34 (e)

2,395

2,416

4% 2/1/20 (c)

65,950

64,466

4.017% 12/1/34 (e)

8,448

8,404

4.025% 1/1/35 (e)

2,275

2,288

4.052% 2/1/35 (e)

1,069

1,076

4.118% 1/1/35 (e)

2,440

2,457

4.118% 2/1/35 (e)

750

756

4.12% 2/1/35 (e)

2,075

2,091

4.128% 2/1/35 (e)

4,247

4,277

4.145% 2/1/35 (e)

2,579

2,567

4.197% 1/1/35 (e)

1,951

1,970

4.437% 11/1/34 (e)

19,530

19,930

4.5% 2/1/20 (c)

208,040

207,485

U.S. Government Agency - Mortgage Securities - continued

Principal Amount (000s)

Value
(000s)

Fannie Mae - continued

4.5% 7/1/33 to 12/1/33

$ 59,875

$ 58,546

4.826% 1/1/35 (e)

3,970

3,957

5% 12/1/17

2,107

2,143

5% 2/1/35 (c)

233,321

232,446

5.5% 2/1/11 to 10/1/34

385,081

392,835

5.5% 2/1/35 (c)

279,092

283,802

6% 1/1/13 to 6/1/32

8,075

8,419

6% 2/1/35 (c)

9,075

9,372

6.5% 3/1/06 to 8/1/34

177,835

186,722

6.5% 2/1/20 (c)

58,329

61,701

7% 7/1/22 to 12/1/31

47,666

50,603

7.5% 6/1/25 to 8/1/29

4,756

5,105

9.5% 1/1/17 to 2/1/25

506

570

12.5% 1/1/15 to 7/1/15

11

12

TOTAL FANNIE MAE

1,629,699

Freddie Mac - 0.1%

4.232% 1/1/35 (e)

2,075

2,092

4.364% 1/1/35 (e)

4,600

4,645

8.5% 9/1/22 to 9/1/27

665

728

TOTAL FREDDIE MAC

7,465

Government National Mortgage Association - 1.1%

5.5% 12/15/32 to 5/15/34

15,828

16,258

6% 10/15/08 to 10/15/30

11,458

11,938

6.5% 3/15/26 to 2/15/33

5,016

5,288

7% 8/15/23 to 12/15/32

32,024

34,012

7.5% 10/15/05 to 8/15/28

2,132

2,296

8% 9/15/24 to 5/15/32

401

435

8.5% 1/15/31

21

23

9% 4/15/23

7

8

TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION

70,258

TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES

(Cost $1,694,066)

1,707,422

Asset-Backed Securities - 5.7%

Principal Amount (000s)

Value
(000s)

ACE Securities Corp.:

Series 2003-FM1 Class M2, 4.38% 11/25/32 (e)

$ 3,646

$ 3,722

Series 2004-HE1:

Class M1, 3.03% 2/25/34 (e)

2,300

2,300

Class M2, 3.63% 2/25/34 (e)

2,600

2,601

American Express Credit Account Master Trust
Series 2004-C Class C, 2.98% 2/15/12 (b)(e)

28,600

28,654

Ameriquest Mortgage Securities, Inc. Series 2004-R2:

Class M1, 2.96% 4/25/34 (e)

1,290

1,290

Class M2, 3.01% 4/25/34 (e)

1,000

1,000

Asset Backed Securities Corp. Home Equity Loan Trust:

Series 2003-HE2 Class A2, 2.86% 4/15/33 (e)

3,788

3,792

Series 2003-HE7 Class A3, 2.84% 12/15/33 (e)

6,401

6,422

Bank One Issuance Trust:

Series 2002-C1 Class C1, 3.44% 12/15/09 (e)

8,010

8,117

Series 2004-B2 Class B2, 4.37% 4/15/12

13,800

13,925

Bayview Financial Mortgage Loan Trust Series 2004-A Class A, 2.45% 2/28/44 (e)

7,515

7,524

Capital Auto Receivables Asset Trust Series 2004-2
Class A2, 3.35% 2/15/08

8,965

8,910

Capital One Multi-Asset Execution Trust:

Series 2002-B1 Class B1, 3.16% 7/15/08 (e)

8,570

8,589

Series 2003-B1 Class B1, 3.65% 2/17/09 (e)

13,465

13,620

Series 2003-B2 Class B2, 3.5% 2/17/09

7,080

7,074

Series 2003-B4 Class B4, 3.28% 7/15/11 (e)

6,635

6,760

Series 2004-6 Class B, 4.15% 7/16/12

11,570

11,481

Capital One Prime Auto Receivable Trust Series 2004-3 Class A3, 3.39% 1/15/09

8,905

8,868

CDC Mortgage Capital Trust Series 2003-HE2 Class M2, 4.43% 10/25/33 (e)

3,150

3,260

Chase Credit Card Owner Trust Series 2004-1 Class B, 2.68% 5/15/09 (e)

4,365

4,365

Citibank Credit Card Issuance Trust:

Series 2000-C2 Class C2, 3.31% 10/15/07 (e)

15,800

15,835

Series 2003-C1 Class C1, 3.69% 4/7/10 (e)

5,790

5,931

Countrywide Home Loans, Inc.:

Series 2004-2 Class M1, 3.03% 5/25/34 (e)

5,450

5,450

Series 2004-3 Class M1, 3.03% 6/25/34 (e)

1,525

1,526

Fieldstone Mortgage Investment Corp. Series 2003-1:

Class M1, 3.21% 11/25/33 (e)

1,400

1,415

Class M2, 4.28% 11/25/33 (e)

700

721

First Franklin Mortgage Loan Trust Series 2004-FF2:

Class M3, 3.08% 3/25/34 (e)

425

425

Asset-Backed Securities - continued

Principal Amount (000s)

Value
(000s)

First Franklin Mortgage Loan Trust Series 2004-FF2: - continued

Class M4, 3.43% 3/25/34 (e)

$ 325

$ 325

Class M6, 3.78% 3/25/34 (e)

400

404

GSAMP Trust:

Series 2004-FM2:

Class M1, 3.03% 1/25/34 (e)

3,500

3,500

Class M2, 3.63% 1/25/34 (e)

1,600

1,600

Class M3, 3.83% 1/25/34 (e)

1,600

1,600

Series 2004-OPT Class A1, 2.87% 11/25/34 (e)

10,770

10,770

Home Equity Asset Trust:

Series 2003-2:

Class A2, 2.91% 8/25/33 (e)

774

777

Class M1, 3.41% 8/25/33 (e)

2,915

2,954

Series 2003-4:

Class M1, 3.33% 10/25/33 (e)

4,025

4,066

Class M2, 4.43% 10/25/33 (e)

4,765

4,839

Home Equity Asset Trust NIMS Trust:

Series 2003-2N Class A, 8% 9/27/33 (b)

260

260

Series 2003-5N Class A, 7.5% 1/27/34 (b)

127

128

Household Home Equity Loan Trust Series 2002-2
Class A, 2.8% 4/20/32 (e)

3,295

3,301

Long Beach Mortgage Loan Trust Series 2003-3
Class M2, 4.38% 7/25/33 (e)

4,800

4,914

MBNA Credit Card Master Note Trust:

Series 2001-B2 Class B2, 2.84% 1/15/09 (e)

33,400

33,521

Series 2003-B2 Class B2, 2.87% 10/15/10 (e)

1,530

1,542

Series 2003-B3 Class B3, 2.855% 1/18/11 (e)

7,085

7,125

Series 2003-B5 Class B5, 2.85% 2/15/11 (e)

10,335

10,425

Meritage Mortgage Loan Trust Series 2004-1:

Class M1, 3.03% 7/25/34 (e)

2,225

2,225

Class M2, 3.08% 7/25/34 (e)

400

400

Class M3, 3.48% 7/25/34 (e)

825

825

Class M4, 3.63% 7/25/34 (e)

550

550

Morgan Stanley ABS Capital I, Inc.:

Series 2002-HE3 Class M1, 3.63% 12/27/32 (e)

1,945

1,974

Series 2003-HE1 Class M2, 4.43% 5/25/33 (e)

5,560

5,635

Series 2003-NC8 Class M1, 3.23% 9/25/33 (e)

2,600

2,621

Morgan Stanley Dean Witter Capital I Trust:

Series 2001-NC4 Class M1, 3.53% 1/25/32 (e)

5,014

5,049

Series 2002-NC1 Class M1, 3.33% 2/25/32 (b)(e)

3,680

3,713

Series 2002-NC3 Class M1, 3.25% 8/25/32 (e)

1,585

1,603

Series 2003-NC2 Class M2, 4.53% 2/25/33 (e)

2,855

2,923

Asset-Backed Securities - continued

Principal Amount (000s)

Value
(000s)

National Collegiate Funding LLC Series 2004-GT1
Class IO1, 7.87% 6/25/10 (b)(e)(g)

$ 8,640

$ 3,200

National Collegiate Student Loan Trust Series 2004-2 Class AIO, 9.75% 10/25/14 (g)

9,055

4,920

New Century Home Equity Loan Trust Series 2003-2 Class A2, 2.96% 1/25/33 (e)

1,888

1,890

Nissan Auto Lease Trust Series 2003-A Class A3B, 2.57% 6/15/09

10,500

10,430

NovaStar Home Equity Loan Series 2004-1:

Class M1, 2.98% 6/25/34 (e)

1,500

1,501

Class M4, 3.505% 6/25/34 (e)

2,520

2,526

Sears Credit Account Master Trust II:

Series 2000-2 Class A, 6.75% 9/16/09

7,720

7,883

Series 2002-4 Class A, 2.61% 8/18/09 (e)

10,400

10,406

SLM Private Credit Student Loan Trust Series 2004-A Class C, 3.44% 6/15/33 (e)

5,136

5,195

Superior Wholesale Inventory Financing Trust VII
Series 2003-A8 Class CTFS, 2.93% 3/15/11 (b)(e)

9,340

9,365

WFS Financial Owner Trust Class 2004-3 Series A3, 3.3% 3/17/09

13,100

13,027

TOTAL ASSET-BACKED SECURITIES

(Cost $371,907)

373,489

Collateralized Mortgage Obligations - 7.4%

Private Sponsor - 5.2%

Adjustable Rate Mortgage Trust floater Series 2005-1 Class 5A2, 2.88% 5/25/35 (e)

8,550

8,550

Bank of America Mortgage Securities, Inc.:

Series 2003-K:

Class 1A1, 3.3767% 12/25/33 (e)

2,262

2,252

Class 2A1, 4.2095% 12/25/33 (e)

6,821

6,816

Series 2003-L Class 2A1, 4.0234% 1/25/34 (e)

13,199

13,148

Series 2004-1 Class 2A2, 4.7475% 10/25/34 (e)

12,409

12,539

Series 2004-B:

Class 1A1, 3.4286% 3/25/34 (e)

5,161

5,120

Class 2A2, 4.148% 3/25/34 (e)

4,793

4,744

Series 2004-C Class 1A1, 3.4052% 4/25/34 (e)

8,301

8,227

Series 2004-D:

Class 1A1, 3.5817% 5/25/34 (e)

10,416

10,338

Class 2A2, 4.2219% 5/25/34 (e)

12,529

12,508

Series 2004-G Class 2A7, 4.6351% 8/25/34 (e)

10,669

10,723

Series 2004-H Class 2A1, 4.5375% 9/25/34 (e)

11,834

11,886

Collateralized Mortgage Obligations - continued

Principal Amount (000s)

Value
(000s)

Private Sponsor - continued

Bank of America Mortgage Securities, Inc.: - continued

Series 2004-J:

Class 1A2, 4.3446% 11/25/34 (e)

$ 4,682

$ 4,704

Class 2A1, 4.8233% 11/25/34 (e)

18,916

19,117

Bear Stearns Alt-A Trust floater Series 2005-1 Class A1, 2.8388% 1/25/35 (e)

48,430

48,430

CS First Boston Mortgage Securities Corp. floater:

Series 2004-AR3 Class 6A2, 2.9% 4/25/34 (e)

3,626

3,629

Series 2004-AR6 Class 9A2, 2.9% 10/25/34 (e)

5,730

5,732

Master Alternative Loan Trust Series 2004-3 Class 3A1, 6% 4/25/34

1,819

1,859

Master Asset Securitization Trust Series 2004-9
Class 7A1, 6.3207% 5/25/17 (e)

10,124

10,419

Master Seasoned Securitization Trust Series 2004-1 Class 1A1, 6.25% 8/25/17 (e)

8,732

9,034

Merrill Lynch Mortgage Investors, Inc. floater
Series 2004-G Class A2, 3.07% 11/25/29 (e)

5,610

5,615

Residential Asset Mortgage Products, Inc. sequential pay:

Series 2003-SL1 Class A31, 7.125% 4/25/31

4,541

4,641

Series 2004-SL2 Class A1, 6.5% 10/25/16

1,926

1,974

Residential Finance LP/Residential Finance Development Corp. floater:

Series 2003-B:

Class B3, 3.97% 7/10/35 (b)(e)

8,966

9,148

Class B4, 4.17% 7/10/35 (b)(e)

6,822

6,960

Class B5, 4.77% 7/10/35 (b)(e)

6,432

6,558

Class B6, 5.27% 7/10/35 (b)(e)

2,924

2,984

Series 2003-CB1:

Class B3, 3.87% 6/10/35 (b)(e)

3,125

3,179

Class B4, 4.07% 6/10/35 (b)(e)

2,796

2,844

Class B5, 4.67% 6/10/35 (b)(e)

1,909

1,950

Class B6, 5.17% 6/10/35 (b)(e)

1,134

1,161

Series 2004-A Class B4, 3.62% 2/10/36 (b)(e)

5,930

5,970

Series 2004-B:

Class B4, 3.52% 2/10/36 (b)(e)

1,585

1,588

Class B5, 3.97% 2/10/36 (b)(e)

1,090

1,092

Class B6, 4.42% 2/10/36 (b)(e)

297

298

Series 2004-C:

Class B4, 3.37% 9/10/36 (e)

1,991

1,991

Class B5, 3.77% 9/10/36 (e)

2,190

2,190

Class B6, 4.17% 9/10/36 (e)

398

398

Collateralized Mortgage Obligations - continued

Principal Amount (000s)

Value
(000s)

Private Sponsor - continued

Sequoia Mortgage Trust floater Series 2004-12 Class 1A2, 3% 1/20/35 (e)

$ 22,876

$ 22,912

Washington Mutual Mortgage Securities Corp. sequential pay:

Series 2003-MS9 Class 2A1, 7.5% 12/25/33

1,630

1,694

Series 2004-RA2 Class 2A, 7% 7/25/33

2,978

3,066

Wells Fargo Mortgage Backed Securities Trust:

Series 2004-T Class A1, 3.4556% 9/25/34 (e)

12,235

12,115

Series 2005-AR2 Class 2A2, 4.578% 3/25/35

30,655

30,741

TOTAL PRIVATE SPONSOR

340,844

U.S. Government Agency - 2.2%

Fannie Mae planned amortization class Series 1994-81 Class PJ, 8% 7/25/23

1,680

1,681

Fannie Mae guaranteed REMIC pass thru certificates planned amortization class:

Series 2001-53 Class OH, 6.5% 6/25/30

29

29

Series 2003-73 Class GA, 3.5% 5/25/31

9,093

8,783

Series 2004-80 Class LD, 4% 1/25/19

3,525

3,434

Freddie Mac planned amortization class Series 2355 Class CD, 6.5% 6/15/30

95

95

Freddie Mac Multi-class participation certificates guaranteed:

planned amortization class:

Series 1669 Class H, 6.5% 7/15/23

10,122

10,333

Series 2425 Class JH, 6% 3/15/17

6,130

6,415

Series 2498 Class PD, 5.5% 2/15/16

4,240

4,336

Series 2760 Class EB, 4.5% 9/15/16

22,858

22,843

Series 2773 Class EG, 4.5% 4/15/19

1,087

1,060

Series 2775:

Class OD, 4.5% 10/15/17

20,875

20,701

Class OE, 4.5% 4/15/19

31,083

30,279

Series 2866 Class XE, 4% 12/15/18

28,225

27,490

sequential pay Series 2750 Class ZT, 5% 2/15/34

7,307

6,733

Ginnie Mae guaranteed Multi-family pass thru securities sequential pay Series 2002-35 Class C, 5.8832% 10/16/23 (e)

1,490

1,588

TOTAL U.S. GOVERNMENT AGENCY

145,800

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS

(Cost $485,725)

486,644

Commercial Mortgage Securities - 4.2%

Principal Amount (000s)

Value
(000s)

Bayview Commercial Asset Trust floater:

Series 2004-1:

Class A, 2.89% 4/25/34 (b)(e)

$ 7,339

$ 7,317

Class B, 4.43% 4/25/34 (b)(e)

815

814

Class M1, 3.09% 4/25/34 (b)(e)

634

633

Class M2, 3.73% 4/25/34 (b)(e)

634

634

Series 2004-2 Class A, 2.96% 8/25/34 (b)(e)

6,944

6,949

Series 2004-3:

Class A1, 2.9% 1/25/35 (b)(e)

7,943

7,947

Class A2, 2.95% 1/25/35 (b)(e)

1,142

1,143

Class M1, 3.03% 1/25/35 (b)(e)

1,340

1,340

Class M2, 3.53% 1/25/35 (b)(e)

894

894

Bear Stearns Commercial Mortgage Securities, Inc.:

floater:

Series 2003-BA1A Class A1, 2.73% 4/14/15 (b)(e)

6,612

6,614

Series 2004-ESA Class A2, 2.79% 5/14/16 (b)(e)

6,625

6,642

sequential pay Series 2004-ESA Class A3, 4.741% 5/14/16 (b)

3,400

3,466

Series 2004-ESA:

Class B, 4.888% 5/14/16 (b)

5,195

5,298

Class C, 4.937% 5/14/16 (b)

3,370

3,439

Class D, 4.986% 5/14/16 (b)

1,405

1,435

Class E, 5.064% 5/14/16 (b)

4,375

4,458

Class F, 5.182% 5/14/16 (b)

1,050

1,069

Chase Commercial Mortgage Securities Corp.
Series 2001-245 Class A2, 6.275% 2/12/16 (b)(e)

3,810

4,197

COMM floater Series 2002-FL7 Class A2, 2.83% 11/15/14 (b)(e)

2,259

2,261

Commercial Mortgage pass thru certificates floater Series 2004-CNL:

Class B, 2.88% 9/15/14 (b)(e)

2,000

2,002

Class D, 3.12% 9/15/14 (b)(e)

615

615

Class E, 3.18% 9/15/14 (b)(e)

835

836

Class F, 3.28% 9/15/14 (b)(e)

660

661

Class G, 3.46% 9/15/14 (b)(e)

1,505

1,507

Class H, 3.56% 9/15/14 (b)(e)

1,600

1,602

Class J, 4.08% 9/15/14 (b)(e)

550

551

Class K, 4.48% 9/15/14 (b)(e)

865

866

Class L, 4.68% 9/15/14 (b)(e)

695

695

Commercial Resecuritization Trust sequential pay
Series 1999-ABC1 Class A, 6.74% 1/27/09 (b)

4,187

4,299

Commercial Mortgage Securities - continued

Principal Amount (000s)

Value
(000s)

CS First Boston Mortgage Securities Corp.:

floater Series 2004-HC1:

Class A2, 2.98% 12/15/21 (b)(e)

$ 1,700

$ 1,700

Class B, 3.23% 12/15/21 (b)(e)

4,440

4,440

sequential pay:

Series 1997-C2 Class A2, 6.52% 1/17/35

835

855

Series 2000-C1 Class A2, 7.545% 4/15/62

3,700

4,212

Series 1997-C2 Class D, 7.27% 1/17/35

2,775

3,077

Series 2004-C1 Class ASP, 1.0446% 1/15/37 (b)(e)(g)

208,000

8,147

Deutsche Mortgage & Asset Receiving Corp. sequential pay Series 1998-C1 Class D, 7.231% 6/15/31

3,920

4,292

DLJ Commercial Mortgage Corp. sequential pay
Series 2000-CF1 Class A1B, 7.62% 6/10/33

10,000

11,440

Equitable Life Assurance Society of the United States Series 174:

Class B1, 7.33% 5/15/06 (b)

4,900

5,115

Class C1, 7.52% 5/15/06 (b)

3,500

3,658

Fannie Mae sequential pay Series 1999-10 Class MZ, 6.5% 9/17/38

14,455

15,335

First Union-Lehman Brothers Commercial Mortgage Trust sequential pay Series 1997-C2 Class A3, 6.65% 11/18/29

2,309

2,447

GE Commercial Mortgage Corp. Series 2004-C1
Class X2, 1.1962% 11/10/38 (e)(g)

115,928

5,413

Ginnie Mae guaranteed REMIC pass thru securities:

sequential pay:

Series 2002-83 Class B, 4.6951% 12/16/24

4,590

4,674

Series 2003-22 Class B, 3.963% 5/16/32

7,715

7,586

Series 2003-36 Class C, 4.254% 2/16/31

6,373

6,339

Series 2003-47 Class C, 4.227% 10/16/27

11,493

11,409

Series 2003-59 Class D, 3.654% 10/16/27

11,780

11,278

Series 2003-47 Class XA, 0.2285% 6/16/43 (e)(g)

35,755

1,951

GMAC Commercial Mortgage Securities, Inc.
Series 2004-C3 Class X2, 0.749% 12/10/41 (e)(g)

12,590

432

GS Mortgage Securities Corp. II:

sequential pay:

Series 2001-LIBA Class A2, 6.615% 2/14/16 (b)

11,195

12,535

Series 2003-C1 Class A2A, 3.59% 1/10/40

5,945

5,903

Series 1998-GLII Class E, 6.9703% 4/13/31 (e)

1,220

1,275

Host Marriot Pool Trust sequential pay Series 1999-HMTA Class B, 7.3% 8/3/15 (b)

2,495

2,796

Leafs CMBS I Ltd./Leafs CMBS I Corp. Series 2002-1A Class C, 4.13% 11/20/37 (b)

11,400

10,492

Commercial Mortgage Securities - continued

Principal Amount (000s)

Value
(000s)

Mortgage Capital Funding, Inc. sequential pay
Series 1998-MC2 Class A2, 6.423% 6/18/30

$ 6,467

$ 6,878

Thirteen Affiliates of General Growth Properties, Inc. sequential pay Series 1 Class A2, 6.602% 11/15/07 (b)

9,000

9,546

Trizechahn Office Properties Trust Series 2001-TZHA Class E3, 7.253% 3/15/13 (b)

6,100

6,459

Wachovia Bank Commercial Mortgage Trust:

sequential pay Series 2003-C8 Class A3, 4.445% 11/15/35

17,105

17,184

Series 2004-C15:

Class 180A, 5.3979% 10/15/41 (b)(e)

4,805

4,898

Class 180B, 5.3979% 10/15/41 (b)(e)

2,250

2,257

TOTAL COMMERCIAL MORTGAGE SECURITIES

(Cost $272,075)

274,207

Foreign Government and Government Agency Obligations - 2.3%

Chilean Republic 7.125% 1/11/12

12,070

13,878

Italian Republic 4.5% 1/21/15

28,520

28,511

Korean Republic 4.875% 9/22/14

11,660

11,687

Russian Federation 5% 3/31/30 (Reg. S) (a)

9,895

10,377

State of Israel 4.625% 6/15/13

1,855

1,810

United Mexican States:

5.875% 1/15/14

19,265

19,939

6.75% 9/27/34

64,110

65,392

TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS

(Cost $147,063)

151,594

Supranational Obligations - 0.1%

Corporacion Andina de Fomento 6.875% 3/15/12
(Cost $4,378)

4,425

4,983

Fixed-Income Funds - 11.3%

Shares

Fidelity Ultra-Short Central Fund (f)
(Cost $746,000)

7,489,872

745,467

Cash Equivalents - 16.7%

Maturity Amount (000s)

Value
(000s)

Investments in repurchase agreements (Collateralized by U.S. Government Obligations, in a joint trading account at 2.51%, dated 1/31/05 due 2/1/05)
(Cost $1,097,802) (h)

$ 1,097,879

$ 1,097,802

TOTAL INVESTMENT PORTFOLIO - 116.2%

(Cost $7,549,673)

7,643,262

NET OTHER ASSETS - (16.2)%

(1,063,236)

NET ASSETS - 100%

$ 6,580,026

Swap Agreements

Expiration Date

Notional Amount (000s)

Credit Default Swap

Receive from Deutsche Bank, upon default event of Ford Motor Co., par value of the notional amount of Ford Motor Co. 7.45% 7/16/31, and pay quarterly notional amount multiplied by 2.43%

Dec. 2011

$ 14,500

243

Receive from Deutsche Bank, upon default event of General Motors Corp., par value of the notional amount of General Motors Corp. 7.125% 7/15/13, and pay quarterly notional amount multiplied by 2.63%

Dec. 2011

6,000

186

Receive from JPMorgan Chase, Inc., upon default event of General Motors Corp., par value of the notional amount of General Motors Corp. 7.125% 7/15/13, and pay quarterly notional amount mutiplied by 3.7%

March 2012

3,265

(61)

TOTAL CREDIT DEFAULT SWAP

23,765

368

Swap Agreements - continued

Expiration Date

Notional Amount (000s)

Value
(000s)

Interest Rate Swap

Receive quarterly a fixed rate equal to 2.8043% and pay quarterly a floating rate based on 3-month LIBOR with Lehman Brothers, Inc.

Sept. 2006

$ 50,000

$ (258)

Receive quarterly a fixed rate equal to 2.9119% and pay quarterly a floating rate based on 3-Month LIBOR with Bank of America

Oct. 2006

96,000

(889)

Receive quarterly a fixed rate equal to 2.966% and pay quarterly a floating rate baed on 3-month LIBOR with Lehman Brothers, Inc.

Dec. 2005

250,000

166

Receive quarterly a fixed rate equal to 3.10328% and pay quarterly a floating rate based on 3-month LIBOR with Credit Suisse First Boston

Jan. 2006

100,000

(58)

Receive quarterly a fixed rate equal to 3.177% and pay quarterly a floating rate based on 3-month LIBOR with JPMorgan Chase, Inc.

Nov. 2006

36,000

(159)

Receive quarterly a fixed rate equal to 4.898% and pay quarterly a floating rate based on 3-month LIBOR with Lehman Brothers, Inc.

July 2014

22,890

951

TOTAL INTEREST RATE SWAP

554,890

(247)

Swap Agreements - continued

Expiration Date

Notional Amount (000s)

Value
(000s)

Total Return Swap

Receive monthly a return equal to Lehamn Brothers CMBS AAA 8.5+ Index and pay monthly a floating rate based on 1-month LIBOR minus 30 basis points with Goldman Sachs

June 2005

$ 75,000

$ 913

Receive monthly a return equal to Lehman Brothers CMBS US Aggregate Index and pay monthly a floating rate based on 1-month LIBOR with Deutsche Bank

June 2005

23,850

67

Receive monthly a return equal to Lehman Brothers CMBS AAA 8.5+ Index and pay monthly a floating rate based on 1-month LIBOR minus 40 basis points with Lehman Brothers, Inc.

April 2005

11,300

146

Receive monthly a return equal to Lehman Brothers CMBS US Aggregate Index and pay monthly a floating rate based on 1-month LIBOR minus 10 basis points with Lehman Brothers, Inc.

April 2005

27,215

97

Receive monthly a return equal to Lehman Brothers CMBS US Aggregate Index and pay monthly a floating rate based on 1-month LIBOR with Goldman Sachs

March 2005

60,250

180

Receive quarterly a return equal to that of Banc of America Securities LLC AAA 10Yr Commercial Mortgage Backed Securities Daily Index and pay quarterly a floating rate based on 3-month LIBOR minus 30 basis points with Bank of America

May 2005

22,600

194

Receive quarterly a return equal to that of Banc of America Securities LLC AAA 10Yr Commercial Mortgage Backed Securities Daily Index and pay quarterly a floating rate based on 3-month LIBOR minus 30 basis points with Bank of America

July 2005

11,300

32

Swap Agreements - continued

Expiration Date

Notional Amount (000s)

Value
(000s)

Total Return Swap - continued

Receive quarterly a return equal to that of Banc of America Securities LLC AAA 10Yr Commercial Mortgage-Backed Securities Daily Index and pay quarterly a floating rate based on 3-month LIBOR minus 27 basis points with Bank of America

June 2005

$ 11,300

$ 262

Receive quarterly a return equal to that of Lehman Brothers Commercial Mortgage-Backed Securities AAA Daily Index and pay quarterly a floating rate based on 3-month LIBOR minus 8 basis points with Bank of America

April 2005

11,300

(27)

TOTAL TOTAL RETURN SWAP

254,115

1,864

$ 832,770

$ 1,985

Legend

(a) Debt obligation initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate 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 period end, the value of these securities amounted to $440,661,000 or 6.7% of net assets.

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

(d) Security or a portion of the security has been segregated as collateral for open swap agreements. At the period end, the value of securities pledged amounted to $696,000.

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

(f) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. A listing of the top fifty securities and derivatives for Fidelity's Fixed-Income Central Fund is provided at the end of this report. A complete listing of the fund's holdings as of its most recent quarter end is available upon request.

(g) Security represents right to receive monthly interest payments on an underlying pool of mortgages. Principal shown is the par amount of the mortgage pool.

(h) Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement/
Counterparty

Value

(000s)

$1,097,802,000 due 2/1/05 at 2.51%

Banc of America Securities LLC.

$266,987

Bank of America, National Association

91,278

Barclays Capital Inc.

273,833

Countrywide Securities Corporation

20,538

Deutsche Bank Securities Inc.

11,410

Goldman, Sachs & Co.

68,458

Morgan Stanley & Co. Incorporated.

54,954

Societe Generale, New York Branch

25,101

UBS Securities LLC

159,736

Wachovia Capital Markets, LLC

102,688

WestLB AG

22,819

$ 1,097,802

Income Tax Information

At January 31, 2005, the aggregate cost of investment securities for income tax purposes was $7,553,273,000. Net unrealized appreciation aggregated $89,989,000, of which $104,730,000 related to appreciated investment securities and $14,741,000 related to depreciated investment securities.

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 Corp.

or an affiliate.

Quarterly Report

January 31, 2005 (Unaudited)

Fidelity Ultra-Short Central Fund

Top Fifty Securities and Derivatives

Maturity
Amount

% of Fund's
Net Assets

Investments in repurchase agreements: (Collateralized by U.S. Government Obligations, in a joint trading account at 2.51%, dated 1/31/05 due 2/1/05)

$ 1,484,022,606

$ 1,483,919,000

25.5

With Goldman Sachs & Co. at 2.35%, dated 1/6/05 due 2/3/05 (Collateralized by Mortgage Loan Obligations with principal amounts of $270,555,985, 4.08%- 5.21%, 2/25/35 - 10/25/43)

265,484,361

264,998,172

4.6

Principal
Amount

Federal Home Loan Bank 1.265% 3/15/05

$ 200,000,000

199,659,389

3.4

Fannie Mae 1.55% 5/4/05

90,000,000

89,739,000

1.6

Federal Home Loan Bank 1.35% 4/29/05

90,000,000

89,715,960

1.5

Fannie Mae 1.8% 5/27/05

60,000,000

59,827,740

1.0

Bank One Issuance Trust Series 2002-C2 Class C2, 3.47% 5/15/08

35,785,000

35,935,193

0.6

Fannie Mae 6.25% 3/22/12

34,005,000

34,173,325

0.6

Sears Credit Account Master Trust II Series 2002-4 Class B, 2.905% 8/18/09

33,300,000

33,344,289

0.6

Discover Card Master Trust I Series 2002-1 Class B, 2.88% 7/15/07

30,637,000

30,634,574

0.5

MBNA Credit Card Master Note Trust:

Series 2001-B2 Class B2, 2.84% 1/15/09

30,353,000

30,462,611

0.5

Series 2001-B1 Class B1, 2.855% 10/15/08

30,000,000

30,069,528

0.5

Sears Credit Account Master Trust II:

Series 2002-5 Class B, 3.73% 11/17/09

30,000,000

30,052,917

0.5

Series 2002-4 Class A, 2.61% 8/18/09

27,000,000

27,016,246

0.5

Thornburg Mortgage Securities Trust floater Series 2004-3 Class A, 2.9% 9/25/34

25,918,906

25,962,033

0.5

Amortizing Residential Collateral Trust Series 2002-BC6 Class M1, 3.28% 8/25/32

24,900,000

25,084,701

0.4

AmeriCredit Automobile Receivables Trust Series 2002-EM Class A4A, 3.67% 6/8/09

25,000,000

25,075,038

0.4

Citibank Credit Card Issuance Trust Series 2003-B1 Class B1, 2.74% 3/7/08

25,000,000

25,042,223

0.4

Holmes Financing No. 8 PLC floater Series 2 Class A, 2.72% 4/15/11

25,000,000

24,990,235

0.4

Calwest Industrial Trust floater Series 2002-CALW Class AFL, 2.86% 2/15/12

24,300,000

24,359,824

0.4

Bear Stearns Alt-A Trust floater Series 2005-1 Class A1, 2.8388% 1/25/35

23,650,000

23,650,000

0.4

Top Fifty Securities and Derivatives

Principal
Amount

Value

% of Fund's
Net Assets

ACE Securities Corp. Series 2002-HE2 Class M1, 3.38% 8/25/32

$ 21,525,000

$ 21,644,195

0.4

Asset Backed Securities Corp. Home Equity Loan Trust Series 2004-HE6 Class A2, 2.89% 6/25/34

23,589,523

23,588,502

0.4

Household Credit Card Master Trust I Series 2002-1 Class B, 3.13% 7/15/08

22,589,000

22,663,483

0.4

Holmes Financing No. 8 PLC floater Series 1 Class C, 3.26% 7/15/40

22,640,000

22,647,075

0.4

CDC Mortgage Capital Trust Series 2002-HE3 Class M1, 3.63% 3/25/33

21,499,948

21,961,275

0.4

Bank One Issuance Trust Series 2002-B1 Class B1, 2.86% 12/15/09

20,655,000

20,765,926

0.4

Argent Securities, Inc. Series 2003-W3 Class M2, 4.33% 9/25/33

20,000,000

20,687,082

0.4

MBNA Credit Card Master Note Trust Series 2002-B2 Class B2, 2.86% 10/15/09

20,000,000

20,111,192

0.3

Wells Fargo Mortgage Backed Securities Trust Series 2004-M Class A3, 4.725% 8/25/34

19,880,000

20,064,387

0.3

MBNA Master Credit Card Trust II Series 1998-G Class B, 2.88% 2/17/09

20,000,000

20,060,062

0.3

American Express Credit Account Master Trust Series 2004-C Class C, 2.98% 2/15/12

20,000,000

20,037,482

0.3

Ford Credit Auto Owner Trust Series 2003-B Class B2, 2.91% 10/15/07

19,600,000

19,698,284

0.3

Long Beach Mortgage Loan Trust Series 2003-2 Class M1, 3.35% 6/25/33

19,500,000

19,690,182

0.3

Capital One Master Trust Series 2001-1 Class B, 2.99% 12/15/10

19,500,000

19,671,680

0.3

British Telecommunications PLC 7.875% 12/15/05

18,145,000

18,836,288

0.3

Nissan Auto Lease Trust Series 2003-A Class A3A, 2.62% 6/15/09

18,550,330

18,571,028

0.3

Citibank Credit Card Issuance Trust Series 2003-C1 Class C1, 3.69% 4/7/10

17,785,000

18,217,047

0.3

SDG Macerich Properties LP floater Series 2000-1 Class A3, 2.82% 5/15/09

18,000,000

18,020,322

0.3

Keycorp Student Loan Trust Series 1999-A Class A2, 2.28% 12/27/09

17,947,151

18,005,482

0.3

Capital One Multi-Asset Execution Trust Series 2002-B1 Class B1, 3.16% 7/15/08

17,705,000

17,743,951

0.3

Citibank Credit Card Issuance Trust Series 2002-C1 Class C1, 3.2% 2/9/09

17,500,000

17,737,743

0.3

Top Fifty Securities and Derivatives

Principal
Amount

Value

% of Fund's
Net Assets

Sequoia Mortgage Trust floater Series 2004-8 Class A2, 2.35% 9/20/34

$ 17,715,665

$ 17,702,403

0.3

Citibank Credit Card Issuance Trust Series 2000-C2 Class C2, 3.31% 10/15/07

17,500,000

17,538,220

0.3

Freddie Mac Multi-class participation certificates guaranteed planned amortization class Series 2136 Class PE, 6% 1/15/28

17,331,818

17,496,765

0.3

AmeriCredit Automobile Receivables Trust Series 2003-CF Class A3, 2.75% 10/9/07

17,500,000

17,439,151

0.3

Liberty Media Corp. 3.99% 9/17/06

17,000,000

17,198,730

0.3

Deutsche Telekom International Finance BV 8.25% 6/15/05

16,638,000

16,943,557

0.3

Merrill Lynch Mortgage Investors, Inc. floater Series 2004-C Class A2, 3.07% 7/25/29

16,713,022

16,676,810

0.3

Countrywide Home Loans, Inc. floater Series 2005-1 Class 2A1, 2.84% 3/25/35

16,450,000

16,450,000

0.3

Top Fifty securities as a percentage of the Fund's net assets - 54.2%

Futures Contracts

Expiration Date

Underlying Face Amount at Value

Unrealized Appreciation/
(Depreciation)

Sold

Eurodollar Contracts

201 Eurodollar 90 Day Index Contracts

June 2005

$ 199,356,825

$ (145,062)

123 Eurodollar 90 Day Index Contracts

Sept. 2005

121,920,675

(121,462)

69 Eurodollar 90 Day Index Contracts

Dec. 2005

68,362,612

(66,654)

18 Eurodollar 90 Day Index Contracts

March 2006

17,827,650

(17,765)

4 Eurodollar 90 Day Index Contracts

June 2006

3,960,700

(7,566)

TOTAL EURODOLLAR CONTRACTS

(358,509)

Swap Agreements

Notional Amount

Value

Credit Default Swap

Receive quarterly notional amount multiplied by 1.12% and pay Morgan Stanley, Inc. upon default of Comcast Cable Communications, Inc., par value of the notional amount of Comcast Cable Communications, Inc. 6.75% 1/30/11

June 2006

$ 10,000,000

$ 125,807

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Inflation-Protected Bond Fund
Class A
Class T
Class B
Class C
Institutional Class

January 31, 2005

Class A, Class T, Class B, Class C and
Institutional Class
are classes of Fidelity®
Inflation-Protected Bond Fund

AIFB-QTLY-0305

1.813044.100

Investments January 31, 2005 (Unaudited)

Showing Percentage of Net Assets

U.S. Treasury Inflation Protected Obligations - 98.8%

Principal Amount

Value

U.S. Treasury Inflation-Indexed Notes 2% 7/15/14 (a)

$ 149,303,861

$ 154,439,653

U.S. Treasury Inflation-Indexed Bonds:

2.375% 1/15/25 (a)

165,597,082

178,194,805

3.625% 4/15/28

170,697,650

224,687,450

3.875% 4/15/29

18,821,646

25,891,527

U.S. Treasury Inflation-Indexed Notes:

0.875% 4/15/10

78,638,820

77,508,389

1.875% 7/15/13

141,689,100

145,497,001

2% 1/15/14

150,090,336

155,278,956

3% 7/15/12

168,051,114

186,773,024

3.375% 1/15/12

80,781,315

91,481,683

3.5% 1/15/11

112,006,131

126,426,925

3.625% 1/15/08

63,959,184

68,921,009

3.875% 1/15/09 (a)

209,629,800

232,567,716

4.25% 1/15/10

23,839,830

27,418,593

TOTAL U.S. TREASURY INFLATION PROTECTED OBLIGATIONS

(Cost $1,638,894,875)

1,695,086,731

Fixed-Income Funds - 6.7%

Shares

Fidelity Ultra-Short Central Fund (b)
(Cost $114,999,996)

1,157,166

115,172,732

Cash Equivalents - 0.7%

Maturity Amount

Investments in repurchase agreements (Collateralized by U.S. Government Obligations, in a joint trading account at 2.51%, dated 1/31/05 due 2/1/05)
(Cost $10,944,000)

$ 10,944,764

10,944,000

TOTAL INVESTMENT PORTFOLIO - 106.2%

(Cost $1,764,838,871)

1,821,203,463

NET OTHER ASSETS - (6.2)%

(106,138,507)

NET ASSETS - 100%

$ 1,715,064,956

F

Legend

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

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. A listing of the top fifty securities and derivatives for Fidelity's Fixed-Income Central Fund is provided at the end of this report. A complete listing of the fund's holdings as of its most recent quarter end is available upon request.

Income Tax Information

At January 31, 2005, the aggregate cost of investment securities for income tax purposes was $1,765,081,932. Net unrealized appreciation aggregated $56,121,531, of which $58,442,046 related to appreciated investment securities and $2,320,515 related to depreciated investment securities.

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 Corp.

or an affiliate.

Quarterly Report

January 31, 2005 (Unaudited)

Fidelity Ultra-Short Central Fund

Top Fifty Securities and Derivatives

Maturity
Amount

% of Fund's
Net Assets

Investments in repurchase agreements: (Collateralized by U.S. Government Obligations, in a joint trading account at 2.51%, dated 1/31/05 due 2/1/05)

$ 1,484,022,606

$ 1,483,919,000

25.5

With Goldman Sachs & Co. at 2.35%, dated 1/6/05 due 2/3/05 (Collateralized by Mortgage Loan Obligations with principal amounts of $270,555,985, 4.08%- 5.21%, 2/25/35 - 10/25/43)

265,484,361

264,998,172

4.6

Principal
Amount

Federal Home Loan Bank 1.265% 3/15/05

$ 200,000,000

199,659,389

3.4

Fannie Mae 1.55% 5/4/05

90,000,000

89,739,000

1.6

Federal Home Loan Bank 1.35% 4/29/05

90,000,000

89,715,960

1.5

Fannie Mae 1.8% 5/27/05

60,000,000

59,827,740

1.0

Bank One Issuance Trust Series 2002-C2 Class C2, 3.47% 5/15/08

35,785,000

35,935,193

0.6

Fannie Mae 6.25% 3/22/12

34,005,000

34,173,325

0.6

Sears Credit Account Master Trust II Series 2002-4 Class B, 2.905% 8/18/09

33,300,000

33,344,289

0.6

Discover Card Master Trust I Series 2002-1 Class B, 2.88% 7/15/07

30,637,000

30,634,574

0.5

MBNA Credit Card Master Note Trust:

Series 2001-B2 Class B2, 2.84% 1/15/09

30,353,000

30,462,611

0.5

Series 2001-B1 Class B1, 2.855% 10/15/08

30,000,000

30,069,528

0.5

Sears Credit Account Master Trust II:

Series 2002-5 Class B, 3.73% 11/17/09

30,000,000

30,052,917

0.5

Series 2002-4 Class A, 2.61% 8/18/09

27,000,000

27,016,246

0.5

Thornburg Mortgage Securities Trust floater Series 2004-3 Class A, 2.9% 9/25/34

25,918,906

25,962,033

0.5

Amortizing Residential Collateral Trust Series 2002-BC6 Class M1, 3.28% 8/25/32

24,900,000

25,084,701

0.4

AmeriCredit Automobile Receivables Trust Series 2002-EM Class A4A, 3.67% 6/8/09

25,000,000

25,075,038

0.4

Citibank Credit Card Issuance Trust Series 2003-B1 Class B1, 2.74% 3/7/08

25,000,000

25,042,223

0.4

Holmes Financing No. 8 PLC floater Series 2 Class A, 2.72% 4/15/11

25,000,000

24,990,235

0.4

Calwest Industrial Trust floater Series 2002-CALW Class AFL, 2.86% 2/15/12

24,300,000

24,359,824

0.4

Bear Stearns Alt-A Trust floater Series 2005-1 Class A1, 2.8388% 1/25/35

23,650,000

23,650,000

0.4

Top Fifty Securities and Derivatives

Principal
Amount

Value

% of Fund's
Net Assets

ACE Securities Corp. Series 2002-HE2 Class M1, 3.38% 8/25/32

$ 21,525,000

$ 21,644,195

0.4

Asset Backed Securities Corp. Home Equity Loan Trust Series 2004-HE6 Class A2, 2.89% 6/25/34

23,589,523

23,588,502

0.4

Household Credit Card Master Trust I Series 2002-1 Class B, 3.13% 7/15/08

22,589,000

22,663,483

0.4

Holmes Financing No. 8 PLC floater Series 1 Class C, 3.26% 7/15/40

22,640,000

22,647,075

0.4

CDC Mortgage Capital Trust Series 2002-HE3 Class M1, 3.63% 3/25/33

21,499,948

21,961,275

0.4

Bank One Issuance Trust Series 2002-B1 Class B1, 2.86% 12/15/09

20,655,000

20,765,926

0.4

Argent Securities, Inc. Series 2003-W3 Class M2, 4.33% 9/25/33

20,000,000

20,687,082

0.4

MBNA Credit Card Master Note Trust Series 2002-B2 Class B2, 2.86% 10/15/09

20,000,000

20,111,192

0.3

Wells Fargo Mortgage Backed Securities Trust Series 2004-M Class A3, 4.725% 8/25/34

19,880,000

20,064,387

0.3

MBNA Master Credit Card Trust II Series 1998-G Class B, 2.88% 2/17/09

20,000,000

20,060,062

0.3

American Express Credit Account Master Trust Series 2004-C Class C, 2.98% 2/15/12

20,000,000

20,037,482

0.3

Ford Credit Auto Owner Trust Series 2003-B Class B2, 2.91% 10/15/07

19,600,000

19,698,284

0.3

Long Beach Mortgage Loan Trust Series 2003-2 Class M1, 3.35% 6/25/33

19,500,000

19,690,182

0.3

Capital One Master Trust Series 2001-1 Class B, 2.99% 12/15/10

19,500,000

19,671,680

0.3

British Telecommunications PLC 7.875% 12/15/05

18,145,000

18,836,288

0.3

Nissan Auto Lease Trust Series 2003-A Class A3A, 2.62% 6/15/09

18,550,330

18,571,028

0.3

Citibank Credit Card Issuance Trust Series 2003-C1 Class C1, 3.69% 4/7/10

17,785,000

18,217,047

0.3

SDG Macerich Properties LP floater Series 2000-1 Class A3, 2.82% 5/15/09

18,000,000

18,020,322

0.3

Keycorp Student Loan Trust Series 1999-A Class A2, 2.28% 12/27/09

17,947,151

18,005,482

0.3

Capital One Multi-Asset Execution Trust Series 2002-B1 Class B1, 3.16% 7/15/08

17,705,000

17,743,951

0.3

Citibank Credit Card Issuance Trust Series 2002-C1 Class C1, 3.2% 2/9/09

17,500,000

17,737,743

0.3

Top Fifty Securities and Derivatives

Principal
Amount

Value

% of Fund's
Net Assets

Sequoia Mortgage Trust floater Series 2004-8 Class A2, 2.35% 9/20/34

$ 17,715,665

$ 17,702,403

0.3

Citibank Credit Card Issuance Trust Series 2000-C2 Class C2, 3.31% 10/15/07

17,500,000

17,538,220

0.3

Freddie Mac Multi-class participation certificates guaranteed planned amortization class Series 2136 Class PE, 6% 1/15/28

17,331,818

17,496,765

0.3

AmeriCredit Automobile Receivables Trust Series 2003-CF Class A3, 2.75% 10/9/07

17,500,000

17,439,151

0.3

Liberty Media Corp. 3.99% 9/17/06

17,000,000

17,198,730

0.3

Deutsche Telekom International Finance BV 8.25% 6/15/05

16,638,000

16,943,557

0.3

Merrill Lynch Mortgage Investors, Inc. floater Series 2004-C Class A2, 3.07% 7/25/29

16,713,022

16,676,810

0.3

Countrywide Home Loans, Inc. floater Series 2005-1 Class 2A1, 2.84% 3/25/35

16,450,000

16,450,000

0.3

Top Fifty securities as a percentage of the Fund's net assets - 54.2%

Futures Contracts

Expiration Date

Underlying Face Amount at Value

Unrealized Appreciation/
(Depreciation)

Sold

Eurodollar Contracts

201 Eurodollar 90 Day Index Contracts

June 2005

$ 199,356,825

$ (145,062)

123 Eurodollar 90 Day Index Contracts

Sept. 2005

121,920,675

(121,462)

69 Eurodollar 90 Day Index Contracts

Dec. 2005

68,362,612

(66,654)

18 Eurodollar 90 Day Index Contracts

March 2006

17,827,650

(17,765)

4 Eurodollar 90 Day Index Contracts

June 2006

3,960,700

(7,566)

TOTAL EURODOLLAR CONTRACTS

(358,509)

Swap Agreements

Notional Amount

Value

Credit Default Swap

Receive quarterly notional amount multiplied by 1.12% and pay Morgan Stanley, Inc. upon default of Comcast Cable Communications, Inc., par value of the notional amount of Comcast Cable Communications, Inc. 6.75% 1/30/11

June 2006

$ 10,000,000

$ 125,807

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Inflation-Protected Bond Fund

January 31, 2005

IFB-QTLY-0305

1.813256.100

Investments January 31, 2005 (Unaudited)

Showing Percentage of Net Assets

U.S. Treasury Inflation Protected Obligations - 98.8%

Principal Amount

Value

U.S. Treasury Inflation-Indexed Notes 2% 7/15/14 (a)

$ 149,303,861

$ 154,439,653

U.S. Treasury Inflation-Indexed Bonds:

2.375% 1/15/25 (a)

165,597,082

178,194,805

3.625% 4/15/28

170,697,650

224,687,450

3.875% 4/15/29

18,821,646

25,891,527

U.S. Treasury Inflation-Indexed Notes:

0.875% 4/15/10

78,638,820

77,508,389

1.875% 7/15/13

141,689,100

145,497,001

2% 1/15/14

150,090,336

155,278,956

3% 7/15/12

168,051,114

186,773,024

3.375% 1/15/12

80,781,315

91,481,683

3.5% 1/15/11

112,006,131

126,426,925

3.625% 1/15/08

63,959,184

68,921,009

3.875% 1/15/09 (a)

209,629,800

232,567,716

4.25% 1/15/10

23,839,830

27,418,593

TOTAL U.S. TREASURY INFLATION PROTECTED OBLIGATIONS

(Cost $1,638,894,875)

1,695,086,731

Fixed-Income Funds - 6.7%

Shares

Fidelity Ultra-Short Central Fund (b)
(Cost $114,999,996)

1,157,166

115,172,732

Cash Equivalents - 0.7%

Maturity Amount

Investments in repurchase agreements (Collateralized by U.S. Government Obligations, in a joint trading account at 2.51%, dated 1/31/05 due 2/1/05)
(Cost $10,944,000)

$ 10,944,764

10,944,000

TOTAL INVESTMENT PORTFOLIO - 106.2%

(Cost $1,764,838,871)

1,821,203,463

NET OTHER ASSETS - (6.2)%

(106,138,507)

NET ASSETS - 100%

$ 1,715,064,956

Legend

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

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. A listing of the top fifty securities and derivatives for Fidelity's Fixed-Income Central Fund is provided at the end of this report. A complete listing of the fund's holdings as of its most recent quarter end is available upon request.

Income Tax Information

At January 31, 2005, the aggregate cost of investment securities for income tax purposes was $1,765,081,932. Net unrealized appreciation aggregated $56,121,531, of which $58,442,046 related to appreciated investment securities and $2,320,515 related to depreciated investment securities.

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 Corp.

or an affiliate.

Quarterly Report

January 31, 2005 (Unaudited)

Fidelity Ultra-Short Central Fund

Top Fifty Securities and Derivatives

Maturity
Amount

% of Fund's
Net Assets

Investments in repurchase agreements: (Collateralized by U.S. Government Obligations, in a joint trading account at 2.51%, dated 1/31/05 due 2/1/05)

$ 1,484,022,606

$ 1,483,919,000

25.5

With Goldman Sachs & Co. at 2.35%, dated 1/6/05 due 2/3/05 (Collateralized by Mortgage Loan Obligations with principal amounts of $270,555,985, 4.08%- 5.21%, 2/25/35 - 10/25/43)

265,484,361

264,998,172

4.6

Principal
Amount

Federal Home Loan Bank 1.265% 3/15/05

$ 200,000,000

199,659,389

3.4

Fannie Mae 1.55% 5/4/05

90,000,000

89,739,000

1.6

Federal Home Loan Bank 1.35% 4/29/05

90,000,000

89,715,960

1.5

Fannie Mae 1.8% 5/27/05

60,000,000

59,827,740

1.0

Bank One Issuance Trust Series 2002-C2 Class C2, 3.47% 5/15/08

35,785,000

35,935,193

0.6

Fannie Mae 6.25% 3/22/12

34,005,000

34,173,325

0.6

Sears Credit Account Master Trust II Series 2002-4 Class B, 2.905% 8/18/09

33,300,000

33,344,289

0.6

Discover Card Master Trust I Series 2002-1 Class B, 2.88% 7/15/07

30,637,000

30,634,574

0.5

MBNA Credit Card Master Note Trust:

Series 2001-B2 Class B2, 2.84% 1/15/09

30,353,000

30,462,611

0.5

Series 2001-B1 Class B1, 2.855% 10/15/08

30,000,000

30,069,528

0.5

Sears Credit Account Master Trust II:

Series 2002-5 Class B, 3.73% 11/17/09

30,000,000

30,052,917

0.5

Series 2002-4 Class A, 2.61% 8/18/09

27,000,000

27,016,246

0.5

Thornburg Mortgage Securities Trust floater Series 2004-3 Class A, 2.9% 9/25/34

25,918,906

25,962,033

0.5

Amortizing Residential Collateral Trust Series 2002-BC6 Class M1, 3.28% 8/25/32

24,900,000

25,084,701

0.4

AmeriCredit Automobile Receivables Trust Series 2002-EM Class A4A, 3.67% 6/8/09

25,000,000

25,075,038

0.4

Citibank Credit Card Issuance Trust Series 2003-B1 Class B1, 2.74% 3/7/08

25,000,000

25,042,223

0.4

Holmes Financing No. 8 PLC floater Series 2 Class A, 2.72% 4/15/11

25,000,000

24,990,235

0.4

Calwest Industrial Trust floater Series 2002-CALW Class AFL, 2.86% 2/15/12

24,300,000

24,359,824

0.4

Bear Stearns Alt-A Trust floater Series 2005-1 Class A1, 2.8388% 1/25/35

23,650,000

23,650,000

0.4

Top Fifty Securities and Derivatives

Principal
Amount

Value

% of Fund's
Net Assets

ACE Securities Corp. Series 2002-HE2 Class M1, 3.38% 8/25/32

$ 21,525,000

$ 21,644,195

0.4

Asset Backed Securities Corp. Home Equity Loan Trust Series 2004-HE6 Class A2, 2.89% 6/25/34

23,589,523

23,588,502

0.4

Household Credit Card Master Trust I Series 2002-1 Class B, 3.13% 7/15/08

22,589,000

22,663,483

0.4

Holmes Financing No. 8 PLC floater Series 1 Class C, 3.26% 7/15/40

22,640,000

22,647,075

0.4

CDC Mortgage Capital Trust Series 2002-HE3 Class M1, 3.63% 3/25/33

21,499,948

21,961,275

0.4

Bank One Issuance Trust Series 2002-B1 Class B1, 2.86% 12/15/09

20,655,000

20,765,926

0.4

Argent Securities, Inc. Series 2003-W3 Class M2, 4.33% 9/25/33

20,000,000

20,687,082

0.4

MBNA Credit Card Master Note Trust Series 2002-B2 Class B2, 2.86% 10/15/09

20,000,000

20,111,192

0.3

Wells Fargo Mortgage Backed Securities Trust Series 2004-M Class A3, 4.725% 8/25/34

19,880,000

20,064,387

0.3

MBNA Master Credit Card Trust II Series 1998-G Class B, 2.88% 2/17/09

20,000,000

20,060,062

0.3

American Express Credit Account Master Trust Series 2004-C Class C, 2.98% 2/15/12

20,000,000

20,037,482

0.3

Ford Credit Auto Owner Trust Series 2003-B Class B2, 2.91% 10/15/07

19,600,000

19,698,284

0.3

Long Beach Mortgage Loan Trust Series 2003-2 Class M1, 3.35% 6/25/33

19,500,000

19,690,182

0.3

Capital One Master Trust Series 2001-1 Class B, 2.99% 12/15/10

19,500,000

19,671,680

0.3

British Telecommunications PLC 7.875% 12/15/05

18,145,000

18,836,288

0.3

Nissan Auto Lease Trust Series 2003-A Class A3A, 2.62% 6/15/09

18,550,330

18,571,028

0.3

Citibank Credit Card Issuance Trust Series 2003-C1 Class C1, 3.69% 4/7/10

17,785,000

18,217,047

0.3

SDG Macerich Properties LP floater Series 2000-1 Class A3, 2.82% 5/15/09

18,000,000

18,020,322

0.3

Keycorp Student Loan Trust Series 1999-A Class A2, 2.28% 12/27/09

17,947,151

18,005,482

0.3

Capital One Multi-Asset Execution Trust Series 2002-B1 Class B1, 3.16% 7/15/08

17,705,000

17,743,951

0.3

Citibank Credit Card Issuance Trust Series 2002-C1 Class C1, 3.2% 2/9/09

17,500,000

17,737,743

0.3

Top Fifty Securities and Derivatives

Principal
Amount

Value

% of Fund's
Net Assets

Sequoia Mortgage Trust floater Series 2004-8 Class A2, 2.35% 9/20/34

$ 17,715,665

$ 17,702,403

0.3

Citibank Credit Card Issuance Trust Series 2000-C2 Class C2, 3.31% 10/15/07

17,500,000

17,538,220

0.3

Freddie Mac Multi-class participation certificates guaranteed planned amortization class Series 2136 Class PE, 6% 1/15/28

17,331,818

17,496,765

0.3

AmeriCredit Automobile Receivables Trust Series 2003-CF Class A3, 2.75% 10/9/07

17,500,000

17,439,151

0.3

Liberty Media Corp. 3.99% 9/17/06

17,000,000

17,198,730

0.3

Deutsche Telekom International Finance BV 8.25% 6/15/05

16,638,000

16,943,557

0.3

Merrill Lynch Mortgage Investors, Inc. floater Series 2004-C Class A2, 3.07% 7/25/29

16,713,022

16,676,810

0.3

Countrywide Home Loans, Inc. floater Series 2005-1 Class 2A1, 2.84% 3/25/35

16,450,000

16,450,000

0.3

Top Fifty securities as a percentage of the Fund's net assets - 54.2%

Futures Contracts

Expiration Date

Underlying Face Amount at Value

Unrealized Appreciation/
(Depreciation)

Sold

Eurodollar Contracts

201 Eurodollar 90 Day Index Contracts

June 2005

$ 199,356,825

$ (145,062)

123 Eurodollar 90 Day Index Contracts

Sept. 2005

121,920,675

(121,462)

69 Eurodollar 90 Day Index Contracts

Dec. 2005

68,362,612

(66,654)

18 Eurodollar 90 Day Index Contracts

March 2006

17,827,650

(17,765)

4 Eurodollar 90 Day Index Contracts

June 2006

3,960,700

(7,566)

TOTAL EURODOLLAR CONTRACTS

(358,509)

Swap Agreements

Notional Amount

Value

Credit Default Swap

Receive quarterly notional amount multiplied by 1.12% and pay Morgan Stanley, Inc. upon default of Comcast Cable Communications, Inc., par value of the notional amount of Comcast Cable Communications, Inc. 6.75% 1/30/11

June 2006

$ 10,000,000

$ 125,807

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Investment Grade Bond

January 31, 2005

IGB-QTLY-0305

1.813259.100

Investments January 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 20.2%

Principal Amount (000s)

Value
(000s)

CONSUMER DISCRETIONARY - 2.3%

Auto Components - 0.3%

DaimlerChrysler NA Holding Corp.:

4.05% 6/4/08

$ 3,815

$ 3,796

4.75% 1/15/08

15,985

16,254

20,050

Automobiles - 0.9%

Ford Motor Co.:

6.625% 10/1/28

4,300

3,966

7.45% 7/16/31

27,650

27,585

General Motors Corp. 8.375% 7/15/33

30,090

30,300

61,851

Media - 1.1%

British Sky Broadcasting Group PLC (BSkyB) yankee 8.2% 7/15/09

11,200

12,905

Comcast Cable Communications, Inc. 6.875% 6/15/09

6,275

6,931

Cox Communications, Inc.:

7.125% 10/1/12

5,770

6,499

7.75% 11/1/10

9,500

10,868

Liberty Media Corp. 8.25% 2/1/30

5,530

6,206

News America Holdings, Inc. 8% 10/17/16

1,000

1,225

News America, Inc. 6.2% 12/15/34 (b)

15,000

15,473

TCI Communications, Inc. 9.8% 2/1/12

8,000

10,364

70,471

TOTAL CONSUMER DISCRETIONARY

152,372

CONSUMER STAPLES - 0.3%

Food Products - 0.1%

Cadbury Schweppes U.S. Finance LLC 5.125% 10/1/13 (b)

4,725

4,832

Tobacco - 0.2%

Altria Group, Inc. 7% 11/4/13

14,905

16,294

TOTAL CONSUMER STAPLES

21,126

ENERGY - 2.3%

Energy Equipment & Services - 0.6%

Cooper Cameron Corp. 2.65% 4/15/07

6,715

6,519

Petronas Capital Ltd. 7% 5/22/12 (b)

26,925

30,813

37,332

Nonconvertible Bonds - continued

Principal Amount (000s)

Value
(000s)

ENERGY - continued

Oil & Gas - 1.7%

Amerada Hess Corp.:

6.65% 8/15/11

$ 5,490

$ 6,041

7.125% 3/15/33

3,945

4,514

7.375% 10/1/09

3,475

3,891

Canadian Oil Sands Ltd. 4.8% 8/10/09 (b)

8,835

8,944

Duke Energy Field Services LLC 7.875% 8/16/10

8,000

9,312

Energy Transfer Partners LP 5.95% 2/1/15 (b)

5,515

5,636

Enterprise Products Operating LP:

4.625% 10/15/09 (b)

2,435

2,429

5.6% 10/15/14 (b)

1,720

1,762

Louis Dreyfus Natural Gas Corp. 6.875% 12/1/07

4,700

5,024

Pemex Project Funding Master Trust 7.375% 12/15/14

47,060

52,590

Ras Laffan Liquid Natural Gas Co. Ltd. yankee 8.294% 3/15/14 (b)

6,400

7,600

Williams Companies, Inc.:

7.125% 9/1/11

4,410

4,796

7.5% 1/15/31

1,270

1,372

113,911

TOTAL ENERGY

151,243

FINANCIALS - 9.2%

Capital Markets - 0.9%

Bank of New York Co., Inc.:

3.4% 3/15/13 (e)

5,100

4,956

4.25% 9/4/12 (e)

5,730

5,740

Goldman Sachs Group, Inc. 5.125% 1/15/15

25,000

25,308

Merrill Lynch & Co., Inc. 5% 1/15/15

12,090

12,127

Morgan Stanley 4.75% 4/1/14

12,090

11,901

60,032

Commercial Banks - 1.9%

Bank One Corp. 5.25% 1/30/13

13,775

14,237

Banponce Corp. 6.75% 12/15/05

6,965

7,133

Corporacion Andina de Fomento 5.2% 5/21/13

3,910

4,001

Export-Import Bank of Korea:

4.125% 2/10/09 (b)

2,920

2,900

5.25% 2/10/14 (b)

5,000

5,118

Korea Development Bank:

3.875% 3/2/09

16,050

15,787

4.75% 7/20/09

5,805

5,899

Nonconvertible Bonds - continued

Principal Amount (000s)

Value
(000s)

FINANCIALS - continued

Commercial Banks - continued

Korea Development Bank: - continued

5.75% 9/10/13

$ 10,035

$ 10,661

Rabobank Capital Funding Trust II 5.26% 12/31/49 (b)(e)

20,000

20,510

US Bank NA, Minneapolis 6.3% 2/4/14

5,960

6,649

Wachovia Bank NA 4.875% 2/1/15

31,000

31,144

Wells Fargo Bank NA, San Francisco 7.55% 6/21/10

2,900

3,350

127,389

Consumer Finance - 1.5%

Capital One Bank:

4.875% 5/15/08

8,240

8,430

6.5% 6/13/13

8,775

9,641

8.25% 6/15/05

12,300

12,522

General Electric Capital Corp. 6% 6/15/12

4,600

5,028

Household Finance Corp.:

4.125% 11/16/09

20,531

20,395

6.375% 11/27/12

6,035

6,694

7% 5/15/12

6,655

7,617

HSBC Finance Corp. 6.75% 5/15/11

9,235

10,364

MBNA America Bank NA 4.625% 8/3/09

5,000

5,070

MBNA Corp. 7.5% 3/15/12

7,730

8,946

94,707

Diversified Financial Services - 1.6%

Citigroup, Inc. 5.625% 8/27/12

5,960

6,360

Duke Capital LLC 4.331% 11/16/06

2,040

2,059

Hutchison Whampoa International 03/13 Ltd. 6.5% 2/13/13 (b)

3,075

3,342

Hutchison Whampoa International 03/33 Ltd.:

6.25% 1/24/14 (b)

15,035

16,018

7.45% 11/24/33 (b)

8,000

9,122

J.P. Morgan Chase & Co.:

4.875% 3/15/14

9,405

9,427

5.125% 9/15/14

15,000

15,281

6.75% 2/1/11

18,915

21,276

Mizuho Financial Group Cayman Ltd. 5.79% 4/15/14 (b)

21,740

23,042

105,927

Insurance - 0.9%

Aegon NV 4.75% 6/1/13

13,000

12,976

Nonconvertible Bonds - continued

Principal Amount (000s)

Value
(000s)

FINANCIALS - continued

Insurance - continued

Assurant, Inc. 5.625% 2/15/14

$ 4,265

$ 4,438

Axis Capital Holdings Ltd. 5.75% 12/1/14

5,880

5,939

Marsh & McLennan Companies, Inc. 7.125% 6/15/09

16,781

18,177

The Chubb Corp. 6.15% 8/15/05

6,275

6,365

Travelers Property Casualty Corp.:

5% 3/15/13

3,170

3,157

6.375% 3/15/33

4,075

4,247

55,299

Real Estate - 1.3%

Boston Properties, Inc. 6.25% 1/15/13

6,505

7,114

Camden Property Trust:

5.875% 6/1/07

3,920

4,077

5.875% 11/30/12

6,435

6,801

CarrAmerica Realty Corp. 5.25% 11/30/07

7,035

7,223

CenterPoint Properties Trust 5.75% 8/15/09

5,030

5,295

Dominion Resources, Inc. 6.75% 12/15/32

1,000

1,135

EOP Operating LP:

4.65% 10/1/10

8,840

8,854

4.75% 3/15/14

21,525

20,956

Gables Realty LP:

5.75% 7/15/07

8,040

8,312

6.8% 3/15/05

1,120

1,124

Healthcare Realty Trust, Inc. 5.125% 4/1/14

8,535

8,440

Regency Centers LP 6.75% 1/15/12

7,380

8,236

87,567

Thrifts & Mortgage Finance - 1.1%

Countrywide Home Loans, Inc.:

4% 3/22/11

14,235

13,798

5.625% 5/15/07

5,500

5,713

Independence Community Bank Corp. 3.75% 4/1/14 (e)

5,390

5,181

Washington Mutual Bank 5.125% 1/15/15

11,000

11,079

Washington Mutual, Inc.:

2.4% 11/3/05

14,354

14,257

4.625% 4/1/14

22,910

22,250

72,278

TOTAL FINANCIALS

603,199

Nonconvertible Bonds - continued

Principal Amount (000s)

Value
(000s)

INDUSTRIALS - 0.6%

Aerospace & Defense - 0.2%

Bombardier, Inc.:

6.3% 5/1/14 (b)

$ 13,765

$ 11,803

7.45% 5/1/34 (b)

180

150

11,953

Airlines - 0.2%

American Airlines, Inc. pass thru trust certificates 6.978% 10/1/12

2,106

2,133

Delta Air Lines, Inc. pass thru trust certificates 7.57% 11/18/10

12,310

11,753

13,886

Road & Rail - 0.2%

CSX Corp. 6.75% 3/15/11

9,000

10,054

TOTAL INDUSTRIALS

35,893

MATERIALS - 0.4%

Chemicals - 0.1%

Lubrizol Corp.:

5.5% 10/1/14

2,075

2,130

6.5% 10/1/34

3,765

4,057

6,187

Containers & Packaging - 0.1%

Sealed Air Corp. 6.875% 7/15/33 (b)

4,070

4,511

Metals & Mining - 0.1%

Corporacion Nacional del Cobre (Codelco) 6.375% 11/30/12 (b)

3,460

3,844

Paper & Forest Products - 0.1%

International Paper Co.:

4.25% 1/15/09

2,090

2,094

5.5% 1/15/14

5,245

5,494

Weyerhaeuser Co. 5.25% 12/15/09

2,316

2,408

9,996

TOTAL MATERIALS

24,538

TELECOMMUNICATION SERVICES - 3.3%

Diversified Telecommunication Services - 3.2%

Ameritech Capital Funding Corp. 6.25% 5/18/09

4,185

4,492

Bellsouth Capital Funding Corp. 7.875% 2/15/30

3,210

4,100

Nonconvertible Bonds - continued

Principal Amount (000s)

Value
(000s)

TELECOMMUNICATION SERVICES - continued

Diversified Telecommunication Services - continued

BellSouth Corp. 6.55% 6/15/34

$ 28,300

$ 31,408

British Telecommunications PLC:

8.375% 12/15/10

12,619

15,089

8.875% 12/15/30

3,280

4,489

Deutsche Telekom International Finance BV:

5.25% 7/22/13

6,280

6,477

8.25% 6/15/05

2,035

2,072

8.5% 6/15/10

3,725

4,421

8.75% 6/15/30

18,985

25,683

France Telecom SA 8.5% 3/1/11

7,775

9,278

Koninklijke KPN NV yankee 8% 10/1/10

17,000

19,956

KT Corp. 5.875% 6/24/14 (b)

5,295

5,637

SBC Communications, Inc. 4.125% 9/15/09

12,820

12,729

Sprint Capital Corp. 7.625% 1/30/11

7,800

9,013

Telecom Italia Capital:

4% 11/15/08

12,400

12,302

4% 1/15/10 (b)

8,105

7,914

4.95% 9/30/14 (b)

8,070

7,982

TELUS Corp. yankee 7.5% 6/1/07

15,105

16,310

Verizon Global Funding Corp. 7.25% 12/1/10

12,385

14,136

213,488

Wireless Telecommunication Services - 0.1%

AT&T Wireless Services, Inc. 7.875% 3/1/11

5,035

5,920

TOTAL TELECOMMUNICATION SERVICES

219,408

UTILITIES - 1.8%

Electric Utilities - 1.3%

Cleveland Electric Illuminating Co. 5.65% 12/15/13

8,715

9,032

DTE Energy Co. 7.05% 6/1/11

4,090

4,638

Exelon Generation Co. LLC 5.35% 1/15/14

19,963

20,587

FirstEnergy Corp.:

5.5% 11/15/06

4,260

4,380

6.45% 11/15/11

1,690

1,834

MidAmerican Energy Holdings, Inc.:

4.625% 10/1/07

3,965

4,017

5.875% 10/1/12

2,650

2,821

Oncor Electric Delivery Co. 6.375% 5/1/12

10,150

11,233

Pacific Gas & Electric Co.:

4.2% 3/1/11

2,010

1,987

Nonconvertible Bonds - continued

Principal Amount (000s)

Value
(000s)

UTILITIES - continued

Electric Utilities - continued

Pacific Gas & Electric Co.: - continued

4.8% 3/1/14

$ 2,670

$ 2,675

Public Service Co. of Colorado:

5.5% 4/1/14

7,500

7,940

7.875% 10/1/12

5,630

6,844

Southern California Edison Co.:

4.65% 4/1/15

700

691

5% 1/15/14

585

598

Southwestern Public Service Co. 5.125% 11/1/06

5,000

5,113

84,390

Gas Utilities - 0.2%

Consolidated Natural Gas Co. 6.85% 4/15/11

1,535

1,738

NiSource Finance Corp. 7.875% 11/15/10

5,655

6,633

Texas Eastern Transmission Corp. 7.3% 12/1/10

4,480

5,134

13,505

Multi-Utilities & Unregulated Power - 0.3%

Constellation Energy Group, Inc. 7% 4/1/12

5,425

6,206

Dominion Resources, Inc. 8.125% 6/15/10

13,170

15,439

21,645

TOTAL UTILITIES

119,540

TOTAL NONCONVERTIBLE BONDS

(Cost $1,270,272)

1,327,319

U.S. Government and Government Agency Obligations - 22.4%

U.S. Government Agency Obligations - 10.4%

Fannie Mae:

3.25% 8/15/08

100,000

98,207

4.375% 7/17/13

20,950

20,540

4.625% 10/15/13

8,000

8,129

5.5% 7/18/12

34,500

34,845

6.125% 3/15/12

22,972

25,522

6.25% 2/1/11

122,105

133,836

6.25% 3/22/12

19,683

19,780

Financing Corp. - coupon STRIPS 0% 3/7/05

11,375

11,346

Freddie Mac:

2.85% 2/23/07

150,000

148,048

U.S. Government and Government Agency Obligations - continued

Principal Amount (000s)

Value
(000s)

U.S. Government Agency Obligations - continued

Freddie Mac: - continued

3.625% 9/15/08

$ 100,000

$ 99,504

4.5% 1/15/14

25,300

25,418

5.25% 11/5/12

5,610

5,694

5.875% 3/21/11

49,045

52,904

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS

683,773

U.S. Treasury Inflation Protected Obligations - 3.6%

U.S. Treasury Inflation-Indexed Bonds 2.375% 1/15/25

113,080

121,658

U.S. Treasury Inflation-Indexed Notes 2% 1/15/14

113,291

117,208

TOTAL U.S. TREASURY INFLATION PROTECTED OBLIGATIONS

238,866

U.S. Treasury Obligations - 8.4%

U.S. Treasury Bonds 8% 11/15/21

217,857

304,821

U.S. Treasury Notes 2.75% 7/31/06 (d)

248,272

246,875

TOTAL U.S. TREASURY OBLIGATIONS

551,696

TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS

(Cost $1,460,385)

1,474,335

U.S. Government Agency - Mortgage Securities - 25.9%

Fannie Mae - 24.7%

3.878% 6/1/33 (e)

5,447

5,446

3.88% 11/1/34 (e)

7,816

7,837

3.971% 11/1/34 (e)

2,395

2,416

4% 2/1/20 (c)

65,950

64,466

4.017% 12/1/34 (e)

8,448

8,404

4.025% 1/1/35 (e)

2,275

2,288

4.052% 2/1/35 (e)

1,069

1,076

4.118% 1/1/35 (e)

2,440

2,457

4.118% 2/1/35 (e)

750

756

4.12% 2/1/35 (e)

2,075

2,091

4.128% 2/1/35 (e)

4,247

4,277

4.145% 2/1/35 (e)

2,579

2,567

4.197% 1/1/35 (e)

1,951

1,970

4.437% 11/1/34 (e)

19,530

19,930

4.5% 2/1/20 (c)

208,040

207,485

U.S. Government Agency - Mortgage Securities - continued

Principal Amount (000s)

Value
(000s)

Fannie Mae - continued

4.5% 7/1/33 to 12/1/33

$ 59,875

$ 58,546

4.826% 1/1/35 (e)

3,970

3,957

5% 12/1/17

2,107

2,143

5% 2/1/35 (c)

233,321

232,446

5.5% 2/1/11 to 10/1/34

385,081

392,835

5.5% 2/1/35 (c)

279,092

283,802

6% 1/1/13 to 6/1/32

8,075

8,419

6% 2/1/35 (c)

9,075

9,372

6.5% 3/1/06 to 8/1/34

177,835

186,722

6.5% 2/1/20 (c)

58,329

61,701

7% 7/1/22 to 12/1/31

47,666

50,603

7.5% 6/1/25 to 8/1/29

4,756

5,105

9.5% 1/1/17 to 2/1/25

506

570

12.5% 1/1/15 to 7/1/15

11

12

TOTAL FANNIE MAE

1,629,699

Freddie Mac - 0.1%

4.232% 1/1/35 (e)

2,075

2,092

4.364% 1/1/35 (e)

4,600

4,645

8.5% 9/1/22 to 9/1/27

665

728

TOTAL FREDDIE MAC

7,465

Government National Mortgage Association - 1.1%

5.5% 12/15/32 to 5/15/34

15,828

16,258

6% 10/15/08 to 10/15/30

11,458

11,938

6.5% 3/15/26 to 2/15/33

5,016

5,288

7% 8/15/23 to 12/15/32

32,024

34,012

7.5% 10/15/05 to 8/15/28

2,132

2,296

8% 9/15/24 to 5/15/32

401

435

8.5% 1/15/31

21

23

9% 4/15/23

7

8

TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION

70,258

TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES

(Cost $1,694,066)

1,707,422

Asset-Backed Securities - 5.7%

Principal Amount (000s)

Value
(000s)

ACE Securities Corp.:

Series 2003-FM1 Class M2, 4.38% 11/25/32 (e)

$ 3,646

$ 3,722

Series 2004-HE1:

Class M1, 3.03% 2/25/34 (e)

2,300

2,300

Class M2, 3.63% 2/25/34 (e)

2,600

2,601

American Express Credit Account Master Trust
Series 2004-C Class C, 2.98% 2/15/12 (b)(e)

28,600

28,654

Ameriquest Mortgage Securities, Inc. Series 2004-R2:

Class M1, 2.96% 4/25/34 (e)

1,290

1,290

Class M2, 3.01% 4/25/34 (e)

1,000

1,000

Asset Backed Securities Corp. Home Equity Loan Trust:

Series 2003-HE2 Class A2, 2.86% 4/15/33 (e)

3,788

3,792

Series 2003-HE7 Class A3, 2.84% 12/15/33 (e)

6,401

6,422

Bank One Issuance Trust:

Series 2002-C1 Class C1, 3.44% 12/15/09 (e)

8,010

8,117

Series 2004-B2 Class B2, 4.37% 4/15/12

13,800

13,925

Bayview Financial Mortgage Loan Trust Series 2004-A Class A, 2.45% 2/28/44 (e)

7,515

7,524

Capital Auto Receivables Asset Trust Series 2004-2
Class A2, 3.35% 2/15/08

8,965

8,910

Capital One Multi-Asset Execution Trust:

Series 2002-B1 Class B1, 3.16% 7/15/08 (e)

8,570

8,589

Series 2003-B1 Class B1, 3.65% 2/17/09 (e)

13,465

13,620

Series 2003-B2 Class B2, 3.5% 2/17/09

7,080

7,074

Series 2003-B4 Class B4, 3.28% 7/15/11 (e)

6,635

6,760

Series 2004-6 Class B, 4.15% 7/16/12

11,570

11,481

Capital One Prime Auto Receivable Trust Series 2004-3 Class A3, 3.39% 1/15/09

8,905

8,868

CDC Mortgage Capital Trust Series 2003-HE2 Class M2, 4.43% 10/25/33 (e)

3,150

3,260

Chase Credit Card Owner Trust Series 2004-1 Class B, 2.68% 5/15/09 (e)

4,365

4,365

Citibank Credit Card Issuance Trust:

Series 2000-C2 Class C2, 3.31% 10/15/07 (e)

15,800

15,835

Series 2003-C1 Class C1, 3.69% 4/7/10 (e)

5,790

5,931

Countrywide Home Loans, Inc.:

Series 2004-2 Class M1, 3.03% 5/25/34 (e)

5,450

5,450

Series 2004-3 Class M1, 3.03% 6/25/34 (e)

1,525

1,526

Fieldstone Mortgage Investment Corp. Series 2003-1:

Class M1, 3.21% 11/25/33 (e)

1,400

1,415

Class M2, 4.28% 11/25/33 (e)

700

721

First Franklin Mortgage Loan Trust Series 2004-FF2:

Class M3, 3.08% 3/25/34 (e)

425

425

Asset-Backed Securities - continued

Principal Amount (000s)

Value
(000s)

First Franklin Mortgage Loan Trust Series 2004-FF2: - continued

Class M4, 3.43% 3/25/34 (e)

$ 325

$ 325

Class M6, 3.78% 3/25/34 (e)

400

404

GSAMP Trust:

Series 2004-FM2:

Class M1, 3.03% 1/25/34 (e)

3,500

3,500

Class M2, 3.63% 1/25/34 (e)

1,600

1,600

Class M3, 3.83% 1/25/34 (e)

1,600

1,600

Series 2004-OPT Class A1, 2.87% 11/25/34 (e)

10,770

10,770

Home Equity Asset Trust:

Series 2003-2:

Class A2, 2.91% 8/25/33 (e)

774

777

Class M1, 3.41% 8/25/33 (e)

2,915

2,954

Series 2003-4:

Class M1, 3.33% 10/25/33 (e)

4,025

4,066

Class M2, 4.43% 10/25/33 (e)

4,765

4,839

Home Equity Asset Trust NIMS Trust:

Series 2003-2N Class A, 8% 9/27/33 (b)

260

260

Series 2003-5N Class A, 7.5% 1/27/34 (b)

127

128

Household Home Equity Loan Trust Series 2002-2
Class A, 2.8% 4/20/32 (e)

3,295

3,301

Long Beach Mortgage Loan Trust Series 2003-3
Class M2, 4.38% 7/25/33 (e)

4,800

4,914

MBNA Credit Card Master Note Trust:

Series 2001-B2 Class B2, 2.84% 1/15/09 (e)

33,400

33,521

Series 2003-B2 Class B2, 2.87% 10/15/10 (e)

1,530

1,542

Series 2003-B3 Class B3, 2.855% 1/18/11 (e)

7,085

7,125

Series 2003-B5 Class B5, 2.85% 2/15/11 (e)

10,335

10,425

Meritage Mortgage Loan Trust Series 2004-1:

Class M1, 3.03% 7/25/34 (e)

2,225

2,225

Class M2, 3.08% 7/25/34 (e)

400

400

Class M3, 3.48% 7/25/34 (e)

825

825

Class M4, 3.63% 7/25/34 (e)

550

550

Morgan Stanley ABS Capital I, Inc.:

Series 2002-HE3 Class M1, 3.63% 12/27/32 (e)

1,945

1,974

Series 2003-HE1 Class M2, 4.43% 5/25/33 (e)

5,560

5,635

Series 2003-NC8 Class M1, 3.23% 9/25/33 (e)

2,600

2,621

Morgan Stanley Dean Witter Capital I Trust:

Series 2001-NC4 Class M1, 3.53% 1/25/32 (e)

5,014

5,049

Series 2002-NC1 Class M1, 3.33% 2/25/32 (b)(e)

3,680

3,713

Series 2002-NC3 Class M1, 3.25% 8/25/32 (e)

1,585

1,603

Series 2003-NC2 Class M2, 4.53% 2/25/33 (e)

2,855

2,923

Asset-Backed Securities - continued

Principal Amount (000s)

Value
(000s)

National Collegiate Funding LLC Series 2004-GT1
Class IO1, 7.87% 6/25/10 (b)(e)(g)

$ 8,640

$ 3,200

National Collegiate Student Loan Trust Series 2004-2 Class AIO, 9.75% 10/25/14 (g)

9,055

4,920

New Century Home Equity Loan Trust Series 2003-2 Class A2, 2.96% 1/25/33 (e)

1,888

1,890

Nissan Auto Lease Trust Series 2003-A Class A3B, 2.57% 6/15/09

10,500

10,430

NovaStar Home Equity Loan Series 2004-1:

Class M1, 2.98% 6/25/34 (e)

1,500

1,501

Class M4, 3.505% 6/25/34 (e)

2,520

2,526

Sears Credit Account Master Trust II:

Series 2000-2 Class A, 6.75% 9/16/09

7,720

7,883

Series 2002-4 Class A, 2.61% 8/18/09 (e)

10,400

10,406

SLM Private Credit Student Loan Trust Series 2004-A Class C, 3.44% 6/15/33 (e)

5,136

5,195

Superior Wholesale Inventory Financing Trust VII
Series 2003-A8 Class CTFS, 2.93% 3/15/11 (b)(e)

9,340

9,365

WFS Financial Owner Trust Class 2004-3 Series A3, 3.3% 3/17/09

13,100

13,027

TOTAL ASSET-BACKED SECURITIES

(Cost $371,907)

373,489

Collateralized Mortgage Obligations - 7.4%

Private Sponsor - 5.2%

Adjustable Rate Mortgage Trust floater Series 2005-1 Class 5A2, 2.88% 5/25/35 (e)

8,550

8,550

Bank of America Mortgage Securities, Inc.:

Series 2003-K:

Class 1A1, 3.3767% 12/25/33 (e)

2,262

2,252

Class 2A1, 4.2095% 12/25/33 (e)

6,821

6,816

Series 2003-L Class 2A1, 4.0234% 1/25/34 (e)

13,199

13,148

Series 2004-1 Class 2A2, 4.7475% 10/25/34 (e)

12,409

12,539

Series 2004-B:

Class 1A1, 3.4286% 3/25/34 (e)

5,161

5,120

Class 2A2, 4.148% 3/25/34 (e)

4,793

4,744

Series 2004-C Class 1A1, 3.4052% 4/25/34 (e)

8,301

8,227

Series 2004-D:

Class 1A1, 3.5817% 5/25/34 (e)

10,416

10,338

Class 2A2, 4.2219% 5/25/34 (e)

12,529

12,508

Series 2004-G Class 2A7, 4.6351% 8/25/34 (e)

10,669

10,723

Series 2004-H Class 2A1, 4.5375% 9/25/34 (e)

11,834

11,886

Collateralized Mortgage Obligations - continued

Principal Amount (000s)

Value
(000s)

Private Sponsor - continued

Bank of America Mortgage Securities, Inc.: - continued

Series 2004-J:

Class 1A2, 4.3446% 11/25/34 (e)

$ 4,682

$ 4,704

Class 2A1, 4.8233% 11/25/34 (e)

18,916

19,117

Bear Stearns Alt-A Trust floater Series 2005-1 Class A1, 2.8388% 1/25/35 (e)

48,430

48,430

CS First Boston Mortgage Securities Corp. floater:

Series 2004-AR3 Class 6A2, 2.9% 4/25/34 (e)

3,626

3,629

Series 2004-AR6 Class 9A2, 2.9% 10/25/34 (e)

5,730

5,732

Master Alternative Loan Trust Series 2004-3 Class 3A1, 6% 4/25/34

1,819

1,859

Master Asset Securitization Trust Series 2004-9
Class 7A1, 6.3207% 5/25/17 (e)

10,124

10,419

Master Seasoned Securitization Trust Series 2004-1 Class 1A1, 6.25% 8/25/17 (e)

8,732

9,034

Merrill Lynch Mortgage Investors, Inc. floater
Series 2004-G Class A2, 3.07% 11/25/29 (e)

5,610

5,615

Residential Asset Mortgage Products, Inc. sequential pay:

Series 2003-SL1 Class A31, 7.125% 4/25/31

4,541

4,641

Series 2004-SL2 Class A1, 6.5% 10/25/16

1,926

1,974

Residential Finance LP/Residential Finance Development Corp. floater:

Series 2003-B:

Class B3, 3.97% 7/10/35 (b)(e)

8,966

9,148

Class B4, 4.17% 7/10/35 (b)(e)

6,822

6,960

Class B5, 4.77% 7/10/35 (b)(e)

6,432

6,558

Class B6, 5.27% 7/10/35 (b)(e)

2,924

2,984

Series 2003-CB1:

Class B3, 3.87% 6/10/35 (b)(e)

3,125

3,179

Class B4, 4.07% 6/10/35 (b)(e)

2,796

2,844

Class B5, 4.67% 6/10/35 (b)(e)

1,909

1,950

Class B6, 5.17% 6/10/35 (b)(e)

1,134

1,161

Series 2004-A Class B4, 3.62% 2/10/36 (b)(e)

5,930

5,970

Series 2004-B:

Class B4, 3.52% 2/10/36 (b)(e)

1,585

1,588

Class B5, 3.97% 2/10/36 (b)(e)

1,090

1,092

Class B6, 4.42% 2/10/36 (b)(e)

297

298

Series 2004-C:

Class B4, 3.37% 9/10/36 (e)

1,991

1,991

Class B5, 3.77% 9/10/36 (e)

2,190

2,190

Class B6, 4.17% 9/10/36 (e)

398

398

Collateralized Mortgage Obligations - continued

Principal Amount (000s)

Value
(000s)

Private Sponsor - continued

Sequoia Mortgage Trust floater Series 2004-12 Class 1A2, 3% 1/20/35 (e)

$ 22,876

$ 22,912

Washington Mutual Mortgage Securities Corp. sequential pay:

Series 2003-MS9 Class 2A1, 7.5% 12/25/33

1,630

1,694

Series 2004-RA2 Class 2A, 7% 7/25/33

2,978

3,066

Wells Fargo Mortgage Backed Securities Trust:

Series 2004-T Class A1, 3.4556% 9/25/34 (e)

12,235

12,115

Series 2005-AR2 Class 2A2, 4.578% 3/25/35

30,655

30,741

TOTAL PRIVATE SPONSOR

340,844

U.S. Government Agency - 2.2%

Fannie Mae planned amortization class Series 1994-81 Class PJ, 8% 7/25/23

1,680

1,681

Fannie Mae guaranteed REMIC pass thru certificates planned amortization class:

Series 2001-53 Class OH, 6.5% 6/25/30

29

29

Series 2003-73 Class GA, 3.5% 5/25/31

9,093

8,783

Series 2004-80 Class LD, 4% 1/25/19

3,525

3,434

Freddie Mac planned amortization class Series 2355 Class CD, 6.5% 6/15/30

95

95

Freddie Mac Multi-class participation certificates guaranteed:

planned amortization class:

Series 1669 Class H, 6.5% 7/15/23

10,122

10,333

Series 2425 Class JH, 6% 3/15/17

6,130

6,415

Series 2498 Class PD, 5.5% 2/15/16

4,240

4,336

Series 2760 Class EB, 4.5% 9/15/16

22,858

22,843

Series 2773 Class EG, 4.5% 4/15/19

1,087

1,060

Series 2775:

Class OD, 4.5% 10/15/17

20,875

20,701

Class OE, 4.5% 4/15/19

31,083

30,279

Series 2866 Class XE, 4% 12/15/18

28,225

27,490

sequential pay Series 2750 Class ZT, 5% 2/15/34

7,307

6,733

Ginnie Mae guaranteed Multi-family pass thru securities sequential pay Series 2002-35 Class C, 5.8832% 10/16/23 (e)

1,490

1,588

TOTAL U.S. GOVERNMENT AGENCY

145,800

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS

(Cost $485,725)

486,644

Commercial Mortgage Securities - 4.2%

Principal Amount (000s)

Value
(000s)

Bayview Commercial Asset Trust floater:

Series 2004-1:

Class A, 2.89% 4/25/34 (b)(e)

$ 7,339

$ 7,317

Class B, 4.43% 4/25/34 (b)(e)

815

814

Class M1, 3.09% 4/25/34 (b)(e)

634

633

Class M2, 3.73% 4/25/34 (b)(e)

634

634

Series 2004-2 Class A, 2.96% 8/25/34 (b)(e)

6,944

6,949

Series 2004-3:

Class A1, 2.9% 1/25/35 (b)(e)

7,943

7,947

Class A2, 2.95% 1/25/35 (b)(e)

1,142

1,143

Class M1, 3.03% 1/25/35 (b)(e)

1,340

1,340

Class M2, 3.53% 1/25/35 (b)(e)

894

894

Bear Stearns Commercial Mortgage Securities, Inc.:

floater:

Series 2003-BA1A Class A1, 2.73% 4/14/15 (b)(e)

6,612

6,614

Series 2004-ESA Class A2, 2.79% 5/14/16 (b)(e)

6,625

6,642

sequential pay Series 2004-ESA Class A3, 4.741% 5/14/16 (b)

3,400

3,466

Series 2004-ESA:

Class B, 4.888% 5/14/16 (b)

5,195

5,298

Class C, 4.937% 5/14/16 (b)

3,370

3,439

Class D, 4.986% 5/14/16 (b)

1,405

1,435

Class E, 5.064% 5/14/16 (b)

4,375

4,458

Class F, 5.182% 5/14/16 (b)

1,050

1,069

Chase Commercial Mortgage Securities Corp.
Series 2001-245 Class A2, 6.275% 2/12/16 (b)(e)

3,810

4,197

COMM floater Series 2002-FL7 Class A2, 2.83% 11/15/14 (b)(e)

2,259

2,261

Commercial Mortgage pass thru certificates floater Series 2004-CNL:

Class B, 2.88% 9/15/14 (b)(e)

2,000

2,002

Class D, 3.12% 9/15/14 (b)(e)

615

615

Class E, 3.18% 9/15/14 (b)(e)

835

836

Class F, 3.28% 9/15/14 (b)(e)

660

661

Class G, 3.46% 9/15/14 (b)(e)

1,505

1,507

Class H, 3.56% 9/15/14 (b)(e)

1,600

1,602

Class J, 4.08% 9/15/14 (b)(e)

550

551

Class K, 4.48% 9/15/14 (b)(e)

865

866

Class L, 4.68% 9/15/14 (b)(e)

695

695

Commercial Resecuritization Trust sequential pay
Series 1999-ABC1 Class A, 6.74% 1/27/09 (b)

4,187

4,299

Commercial Mortgage Securities - continued

Principal Amount (000s)

Value
(000s)

CS First Boston Mortgage Securities Corp.:

floater Series 2004-HC1:

Class A2, 2.98% 12/15/21 (b)(e)

$ 1,700

$ 1,700

Class B, 3.23% 12/15/21 (b)(e)

4,440

4,440

sequential pay:

Series 1997-C2 Class A2, 6.52% 1/17/35

835

855

Series 2000-C1 Class A2, 7.545% 4/15/62

3,700

4,212

Series 1997-C2 Class D, 7.27% 1/17/35

2,775

3,077

Series 2004-C1 Class ASP, 1.0446% 1/15/37 (b)(e)(g)

208,000

8,147

Deutsche Mortgage & Asset Receiving Corp. sequential pay Series 1998-C1 Class D, 7.231% 6/15/31

3,920

4,292

DLJ Commercial Mortgage Corp. sequential pay
Series 2000-CF1 Class A1B, 7.62% 6/10/33

10,000

11,440

Equitable Life Assurance Society of the United States Series 174:

Class B1, 7.33% 5/15/06 (b)

4,900

5,115

Class C1, 7.52% 5/15/06 (b)

3,500

3,658

Fannie Mae sequential pay Series 1999-10 Class MZ, 6.5% 9/17/38

14,455

15,335

First Union-Lehman Brothers Commercial Mortgage Trust sequential pay Series 1997-C2 Class A3, 6.65% 11/18/29

2,309

2,447

GE Commercial Mortgage Corp. Series 2004-C1
Class X2, 1.1962% 11/10/38 (e)(g)

115,928

5,413

Ginnie Mae guaranteed REMIC pass thru securities:

sequential pay:

Series 2002-83 Class B, 4.6951% 12/16/24

4,590

4,674

Series 2003-22 Class B, 3.963% 5/16/32

7,715

7,586

Series 2003-36 Class C, 4.254% 2/16/31

6,373

6,339

Series 2003-47 Class C, 4.227% 10/16/27

11,493

11,409

Series 2003-59 Class D, 3.654% 10/16/27

11,780

11,278

Series 2003-47 Class XA, 0.2285% 6/16/43 (e)(g)

35,755

1,951

GMAC Commercial Mortgage Securities, Inc.
Series 2004-C3 Class X2, 0.749% 12/10/41 (e)(g)

12,590

432

GS Mortgage Securities Corp. II:

sequential pay:

Series 2001-LIBA Class A2, 6.615% 2/14/16 (b)

11,195

12,535

Series 2003-C1 Class A2A, 3.59% 1/10/40

5,945

5,903

Series 1998-GLII Class E, 6.9703% 4/13/31 (e)

1,220

1,275

Host Marriot Pool Trust sequential pay Series 1999-HMTA Class B, 7.3% 8/3/15 (b)

2,495

2,796

Leafs CMBS I Ltd./Leafs CMBS I Corp. Series 2002-1A Class C, 4.13% 11/20/37 (b)

11,400

10,492

Commercial Mortgage Securities - continued

Principal Amount (000s)

Value
(000s)

Mortgage Capital Funding, Inc. sequential pay
Series 1998-MC2 Class A2, 6.423% 6/18/30

$ 6,467

$ 6,878

Thirteen Affiliates of General Growth Properties, Inc. sequential pay Series 1 Class A2, 6.602% 11/15/07 (b)

9,000

9,546

Trizechahn Office Properties Trust Series 2001-TZHA Class E3, 7.253% 3/15/13 (b)

6,100

6,459

Wachovia Bank Commercial Mortgage Trust:

sequential pay Series 2003-C8 Class A3, 4.445% 11/15/35

17,105

17,184

Series 2004-C15:

Class 180A, 5.3979% 10/15/41 (b)(e)

4,805

4,898

Class 180B, 5.3979% 10/15/41 (b)(e)

2,250

2,257

TOTAL COMMERCIAL MORTGAGE SECURITIES

(Cost $272,075)

274,207

Foreign Government and Government Agency Obligations - 2.3%

Chilean Republic 7.125% 1/11/12

12,070

13,878

Italian Republic 4.5% 1/21/15

28,520

28,511

Korean Republic 4.875% 9/22/14

11,660

11,687

Russian Federation 5% 3/31/30 (Reg. S) (a)

9,895

10,377

State of Israel 4.625% 6/15/13

1,855

1,810

United Mexican States:

5.875% 1/15/14

19,265

19,939

6.75% 9/27/34

64,110

65,392

TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS

(Cost $147,063)

151,594

Supranational Obligations - 0.1%

Corporacion Andina de Fomento 6.875% 3/15/12
(Cost $4,378)

4,425

4,983

Fixed-Income Funds - 11.3%

Shares

Fidelity Ultra-Short Central Fund (f)
(Cost $746,000)

7,489,872

745,467

Cash Equivalents - 16.7%

Maturity Amount (000s)

Value
(000s)

Investments in repurchase agreements (Collateralized by U.S. Government Obligations, in a joint trading account at 2.51%, dated 1/31/05 due 2/1/05)
(Cost $1,097,802) (h)

$ 1,097,879

$ 1,097,802

TOTAL INVESTMENT PORTFOLIO - 116.2%

(Cost $7,549,673)

7,643,262

NET OTHER ASSETS - (16.2)%

(1,063,236)

NET ASSETS - 100%

$ 6,580,026

Swap Agreements

Expiration Date

Notional Amount (000s)

Credit Default Swap

Receive from Deutsche Bank, upon default event of Ford Motor Co., par value of the notional amount of Ford Motor Co. 7.45% 7/16/31, and pay quarterly notional amount multiplied by 2.43%

Dec. 2011

$ 14,500

243

Receive from Deutsche Bank, upon default event of General Motors Corp., par value of the notional amount of General Motors Corp. 7.125% 7/15/13, and pay quarterly notional amount multiplied by 2.63%

Dec. 2011

6,000

186

Receive from JPMorgan Chase, Inc., upon default event of General Motors Corp., par value of the notional amount of General Motors Corp. 7.125% 7/15/13, and pay quarterly notional amount mutiplied by 3.7%

March 2012

3,265

(61)

TOTAL CREDIT DEFAULT SWAP

23,765

368

Swap Agreements - continued

Expiration Date

Notional Amount (000s)

Value
(000s)

Interest Rate Swap

Receive quarterly a fixed rate equal to 2.8043% and pay quarterly a floating rate based on 3-month LIBOR with Lehman Brothers, Inc.

Sept. 2006

$ 50,000

$ (258)

Receive quarterly a fixed rate equal to 2.9119% and pay quarterly a floating rate based on 3-Month LIBOR with Bank of America

Oct. 2006

96,000

(889)

Receive quarterly a fixed rate equal to 2.966% and pay quarterly a floating rate baed on 3-month LIBOR with Lehman Brothers, Inc.

Dec. 2005

250,000

166

Receive quarterly a fixed rate equal to 3.10328% and pay quarterly a floating rate based on 3-month LIBOR with Credit Suisse First Boston

Jan. 2006

100,000

(58)

Receive quarterly a fixed rate equal to 3.177% and pay quarterly a floating rate based on 3-month LIBOR with JPMorgan Chase, Inc.

Nov. 2006

36,000

(159)

Receive quarterly a fixed rate equal to 4.898% and pay quarterly a floating rate based on 3-month LIBOR with Lehman Brothers, Inc.

July 2014

22,890

951

TOTAL INTEREST RATE SWAP

554,890

(247)

Swap Agreements - continued

Expiration Date

Notional Amount (000s)

Value
(000s)

Total Return Swap

Receive monthly a return equal to Lehamn Brothers CMBS AAA 8.5+ Index and pay monthly a floating rate based on 1-month LIBOR minus 30 basis points with Goldman Sachs

June 2005

$ 75,000

$ 913

Receive monthly a return equal to Lehman Brothers CMBS US Aggregate Index and pay monthly a floating rate based on 1-month LIBOR with Deutsche Bank

June 2005

23,850

67

Receive monthly a return equal to Lehman Brothers CMBS AAA 8.5+ Index and pay monthly a floating rate based on 1-month LIBOR minus 40 basis points with Lehman Brothers, Inc.

April 2005

11,300

146

Receive monthly a return equal to Lehman Brothers CMBS US Aggregate Index and pay monthly a floating rate based on 1-month LIBOR minus 10 basis points with Lehman Brothers, Inc.

April 2005

27,215

97

Receive monthly a return equal to Lehman Brothers CMBS US Aggregate Index and pay monthly a floating rate based on 1-month LIBOR with Goldman Sachs

March 2005

60,250

180

Receive quarterly a return equal to that of Banc of America Securities LLC AAA 10Yr Commercial Mortgage Backed Securities Daily Index and pay quarterly a floating rate based on 3-month LIBOR minus 30 basis points with Bank of America

May 2005

22,600

194

Receive quarterly a return equal to that of Banc of America Securities LLC AAA 10Yr Commercial Mortgage Backed Securities Daily Index and pay quarterly a floating rate based on 3-month LIBOR minus 30 basis points with Bank of America

July 2005

11,300

32

Swap Agreements - continued

Expiration Date

Notional Amount (000s)

Value
(000s)

Total Return Swap - continued

Receive quarterly a return equal to that of Banc of America Securities LLC AAA 10Yr Commercial Mortgage-Backed Securities Daily Index and pay quarterly a floating rate based on 3-month LIBOR minus 27 basis points with Bank of America

June 2005

$ 11,300

$ 262

Receive quarterly a return equal to that of Lehman Brothers Commercial Mortgage-Backed Securities AAA Daily Index and pay quarterly a floating rate based on 3-month LIBOR minus 8 basis points with Bank of America

April 2005

11,300

(27)

TOTAL TOTAL RETURN SWAP

254,115

1,864

$ 832,770

$ 1,985

Legend

(a) Debt obligation initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate 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 period end, the value of these securities amounted to $440,661,000 or 6.7% of net assets.

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

(d) Security or a portion of the security has been segregated as collateral for open swap agreements. At the period end, the value of securities pledged amounted to $696,000.

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

(f) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. A listing of the top fifty securities and derivatives for Fidelity's Fixed-Income Central Fund is provided at the end of this report. A complete listing of the fund's holdings as of its most recent quarter end is available upon request.

(g) Security represents right to receive monthly interest payments on an underlying pool of mortgages. Principal shown is the par amount of the mortgage pool.

(h) Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement/
Counterparty

Value

(000s)

$1,097,802,000 due 2/1/05 at 2.51%

Banc of America Securities LLC.

$266,987

Bank of America, National Association

91,278

Barclays Capital Inc.

273,833

Countrywide Securities Corporation

20,538

Deutsche Bank Securities Inc.

11,410

Goldman, Sachs & Co.

68,458

Morgan Stanley & Co. Incorporated.

54,954

Societe Generale, New York Branch

25,101

UBS Securities LLC

159,736

Wachovia Capital Markets, LLC

102,688

WestLB AG

22,819

$ 1,097,802

Income Tax Information

At January 31, 2005, the aggregate cost of investment securities for income tax purposes was $7,553,273,000. Net unrealized appreciation aggregated $89,989,000, of which $104,730,000 related to appreciated investment securities and $14,741,000 related to depreciated investment securities.

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 Corp.

or an affiliate.

Quarterly Report

January 31, 2005 (Unaudited)

Fidelity Ultra-Short Central Fund

Top Fifty Securities and Derivatives

Maturity
Amount

% of Fund's
Net Assets

Investments in repurchase agreements: (Collateralized by U.S. Government Obligations, in a joint trading account at 2.51%, dated 1/31/05 due 2/1/05)

$ 1,484,022,606

$ 1,483,919,000

25.5

With Goldman Sachs & Co. at 2.35%, dated 1/6/05 due 2/3/05 (Collateralized by Mortgage Loan Obligations with principal amounts of $270,555,985, 4.08%- 5.21%, 2/25/35 - 10/25/43)

265,484,361

264,998,172

4.6

Principal
Amount

Federal Home Loan Bank 1.265% 3/15/05

$ 200,000,000

199,659,389

3.4

Fannie Mae 1.55% 5/4/05

90,000,000

89,739,000

1.6

Federal Home Loan Bank 1.35% 4/29/05

90,000,000

89,715,960

1.5

Fannie Mae 1.8% 5/27/05

60,000,000

59,827,740

1.0

Bank One Issuance Trust Series 2002-C2 Class C2, 3.47% 5/15/08

35,785,000

35,935,193

0.6

Fannie Mae 6.25% 3/22/12

34,005,000

34,173,325

0.6

Sears Credit Account Master Trust II Series 2002-4 Class B, 2.905% 8/18/09

33,300,000

33,344,289

0.6

Discover Card Master Trust I Series 2002-1 Class B, 2.88% 7/15/07

30,637,000

30,634,574

0.5

MBNA Credit Card Master Note Trust:

Series 2001-B2 Class B2, 2.84% 1/15/09

30,353,000

30,462,611

0.5

Series 2001-B1 Class B1, 2.855% 10/15/08

30,000,000

30,069,528

0.5

Sears Credit Account Master Trust II:

Series 2002-5 Class B, 3.73% 11/17/09

30,000,000

30,052,917

0.5

Series 2002-4 Class A, 2.61% 8/18/09

27,000,000

27,016,246

0.5

Thornburg Mortgage Securities Trust floater Series 2004-3 Class A, 2.9% 9/25/34

25,918,906

25,962,033

0.5

Amortizing Residential Collateral Trust Series 2002-BC6 Class M1, 3.28% 8/25/32

24,900,000

25,084,701

0.4

AmeriCredit Automobile Receivables Trust Series 2002-EM Class A4A, 3.67% 6/8/09

25,000,000

25,075,038

0.4

Citibank Credit Card Issuance Trust Series 2003-B1 Class B1, 2.74% 3/7/08

25,000,000

25,042,223

0.4

Holmes Financing No. 8 PLC floater Series 2 Class A, 2.72% 4/15/11

25,000,000

24,990,235

0.4

Calwest Industrial Trust floater Series 2002-CALW Class AFL, 2.86% 2/15/12

24,300,000

24,359,824

0.4

Bear Stearns Alt-A Trust floater Series 2005-1 Class A1, 2.8388% 1/25/35

23,650,000

23,650,000

0.4

Top Fifty Securities and Derivatives

Principal
Amount

Value

% of Fund's
Net Assets

ACE Securities Corp. Series 2002-HE2 Class M1, 3.38% 8/25/32

$ 21,525,000

$ 21,644,195

0.4

Asset Backed Securities Corp. Home Equity Loan Trust Series 2004-HE6 Class A2, 2.89% 6/25/34

23,589,523

23,588,502

0.4

Household Credit Card Master Trust I Series 2002-1 Class B, 3.13% 7/15/08

22,589,000

22,663,483

0.4

Holmes Financing No. 8 PLC floater Series 1 Class C, 3.26% 7/15/40

22,640,000

22,647,075

0.4

CDC Mortgage Capital Trust Series 2002-HE3 Class M1, 3.63% 3/25/33

21,499,948

21,961,275

0.4

Bank One Issuance Trust Series 2002-B1 Class B1, 2.86% 12/15/09

20,655,000

20,765,926

0.4

Argent Securities, Inc. Series 2003-W3 Class M2, 4.33% 9/25/33

20,000,000

20,687,082

0.4

MBNA Credit Card Master Note Trust Series 2002-B2 Class B2, 2.86% 10/15/09

20,000,000

20,111,192

0.3

Wells Fargo Mortgage Backed Securities Trust Series 2004-M Class A3, 4.725% 8/25/34

19,880,000

20,064,387

0.3

MBNA Master Credit Card Trust II Series 1998-G Class B, 2.88% 2/17/09

20,000,000

20,060,062

0.3

American Express Credit Account Master Trust Series 2004-C Class C, 2.98% 2/15/12

20,000,000

20,037,482

0.3

Ford Credit Auto Owner Trust Series 2003-B Class B2, 2.91% 10/15/07

19,600,000

19,698,284

0.3

Long Beach Mortgage Loan Trust Series 2003-2 Class M1, 3.35% 6/25/33

19,500,000

19,690,182

0.3

Capital One Master Trust Series 2001-1 Class B, 2.99% 12/15/10

19,500,000

19,671,680

0.3

British Telecommunications PLC 7.875% 12/15/05

18,145,000

18,836,288

0.3

Nissan Auto Lease Trust Series 2003-A Class A3A, 2.62% 6/15/09

18,550,330

18,571,028

0.3

Citibank Credit Card Issuance Trust Series 2003-C1 Class C1, 3.69% 4/7/10

17,785,000

18,217,047

0.3

SDG Macerich Properties LP floater Series 2000-1 Class A3, 2.82% 5/15/09

18,000,000

18,020,322

0.3

Keycorp Student Loan Trust Series 1999-A Class A2, 2.28% 12/27/09

17,947,151

18,005,482

0.3

Capital One Multi-Asset Execution Trust Series 2002-B1 Class B1, 3.16% 7/15/08

17,705,000

17,743,951

0.3

Citibank Credit Card Issuance Trust Series 2002-C1 Class C1, 3.2% 2/9/09

17,500,000

17,737,743

0.3

Top Fifty Securities and Derivatives

Principal
Amount

Value

% of Fund's
Net Assets

Sequoia Mortgage Trust floater Series 2004-8 Class A2, 2.35% 9/20/34

$ 17,715,665

$ 17,702,403

0.3

Citibank Credit Card Issuance Trust Series 2000-C2 Class C2, 3.31% 10/15/07

17,500,000

17,538,220

0.3

Freddie Mac Multi-class participation certificates guaranteed planned amortization class Series 2136 Class PE, 6% 1/15/28

17,331,818

17,496,765

0.3

AmeriCredit Automobile Receivables Trust Series 2003-CF Class A3, 2.75% 10/9/07

17,500,000

17,439,151

0.3

Liberty Media Corp. 3.99% 9/17/06

17,000,000

17,198,730

0.3

Deutsche Telekom International Finance BV 8.25% 6/15/05

16,638,000

16,943,557

0.3

Merrill Lynch Mortgage Investors, Inc. floater Series 2004-C Class A2, 3.07% 7/25/29

16,713,022

16,676,810

0.3

Countrywide Home Loans, Inc. floater Series 2005-1 Class 2A1, 2.84% 3/25/35

16,450,000

16,450,000

0.3

Top Fifty securities as a percentage of the Fund's net assets - 54.2%

Futures Contracts

Expiration Date

Underlying Face Amount at Value

Unrealized Appreciation/
(Depreciation)

Sold

Eurodollar Contracts

201 Eurodollar 90 Day Index Contracts

June 2005

$ 199,356,825

$ (145,062)

123 Eurodollar 90 Day Index Contracts

Sept. 2005

121,920,675

(121,462)

69 Eurodollar 90 Day Index Contracts

Dec. 2005

68,362,612

(66,654)

18 Eurodollar 90 Day Index Contracts

March 2006

17,827,650

(17,765)

4 Eurodollar 90 Day Index Contracts

June 2006

3,960,700

(7,566)

TOTAL EURODOLLAR CONTRACTS

(358,509)

Swap Agreements

Notional Amount

Value

Credit Default Swap

Receive quarterly notional amount multiplied by 1.12% and pay Morgan Stanley, Inc. upon default of Comcast Cable Communications, Inc., par value of the notional amount of Comcast Cable Communications, Inc. 6.75% 1/30/11

June 2006

$ 10,000,000

$ 125,807

Quarterly Report

Quarterly Holdings Report

for

Spartan ® Government Income
Fund

January 31, 2005

TMM-QTLY-0305

1.813074.100

Investments January 31, 2005 (Unaudited)

Showing Percentage of Net Assets

U.S. Government and Government Agency Obligations - 73.1%

Principal Amount

Value

U.S. Government Agency Obligations - 39.1%

Fannie Mae:

2.625% 11/15/06

$ 3,155,000

$ 3,112,026

3.25% 1/15/08

19,400,000

19,163,359

3.25% 2/15/09

28,000,000

27,348,748

3.875% 2/15/10

14,935,000

14,813,578

4.625% 10/15/14

5,000,000

5,059,375

5.125% 1/2/14

10,000,000

10,303,130

5.5% 3/15/11

2,715,000

2,904,751

6% 5/15/08

4,000,000

4,275,604

6.25% 2/1/11

5,870,000

6,433,937

Farm Credit Systems Financial Assistance Corp. 8.8% 6/10/05

1,860,000

1,900,336

Federal Farm Credit Bank 6.05% 1/3/06

3,425,000

3,514,348

Federal Home Loan Bank 5.8% 9/2/08

15,350,000

16,341,073

Freddie Mac:

2.75% 10/15/06

12,735,000

12,600,951

2.875% 12/15/06

17,735,000

17,557,951

3.625% 9/15/08

16,065,000

15,985,237

5.5% 9/15/11

470,000

504,120

5.875% 3/21/11

14,005,000

15,107,025

Government Loan Trusts (assets of Trust guaranteed by U.S. Government through Agency for International Development) Series 1-B, 8.5% 4/1/06

1,747,614

1,836,585

Guaranteed Export Trust Certificates (assets of Trust guaranteed by U.S. Government through Export-Import Bank):

Series 1993-D, 5.23% 5/15/05

170,638

171,328

Series 1994-A, 7.12% 4/15/06

1,973,294

2,025,488

Guaranteed Trade Trust Certificates (assets of Trust guaranteed by U.S. Government through Export-Import Bank):

Series 1994-A, 7.39% 6/26/06

7,625,003

7,899,885

Series 1994-B, 7.5% 1/26/06

41,177

42,885

Overseas Private Investment Corp. U.S. Government guaranteed participation certificates:

Series 1996-A1, 6.726% 9/15/10

1,043,478

1,132,049

6.77% 11/15/13

2,284,614

2,513,076

6.99% 5/21/16

4,544,400

5,157,530

Private Export Funding Corp.:

secured:

5.34% 3/15/06

8,660,000

8,857,786

5.66% 9/15/11 (a)

4,230,000

4,553,650

U.S. Government and Government Agency Obligations - continued

Principal Amount

Value

U.S. Government Agency Obligations - continued

Private Export Funding Corp.: - continued

secured:

5.685% 5/15/12

$ 3,375,000

$ 3,657,066

7.17% 5/15/07

4,400,000

4,722,973

3.375% 2/15/09

680,000

667,791

4.974% 8/15/13

3,675,000

3,817,465

Small Business Administration guaranteed development participation certificates:

Series 2002-20K Class 1, 5.08% 11/1/22

9,017,823

9,257,689

Series 2003 P10B, 5.136% 8/10/13

4,825,026

4,920,453

Series 2004-20H Class 1, 5.17% 8/1/24

795,000

817,804

State of Israel (guaranteed by U.S. Government through Agency for International Development):

5.5% 9/18/23

32,000,000

34,575,104

5.89% 8/15/05

11,100,000

11,246,109

6.6% 2/15/08

24,866,803

25,806,197

6.8% 2/15/12

7,000,000

7,849,492

U.S. Department of Housing and Urban Development Government guaranteed participation certificates Series 1999-A:

5.75% 8/1/06

4,100,000

4,246,489

5.96% 8/1/09

6,650,000

7,029,396

U.S. Trade Trust Certificates (assets of Trust guaranteed by U.S. Government through Export-Import Bank) 8.17% 1/15/07

169,167

177,182

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS

329,907,021

U.S. Treasury Inflation Protected Obligations - 8.8%

U.S. Treasury Inflation-Indexed Bonds 3.625% 4/15/28

56,765,382

74,719,653

U.S. Treasury Obligations - 25.2%

U.S. Treasury Bonds 11.25% 2/15/15

17,440,000

27,517,739

U.S. Treasury Notes:

2.75% 7/31/06

60,000,000

59,662,500

3.375% 9/15/09

41,665,000

41,142,563

4% 11/15/12

2,805,000

2,807,631

4.25% 8/15/13

525,000

531,440

U.S. Government and Government Agency Obligations - continued

Principal Amount

Value

U.S. Treasury Obligations - continued

U.S. Treasury Notes: - continued

4.75% 5/15/14

$ 47,525,000

$ 49,806,580

5.625% 5/15/08

29,254,000

31,189,796

TOTAL U.S. TREASURY OBLIGATIONS

212,658,249

TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS

(Cost $602,872,406)

617,284,923

U.S. Government Agency - Mortgage Securities - 16.0%

Fannie Mae - 14.9%

3.737% 1/1/35 (c)

244,398

244,550

3.827% 12/1/34 (c)

49,919

49,958

3.83% 1/1/35 (c)

175,000

175,273

3.836% 6/1/33 (c)

116,408

116,268

3.878% 6/1/33 (c)

736,814

736,737

3.913% 12/1/34 (c)

149,983

150,639

3.939% 10/1/34 (c)

218,805

220,547

3.971% 11/1/34 (c)

323,611

326,454

3.98% 1/1/35 (c)

225,000

226,230

3.987% 12/1/34 (c)

196,626

198,220

4% 2/1/20 (b)

28,812,244

28,163,969

4% 1/1/35 (c)

125,000

125,869

4.017% 12/1/34 (c)

1,100,000

1,094,281

4.021% 12/1/34 (c)

174,977

175,770

4.025% 1/1/35 (c)

299,939

301,685

4.029% 1/1/35 (c)

75,000

75,410

4.038% 12/1/34 (c)

97,633

98,901

4.048% 1/1/35 (c)

150,000

150,723

4.052% 2/1/35 (c)

150,000

150,920

4.072% 12/1/34 (c)

274,893

279,704

4.105% 1/1/35 (c)

296,864

299,676

4.118% 1/1/35 (c)

320,000

322,256

4.118% 2/1/35 (c)

100,000

100,813

4.12% 2/1/35 (c)

275,000

277,138

4.127% 1/1/35 (c)

324,191

326,541

4.128% 2/1/35 (c)

550,000

553,916

4.145% 2/1/35 (c)

350,000

348,398

4.17% 11/1/34 (c)

273,790

275,878

4.197% 1/1/35 (c)

250,000

252,422

U.S. Government Agency - Mortgage Securities - continued

Principal Amount

Value

Fannie Mae - continued

4.2% 1/1/35 (c)

$ 619,689

$ 625,584

4.23% 11/1/34 (c)

88,947

89,893

4.324% 12/1/34 (c)

99,992

101,630

4.437% 11/1/34 (c)

2,663,590

2,718,053

4.551% 8/1/34 (c)

386,016

396,753

4.826% 1/1/35 (c)

520,000

518,235

5% 11/1/34

13,970,576

13,946,192

5% 2/1/35 (b)

25,000,000

24,906,250

5.5% 9/1/13 to 2/1/34

28,215,322

28,936,348

5.5% 2/1/20 (b)

4,317,940

4,452,876

6% 9/1/17

7,283,169

7,626,717

6.5% 2/1/10 to 4/1/33

2,488,892

2,605,063

6.5% 2/1/20 (b)

200,000

211,563

7% 11/1/06 to 5/1/30

2,103,800

2,233,986

7.5% 2/1/28 to 7/1/28

18,396

19,741

8.5% 7/1/31

434,361

472,235

9.5% 11/1/06 to 11/15/09

183,223

199,780

11% 8/1/10

40,635

44,657

11.25% 5/1/14

18,736

20,999

11.5% 6/15/19

99,077

111,117

12.5% 3/1/16

8,141

9,204

126,066,022

Freddie Mac - 0.9%

4.232% 1/1/35 (c)

855,000

861,847

4.985% 8/1/33 (c)

125,000

127,963

5% 2/1/35 (b)

2,654,331

2,646,866

6% 2/1/29 to 5/1/29

1,228,485

1,269,984

7.5% 6/1/07 to 7/1/16

1,192,337

1,262,098

8.5% 7/1/22 to 9/1/29

345,201

379,124

9% 8/1/08 to 4/1/20

129,583

142,045

9.5% 6/1/09 to 8/1/21

747,631

822,125

10% 7/1/09 to 8/1/21

140,646

152,713

12% 8/1/13 to 3/1/15

17,726

19,909

12.25% 4/1/11 to 9/1/13

18,134

19,969

12.5% 2/1/14 to 6/1/19

74,802

83,665

13% 8/1/10 to 6/1/15

27,755

31,396

7,819,704

Government National Mortgage Association - 0.2%

6.5% 3/15/28 to 6/20/32

312,372

328,985

7.5% 8/15/06 to 6/15/07

256,620

267,010

8% 12/15/23

548,562

600,274

U.S. Government Agency - Mortgage Securities - continued

Principal Amount

Value

Government National Mortgage Association - continued

10.5% 4/15/14 to 1/15/18

$ 111,820

$ 124,284

13.5% 7/15/11

11,363

12,985

1,333,538

TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES

(Cost $134,190,450)

135,219,264

Collateralized Mortgage Obligations - 8.3%

U.S. Government Agency - 8.3%

Fannie Mae planned amortization class:

Series 1991-170 Class E, 8% 12/25/06

201,371

206,901

Series 1993-160 Class PK, 6.5% 11/25/22

2,933,380

2,947,695

Series 1993-240 Class PD, 6.25% 12/25/13

9,230,000

9,821,288

Series 1994-27 Class PJ, 6.5% 6/25/23

2,345,130

2,385,005

Series 1996-28 Class PK, 6.5% 7/25/25

684,300

729,718

Fannie Mae guaranteed REMIC pass thru certificates:

planned amortization class:

Series 2001-30 Class PL, 7% 2/25/31

4,055,191

4,127,990

Series 2002-25 Class PD, 6.5% 3/25/31

11,421,492

11,658,206

Series 2002-50 Class LE, 7% 12/25/29

301,405

305,641

Freddie Mac:

planned amortization class Series 2351 Class PX, 6.5% 7/15/30

1,622,530

1,629,968

sequential pay:

Series 2114 Class ZM, 6% 1/15/29

565,657

590,724

Series 2516 Class AH, 5% 1/15/16

360,366

365,221

Freddie Mac Multi-class participation certificates guaranteed:

planned amortization class:

Series 1141 Class G, 9% 9/15/21

672,748

671,928

Series 1727 Class H, 6.5% 8/15/23

5,200,000

5,286,669

Series 2435 Class GD, 6.5% 2/15/30

266,442

267,007

Series 2473 Class JB, 5.5% 2/15/29

171,540

171,513

Series 2690 Class TB, 4.5% 12/15/17

1,940,000

1,955,869

Series 2707 Class QD, 4.5% 5/15/17

3,090,000

3,086,838

Series 2763 Class PD, 4.5% 12/15/17

1,990,000

1,989,872

Series 2780 Class OC, 4.5% 3/15/17

960,000

964,596

Series 2828 Class JA, 4.5% 1/15/10

1,745,000

1,763,241

Series 2831 Class PB, 5% 7/15/19

985,000

996,838

Series 2885 Class PC, 4.5% 3/15/18

1,260,000

1,264,215

Collateralized Mortgage Obligations - continued

Principal Amount

Value

U.S. Government Agency - continued

Freddie Mac Multi-class participation certificates guaranteed: - continued

sequential pay:

Series 2448:

Class VH, 6.5% 5/15/18

$ 7,165,000

$ 7,307,940

Class XB, 6.5% 10/15/29

1,778,517

1,779,300

Series 2866 Class N, 4.5% 12/15/18

1,220,000

1,242,875

Series 2769 Class BU, 5% 3/15/34

1,752,334

1,733,698

target amortization class Series 2156 Class TC, 6.25% 5/15/29

4,277,802

4,427,714

Ginnie Mae guaranteed REMIC pass thru securities planned amortization class Series 2001-53 Class TA, 6% 12/20/30

325,278

327,094

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS

(Cost $69,763,430)

70,005,564

Cash Equivalents - 11.3%

Maturity Amount

Investments in repurchase agreements (Collateralized by U.S. Government Obligations, in a joint trading account at 2.51%, dated 1/31/05 due 2/1/05) (d)
(Cost $96,002,000)

$ 96,008,703

96,002,000

TOTAL INVESTMENT PORTFOLIO - 108.7%

(Cost $902,828,286)

918,511,751

NET OTHER ASSETS - (8.7)%

(73,742,186)

NET ASSETS - 100%

$ 844,769,565

Swap Agreements

Expiration Date

Notional Amount

Interest Rate Swap

Receive quarterly a fixed rate equal to 3.0037% and pay quarterly a floating rate based on 3-month LIBOR with Credit Suisse First Boston

Feb. 2007

$ 4,770,000

$ (49,804)

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 period end, the value of these securities amounted to $4,553,650 or 0.5% of net assets.

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

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

(d) Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement/
Counterparty

Value

$96,002,000 due 2/1/05 at 2.51%

Banc of America Securities LLC.

$ 23,347,856

Bank of America, National Association

7,982,173

Barclays Capital Inc.

23,946,518

Countrywide Securities Corporation

1,795,989

Deutsche Bank Securities Inc.

997,772

Goldman Sachs & Co.

5,986,630

Morgan Stanley & Co. Incorporated.

4,805,675

Societe Generale, New York Branch

2,195,098

UBS Securities LLC

13,968,802

Wachovia Capital Markets, LLC

8,979,944

WestLB AG

1,995,543

$ 96,002,000

Income Tax Information

At January 31, 2005, the aggregate cost of investment securities for income tax purposes was $903,565,245. Net unrealized appreciation aggregated $14,946,506, of which $18,870,175 related to appreciated investment securities and $3,923,669 related to depreciated investment securities.

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 Corp.

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Short Term Bond Fund

January 31, 2005

STP-QTLY-0305

1.813036.100

Investments January 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 21.0%

Principal
Amount (000s)

Value
(000s)

CONSUMER DISCRETIONARY - 3.1%

Auto Components - 0.5%

DaimlerChrysler NA Holding Corp.:

2.96% 5/24/06 (f)

$ 8,000

$ 8,034

4.05% 6/4/08

3,165

3,149

4.75% 1/15/08

15,135

15,389

26,572

Media - 2.6%

British Sky Broadcasting Group PLC (BSkyB) yankee 7.3% 10/15/06

11,690

12,356

Continental Cablevision, Inc.:

8.3% 5/15/06

22,050

23,262

9% 9/1/08

6,600

7,652

Cox Communications, Inc.:

6.4% 8/1/08

3,170

3,382

6.875% 6/15/05

9,757

9,882

7.75% 8/15/06

8,445

8,923

Liberty Media Corp. 3.99% 9/17/06 (f)

27,550

27,872

News America, Inc. 6.625% 1/9/08

15,595

16,710

TCI Communications, Inc. 8% 8/1/05

14,250

14,579

Univision Communications, Inc.:

3.5% 10/15/07

2,515

2,477

3.875% 10/15/08

1,915

1,894

128,989

TOTAL CONSUMER DISCRETIONARY

155,561

CONSUMER STAPLES - 0.8%

Food Products - 0.5%

ConAgra Foods, Inc. 6% 9/15/06

4,400

4,559

Kraft Foods, Inc. 5.25% 6/1/07

17,025

17,556

22,115

Tobacco - 0.3%

Altria Group, Inc. 5.625% 11/4/08

9,500

9,833

Philip Morris Companies, Inc. 6.375% 2/1/06

6,000

6,129

15,962

TOTAL CONSUMER STAPLES

38,077

Nonconvertible Bonds - continued

Principal
Amount (000s)

Value
(000s)

ENERGY - 1.1%

Energy Equipment & Services - 0.1%

Cooper Cameron Corp. 2.65% 4/15/07

$ 6,415

$ 6,228

Oil & Gas - 1.0%

Canadian Oil Sands Ltd. 4.8% 8/10/09 (b)

7,435

7,526

Enterprise Products Operating LP:

4% 10/15/07 (b)

5,520

5,493

4.625% 10/15/09 (b)

2,015

2,010

Kerr-McGee Corp. 5.375% 4/15/05

8,000

8,035

Kinder Morgan Energy Partners LP 5.35% 8/15/07

8,100

8,341

Pemex Project Funding Master Trust 6.125% 8/15/08

15,990

16,797

48,202

TOTAL ENERGY

54,430

FINANCIALS - 8.5%

Capital Markets - 0.8%

ABN-AMRO Bank NV, Chicago 7.25% 5/31/05

3,680

3,731

Bank of New York Co., Inc.:

3.4% 3/15/13 (f)

14,750

14,334

4.25% 9/4/12 (f)

7,460

7,473

Goldman Sachs Group LP 7.2% 11/1/06 (b)

1,500

1,590

Lehman Brothers Holdings, Inc.:

4% 1/22/08

4,970

4,983

6.625% 2/5/06

1,000

1,032

Merrill Lynch & Co., Inc. 3.7% 4/21/08

6,910

6,882

Morgan Stanley:

3.625% 4/1/08

425

422

5.8% 4/1/07

1,500

1,565

42,012

Commercial Banks - 0.7%

Bank of America Corp.:

7.125% 9/15/06

8,850

9,344

7.4% 1/15/11

485

562

Corporacion Andina de Fomento yankee 7.25% 3/1/07

4,435

4,703

Korea Development Bank:

3.875% 3/2/09

12,600

12,394

4.75% 7/20/09

5,500

5,589

Mellon Bank NA, Pittsburgh 6.5% 8/1/05

3,250

3,299

35,891

Nonconvertible Bonds - continued

Principal
Amount (000s)

Value
(000s)

FINANCIALS - continued

Consumer Finance - 2.3%

American General Finance Corp. 4.5% 11/15/07

$ 5,200

$ 5,281

Ford Motor Credit Co.:

4.95% 1/15/08

5,860

5,811

6.5% 1/25/07

37,900

39,017

General Motors Acceptance Corp.:

3.68% 9/23/08 (f)

5,000

4,832

5.625% 5/15/09

11,785

11,522

6.125% 9/15/06

10,000

10,164

6.75% 1/15/06

13,420

13,717

Household Finance Corp.:

4.125% 12/15/08

4,170

4,175

4.75% 5/15/09

8,978

9,177

Household International, Inc. 8.875% 2/15/08

10,500

11,053

114,749

Diversified Financial Services - 1.2%

Citigroup, Inc. 6.75% 12/1/05

20,400

20,981

Duke Capital LLC 4.331% 11/16/06

11,175

11,279

J.P. Morgan & Co., Inc. 6.25% 1/15/09

4,935

5,304

J.P. Morgan Chase & Co. 5.625% 8/15/06

16,150

16,658

Prime Property Funding II 6.25% 5/15/07 (b)

6,000

6,304

60,526

Insurance - 0.6%

Allstate Corp. 7.875% 5/1/05

5,945

6,016

MetLife, Inc. 3.911% 5/15/05

14,850

14,899

St. Paul Travelers Companies, Inc. 5.75% 3/15/07

3,818

3,955

Travelers Property Casualty Corp. 3.75% 3/15/08

2,830

2,794

27,664

Real Estate - 2.4%

AMB Property LP 7.2% 12/15/05

5,040

5,196

Arden Realty LP 8.875% 3/1/05

9,925

9,970

AvalonBay Communities, Inc. 5% 8/1/07

5,260

5,376

BRE Properties, Inc. 5.95% 3/15/07

3,310

3,435

Camden Property Trust:

4.375% 1/15/10

5,440

5,406

5.875% 6/1/07

3,305

3,437

CarrAmerica Realty Corp. 5.25% 11/30/07

12,115

12,439

CenterPoint Properties Trust 6.75% 4/1/05

1,530

1,539

Duke Realty LP 6.875% 3/15/05

4,100

4,119

Nonconvertible Bonds - continued

Principal
Amount (000s)

Value
(000s)

FINANCIALS - continued

Real Estate - continued

EOP Operating LP:

6.625% 2/15/05

$ 3,200

$ 3,205

6.763% 6/15/07

8,650

9,160

7.75% 11/15/07

3,100

3,399

8.375% 3/15/06

5,700

5,981

Gables Realty LP:

5.75% 7/15/07

9,104

9,412

7.25% 2/15/06

10,600

10,904

Merry Land & Investment Co., Inc. 7.25% 6/15/05

2,400

2,435

Simon Property Group LP:

4.875% 8/15/10

9,810

9,987

6.875% 11/15/06

14,862

15,647

121,047

Thrifts & Mortgage Finance - 0.5%

Abbey National PLC 6.69% 10/17/05

900

920

Countrywide Home Loans, Inc.:

2.89% 6/2/06 (f)

5,250

5,274

5.5% 8/1/06

735

755

5.625% 5/15/07

3,765

3,910

Washington Mutual, Inc. 4.375% 1/15/08

14,450

14,604

25,463

TOTAL FINANCIALS

427,352

INDUSTRIALS - 0.7%

Aerospace & Defense - 0.2%

Northrop Grumman Corp. 4.079% 11/16/06

10,500

10,566

Air Freight & Logistics - 0.0%

Federal Express Corp. pass thru trust certificates 7.53% 9/23/06

1,668

1,693

Airlines - 0.1%

Continental Airlines, Inc. pass thru trust certificates 6.32% 11/1/08

2,575

2,567

Delta Air Lines, Inc. pass thru trust certificates 7.379% 5/18/10

4,357

4,193

6,760

Nonconvertible Bonds - continued

Principal
Amount (000s)

Value
(000s)

INDUSTRIALS - continued

Industrial Conglomerates - 0.4%

Tyco International Group SA yankee 5.8% 8/1/06

$ 16,640

$ 17,131

TOTAL INDUSTRIALS

36,150

INFORMATION TECHNOLOGY - 0.5%

Communications Equipment - 0.5%

Motorola, Inc. 4.608% 11/16/07

24,000

24,352

MATERIALS - 0.3%

Containers & Packaging - 0.1%

Sealed Air Corp. 6.95% 5/15/09 (b)

4,365

4,787

Paper & Forest Products - 0.2%

International Paper Co. 4.25% 1/15/09

1,970

1,973

Weyerhaeuser Co. 5.95% 11/1/08

8,849

9,402

11,375

TOTAL MATERIALS

16,162

TELECOMMUNICATION SERVICES - 4.2%

Diversified Telecommunication Services - 3.6%

BellSouth Corp. 4.2% 9/15/09

7,115

7,101

British Telecommunications PLC 7.875% 12/15/05

19,385

20,124

Deutsche Telekom International Finance BV:

3.875% 7/22/08

8,525

8,467

8.25% 6/15/05

22,780

23,198

France Telecom SA 7.95% 3/1/06 (a)

12,520

13,077

Koninklijke KPN NV yankee 8% 10/1/10

11,650

13,676

Sprint Capital Corp. 6% 1/15/07

11,760

12,224

Telecom Italia Capital 4% 11/15/08

31,210

30,964

Telefonica Europe BV 7.35% 9/15/05

935

959

Telefonos de Mexico SA de CV 4.75% 1/27/10 (b)

8,960

8,983

TELUS Corp. yankee 7.5% 6/1/07

11,685

12,617

Verizon Global Funding Corp.:

6.125% 6/15/07

12,295

12,956

7.25% 12/1/10

13,925

15,894

180,240

Wireless Telecommunication Services - 0.6%

America Movil SA de CV 4.125% 3/1/09

17,610

17,366

Nonconvertible Bonds - continued

Principal
Amount (000s)

Value
(000s)

TELECOMMUNICATION SERVICES - continued

Wireless Telecommunication Services - continued

AT&T Wireless Services, Inc.:

7.35% 3/1/06

$ 4,900

$ 5,100

7.5% 5/1/07

7,142

7,708

30,174

TOTAL TELECOMMUNICATION SERVICES

210,414

UTILITIES - 1.8%

Electric Utilities - 1.6%

Detroit Edison Co. 5.05% 10/1/05

2,940

2,977

DTE Energy Co. 6.45% 6/1/06

8,755

9,064

Duke Capital LLC:

4.302% 5/18/06

3,330

3,362

4.37% 3/1/09

9,565

9,597

FirstEnergy Corp. 5.5% 11/15/06

21,660

22,272

FPL Group Capital, Inc. 3.25% 4/11/06

3,640

3,633

MidAmerican Energy Holdings, Inc. 4.625% 10/1/07

4,180

4,235

Monongahela Power Co. 5% 10/1/06

5,685

5,766

Pacific Gas & Electric Co. 3.26% 4/3/06 (f)

3,724

3,728

Progress Energy, Inc. 6.75% 3/1/06

13,700

14,156

Southwestern Public Service Co. 5.125% 11/1/06

3,900

3,988

82,778

Gas Utilities - 0.2%

Consolidated Natural Gas Co. 7.375% 4/1/05

4,900

4,935

NiSource Finance Corp. 3.2% 11/1/06

4,940

4,876

9,811

TOTAL UTILITIES

92,589

TOTAL NONCONVERTIBLE BONDS

(Cost $1,050,017)

1,055,087

U.S. Government and Government Agency Obligations - 18.9%

U.S. Government Agency Obligations - 12.1%

Fannie Mae:

0% 2/16/05 (d)

6,800

6,793

3.125% 12/15/07

50,000

49,264

6% 5/15/08

137,868

147,367

U.S. Government and Government Agency Obligations - continued

Principal
Amount (000s)

Value
(000s)

U.S. Government Agency Obligations - continued

Freddie Mac:

2.7% 3/16/07

$ 84,000

$ 82,664

2.75% 10/15/06

230,000

227,571

2.85% 2/23/07

85,000

83,894

3.5% 9/15/07

11,325

11,304

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS

608,857

U.S. Treasury Obligations - 6.8%

U.S. Treasury Bonds 12% 8/15/13

61,275

78,327

U.S. Treasury Notes:

1.625% 2/28/06

74,920

73,834

2.375% 8/31/06

111,000

109,647

3.5% 11/15/06

955

959

4.375% 5/15/07

79,430

81,254

TOTAL U.S. TREASURY OBLIGATIONS

344,021

TOTAL U.S. GOVERNMENT AND
GOVERNMENT AGENCY OBLIGATIONS

(Cost $964,628)

952,878

U.S. Government Agency - Mortgage Securities - 8.1%

Fannie Mae - 6.6%

3.737% 1/1/35 (f)

1,446

1,447

3.827% 12/1/34 (f)

300

300

3.83% 1/1/35 (f)

1,025

1,027

3.836% 6/1/33 (f)

715

714

3.878% 6/1/33 (f)

4,345

4,345

3.913% 12/1/34 (f)

875

879

3.939% 10/1/34 (f)

1,313

1,323

3.971% 11/1/34 (f)

1,912

1,929

3.98% 1/1/35 (f)

1,300

1,307

3.987% 12/1/34 (f)

1,180

1,189

4% 1/1/35 (f)

800

806

4.017% 12/1/34 (f)

6,475

6,441

4.021% 12/1/34 (f)

975

979

4.025% 1/1/35 (f)

1,800

1,810

4.029% 1/1/35 (f)

425

427

4.038% 12/1/34 (f)

635

643

4.048% 1/1/35 (f)

825

829

U.S. Government Agency - Mortgage Securities - continued

Principal
Amount (000s)

Value
(000s)

Fannie Mae - continued

4.052% 2/1/35 (f)

$ 825

$ 830

4.072% 12/1/34 (f)

1,697

1,727

4.105% 1/1/35 (f)

1,831

1,848

4.118% 1/1/35 (f)

1,875

1,888

4.118% 2/1/35 (f)

575

580

4.12% 2/1/35 (f)

1,600

1,612

4.127% 1/1/35 (f)

1,845

1,859

4.128% 2/1/35 (f)

3,275

3,298

4.145% 2/1/35 (f)

2,000

1,991

4.17% 11/1/34 (f)

1,668

1,680

4.197% 1/1/35 (f)

1,500

1,515

4.2% 1/1/35 (f)

3,644

3,678

4.23% 11/1/34 (f)

544

550

4.324% 12/1/34 (f)

625

635

4.5% 2/1/20 (c)

93,500

93,237

4.551% 8/1/34 (f)

2,203

2,264

4.826% 1/1/35 (f)

3,055

3,045

5.5% 12/1/13 to 3/1/19

57,090

58,975

5.5% 2/1/20 (c)

34,275

35,346

6% 7/1/11

1,789

1,875

6.5% 5/1/06 to 2/1/32

67,302

71,054

6.5% 2/1/20 (c)

267

282

7% 9/1/07 to 5/1/32

11,263

11,912

7.5% 6/1/12 to 11/1/31

850

901

11.5% 11/1/15

300

338

TOTAL FANNIE MAE

329,315

Freddie Mac - 1.3%

4% 2/1/20 (c)

60,000

58,669

4.232% 1/1/35 (f)

1,600

1,613

4.364% 1/1/35 (f)

3,550

3,585

4.985% 8/1/33 (f)

725

742

8.5% 5/1/27 to 7/1/28

809

886

12% 11/1/19

58

64

TOTAL FREDDIE MAC

65,559

Government National Mortgage Association - 0.2%

7% 11/15/27 to 8/15/32

10,539

11,204

TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES

(Cost $404,757)

406,078

Asset-Backed Securities - 21.0%

Principal
Amount (000s)

Value
(000s)

Accredited Mortgage Loan Trust:

Series 2003-2 Class A1, 4.23% 10/25/33

$ 7,465

$ 7,365

Series 2003-3 Class A1, 4.46% 1/25/34

6,984

6,946

Series 2004-2 Class A2, 2.83% 7/25/34 (f)

9,426

9,425

Series 2004-4:

Class A2D, 2.88% 1/25/35 (f)

4,038

4,038

Class M2, 3.58% 1/25/35 (f)

1,350

1,350

Class M3, 3.78% 1/25/35 (f)

525

525

ACE Securities Corp.:

Series 2002-HE1 Class A, 2.87% 6/25/32 (f)

565

566

Series 2003-HE1:

Class A2, 2.94% 11/25/33 (f)

6,024

6,046

Class M1, 3.18% 11/25/33 (f)

1,965

1,981

Class M2, 4.23% 11/25/33 (f)

1,228

1,260

Series 2004-HE1 Class A2B, 2.98% 2/25/34 (f)

6,810

6,814

American Express Credit Account Master Trust
Series 2004-C Class C, 2.98% 2/15/12 (b)(f)

14,500

14,527

AmeriCredit Automobile Receivables Trust:

Series 2001-B Class A4, 5.37% 6/12/08

10,519

10,627

Series 2003-CF Class A4, 3.48% 5/6/10

8,465

8,448

Series 2004-1:

Class A3, 3.22% 7/6/08

3,975

3,967

Class B, 3.7% 1/6/09

675

673

Class C, 4.22% 7/6/09

720

721

Class D, 5.07% 7/6/10

5,065

5,140

Series 2004-CA Class A4, 3.61% 5/6/11

2,505

2,492

Ameriquest Mortgage Securities, Inc.:

Series 2002-AR1 Class M1, 3.24% 9/25/32 (f)

6,260

6,272

Series 2003-3 Class S, 5% 9/25/05 (h)

12,709

205

Series 2003-7 Class M1, 3.38% 8/25/33 (f)

2,945

2,972

Series 2004-R10 Class M1, 3.23% 11/25/34 (f)

5,485

5,516

Series 2004-R11 Class M1, 3.19% 11/25/34 (f)

8,015

8,050

Amortizing Residential Collateral Trust:

Series 2002-BC3 Class A, 2.86% 6/25/32 (f)

2,108

2,113

Series 2002-BC7 Class M1, 3.33% 10/25/32 (f)

6,600

6,633

Argent Securities, Inc.:

Series 2003-W3:

Class AV1B, 2.98% 9/25/33 (f)

795

799

Class AV2, 2.93% 9/25/33 (f)

735

738

Class M2, 4.33% 9/25/33 (f)

14,400

14,895

Asset-Backed Securities - continued

Principal
Amount (000s)

Value
(000s)

Argent Securities, Inc.: - continued

Series 2003-W6 Class AV2, 2.9% 1/25/34 (f)

$ 6,948

$ 6,959

Series 2003-W7:

Class A2, 2.92% 3/1/34 (f)

7,180

7,197

Class M1, 3.22% 3/1/34 (f)

11,700

11,804

Series 2003-W9 Class M1, 3.22% 3/25/34 (f)

8,200

8,276

Series 2004-W5 Class M1, 3.13% 4/25/34 (f)

3,990

3,995

Asset Backed Securities Corp. Home Equity Loan Trust:

Series 2002-HE3 Class 2A, 2.88% 10/15/32 (f)

107

107

Series 2003-HE2 Class A2, 2.86% 4/15/33 (f)

4,174

4,179

Series 2003-HE3 Class A2, 2.83% 6/15/33 (f)

678

678

Series 2003-HE5 Class A2B, 4% 8/15/33

1,812

1,783

Series 2003-HE7 Class A3, 2.84% 12/15/33 (f)

6,213

6,234

Series 2004-HE3 Class M2, 3.65% 6/25/34 (f)

3,325

3,326

Series 2005-HE2:

Class M1, 2.99% 3/25/35 (c)(f)

7,116

7,116

Class M2, 3.04% 3/25/35 (c)(f)

1,780

1,780

Bank One Issuance Trust:

Series 2002-B2 Class B2, 2.82% 5/15/08 (f)

6,600

6,606

Series 2002-C2 Class C2, 3.47% 5/15/08 (f)

34,415

34,559

Bayview Financial Asset Trust Series 2000-F Class A, 2.5% 9/28/43 (f)

9,449

9,464

Bayview Financial Mortgage Loan Trust Series 2004-A Class A, 2.45% 2/28/44 (f)

7,236

7,244

Bear Stearns Asset Backed Securities I Series 2004-HE8:

Class M1, 3.18% 9/25/34 (f)

7,205

7,215

Class M2, 3.73% 9/25/34 (f)

3,570

3,539

Capital Auto Receivables Asset Trust:

Series 2002-4, Class CTFS, 2.62% 3/17/08

4,429

4,404

Series 2002-5 Class B, 2.8% 4/15/08

4,168

4,151

Capital One Auto Finance Trust Series 2002-A Class A4, 4.79% 1/15/09

11,800

11,890

Capital One Master Trust:

Series 1999-3 Class B, 2.96% 9/15/09 (f)

5,500

5,508

Series 2001-1 Class B, 2.99% 12/15/10 (f)

8,715

8,792

Series 2001-8A Class A, 4.6% 8/17/09

7,450

7,574

Series 2002-3A Class B, 4.55% 2/15/08

12,750

12,776

Capital One Multi-Asset Execution Trust:

Series 2002-B1 Class B1, 3.16% 7/15/08 (f)

8,935

8,955

Series 2003-B1 Class B1, 3.65% 2/17/09 (f)

20,015

20,245

Asset-Backed Securities - continued

Principal
Amount (000s)

Value
(000s)

CDC Mortgage Capital Trust Series 2002-HE2:

Class A, 2.82% 1/25/33 (f)

$ 315

$ 315

Class M1, 3.23% 1/25/33 (f)

5,000

5,024

Chase Credit Card Master Trust Series 2003-6 Class B, 2.83% 2/15/11 (f)

9,850

9,936

Chase Credit Card Owner Trust:

Series 2002-2 Class C, 3.38% 7/16/07 (f)

12,735

12,750

Series 2004-1 Class B, 2.68% 5/15/09 (f)

4,125

4,125

Chase Issuance Trust Series 2004-C3 Class C3, 2.95% 6/15/12 (f)

13,025

13,054

Citibank Credit Card Issuance Trust:

Series 2000-C2 Class C2, 3.31% 10/15/07 (f)

13,600

13,630

Series 2002-C1 Class C1, 3.2% 2/9/09 (f)

13,600

13,785

Series 2003-C1 Class C1, 3.69% 4/7/10 (f)

12,200

12,496

Citigroup Mortgage Loan Trust Series 2003-HE4
Class A, 2.94% 12/25/33 (b)(f)

9,721

9,722

Countrywide Home Loans, Inc.:

Series 2004-2:

Class 3A4, 2.78% 7/25/34 (f)

8,285

8,285

Class M1, 3.03% 5/25/34 (f)

5,200

5,200

Series 2004-3 Class 3A4, 2.78% 8/25/34 (f)

12,410

12,343

Series 2004-4:

Class A, 2.9% 8/25/34 (f)

4,048

4,051

Class M1, 3.01% 7/25/34 (f)

3,650

3,663

Class M2, 3.06% 6/25/34 (f)

4,405

4,422

CS First Boston Mortgage Securities Corp.
Series 2004-FRE1 Class A2, 2.88% 4/25/34 (f)

4,591

4,591

Discover Card Master Trust I Series 2003-4 Class B1, 2.81% 5/16/11 (f)

8,065

8,116

Fannie Mae guaranteed REMIC pass thru certificates Series 2004-T5:

Class AB1, 2.78% 5/28/35 (f)

11,333

11,319

Class AB3, 2.922% 5/28/35 (f)

9,925

9,934

Class AB8, 2.88% 5/28/35 (f)

9,898

9,903

First USA Secured Note Trust Series 2001-3 Class C, 3.55% 11/19/08 (b)(f)

12,045

12,130

Ford Credit Auto Owner Trust Series 2005-A Class A4, 3.77% 10/15/09

15,900

15,873

Fremont Home Loan Trust:

Series 2004-1:

Class M1, 2.98% 2/25/34 (f)

750

750

Class M2, 3.03% 2/25/34 (f)

800

800

Asset-Backed Securities - continued

Principal
Amount (000s)

Value
(000s)

Fremont Home Loan Trust: - continued

Series 2004-A Class M2, 3.68% 1/25/34 (f)

$ 5,150

$ 5,150

Series 2004-C Class 2A2, 3.08% 8/25/34 (f)

9,730

9,779

Series 2004-D:

Class M4, 3.48% 11/25/34 (f)

1,160

1,165

Class M5, 3.53% 11/25/34 (f)

965

967

Class M6, 3.73% 11/25/34 (f)

1,060

1,053

Greenpoint Credit LLC Series 2001-1 Class 1A, 2.84% 4/20/32 (f)

4,753

4,738

GS Mortgage Securities Corp.:

Series 2003-HE1 Class M2, 4.4% 6/20/33 (f)

9,268

9,482

Series 2003-HE2 Class M1, 3.18% 8/25/33 (f)

2,985

3,003

GSAMP Trust Series 2002-NC1 Class A2, 2.85% 7/25/32 (f)

779

786

Harwood Street Funding I LLC Series 2004-1A
Class CTFS, 4.5% 9/20/09 (b)(f)

14,800

14,800

Home Equity Asset Trust:

Series 2002-2 Class A4, 2.88% 6/25/32 (f)

1,410

1,411

Series 2002-4 Class M2, 4.58% 3/25/33 (f)

1,875

1,906

Series 2002-5 Class A3, 3.05% 5/25/33 (f)

3,169

3,189

Series 2003-3 Class A4, 2.99% 2/25/33 (f)

2,458

2,471

Series 2003-5 Class A2, 2.88% 12/25/33 (f)

7,987

8,011

Series 2003-7 Class A2, 2.91% 3/25/34 (f)

8,390

8,419

Series 2003-8 Class M1, 3.25% 4/25/34 (f)

3,860

3,894

Series 2004-1 Class M2, 3.73% 6/25/34 (f)

3,075

3,102

Series 2004-2 Class A2, 2.82% 7/25/34 (f)

5,362

5,362

Series 2004-3:

Class M1, 3.1% 8/25/34 (f)

2,035

2,035

Class M2, 3.73% 8/25/34 (f)

2,220

2,220

Class M3, 3.98% 8/25/34 (f)

950

950

Series 2004-6 Class A2, 2.88% 12/25/34 (f)

9,035

9,059

Home Equity Asset Trust NIMS Trust:

Series 2003-2N Class A, 8% 9/27/33 (b)

278

278

Series 2003-5N Class A, 7.5% 1/27/34 (b)

127

128

Household Automotive Trust Series 2004-1 Class A4, 3.93% 7/18/11

4,630

4,613

Household Home Equity Loan Trust:

Series 2002-3 Class A, 2.95% 7/20/32 (f)

2,337

2,342

Series 2003-2 Class M, 3.08% 9/20/33 (f)

1,876

1,882

Household Mortgage Loan Trust:

Series 2003-HC2 Class M, 3.1% 6/20/33 (f)

3,988

3,992

Series 2004-HC1 Class A, 2.85% 2/20/34 (f)

7,040

7,054

Asset-Backed Securities - continued

Principal
Amount (000s)

Value
(000s)

Household Private Label Credit Card Master Note Trust I:

Series 2002-2 Class B, 3.03% 1/18/11 (f)

$ 5,900

$ 5,941

Series 2002-3 Class B, 3.73% 9/15/09 (f)

6,750

6,794

MBNA Credit Card Master Note Trust:

Series 2001-B1 Class B1, 2.855% 10/15/08 (f)

7,800

7,818

Series 2001-B2 Class B2, 2.84% 1/15/09 (f)

23,897

23,983

Series 2002-B1 Class B1, 5.15% 7/15/09

5,235

5,365

Series 2002-B2 Class B2, 2.86% 10/15/09 (f)

19,400

19,508

Series 2002-B3 Class B3, 2.88% 1/15/08 (f)

6,450

6,456

MBNA Master Credit Card Trust II:

Series 1998-E Class B, 2.99% 9/15/10 (f)

8,000

8,051

Series 1998-G Class B, 2.88% 2/17/09 (f)

9,200

9,228

Series 2000-L Class B, 2.98% 4/15/10 (f)

3,350

3,377

Meritage Mortgage Loan Trust Series 2004-1 Class M1, 3.03% 7/25/34 (f)

2,105

2,105

Merrill Lynch Mortgage Investors, Inc.:

Series 2003-OPT1 Class M1, 3.18% 7/25/34 (f)

5,235

5,277

Series 2004-CB6 Class A1, 2.86% 7/25/35 (f)

7,797

7,816

Morgan Stanley ABS Capital I, Inc.:

Series 2003-HE1 Class M2, 4.43% 5/25/33 (f)

1,575

1,596

Series 2003-NC5 Class M2, 4.53% 4/25/33 (f)

2,800

2,850

Series 2004-HE6 Class A2, 2.87% 8/25/34 (f)

8,730

8,732

Morgan Stanley Dean Witter Capital I Trust:

Series 2001-NC4 Class M1, 3.53% 1/25/32 (f)

5,522

5,560

Series 2002-AM3 Class A3, 3.02% 2/25/33 (f)

1,966

1,970

Series 2002-NC1 Class M1, 3.33% 2/25/32 (b)(f)

3,595

3,627

Series 2003-NC1 Class M1, 3.58% 11/25/32 (f)

2,575

2,601

Series 2003-NC2 Class M2, 4.53% 2/25/33 (f)

2,840

2,908

National Collegiate Funding LLC Series 2004-GT1
Class IO1, 7.87% 6/25/10 (b)(f)(h)

7,900

2,926

National Collegiate Student Loan Trust Series 2004-2 Class AIO, 9.75% 10/25/14 (h)

7,415

4,029

Nissan Auto Receivables OwnerTrust Series 2005-A Class A4, 3.82% 7/15/10

4,730

4,729

Onyx Acceptance Owner Trust Series 2002-C Class A4, 4.07% 4/15/09

5,740

5,766

Park Place Securities NIM Trust Series 2004-WHQN2 Class A, 4% 2/25/35 (b)

10,499

10,483

Park Place Securities, Inc.:

Series 2004 WWF1 Class M4, 3.63% 1/25/35 (f)

7,490

7,667

Asset-Backed Securities - continued

Principal
Amount (000s)

Value
(000s)

Park Place Securities, Inc.: - continued

Series 2004-WCW1:

Class M1, 3.16% 9/25/34 (f)

$ 2,590

$ 2,608

Class M2, 3.21% 9/25/34 (f)

1,545

1,560

Class M3, 3.78% 9/25/34 (f)

2,950

2,951

Series 2004-WCW2 Class A2, 2.91% 10/25/34 (f)

10,546

10,582

Series 2004-WHQ2 Class A3E, 2.95% 2/25/35 (f)

8,448

8,448

Providian Gateway Master Trust Series 2002-B Class A, 3.18% 6/15/09 (b)(f)

8,200

8,249

Residential Asset Mortgage Products, Inc.:

Series 2003-RZ2 Class A1, 3.6% 4/25/33

4,905

4,884

Series 2004-RS10 Class MII2, 3.78% 10/25/34 (f)

10,200

10,326

Salomon Brothers Mortgage Securities VII, Inc.
Series 2003-UP1 Class A, 3.45% 4/25/32 (b)

4,293

4,197

Sears Credit Account Master Trust II:

Series 2002-4 Class B, 2.905% 8/18/09 (f)

6,420

6,429

Series 2002-5 Class B, 3.73% 11/17/09 (f)

13,000

13,023

Securitized Asset Backed Receivables LLC Trust
Series 2004-NC1:

Class A2, 2.78% 2/25/34 (f)

8,564

8,564

Class M1, 3.05% 2/25/34 (f)

2,920

2,924

SLM Private Credit Student Loan Trust:

Series 2004 B Class A2, 2.69% 6/15/21 (f)

8,200

8,242

Series 2004-A:

Class B, 3.07% 6/15/33 (f)

2,100

2,126

Class C, 3.44% 6/15/33 (f)

4,915

4,972

Series 2004-B Class C, 3.36% 9/15/33 (f)

8,600

8,599

Superior Wholesale Inventory Financing Trust VII Series 2003-A8 Class CTFS, 2.93% 3/15/11 (b)(f)

11,595

11,626

Terwin Mortgage Trust:

Series 2003-4HE Class A1, 2.96% 9/25/34 (f)

8,671

8,716

Series 2003-8HE Class A, 3% 12/25/34 (f)

3,568

3,570

Series 2004-1HE Class A1, 3.04% 2/25/35 (b)(f)

3,480

3,487

Triad Auto Receivables Owner Trust Series 2002-A
Class A4, 3.24% 8/12/09

8,795

8,787

Volkswagen Auto Lease Trust Series 2004-A Class A3, 2.84% 7/20/07

10,460

10,371

WFS Financial Owner Trust:

Series 2004-3 Class A4, 3.93% 2/17/12

15,000

15,001

Series 2004-4 Class D, 3.58% 5/17/12

4,335

4,316

Series 2005-1:

Class A3, 3.59% 10/19/09

13,515

13,493

Asset-Backed Securities - continued

Principal
Amount (000s)

Value
(000s)

WFS Financial Owner Trust: - continued

Class D, 4.25% 8/15/12

$ 3,230

$ 3,225

World Omni Auto Receivables Trust Series 2005-A Class A3, 3.54% 6/12/09 (c)

4,190

4,190

TOTAL ASSET-BACKED SECURITIES

(Cost $1,056,398)

1,059,547

Collateralized Mortgage Obligations - 10.0%

Private Sponsor - 8.3%

Adjustable Rate Mortgage Trust floater:

Series 2004-1 Class 9A2, 2.93% 1/25/34 (f)

6,065

6,070

Series 2004-2 Class 7A3, 2.93% 2/25/35 (f)

11,148

11,183

Series 2004-4 Class 5A2, 2.93% 3/25/35 (f)

4,680

4,684

Bear Stearns Alt-A Trust floater Series 2005-1 Class A1, 2.8388% 1/25/35 (f)

5,000

5,000

Countrywide Home Loans, Inc. sequential pay:

Series 2002-25 Class 2A1, 5.5% 11/27/17

4,595

4,620

Series 2002-32 Class 2A3, 5% 1/25/18

1,131

1,136

CS First Boston Mortgage Securities Corp. floater:

Series 2004-AR4 Class 5A2, 2.9% 5/25/34 (f)

3,156

3,154

Series 2004-AR5 Class 11A2, 2.9% 6/25/34 (f)

4,374

4,365

Series 2004-AR8 Class 8A2, 2.91% 9/25/34 (f)

6,208

6,216

Granite Mortgages PLC floater:

Series 2004-1 Class 1C, 3.41% 3/20/44 (f)

4,125

4,140

Series 2004-2:

Class 1A2, 2.58% 6/20/28 (f)

9,200

9,197

Class 1C, 3.21% 6/20/44 (f)

4,075

4,083

Holmes Financing No. 8 PLC floater:

Series 1 Class B, 2.77% 7/15/40 (f)

2,050

2,049

Series 2:

Class A, 2.72% 4/15/11 (f)

17,350

17,343

Class B, 2.81% 7/15/40 (f)

2,700

2,701

Class C, 3.36% 7/15/40 (f)

6,205

6,218

Homestar Mortgage Acceptance Corp. floater
Series 2004-5 Class A1, 2.98% 10/25/34 (f)

10,799

10,830

Impac CMB Trust floater:

Series 2004-6 Class 1A2, 2.92% 10/25/34 (f)

3,900

3,896

Series 2004-9:

Class M2, 3.0675% 1/25/35 (f)

3,851

3,864

Class M3, 3.23% 1/25/35 (f)

2,853

2,858

Class M4, 3.58% 1/25/35 (f)

1,456

1,459

Collateralized Mortgage Obligations - continued

Principal
Amount (000s)

Value
(000s)

Private Sponsor - continued

Impac CMB Trust floater: - continued

Series 2005-1:

Class M1, 3.0288% 4/25/35 (f)

$ 3,075

$ 3,075

Class M2, 3.0588% 4/25/35 (f)

5,370

5,370

Class M3, 3.1088% 4/25/35 (f)

1,320

1,320

Master Alternative Loan Trust Series 2004-3 Class 3A1, 6% 4/25/34

1,732

1,771

Master Seasoned Securitization Trust Series 2004-1 Class 1A1, 6.25% 8/25/17 (f)

7,208

7,458

MASTR Adjustable Rate Mortgages Trust floater
Series 2005-1 Class 1A1, 2.82% 3/25/35 (f)

14,710

14,710

Merrill Lynch Mortgage Investors, Inc.:

floater:

Series 2003-A Class 2A1, 2.92% 3/25/28 (f)

13,899

13,975

Series 2003-F Class A2, 2.46% 10/25/28 (f)

16,368

16,348

Series 2004-B Class A2, 2.8669% 6/25/29 (f)

10,805

10,780

Series 2004-C Class A2, 3.07% 7/25/29 (f)

15,389

15,356

Series 2004-D Class A2, 2.34% 9/25/29 (f)

11,133

11,121

Series 2003-E Class XA1, 1% 10/25/28 (f)(h)

55,295

780

Series 2003-G Class XA1, 1% 1/25/29 (h)

48,491

713

Series 2003-H Class XA1, 1% 1/25/29 (b)(h)

42,202

626

Mortgage Asset Backed Securities Trust:

floater Series 2002-NC1:

Class A2, 2.97% 10/25/32 (f)

545

546

Class M1, 3.38% 10/25/32 (f)

9,800

9,851

Series 2002-NC1 Class S, 6% 4/25/05 (h)

9,439

90

MortgageIT Trust floater Series 2004-2:

Class A1, 2.9% 12/25/34 (f)

5,214

5,214

Class A2, 2.98% 12/25/34 (f)

7,055

7,055

Permanent Financing No. 3 PLC floater Series 2 Class C, 3.51% 6/10/42 (f)

2,900

2,930

Permanent Financing No. 4 PLC floater:

Series 1:

Class B, 2.6% 6/10/42 (f)

1,955

1,954

Class M, 2.69% 6/10/42 (f)

1,545

1,545

Series 2:

Class C, 3.18% 6/10/42 (f)

6,790

6,788

Class M, 2.79% 6/10/42 (f)

1,620

1,623

Residential Asset Mortgage Products, Inc. sequential pay Series 2003-SL1 Class A31, 7.125% 4/25/31

6,272

6,411

Sequoia Mortgage Funding Trust Series 2003-A
Class AX1, 0.8% 10/21/08 (b)(h)

191,861

1,847

Collateralized Mortgage Obligations - continued

Principal
Amount (000s)

Value
(000s)

Private Sponsor - continued

Sequoia Mortgage Trust:

floater:

Series 2003-5 Class A2, 2.2513% 9/20/33 (f)

$ 5,464

$ 5,454

Series 2003-6 Class A2, 2.5313% 11/20/33 (f)

11,005

10,989

Series 2003-7 Class A2, 2.885% 1/20/34 (f)

13,897

13,884

Series 2004-2 Class A, 2.1913% 3/20/34 (f)

5,734

5,711

Series 2004-3 Class A, 2.33% 5/20/34 (f)

14,177

14,068

Series 2004-4 Class A, 2.4613% 5/20/34 (f)

12,574

12,507

Series 2004-5 Class A3, 2.82% 6/20/34 (f)

11,262

11,262

Series 2004-6 Class A3A, 3.0175% 6/20/35 (f)

8,915

8,907

Series 2004-8 Class A2, 2.35% 9/20/34 (f)

11,189

11,180

Series 2005-1 Class A2, 3.1688% 2/20/35 (f)

7,200

7,200

Series 2003-8 Class X1, 0.7534% 1/20/34 (f)(h)

260,937

2,861

Series 2004-1 Class X1, 0.8% 2/20/34 (h)

63,338

718

Washington Mutual Mortgage Securities Corp. sequential pay Series 2003-MS9 Class 2A1, 7.5% 12/25/33

1,549

1,611

Wells Fargo Mortgage Backed Securities Trust:

Series 2003-14 Class 1A1, 4.75% 12/25/18

8,000

8,013

Series 2004-M Class A3, 4.725% 8/25/34 (f)

16,915

17,072

Series 2005-AR2 Class 2A2, 4.578% 3/25/35 (c)

23,535

23,601

TOTAL PRIVATE SPONSOR

419,361

U.S. Government Agency - 1.7%

Fannie Mae planned amortization class:

Series 1993-187 Class L, 6.5% 7/25/23

10,163

10,503

Series 1993-206 Class KA, 6.5% 12/25/22

436

436

Series 1994-63 Class PH, 7% 6/25/23

829

829

Fannie Mae guaranteed REMIC pass thru certificates:

planned amortization class:

Series 2001-53 Class OH, 6.5% 6/25/30

64

64

Series 2001-71 Class QD, 6% 4/25/15

4,043

4,043

Series 2003-16 Class PA, 4.5% 11/25/09

1,272

1,276

Series 2003-19 Class MJ, 4.25% 5/25/30

10,354

10,302

Series 2004-31 Class IA, 4.5% 6/25/10 (h)

7,296

363

Freddie Mac:

planned amortization class:

Series 1385 Class H, 6.5% 8/15/07

422

424

Series 2355 Class CD, 6.5% 6/15/30

100

100

sequential pay Series 2114 Class ZM, 6% 1/15/29

3,330

3,477

Collateralized Mortgage Obligations - continued

Principal
Amount (000s)

Value
(000s)

U.S. Government Agency - continued

Freddie Mac Multi-class participation certificates guaranteed:

planned amortization class:

Series 1215 Class H, 7.5% 3/15/07

$ 1,294

$ 1,293

Series 1714 Class H, 6.75% 5/15/23

368

368

Series 2376 Class JC, 5.5% 2/15/14

1,482

1,481

Series 2420 Class BE, 6.5% 12/15/30

6,471

6,531

Series 2443 Class TD, 6.5% 10/15/30

6,235

6,304

Series 2489 Class PD, 6% 2/15/31

9,018

9,168

sequential pay:

Series 2458 Class VK, 6.5% 3/15/13

1,438

1,438

Series 2523 Class JB, 5% 6/15/15

9,011

9,139

Series 2609 Class UJ, 6% 2/15/17

8,596

9,023

Ginnie Mae guaranteed REMIC pass thru securities planned amortization class:

Series 2001-53 Class TA, 6% 12/20/30

1,541

1,550

Series 2002-5 Class PD, 6.5% 5/16/31

4,533

4,631

TOTAL U.S. GOVERNMENT AGENCY

82,743

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS

(Cost $503,356)

502,104

Commercial Mortgage Securities - 9.0%

1301 Avenue of The Americas Trust Series 2000-1301:

Class C, 7.44% 8/3/10 (b)(f)

4,635

4,728

Class D, 7.54% 8/3/10 (b)(f)

6,185

6,311

280 Park Avenue Trust floater Series 2001-280 Class X1, 1.0152% 2/3/11 (b)(f)(h)

85,587

3,974

Asset Securitization Corp.:

sequential pay Series 1995-MD4 Class A1, 7.1% 8/13/29

3,258

3,351

Series 1997-D5 Class PS1, 1.515% 2/14/43 (f)(h)

62,234

3,420

Banc of America Commercial Mortgage, Inc.:

Series 2002-2 Class XP, 1.7834% 7/11/43 (b)(f)(h)

46,163

3,174

Series 2003-2 Class XP, 0.3742% 3/11/41 (b)(f)(h)

143,489

1,930

Series 2004-6 Class XP, 0.6473% 12/10/42 (f)(h)

57,295

1,641

Banc of America Large Loan, Inc. floater:

Series 2002-FL2A Class A2, 2.72% 9/8/14 (b)(f)

4,095

4,096

Series 2003-BBA2:

Class C, 2.95% 11/15/15 (b)(f)

1,070

1,076

Commercial Mortgage Securities - continued

Principal
Amount (000s)

Value
(000s)

Banc of America Large Loan, Inc. floater: - continued

Class D, 3.03% 11/15/15 (b)(f)

$ 1,665

$ 1,676

Class F, 3.38% 11/15/15 (b)(f)

1,190

1,200

Class H, 3.88% 11/15/15 (b)(f)

1,070

1,079

Class J, 4.43% 11/15/15 (b)(f)

1,105

1,115

Class K, 5.08% 11/15/15 (b)(f)

995

1,005

Bayview Commercial Asset Trust:

floater:

Series 2003-2 Class A, 3.11% 12/25/33 (b)(f)

15,831

15,937

Series 2004-1:

Class A, 2.89% 4/25/34 (b)(f)

6,977

6,955

Class B, 4.43% 4/25/34 (b)(f)

725

724

Class M1, 3.09% 4/25/34 (b)(f)

634

633

Class M2, 3.73% 4/25/34 (b)(f)

544

543

Series 2004-2:

Class A, 2.96% 8/25/34 (b)(f)

5,930

5,934

Class M1, 3.11% 8/25/34 (b)(f)

1,914

1,917

Series 2004-3:

Class A1, 2.9% 1/25/35 (b)(f)

6,355

6,358

Class A2, 2.95% 1/25/35 (b)(f)

894

894

Series 2004-1 Class IO, 1.25% 4/25/34 (b)(h)

76,636

5,096

Bear Stearns Commercial Mortgage Securities, Inc.:

floater:

Series 2004-BBA3 Class E, 3.18% 6/15/17 (b)(f)

9,160

9,163

Series 2004-HS2A:

Class E, 3.35% 1/14/16 (b)(f)

1,725

1,732

Class F, 3.5% 1/14/16 (b)(f)

1,125

1,129

Series 2002-TOP8 Class X2, 2.1133% 8/15/38 (b)(f)(h)

51,118

4,542

Series 2003-PWR2 Class X2, 0.6524% 5/11/39 (b)(f)(h)

102,243

2,723

Series 2003-T12 Class X2, 0.7954% 8/13/39 (b)(f)(h)

98,750

2,668

Series 2004-PWR6 Class X2, 0.732% 11/11/41 (b)(f)(h)

33,945

1,262

CDC Commercial Mortgage Trust Series 2002-FX1
Class XCL, 0.6234% 5/15/35 (b)(f)(h)

178,405

10,135

Chase Commercial Mortgage Securities Corp.:

floater Series 2000-FL1A Class B, 2.89% 12/12/13 (b)(f)

1,578

1,572

sequential pay:

Series 1999-2 Class A1, 7.032% 1/15/32

3,385

3,587

Series 2000-3 Class A1, 7.093% 10/15/32

5,945

6,318

Commercial Mortgage Securities - continued

Principal
Amount (000s)

Value
(000s)

Citigroup Commercial Mortgage Trust Series 2004-C2 Class XP, 0.9998% 10/15/41 (b)(f)(h)

$ 38,712

$ 1,927

COMM:

floater:

Series 2000-FL3A Class C, 3.24% 11/15/12 (b)(f)

552

551

Series 2001-FL5A Class D, 3.73% 11/15/13 (b)(f)

6,442

6,445

Series 2002-FL6 Class G, 4.38% 6/14/14 (b)(f)

4,441

4,466

Series 2002-FL7:

Class D, 3.05% 11/15/14 (b)(f)

2,425

2,431

Class H, 4.73% 11/15/14 (b)(f)

6,613

6,632

Series 2003-FL9 Class B, 2.98% 11/15/15 (b)(f)

13,362

13,402

Series 2004-LBN2 Class X2, 1.1177% 3/10/39 (b)(f)(h)

16,617

694

Commercial Mortgage pass thru certificates:

floater Series 2004-CNL:

Class G, 3.46% 9/15/14 (b)(f)

1,245

1,247

Class H, 3.56% 9/15/14 (b)(f)

1,325

1,327

Class J, 4.08% 9/15/14 (b)(f)

455

456

Class K, 4.48% 9/15/14 (b)(f)

715

716

Class L, 4.68% 9/15/14 (b)(f)

575

575

Series 2004-CNL Class X1, 2.2161% 9/15/14 (b)(f)(h)

92,780

2,347

Commercial Resecuritization Trust sequential pay
Series 1999-ABC1 Class A, 6.74% 1/27/09 (b)

4,004

4,112

CS First Boston Mortgage Securities Corp.:

floater:

Series 2003-TF2A:

Class A2, 2.8% 11/15/14 (b)(f)

5,300

5,305

Class C, 3.03% 11/15/14 (b)(f)

1,095

1,098

Class E, 3.43% 11/15/14 (b)(f)

875

883

Class H, 4.38% 11/15/14 (b)(f)

1,080

1,086

Class K, 5.58% 11/15/14 (b)(f)

1,620

1,633

Series 2004-HC1:

Class A2, 2.98% 12/15/21 (b)(f)

1,385

1,385

Class B, 3.23% 12/15/21 (b)(f)

3,595

3,595

sequential pay:

Series 1997-C2 Class A2, 6.52% 1/17/35

1,244

1,274

Series 2001-CK3 Class A2, 6.04% 6/15/34

6,500

6,656

Series 2001-CK6 Class AX, 0.645% 9/15/18 (h)

130,849

4,758

Series 2003-C3 Class ASP, 1.8837% 5/15/38 (b)(f)(h)

129,371

8,790

Series 2003-C4 Class ASP, 0.5053% 8/15/36 (b)(f)(h)

83,443

1,621

Commercial Mortgage Securities - continued

Principal
Amount (000s)

Value
(000s)

CS First Boston Mortgage Securities Corp.: - continued

Series 2004-C1 Class ASP, 1.0446% 1/15/37 (b)(f)(h)

$ 81,775

$ 3,203

Deutsche Mortgage & Asset Receiving Corp. sequential pay Series 1998-C1 Class D, 7.231% 6/15/31

4,515

4,943

DLJ Commercial Mortgage Corp. sequential pay
Series 2000-CF1:

Class A1A, 7.45% 6/10/33

4,456

4,592

Class A1B, 7.62% 6/10/33

6,935

7,933

EQI Financing Partnership I LP Series 1997-1 Class B, 7.37% 12/20/15 (b)

1,891

1,991

Equitable Life Assurance Society of the United States:

sequential pay Series 174 Class A1, 7.24% 5/15/06 (b)

5,000

5,215

Series 174 Class B1, 7.33% 5/15/06 (b)

1,500

1,566

First Union-Lehman Brothers Commercial Mortgage Trust sequential pay Series 1997-C2 Class A3, 6.65% 11/18/29

14,490

15,356

GE Capital Commercial Mortgage Corp. Series 2001-1 Class X1, 0.5256% 5/15/33 (b)(f)(h)

82,312

3,226

GGP Mall Properties Trust:

floater Series 2001-C1A Class A3, 3.18% 2/15/14 (b)(f)

3,587

3,605

sequential pay Series 2001-C1A Class A2, 5.007% 11/15/11 (b)

5,031

5,134

GMAC Commercial Mortgage Securities, Inc.:

sequential pay:

Series 1997-C2 Class A3, 6.566% 4/15/29

5,349

5,669

Series 1998-C2 Class A1, 6.15% 5/15/35

1,799

1,811

Series 2003-C3 Class X2, 0.8015% 12/10/38 (b)(f)(h)

94,183

2,942

Series 2004-C3 Class X2, 0.749% 12/10/41 (f)(h)

53,665

1,841

Greenwich Capital Commercial Funding Corp.:

Series 2002-C1 Class SWDB, 5.857% 11/11/19 (b)

4,000

4,028

Series 2003-C1 Class XP, 2.1681% 7/5/35 (b)(f)(h)

65,340

5,131

Series 2003-C2 Class XP, 1.1438% 1/5/36 (b)(f)(h)

107,999

4,729

Series 2005-GG3 Class XP, 0.8016% 8/10/42 (c)(h)

227,280

9,183

GS Mortgage Securities Corp. II:

sequential pay Series 2003-C1 Class A2A, 3.59% 1/10/40

8,695

8,634

Series 2004-C1 Class X2, 1.0218% 10/10/28 (b)(f)(h)

65,725

2,237

Hilton Hotel Pool Trust sequential pay Series 2000-HLTA Class A1, 7.055% 10/3/15 (b)

3,104

3,383

Commercial Mortgage Securities - continued

Principal
Amount (000s)

Value
(000s)

Host Marriot Pool Trust sequential pay Series 1999-HMTA:

Class A, 6.98% 8/3/15 (b)

$ 2,203

$ 2,352

Class B, 7.3% 8/3/15 (b)

1,980

2,219

J.P. Morgan Chase Commercial Mortgage Securities Corp.:

Series 2002-C3 Class X2, 1.327% 7/12/35 (b)(f)(h)

38,293

1,701

Series 2003-CB7 Class X2, 0.8045% 1/12/38 (b)(f)(h)

18,057

624

Series 2003-LN1 Class X2, 0.7125% 10/15/37 (b)(f)(h)

129,856

3,829

Series 2004-C1 Class X2, 1.1333% 1/15/38 (b)(f)(h)

21,040

919

Series 2004-CB8 Class X2, 1.2164% 1/12/39 (b)(f)(h)

26,295

1,294

LB-UBS Commercial Mortgage Trust:

sequential pay Series 2003-C3 Class A2, 3.086% 5/15/27

7,510

7,307

Series 2002-C4 Class XCP, 1.4738% 10/15/35 (b)(f)(h)

80,128

4,284

Series 2002-C7 Class XCP, 1.1897% 1/15/36 (b)(h)

80,223

2,869

Series 2003-C1 Class XCP, 1.4814% 12/15/36 (b)(f)(h)

36,287

1,712

Series 2004-C2 Class XCP, 1.4108% 3/1/36 (b)(h)

56,110

2,744

Series 2004-C6 Class XCP, 0.745% 8/15/36 (b)(f)(h)

65,135

2,132

Lehman Brothers Floating Rate Commercial Mortgage Trust:

floater Series 2003-LLFA Class J, 4.5% 12/16/14 (b)(f)

5,585

5,612

Series 2003-LLFA Class K1, 5% 12/16/14 (b)(f)

2,850

2,877

Merrill Lynch Mortgage Trust Series 2002-MW1
Class XP, 1.585% 7/12/34 (b)(f)(h)

28,110

1,524

Morgan Stanley Capital I, Inc.:

sequential pay Series 1999-LIFE Class A1, 6.97% 4/15/33

3,360

3,527

Series 1997-RR:

Class B, 7.2763% 4/30/39 (b)(f)

5,026

5,140

Class C, 7.4063% 4/30/39 (b)(f)

7,335

7,717

Series 1999-1NYP Class F, 7.2465% 5/3/30 (b)(f)

9,251

9,518

Series 2003-IQ5 Class X2, 1.1282% 4/15/38 (b)(f)(h)

46,980

1,969

Series 2003-IQ6 Class X2, 0.6298% 12/15/41 (b)(f)(h)

77,110

2,357

Series 2005-TOP17 Class X2, 0.6446% 12/13/41 (f)(h)

45,120

1,640

Commercial Mortgage Securities - continued

Principal
Amount (000s)

Value
(000s)

Morgan Stanley Dean Witter Capital I Trust:

floater Series 2002-XLF Class D, 3.3% 8/5/14 (b)(f)

$ 7,019

$ 7,055

Series 2003-HQ2 Class X2, 1.4099% 3/12/35 (b)(f)(h)

70,329

4,286

Series 2003-TOP9 Class X2, 1.5234% 11/13/36 (b)(f)(h)

51,740

3,118

Mortgage Capital Funding, Inc. sequential pay Series 1996-MC1 Class A2B, 7.9% 2/15/06

2,945

3,046

Nationslink Funding Corp. sequential pay Series 1999-2 Class A1C, 7.03% 6/20/31

3,200

3,361

Salomon Brothers Mortgage Securities VII, Inc. floater Series 2001-CDCA Class C, 3.28% 2/15/13 (b)(f)

6,000

5,998

STRIPS III Ltd./STRIPS III Corp. floater Series 2004-1A Class A, 3.01% 3/24/18 (b)(f)

8,178

8,178

Trizechahn Office Properties Trust Series 2001-TZHA Class E3, 7.253% 3/15/13 (b)

8,210

8,694

Wachovia Bank Commercial Mortgage Trust:

floater Series 2004-WHL3:

Class A2, 2.66% 3/15/14 (b)(f)

3,500

3,505

Class E, 2.98% 3/15/14 (b)(f)

2,190

2,198

Class F, 3.03% 3/15/14 (b)(f)

1,750

1,756

Class G, 3.26% 3/15/14 (b)(f)

875

878

Series 2003-C8 Class XP, 0.718% 11/15/35 (b)(f)(h)

59,556

1,390

Series 2003-C9 Class XP, 0.7066% 12/15/35 (b)(f)(h)

39,853

1,019

Series 2004-WHL3X Class 1A, 1.031% 3/15/14 (b)(f)(h)

340,226

2,608

TOTAL COMMERCIAL MORTGAGE SECURITIES

(Cost $453,771)

454,319

Foreign Government and Government Agency Obligations - 0.4%

Chilean Republic 5.625% 7/23/07

4,225

4,402

United Mexican States 4.625% 10/8/08

15,370

15,524

TOTAL FOREIGN GOVERNMENT AND
GOVERNMENT AGENCY OBLIGATIONS

(Cost $19,473)

19,926

Fixed-Income Funds - 12.0%

Shares

Fidelity Ultra-Short Central Fund (g)
(Cost $605,901)

6,082,149

605,356

Cash Equivalents - 3.8%

Maturity
Amount (000s)

Value
(000s)

Investments in repurchase agreements (Collateralized by U.S. Government Obligations, in a joint trading account at 2.51%, dated 1/31/05 due 2/1/05)
(Cost $190,515)

$ 190,528

$ 190,515

TOTAL INVESTMENT PORTFOLIO - 104.2%

(Cost $5,248,816)

5,245,810

NET OTHER ASSETS - (4.2)%

(213,801)

NET ASSETS - 100%

$ 5,032,009

Futures Contracts

Expiration
Date

Underlying
Face Amount
at Value (000s)

Unrealized
Appreciation/
(Depreciation)
(000s)

Purchased

Eurodollar Contracts

483 Eurodollar 90 Day Index Contracts

March 2005

$ 479,402

$ (360)

598 Eurodollar 90 Day Index Contracts

June 2005

593,111

(309)

598 Eurodollar 90 Day Index Contracts

Sept. 2005

592,753

(246)

598 Eurodollar 90 Day Index Contracts

Dec. 2005

592,476

(140)

598 Eurodollar 90 Day Index Contracts

March 2006

592,274

(19)

471 Eurodollar 90 Day Index Contracts

June 2006

466,372

195

372 Eurodollar 90 Day Index Contracts

Sept. 2006

368,275

16

317 Eurodollar 90 Day Index Contracts

Dec. 2006

313,767

74

287 Eurodollar 90 Day Index Contracts

March 2007

284,037

69

256 Eurodollar 90 Day Index Contracts

June 2007

253,322

(91)

33 Eurodollar 90 Day Index Contracts

Sept. 2007

32,650

112

TOTAL EURODOLLAR CONTRACTS

(699)

Sold

Eurodollar Contracts

138 Eurodollar 90 Day Index Contracts

Dec. 2007

$ 136,515

$ (68)

221 Eurodollar 90 Day Index Contracts

March 2008

218,594

(136)

174 Eurodollar 90 Day Index Contracts

June 2008

172,082

(131)

141 Eurodollar 90 Day Index Contracts

Sept. 2008

139,424

(120)

108 Eurodollar 90 Day Index Contracts

Dec. 2008

106,773

(100)

67 Eurodollar 90 Day Index Contracts

March 2009

66,231

(70)

TOTAL EURODOLLAR CONTRACTS

(625)

$ (1,324)

Swap Agreements

Expiration
Date

Notional
Amount (000s)

Value
(000s)

Credit Default Swap

Receive annually a fixed rate of .5% multiplied by the notional amount and pay to Deutsche Bank, upon each default event of one of the issues of Dow Jones CDX N.A. Investment Grade 3, par value of the proportional notional amount (e)

March 2010

$ 12,000

$ 22

Receive annually a fixed rate of .5% multiplied by the notional amount and pay to Lehman Brothers, Inc., upon each default event of one of the issues of Dow Jones CDX N.A. Investment Grade 3, par value of the proportional notional amount (e)

March 2010

12,000

22

Receive quarterly notional amount multiplied by .38% and pay Merrill Lynch, Inc. upon default event of EnCana Corp., par value of the notional amount of EnCana Corp. 4.75% 10/15/13

March 2009

6,200

17

Receive quarterly notional amount multiplied by .38% and pay Merrill Lynch, Inc. upon default event of EnCana Corp., par value of the notional amount of EnCana Corp. 4.75% 10/15/13

March 2009

2,350

6

Receive quarterly notional amount multiplied by .41% and pay Merrill Lynch, Inc. upon default event of Talisman Energy, Inc., par value of the notional amount of Talisman Energy, Inc. 7.25% 10/15/27

March 2009

4,600

15

Receive quarterly notional amount multiplied by .5% and pay Merrill Lynch, Inc. upon default event of Consolidated Natural Gas Co., par value of the notional amount of Consolidated Natural Gas Co. 6.625% 12/1/08

July 2007

9,600

71

Receive quarterly notional amount multiplied by .5% and pay Merrill Lynch, Inc. upon default event of EnCana Corp., par value of the notional amount of EnCana Corp. 4.75% 10/15/13

June 2009

7,400

59

Swap Agreements - continued

Expiration
Date

Notional
Amount (000s)

Value
(000s)

Credit Default Swap - continued

Receive quarterly notional amount multiplied by .59% and pay Merrill Lynch, Inc. upon default event of Raytheon Co., par value of the notional amount of Raytheon Co. 6.55% 3/15/10

March 2009

$ 7,500

$ 74

Receive quarterly notional amount multiplied by .75% and pay Lehman Brothers, Inc. upon default event of AOL Time Warner, Inc., par value of the notional amount of AOL Time Warner, Inc. 6.875% 5/1/12

Sept. 2009

17,500

306

TOTAL CREDIT DEFAULT SWAP

79,150

592

Interest Rate Swap

Receive quarterly a fixed rate equal to 3.1422% and pay quarterly a floating rate based on 3-month LIBOR with JPMorgan Chase, Inc.

April 2007

16,650

(169)

Total Return Swap

Receive monthly a return equal to Lehman Brothers CMBS U.S. Aggregate Index and pay monthly a floating rate based on 1-month LIBOR minus 50 basis points with Deutsche Bank

Feb. 2005

40,000

128

Receive Monthly a return equal to Lehman Brothers CMBS U.S. Aggregate Index and pay monthly a floating rate based on 1-month LIBOR with Goldman Sachs

August 2005

40,000

0

Receive monthly a return equal to Lehman Brothers CMBS U.S. Aggregate Index and pay monthly a floating rate based on 1-month LIBOR with Deutsche Bank

June 2005

15,105

42

Receive monthly a return equal to Lehman Brothers CMBS U.S. Aggregate Index and pay monthly a floating rate based on 1-month LIBOR minus 10 basis points with Lehman Brothers, Inc.

April 2005

22,055

79

Receive monthly a return equal to Lehman Brothers CMBS U.S. Aggregate Index and pay monthly a floating rate based on 1-month LIBOR with Goldman Sachs

March 2005

37,895

113

Swap Agreements - continued

Expiration
Date

Notional
Amount (000s)

Value
(000s)

Total Return Swap - continued

Receive quarterly a return equal to Lehman Brothers Commercial Mortgage-Backed Securities AAA Daily Index and pay quarterly a floating rate based on 3-month LIBOR minus 30 basis points with Bank of America

March 2005

$ 28,000

$ 271

Receive quarterly a return equal to that of Lehman Brothers Commercial Mortgage-Backed Securities AAA Daily Index and pay quarterly a floating rate based on 3-month LIBOR minus 8 basis points with Bank of America

April 2005

31,810

(76)

TOTAL TOTAL RETURN SWAP

214,865

557

$ 310,665

$ 980

Legend

(a) Debt obligation initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate 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 period end, the value of these securities amounted to $479,817,000 or 9.5% of net assets.

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

(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $6,793,000.

(e) Dow Jones CDX N.A. Investment Grade 3 is a tradable index of credit default swaps on investment grade debt of U.S. companies.

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

(g) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. A listing of the top fifty securities and derivatives for Fidelity's Fixed-Income Central Fund is provided at the end of this report. A complete listing of the fund's holdings as of its most recent quarter end is available upon request.

(h) Security represents right to receive monthly interest payments on an underlying pool of mortgages. Principal shown is the par amount of the mortgage pool.

Income Tax Information

At January 31, 2005, the aggregate cost of investment securities for income tax purposes was $5,241,590,000. Net unrealized appreciation aggregated $4,220,000, of which $29,443,000 related to appreciated investment securities and $25,223,000 related to depreciated investment securities.

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 Corp.

or an affiliate.

Quarterly Report

January 31, 2005 (Unaudited)

Fidelity Ultra-Short Central Fund

Top Fifty Securities and Derivatives

Maturity
Amount

% of Fund's
Net Assets

Investments in repurchase agreements: (Collateralized by U.S. Government Obligations, in a joint trading account at 2.51%, dated 1/31/05 due 2/1/05)

$ 1,484,022,606

$ 1,483,919,000

25.5

With Goldman Sachs & Co. at 2.35%, dated 1/6/05 due 2/3/05 (Collateralized by Mortgage Loan Obligations with principal amounts of $270,555,985, 4.08%- 5.21%, 2/25/35 - 10/25/43)

265,484,361

264,998,172

4.6

Principal
Amount

Federal Home Loan Bank 1.265% 3/15/05

$ 200,000,000

199,659,389

3.4

Fannie Mae 1.55% 5/4/05

90,000,000

89,739,000

1.6

Federal Home Loan Bank 1.35% 4/29/05

90,000,000

89,715,960

1.5

Fannie Mae 1.8% 5/27/05

60,000,000

59,827,740

1.0

Bank One Issuance Trust Series 2002-C2 Class C2, 3.47% 5/15/08

35,785,000

35,935,193

0.6

Fannie Mae 6.25% 3/22/12

34,005,000

34,173,325

0.6

Sears Credit Account Master Trust II Series 2002-4 Class B, 2.905% 8/18/09

33,300,000

33,344,289

0.6

Discover Card Master Trust I Series 2002-1 Class B, 2.88% 7/15/07

30,637,000

30,634,574

0.5

MBNA Credit Card Master Note Trust:

Series 2001-B2 Class B2, 2.84% 1/15/09

30,353,000

30,462,611

0.5

Series 2001-B1 Class B1, 2.855% 10/15/08

30,000,000

30,069,528

0.5

Sears Credit Account Master Trust II:

Series 2002-5 Class B, 3.73% 11/17/09

30,000,000

30,052,917

0.5

Series 2002-4 Class A, 2.61% 8/18/09

27,000,000

27,016,246

0.5

Thornburg Mortgage Securities Trust floater Series 2004-3 Class A, 2.9% 9/25/34

25,918,906

25,962,033

0.5

Amortizing Residential Collateral Trust Series 2002-BC6 Class M1, 3.28% 8/25/32

24,900,000

25,084,701

0.4

AmeriCredit Automobile Receivables Trust Series 2002-EM Class A4A, 3.67% 6/8/09

25,000,000

25,075,038

0.4

Citibank Credit Card Issuance Trust Series 2003-B1 Class B1, 2.74% 3/7/08

25,000,000

25,042,223

0.4

Holmes Financing No. 8 PLC floater Series 2 Class A, 2.72% 4/15/11

25,000,000

24,990,235

0.4

Calwest Industrial Trust floater Series 2002-CALW Class AFL, 2.86% 2/15/12

24,300,000

24,359,824

0.4

Bear Stearns Alt-A Trust floater Series 2005-1 Class A1, 2.8388% 1/25/35

23,650,000

23,650,000

0.4

Top Fifty Securities and Derivatives

Principal
Amount

Value

% of Fund's
Net Assets

ACE Securities Corp. Series 2002-HE2 Class M1, 3.38% 8/25/32

$ 21,525,000

$ 21,644,195

0.4

Asset Backed Securities Corp. Home Equity Loan Trust Series 2004-HE6 Class A2, 2.89% 6/25/34

23,589,523

23,588,502

0.4

Household Credit Card Master Trust I Series 2002-1 Class B, 3.13% 7/15/08

22,589,000

22,663,483

0.4

Holmes Financing No. 8 PLC floater Series 1 Class C, 3.26% 7/15/40

22,640,000

22,647,075

0.4

CDC Mortgage Capital Trust Series 2002-HE3 Class M1, 3.63% 3/25/33

21,499,948

21,961,275

0.4

Bank One Issuance Trust Series 2002-B1 Class B1, 2.86% 12/15/09

20,655,000

20,765,926

0.4

Argent Securities, Inc. Series 2003-W3 Class M2, 4.33% 9/25/33

20,000,000

20,687,082

0.4

MBNA Credit Card Master Note Trust Series 2002-B2 Class B2, 2.86% 10/15/09

20,000,000

20,111,192

0.3

Wells Fargo Mortgage Backed Securities Trust Series 2004-M Class A3, 4.725% 8/25/34

19,880,000

20,064,387

0.3

MBNA Master Credit Card Trust II Series 1998-G Class B, 2.88% 2/17/09

20,000,000

20,060,062

0.3

American Express Credit Account Master Trust Series 2004-C Class C, 2.98% 2/15/12

20,000,000

20,037,482

0.3

Ford Credit Auto Owner Trust Series 2003-B Class B2, 2.91% 10/15/07

19,600,000

19,698,284

0.3

Long Beach Mortgage Loan Trust Series 2003-2 Class M1, 3.35% 6/25/33

19,500,000

19,690,182

0.3

Capital One Master Trust Series 2001-1 Class B, 2.99% 12/15/10

19,500,000

19,671,680

0.3

British Telecommunications PLC 7.875% 12/15/05

18,145,000

18,836,288

0.3

Nissan Auto Lease Trust Series 2003-A Class A3A, 2.62% 6/15/09

18,550,330

18,571,028

0.3

Citibank Credit Card Issuance Trust Series 2003-C1 Class C1, 3.69% 4/7/10

17,785,000

18,217,047

0.3

SDG Macerich Properties LP floater Series 2000-1 Class A3, 2.82% 5/15/09

18,000,000

18,020,322

0.3

Keycorp Student Loan Trust Series 1999-A Class A2, 2.28% 12/27/09

17,947,151

18,005,482

0.3

Capital One Multi-Asset Execution Trust Series 2002-B1 Class B1, 3.16% 7/15/08

17,705,000

17,743,951

0.3

Citibank Credit Card Issuance Trust Series 2002-C1 Class C1, 3.2% 2/9/09

17,500,000

17,737,743

0.3

Top Fifty Securities and Derivatives

Principal
Amount

Value

% of Fund's
Net Assets

Sequoia Mortgage Trust floater Series 2004-8 Class A2, 2.35% 9/20/34

$ 17,715,665

$ 17,702,403

0.3

Citibank Credit Card Issuance Trust Series 2000-C2 Class C2, 3.31% 10/15/07

17,500,000

17,538,220

0.3

Freddie Mac Multi-class participation certificates guaranteed planned amortization class Series 2136 Class PE, 6% 1/15/28

17,331,818

17,496,765

0.3

AmeriCredit Automobile Receivables Trust Series 2003-CF Class A3, 2.75% 10/9/07

17,500,000

17,439,151

0.3

Liberty Media Corp. 3.99% 9/17/06

17,000,000

17,198,730

0.3

Deutsche Telekom International Finance BV 8.25% 6/15/05

16,638,000

16,943,557

0.3

Merrill Lynch Mortgage Investors, Inc. floater Series 2004-C Class A2, 3.07% 7/25/29

16,713,022

16,676,810

0.3

Countrywide Home Loans, Inc. floater Series 2005-1 Class 2A1, 2.84% 3/25/35

16,450,000

16,450,000

0.3

Top Fifty securities as a percentage of the Fund's net assets - 54.2%

Futures Contracts

Expiration Date

Underlying Face Amount at Value

Unrealized Appreciation/
(Depreciation)

Sold

Eurodollar Contracts

201 Eurodollar 90 Day Index Contracts

June 2005

$ 199,356,825

$ (145,062)

123 Eurodollar 90 Day Index Contracts

Sept. 2005

121,920,675

(121,462)

69 Eurodollar 90 Day Index Contracts

Dec. 2005

68,362,612

(66,654)

18 Eurodollar 90 Day Index Contracts

March 2006

17,827,650

(17,765)

4 Eurodollar 90 Day Index Contracts

June 2006

3,960,700

(7,566)

TOTAL EURODOLLAR CONTRACTS

(358,509)

Swap Agreements

Notional Amount

Value

Credit Default Swap

Receive quarterly notional amount multiplied by 1.12% and pay Morgan Stanley, Inc. upon default of Comcast Cable Communications, Inc., par value of the notional amount of Comcast Cable Communications, Inc. 6.75% 1/30/11

June 2006

$ 10,000,000

$ 125,807

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Focused High Income Fund

January 31, 2005

FFH-QTLY-0305

1.813015.100

Investments January 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 89.6%

Principal Amount

Value

Aerospace - 0.9%

Bombardier, Inc. 6.3% 5/1/14 (b)

$ 400,000

$ 343,000

Orbital Sciences Corp. 9% 7/15/11

30,000

33,600

376,600

Air Transportation - 6.5%

American Airlines, Inc. pass thru trust certificates:

6.817% 5/23/11

900,000

848,250

6.977% 11/23/22

37,874

35,317

7.8% 4/1/08

180,000

158,400

Delta Air Lines, Inc. pass thru trust certificates:

7.379% 5/18/10

18,280

17,594

7.57% 11/18/10

870,000

830,625

Northwest Airlines, Inc. pass thru trust certificates:

7.67% 1/2/15

167,240

142,154

7.95% 9/1/16

800,452

656,371

2,688,711

Automotive - 4.1%

Navistar International Corp. 7.5% 6/15/11

1,020,000

1,083,750

Visteon Corp.:

7% 3/10/14

275,000

253,000

8.25% 8/1/10

335,000

336,675

1,673,425

Banks and Thrifts - 0.3%

Western Financial Bank 9.625% 5/15/12

100,000

113,000

Building Materials - 0.4%

Texas Industries, Inc. 10.25% 6/15/11

130,000

150,800

Cable TV - 5.1%

CSC Holdings, Inc.:

7.25% 7/15/08

30,000

31,800

7.625% 4/1/11

500,000

545,000

DirecTV Holdings LLC/DirecTV Financing, Inc. 8.375% 3/15/13

90,000

100,800

EchoStar DBS Corp.:

5.75% 10/1/08

1,350,000

1,360,115

6.625% 10/1/14 (b)

65,000

65,572

2,103,287

Capital Goods - 2.5%

Leucadia National Corp. 7% 8/15/13

245,000

252,963

Nonconvertible Bonds - continued

Principal Amount

Value

Capital Goods - continued

SPX Corp.:

6.25% 6/15/11

$ 195,000

$ 208,163

7.5% 1/1/13

525,000

573,563

1,034,689

Chemicals - 2.3%

NOVA Chemicals Corp.:

6.5% 1/15/12

285,000

298,538

7.4% 4/1/09

605,000

650,375

948,913

Consumer Products - 0.4%

Church & Dwight Co., Inc. 6% 12/15/12 (b)

170,000

172,550

Containers - 0.5%

Owens-Brockway Glass Container, Inc.:

8.75% 11/15/12

120,000

133,800

8.875% 2/15/09

50,000

54,000

187,800

Electric Utilities - 8.2%

AES Gener SA 7.5% 3/25/14

410,000

419,225

MSW Energy Holdings II LLC/MSW Finance Co. II, Inc. 7.375% 9/1/10

670,000

700,150

MSW Energy Holdings LLC/MSW Energy Finance Co., Inc. 8.5% 9/1/10

250,000

272,500

Nevada Power Co. 6.5% 4/15/12

625,000

657,813

Sierra Pacific Power Co. 6.25% 4/15/12

210,000

218,400

TECO Energy, Inc.:

7% 5/1/12

70,000

75,338

7.2% 5/1/11

950,000

1,035,500

3,378,926

Energy - 3.8%

Chesapeake Energy Corp.:

7.5% 6/15/14

200,000

216,500

7.75% 1/15/15

650,000

705,250

9% 8/15/12

155,000

175,150

Newfield Exploration Co. 6.625% 9/1/14 (b)

200,000

211,000

Pride International, Inc. 7.375% 7/15/14

225,000

246,938

1,554,838

Environmental - 0.3%

Allied Waste North America, Inc. 5.75% 2/15/11

120,000

110,100

Nonconvertible Bonds - continued

Principal Amount

Value

Food and Drug Retail - 0.3%

Stater Brothers Holdings, Inc.:

5.99% 6/15/10 (c)

$ 95,000

$ 97,613

8.125% 6/15/12

40,000

42,000

139,613

Food/Beverage/Tobacco - 1.6%

Smithfield Foods, Inc.:

7% 8/1/11 (b)

60,000

63,900

7% 8/1/11

35,000

37,275

7.625% 2/15/08

300,000

318,750

7.75% 5/15/13

45,000

49,500

8% 10/15/09

180,000

198,000

667,425

Gaming - 5.7%

Mandalay Resort Group:

9.375% 2/15/10

106,000

122,038

10.25% 8/1/07

100,000

113,000

MGM MIRAGE:

6% 10/1/09

955,000

975,342

6.75% 9/1/12

5,000

5,263

8.5% 9/15/10

200,000

227,500

Mohegan Tribal Gaming Authority:

6.375% 7/15/09

805,000

820,094

8% 4/1/12

45,000

48,434

Seneca Gaming Corp. 7.25% 5/1/12

30,000

30,863

2,342,534

Healthcare - 4.7%

AmerisourceBergen Corp. 7.25% 11/15/12

230,000

253,575

Fisher Scientific International, Inc.:

6.75% 8/15/14 (b)

135,000

141,750

8% 9/1/13

250,000

278,850

HCA, Inc. 5.5% 12/1/09

430,000

427,880

Mayne Group Ltd. 5.875% 12/1/11 (b)

150,000

153,750

Omega Healthcare Investors, Inc.:

7% 4/1/14

180,000

180,000

7% 4/1/14 (b)

40,000

40,000

PerkinElmer, Inc. 8.875% 1/15/13

10,000

11,250

Senior Housing Properties Trust 8.625% 1/15/12

400,000

456,000

1,943,055

Nonconvertible Bonds - continued

Principal Amount

Value

Homebuilding/Real Estate - 5.2%

American Real Estate Partners/American Real Estate Finance Corp. 8.125% 6/1/12

$ 610,000

$ 648,125

Beazer Homes USA, Inc. 8.375% 4/15/12

130,000

143,000

K. Hovnanian Enterprises, Inc.:

6% 1/15/10 (b)

30,000

30,000

6.25% 1/15/15 (b)

135,000

134,325

KB Home 7.75% 2/1/10

590,000

640,150

Standard Pacific Corp.:

5.125% 4/1/09

35,000

34,475

6.5% 10/1/08

15,000

15,675

6.875% 5/15/11

315,000

330,750

Technical Olympic USA, Inc. 9% 7/1/10

130,000

139,750

WCI Communities, Inc. 7.875% 10/1/13

10,000

10,675

2,126,925

Hotels - 4.2%

Grupo Posadas SA de CV 8.75% 10/4/11 (b)

800,000

861,000

Host Marriott LP 7.125% 11/1/13

145,000

152,794

La Quinta Properties, Inc. 7% 8/15/12

690,000

720,188

1,733,982

Insurance - 0.1%

Crum & Forster Holdings Corp. 10.375% 6/15/13

55,000

61,463

Metals/Mining - 1.3%

Century Aluminum Co. 7.5% 8/15/14 (b)

5,000

5,325

Peabody Energy Corp. 6.875% 3/15/13

350,000

375,375

Vedanta Resources PLC 6.625% 2/22/10 (b)

160,000

159,600

540,300

Paper - 2.8%

Georgia-Pacific Corp.:

8% 1/15/14

55,000

61,875

8.875% 2/1/10

535,000

620,600

9.375% 2/1/13

50,000

57,750

9.5% 12/1/11

100,000

123,000

Norske Skog Canada Ltd. 8.625% 6/15/11

285,000

299,963

1,163,188

Publishing/Printing - 3.1%

Houghton Mifflin Co. 7.2% 3/15/11

250,000

261,875

The Reader's Digest Association, Inc. 6.5% 3/1/11

955,000

997,975

1,259,850

Nonconvertible Bonds - continued

Principal Amount

Value

Shipping - 1.8%

Overseas Shipholding Group, Inc. 8.25% 3/15/13

$ 30,000

$ 33,150

Teekay Shipping Corp. 8.875% 7/15/11

600,000

696,000

729,150

Steels - 0.8%

Gerdau AmeriSteel Corp./GUSAP Partners 10.375% 7/15/11

300,000

345,000

Super Retail - 2.6%

Saks, Inc.:

7% 12/1/13

205,000

209,869

7.5% 12/1/10

495,000

527,794

8.25% 11/15/08

130,000

142,350

9.875% 10/1/11

150,000

177,375

1,057,388

Technology - 9.2%

Celestica, Inc. 7.875% 7/1/11

715,000

743,600

Flextronics International Ltd.:

6.25% 11/15/14 (b)

590,000

575,250

6.5% 5/15/13

230,000

232,300

Freescale Semiconductor, Inc.:

5.41% 7/15/09 (c)

100,000

104,000

6.875% 7/15/11

745,000

793,425

7.125% 7/15/14

60,000

64,650

MagnaChip Semiconductor SA/MagnaChip Semiconductor Finance Co. 5.78% 12/15/11 (b)(c)

180,000

185,400

Sanmina-SCI Corp. 10.375% 1/15/10

75,000

84,938

Xerox Capital Trust I 8% 2/1/27

290,000

302,325

Xerox Corp.:

6.875% 8/15/11

280,000

296,450

7.125% 6/15/10

100,000

106,500

7.2% 4/1/16

110,000

116,600

7.625% 6/15/13

140,000

150,150

9.75% 1/15/09

20,000

23,000

3,778,588

Telecommunications - 10.9%

Intelsat Ltd. 6.5% 11/1/13

10,000

8,350

Mobile Telesystems Finance SA 8% 1/28/12 (b)

160,000

161,200

Nextel Communications, Inc.:

5.95% 3/15/14

250,000

259,260

6.875% 10/31/13

690,000

752,100

Qwest Corp.:

7.875% 9/1/11 (b)

40,000

42,800

Nonconvertible Bonds - continued

Principal Amount

Value

Telecommunications - continued

Qwest Corp.: - continued

9.125% 3/15/12 (b)

$ 890,000

$ 1,012,375

Rogers Communications, Inc.:

5.525% 12/15/10 (c)

950,000

997,500

7.25% 12/15/12

540,000

575,100

9.625% 5/1/11

130,000

152,750

U.S. West Communications:

6.875% 9/15/33

155,000

140,275

7.2% 11/10/26

45,000

41,963

7.5% 6/15/23

350,000

341,250

4,484,923

TOTAL NONCONVERTIBLE BONDS

(Cost $36,823,430)

36,867,023

Floating Rate Loans - 5.6%

Cable TV - 0.1%

NTL Investment Holdings Ltd. Tranche B, term loan 5.2038% 6/13/12 (c)

50,000

50,500

Electric Utilities - 1.7%

Astoria Energy LLC term loan 7.1882% 4/15/12 (c)

200,000

204,000

Riverside Energy Center LLC:

term loan 6.98% 6/24/11 (c)

470,467

479,876

Credit-Linked Deposit 6.98% 6/24/11 (c)

21,240

21,558

705,434

Energy - 0.3%

Magellan Midstream Holdings LP term loan 5.09% 12/10/11 (c)

134,467

136,484

Homebuilding/Real Estate - 2.5%

General Growth Properties, Inc.:

Tranche A, term loan 4.64% 11/12/07 (c)

497,838

499,082

Tranche B, term loan 4.64% 11/12/08 (c)

400,000

404,000

LNR Property Corp. Tranche A, term loan 7.09% 1/31/08 (c)

100,000

101,000

1,004,082

Railroad - 0.1%

Kansas City Southern Railway Co. Tranche B1, term loan 4.2735% 3/30/08 (c)

50,000

50,688

Floating Rate Loans - continued

Principal Amount

Value

Telecommunications - 0.9%

Qwest Corp. Tranche B, term loan 6.95% 6/30/10 (c)

$ 350,000

$ 356,563

TOTAL FLOATING RATE LOANS

(Cost $2,294,427)

2,303,751

Money Market Funds - 5.9%

Shares

Fidelity Cash Central Fund, 2.31% (a)
(Cost $2,441,493)

2,441,493

2,441,493

TOTAL INVESTMENT PORTFOLIO - 101.1%

(Cost $41,559,350)

41,612,267

NET OTHER ASSETS - (1.1)%

(459,969)

NET ASSETS - 100%

$ 41,152,298

Legend

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

(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 period end, the value of these securities amounted to $4,358,797 or 10.6% of net assets.

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

Income Tax Information

At January 31, 2005, the aggregate cost of investment securities for income tax purposes was $41,555,001. Net unrealized appreciation aggregated $57,266, of which $307,684 related to appreciated investment securities and $250,418 related to depreciated investment securities.

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, please see the fund's most recent prospectus.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. 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 Fixed-Income Trust'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 Fixed-Income Trust

By:

/s/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

March 21, 2005

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/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

March 21, 2005

By:

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

Date:

March 21, 2005