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 811-3785

Fidelity Advisor Series I
 (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:

August 31

Date of reporting period:

November 30, 2006

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Advisor Balanced Fund
Class A
Class T
Class B
Class C
Institutional Class

November 30, 2006

1.797921.103

AIG-QTLY-0107

Investments November 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 65.1%

Shares

Value
(000s)

CONSUMER DISCRETIONARY - 6.0%

Auto Components - 0.1%

American Axle & Manufacturing Holdings, Inc.

42,200

$ 772

Gentex Corp.

36,800

610

LKQ Corp. (a)

10,800

247

1,629

Automobiles - 0.1%

Coachmen Industries, Inc.

44,900

492

Renault SA

2,300

276

768

Diversified Consumer Services - 0.2%

Apollo Group, Inc. Class A (a)

33,044

1,282

Carriage Services, Inc. Class A

56,600

291

Service Corp. International

88,000

869

Weight Watchers International, Inc.

7,900

387

2,829

Hotels, Restaurants & Leisure - 1.0%

Aristocrat Leisure Ltd.

17,500

215

Carnival Corp. unit

19,000

931

Gaylord Entertainment Co. (a)

23,400

1,144

Greek Organization of Football Prognostics SA

22,400

842

Isle of Capri Casinos, Inc. (a)

13,800

381

McDonald's Corp.

108,700

4,562

OSI Restaurant Partners, Inc.

28,200

1,103

Royal Caribbean Cruises Ltd.

31,300

1,329

Six Flags, Inc.

13,800

75

Vail Resorts, Inc. (a)

18,500

814

WMS Industries, Inc. (a)

42,500

1,478

Yum! Brands, Inc.

16,100

985

13,859

Household Durables - 0.8%

Champion Enterprises, Inc. (a)(e)

38,900

364

Cyrela Brazil Realty SA

69,000

1,320

D.R. Horton, Inc.

28,200

751

Daiwa House Industry Co. Ltd.

2,000

35

Fortune Brands, Inc.

5,900

477

Furniture Brands International, Inc.

17,300

298

Interface, Inc. Class A (a)

66,488

988

La-Z-Boy, Inc. (e)

53,800

634

Leggett & Platt, Inc.

46,700

1,111

Sealy Corp., Inc.

24,000

357

Common Stocks - continued

Shares

Value
(000s)

CONSUMER DISCRETIONARY - continued

Household Durables - continued

Sekisui House Ltd.

2,000

$ 30

Sony Corp. sponsored ADR

32,700

1,289

Standard Pacific Corp.

24,100

618

The Stanley Works

21,400

1,092

Whirlpool Corp.

23,400

1,996

11,360

Leisure Equipment & Products - 0.1%

Eastman Kodak Co.

38,800

1,010

MarineMax, Inc. (a)

35,100

943

1,953

Media - 1.8%

Citadel Broadcasting Corp.

20,200

192

Clear Channel Outdoor Holding, Inc. Class A

47,000

1,210

DreamWorks Animation SKG, Inc. Class A (a)

7,800

228

EchoStar Communications Corp. Class A (a)

29,313

1,056

Grupo Televisa SA de CV (CPO) sponsored ADR

22,600

594

Lamar Advertising Co. Class A (a)

36,900

2,227

Liberty Global, Inc.:

Class A (a)

34,800

939

Class C (a)

4,800

126

Live Nation, Inc. (a)

177,787

3,812

McGraw-Hill Companies, Inc.

16,500

1,100

Naspers Ltd. Class N sponsored ADR

30,500

632

News Corp. Class A

137,100

2,824

NTL, Inc.

77,987

1,879

Omnicom Group, Inc.

8,900

909

R.H. Donnelley Corp.

15,100

936

Radio One, Inc. Class D (non-vtg.) (a)

35,300

229

Salem Communications Corp. Class A

10,300

127

Time Warner, Inc.

230,300

4,638

Viacom, Inc. Class B (non-vtg.) (a)

24,600

923

24,581

Multiline Retail - 0.8%

Dollar Tree Stores, Inc. (a)

20,400

612

Family Dollar Stores, Inc.

65,200

1,818

Federated Department Stores, Inc.

46,600

1,961

Fred's, Inc. Class A

65,800

776

JCPenney Co., Inc.

16,200

1,253

Saks, Inc.

32,100

659

Common Stocks - continued

Shares

Value
(000s)

CONSUMER DISCRETIONARY - continued

Multiline Retail - continued

Sears Holdings Corp. (a)

10,800

$ 1,851

Target Corp.

13,300

773

Tuesday Morning Corp.

31,931

562

10,265

Specialty Retail - 1.1%

Aeropostale, Inc. (a)

33,200

1,004

Best Buy Co., Inc.

17,150

943

DCM Japan Holdings Co. Ltd. (a)

78,720

872

Eddie Bauer Holdings, Inc. (a)

44,400

406

Gamestop Corp.:

Class A (a)

5,800

325

Class B (a)

29,900

1,640

Hibbett Sporting Goods, Inc. (a)

10,902

344

Home Depot, Inc.

55,900

2,123

OfficeMax, Inc.

22,400

1,054

Pacific Sunwear of California, Inc. (a)

49,400

972

PETsMART, Inc.

43,877

1,298

RadioShack Corp.

56,500

990

Sally Beauty Holdings, Inc. (a)

33,500

310

Staples, Inc.

52,306

1,332

TJX Companies, Inc.

31,500

864

Urban Outfitters, Inc. (a)

11,800

263

Williams-Sonoma, Inc.

5,800

184

14,924

Textiles, Apparel & Luxury Goods - 0.0%

NIKE, Inc. Class B

3,400

336

TOTAL CONSUMER DISCRETIONARY

82,504

CONSUMER STAPLES - 3.9%

Beverages - 0.2%

Anadolu Efes Biracilk Ve Malt Sanyii AS

2,000

58

Fomento Economico Mexicano SA de CV sponsored ADR

8,700

916

Pernod Ricard SA

600

133

Remy Cointreau SA

2,900

174

SABMiller PLC

43,500

909

2,190

Food & Staples Retailing - 0.9%

CVS Corp.

74,000

2,129

Common Stocks - continued

Shares

Value
(000s)

CONSUMER STAPLES - continued

Food & Staples Retailing - continued

Kroger Co.

44,600

$ 957

Rite Aid Corp.

193,500

919

Safeway, Inc.

53,000

1,633

Sysco Corp.

25,800

925

Wal-Mart de Mexico SA de CV Series V

165,700

619

Wal-Mart Stores, Inc.

85,400

3,937

Walgreen Co.

28,400

1,150

12,269

Food Products - 0.7%

Azucarera Ebro Agricolas SA

4,000

94

Bunge Ltd.

6,900

486

Cadbury Schweppes PLC sponsored ADR

700

29

Chiquita Brands International, Inc.

33,700

482

Corn Products International, Inc.

54,600

1,983

Del Monte Foods Co.

19,600

221

General Mills, Inc.

21,200

1,186

Global Bio-Chem Technology Group Co. Ltd.

968,000

316

Groupe Danone

300

46

Imperial Sugar Co.

4,400

101

Kellogg Co.

16,700

831

Koninklijke Numico NV

2,300

119

McCormick & Co., Inc. (non-vtg.)

15,300

592

Nestle SA (Reg.)

2,897

1,022

Smithfield Foods, Inc. (a)

31,200

823

Tyson Foods, Inc. Class A

36,300

577

Wm. Wrigley Jr. Co.

7,700

404

9,312

Household Products - 0.8%

Colgate-Palmolive Co.

34,100

2,218

Procter & Gamble Co.

145,173

9,115

11,333

Personal Products - 0.3%

Alberto-Culver Co.

33,500

672

Avon Products, Inc.

95,600

3,120

Playtex Products, Inc. (a)

70,800

1,052

4,844

Common Stocks - continued

Shares

Value
(000s)

CONSUMER STAPLES - continued

Tobacco - 1.0%

Altria Group, Inc.

168,920

$ 14,225

TOTAL CONSUMER STAPLES

54,173

ENERGY - 8.1%

Energy Equipment & Services - 4.9%

Baker Hughes, Inc.

32,500

2,386

BJ Services Co.

38,800

1,310

Cameron International Corp. (a)

38,850

2,110

Global Industries Ltd. (a)

44,300

633

GlobalSantaFe Corp.

23,600

1,416

Halliburton Co.

225,700

7,615

Nabors Industries Ltd. (a)

11,500

388

National Oilwell Varco, Inc. (a)

405,200

26,950

Noble Corp.

20,800

1,607

Pride International, Inc. (a)

348,400

11,250

Schlumberger Ltd. (NY Shares)

8,900

609

Smith International, Inc.

70,800

2,999

Superior Energy Services, Inc. (a)

16,500

537

Transocean, Inc. (a)

15,900

1,239

W-H Energy Services, Inc. (a)

16,600

793

Weatherford International Ltd. (a)

130,700

5,870

Willbros Group, Inc. (a)

2,900

50

67,762

Oil, Gas & Consumable Fuels - 3.2%

Alpha Natural Resources, Inc. (a)

31,600

498

Aurora Oil & Gas Corp. (a)

278,800

951

Cabot Oil & Gas Corp.

18,200

1,131

Canadian Natural Resources Ltd.

15,400

835

Chesapeake Energy Corp.

54,300

1,848

Ellora Energy, Inc. (a)(f)

106,700

1,280

EnCana Corp.

20,300

1,055

Energy Partners Ltd. (a)

15,813

384

EOG Resources, Inc.

23,500

1,657

Evergreen Energy, Inc. (a)(e)

49,800

438

Foundation Coal Holdings, Inc.

30,600

1,136

Goodrich Petroleum Corp.

16,900

743

Helix Energy Solutions Group, Inc. (a)

24,300

894

International Coal Group, Inc. (a)

57,500

293

Mariner Energy, Inc. (a)

10,200

214

Common Stocks - continued

Shares

Value
(000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Massey Energy Co.

26,900

$ 740

Noble Energy, Inc.

4,600

246

OMI Corp.

41,900

979

Petroleum Development Corp. (a)

11,700

494

Petroplus Holdings AG (a)

17,130

1,000

Plains Exploration & Production Co. (a)

27,500

1,295

Quicksilver Resources, Inc. (a)

53,500

2,264

Range Resources Corp.

68,750

2,137

Southwestern Energy Co. (a)

47,300

1,993

SXR Uranium One, Inc. (a)

129,100

1,662

Tesoro Corp.

6,300

444

Ultra Petroleum Corp. (a)

23,700

1,277

Valero Energy Corp.

270,300

14,885

Williams Companies, Inc.

25,400

705

43,478

TOTAL ENERGY

111,240

FINANCIALS - 14.2%

Capital Markets - 1.8%

American Capital Strategies Ltd.

32,100

1,453

Ameriprise Financial, Inc.

7,120

385

Bank of New York Co., Inc.

67,600

2,403

Cowen Group, Inc.

38,447

651

E*TRADE Financial Corp.

131,200

3,158

Franklin Resources, Inc.

2,000

213

Goldman Sachs Group, Inc.

4,800

935

Investors Financial Services Corp.

15,800

628

Lazard Ltd. Class A

46,500

2,112

Lehman Brothers Holdings, Inc.

15,000

1,105

Mellon Financial Corp.

16,900

680

Merrill Lynch & Co., Inc.

65,500

5,727

Northern Trust Corp.

18,300

1,042

State Street Corp.

24,200

1,504

TD Ameritrade Holding Corp.

32,600

572

Thomas Weisel Partners Group, Inc.

36,909

787

UBS AG (Reg.)

22,442

1,351

24,706

Common Stocks - continued

Shares

Value
(000s)

FINANCIALS - continued

Commercial Banks - 2.5%

ABN-AMRO Holding NV sponsored ADR

33,900

$ 1,020

Aozora Bank Ltd.

44,000

185

Banco Bilbao Vizcaya Argentaria SA sponsored ADR

69,100

1,669

Banco Nossa Caixa SA

45,700

1,070

Bank of Baroda

34,478

217

Boston Private Financial Holdings, Inc.

25,900

703

Colonial Bancgroup, Inc.

54,800

1,337

Erste Bank AG

1,500

109

Hanmi Financial Corp.

44,600

974

HSBC Holdings PLC sponsored ADR

7,600

707

Industrial & Commercial Bank of China

750,000

380

Nara Bancorp, Inc.

28,800

584

National Australia Bank Ltd.

42,764

1,317

PNC Financial Services Group, Inc.

42,000

2,969

R&G Financial Corp. Class B

103,300

768

Societe Generale Series A

6,130

1,027

SVB Financial Group (a)

12,200

579

Synovus Financial Corp.

31,400

943

UCBH Holdings, Inc.

101,000

1,703

Uniao de Bancos Brasileiros SA (Unibanco) GDR

5,300

449

Unicredito Italiano Spa

128,700

1,111

Wachovia Corp.

134,013

7,262

Wells Fargo & Co.

183,600

6,470

Wilshire Bancorp, Inc.

44,800

856

Wintrust Financial Corp.

16,400

781

35,190

Consumer Finance - 0.5%

Aiful Corp.

9,500

304

American Express Co.

30,100

1,767

Capital One Financial Corp.

32,000

2,492

ORIX Corp.

3,160

865

SLM Corp.

25,900

1,187

6,615

Diversified Financial Services - 3.3%

Bank of America Corp.

257,774

13,881

Citigroup, Inc.

188,800

9,363

FirstRand Ltd.

186,200

514

JPMorgan Chase & Co.

314,480

14,554

Kotak Mahindra Bank Ltd. sponsored GDR (f)

33,835

288

Common Stocks - continued

Shares

Value
(000s)

FINANCIALS - continued

Diversified Financial Services - continued

Moody's Corp.

8,300

$ 577

PICO Holdings, Inc. (a)

5,400

172

PICO Holdings, Inc. (k)

145,466

4,620

The NASDAQ Stock Market, Inc. (a)

21,700

871

44,840

Insurance - 2.9%

ACE Ltd.

63,700

3,621

AFLAC, Inc.

40,700

1,796

American International Group, Inc.

183,725

12,920

Aspen Insurance Holdings Ltd.

61,800

1,666

Axis Capital Holdings Ltd.

10,400

356

Endurance Specialty Holdings Ltd.

24,400

916

Fidelity National Financial, Inc. Class A

27,200

616

First Mercury Financial Corp.

3,000

63

Genworth Financial, Inc. Class A (non-vtg.)

7,300

239

Hartford Financial Services Group, Inc.

34,800

2,984

IPC Holdings Ltd.

20,800

649

Lincoln National Corp.

2,600

165

MBIA, Inc.

7,700

536

MetLife, Inc.

36,500

2,144

Montpelier Re Holdings Ltd.

40,900

779

Navigators Group, Inc. (a)

7,000

324

PartnerRe Ltd.

21,100

1,471

Platinum Underwriters Holdings Ltd.

30,000

913

PXRE Group Ltd.

65,300

311

Scottish Re Group Ltd.

162,900

969

T&D Holdings, Inc.

20,800

1,514

The St. Paul Travelers Companies, Inc.

49,198

2,549

Universal American Financial Corp. (a)

52,785

990

USI Holdings Corp. (a)

42,047

658

Willis Group Holdings Ltd.

3,400

137

XL Capital Ltd. Class A

17,900

1,273

40,559

Real Estate Investment Trusts - 1.7%

Alexandria Real Estate Equities, Inc.

6,500

670

Annaly Capital Management, Inc.

119,600

1,672

BioMed Realty Trust, Inc.

12,200

368

Brandywine Realty Trust (SBI)

5,900

207

CapitalSource, Inc. (e)

35,400

964

Common Stocks - continued

Shares

Value
(000s)

FINANCIALS - continued

Real Estate Investment Trusts - continued

CBL & Associates Properties, Inc.

14,400

$ 621

CBRE Realty Finance, Inc.

18,500

299

Columbia Equity Trust, Inc.

15,700

296

Developers Diversified Realty Corp.

25,600

1,658

Douglas Emmett, Inc. (a)

8,200

216

Duke Realty Corp.

25,300

1,101

Education Realty Trust, Inc.

18,725

295

Equity Lifestyle Properties, Inc.

4,100

213

Equity Office Properties Trust

56,200

2,709

Equity One, Inc.

28,900

788

Equity Residential (SBI)

11,700

623

General Growth Properties, Inc.

25,000

1,374

Health Care Property Investors, Inc.

900

33

Highwoods Properties, Inc. (SBI)

6,400

261

HomeBanc Mortgage Corp., Georgia

59,900

252

Host Hotels & Resorts, Inc.

42,486

1,071

Pennsylvania (REIT) (SBI)

14,400

569

Public Storage, Inc.

6,200

597

Ramco-Gershenson Properties Trust (SBI)

14,700

544

Spirit Finance Corp.

12,600

154

Tanger Factory Outlet Centers, Inc.

5,200

205

United Dominion Realty Trust, Inc. (SBI)

87,476

2,937

Ventas, Inc.

16,400

639

Vornado Realty Trust

11,800

1,488

22,824

Real Estate Management & Development - 0.1%

GAGFAH SA

3,000

94

Mitsubishi Estate Co. Ltd.

28,000

692

Mitsui Fudosan Co. Ltd.

38,000

893

1,679

Thrifts & Mortgage Finance - 1.4%

Countrywide Financial Corp.

76,000

3,019

Doral Financial Corp.

52,200

211

Fannie Mae

84,600

4,825

Freddie Mac

73,600

4,943

Hudson City Bancorp, Inc.

136,400

1,810

MGIC Investment Corp.

13,100

759

NetBank, Inc. (a)

254,972

1,168

NewAlliance Bancshares, Inc.

45,000

736

Common Stocks - continued

Shares

Value
(000s)

FINANCIALS - continued

Thrifts & Mortgage Finance - continued

Radian Group, Inc.

15,700

$ 835

W Holding Co., Inc.

146,100

897

19,203

TOTAL FINANCIALS

195,616

HEALTH CARE - 6.4%

Biotechnology - 0.9%

Amgen, Inc. (a)

33,400

2,371

Biogen Idec, Inc. (a)

19,700

1,030

Cephalon, Inc. (a)

32,184

2,409

DUSA Pharmaceuticals, Inc. (a)

70,171

379

Genentech, Inc. (a)

10,400

850

Gilead Sciences, Inc. (a)

10,900

719

MannKind Corp. (a)

16,300

267

MedImmune, Inc. (a)

39,700

1,298

OSI Pharmaceuticals, Inc. (a)

35,900

1,317

PDL BioPharma, Inc. (a)

20,400

463

Solexa, Inc. (a)

44,587

547

Vertex Pharmaceuticals, Inc. (a)

14,100

625

12,275

Health Care Equipment & Supplies - 1.3%

Advanced Medical Optics, Inc. (a)

22,400

784

Alcon, Inc.

12,920

1,416

Aspect Medical Systems, Inc. (a)

52,400

994

Baxter International, Inc.

84,200

3,767

Becton, Dickinson & Co.

12,900

925

C.R. Bard, Inc.

23,900

1,967

Cooper Companies, Inc.

47,000

2,537

Dade Behring Holdings, Inc.

44,400

1,681

Inverness Medical Innovations, Inc. (a)

29,300

1,143

Inverness Medical Innovations, Inc. (a)(k)

25,028

976

Inverness Medical Innovations, Inc. (a)

7,800

304

Respironics, Inc. (a)

27,000

974

17,468

Health Care Providers & Services - 1.7%

Acibadem Saglik Hizmetleri AS

69,000

759

Brookdale Senior Living, Inc.

20,700

945

Cardinal Health, Inc.

12,000

775

Common Stocks - continued

Shares

Value
(000s)

HEALTH CARE - continued

Health Care Providers & Services - continued

Caremark Rx, Inc.

23,600

$ 1,116

Chemed Corp.

13,800

516

Community Health Systems, Inc. (a)

12,300

431

DaVita, Inc. (a)

9,200

490

Health Net, Inc. (a)

59,700

2,755

Humana, Inc. (a)

17,186

930

LHC Group, Inc. (a)

4,000

111

McKesson Corp.

20,100

993

Medco Health Solutions, Inc. (a)

38,900

1,953

Omnicare, Inc.

40,700

1,615

Sierra Health Services, Inc. (a)

27,000

946

Sunrise Senior Living, Inc. (a)

30,500

973

United Surgical Partners International, Inc. (a)

44,600

1,135

UnitedHealth Group, Inc.

150,560

7,389

23,832

Health Care Technology - 0.3%

Cerner Corp. (a)

23,900

1,149

Eclipsys Corp. (a)

37,600

796

Emdeon Corp. (a)

112,100

1,328

IMS Health, Inc.

24,900

684

3,957

Life Sciences Tools & Services - 0.3%

Affymetrix, Inc. (a)

30,036

760

Charles River Laboratories International, Inc. (a)

56,300

2,351

Thermo Fisher Scientific, Inc. (a)

17,300

758

Varian, Inc. (a)

16,624

733

4,602

Pharmaceuticals - 1.9%

Atherogenics, Inc. (a)(e)

49,400

610

Barr Pharmaceuticals, Inc. (a)

25,900

1,323

Endo Pharmaceuticals Holdings, Inc. (a)

35,100

952

Johnson & Johnson

104,600

6,894

Merck & Co., Inc.

121,400

5,404

MGI Pharma, Inc. (a)

64,100

1,216

New River Pharmaceuticals, Inc. (a)

31,000

1,521

Novartis AG sponsored ADR

41,200

2,406

Pfizer, Inc.

7,400

203

Schering-Plough Corp.

43,900

966

Common Stocks - continued

Shares

Value
(000s)

HEALTH CARE - continued

Pharmaceuticals - continued

Teva Pharmaceutical Industries Ltd. sponsored ADR

59,000

$ 1,892

Wyeth

63,400

3,061

26,448

TOTAL HEALTH CARE

88,582

INDUSTRIALS - 7.7%

Aerospace & Defense - 1.2%

DRS Technologies, Inc.

4,300

214

DynCorp International, Inc. Class A

47,000

616

General Dynamics Corp.

38,000

2,844

Hexcel Corp. (a)

133,222

2,385

Honeywell International, Inc.

73,800

3,172

KBR, Inc.

22,100

489

Precision Castparts Corp.

22,450

1,694

Raytheon Co.

32,700

1,669

Rockwell Collins, Inc.

19,300

1,164

Spirit AeroSystems Holdings, Inc. Class A

19,400

566

Stanley, Inc.

2,500

42

United Technologies Corp.

36,500

2,355

17,210

Air Freight & Logistics - 0.4%

EGL, Inc. (a)

32,040

1,023

FedEx Corp.

8,900

1,027

Forward Air Corp.

9,944

331

United Parcel Service, Inc. Class B

24,800

1,932

UTI Worldwide, Inc.

35,049

1,044

5,357

Airlines - 0.3%

AirTran Holdings, Inc. (a)

188,500

2,343

Frontier Airlines Holdings, Inc. (a)(e)

208,400

1,709

TAM SA (PN) sponsored ADR (ltd. vtg.)

22,600

630

4,682

Building Products - 0.2%

Goodman Global, Inc.

50,255

805

Masco Corp.

48,200

1,383

2,188

Common Stocks - continued

Shares

Value
(000s)

INDUSTRIALS - continued

Commercial Services & Supplies - 0.8%

Administaff, Inc.

16,100

$ 677

Allied Waste Industries, Inc.

53,200

675

CDI Corp.

17,119

446

Cintas Corp.

26,100

1,101

Clean Harbors, Inc.

44,313

1,893

Comsys IT Partners, Inc. (a)

12,755

235

Covanta Holding Corp. (a)

59,800

1,320

Diamond Management & Technology Consultants, Inc.

65,097

726

Kforce, Inc. (a)

42,517

566

The Brink's Co.

33,400

1,875

Waste Management, Inc.

39,300

1,439

10,953

Construction & Engineering - 1.2%

Chicago Bridge & Iron Co. NV (NY Shares)

110,100

3,191

Fluor Corp.

75,700

6,592

Foster Wheeler Ltd. (a)

7,900

427

Hyundai Engineering & Construction Co. Ltd. (a)

16,560

998

Infrasource Services, Inc. (a)

16,100

348

Perini Corp. (a)

6,900

224

Shaw Group, Inc. (a)

137,500

4,110

Washington Group International, Inc.

22,281

1,310

17,200

Electrical Equipment - 0.1%

ABB Ltd. sponsored ADR

45,600

742

Cooper Industries Ltd. Class A

6,700

613

GrafTech International Ltd. (a)

57,500

388

1,743

Industrial Conglomerates - 1.5%

General Electric Co.

393,500

13,883

McDermott International, Inc. (a)

36,150

1,883

Smiths Group PLC

35,035

626

Tyco International Ltd.

147,200

4,459

20,851

Machinery - 0.5%

Atlas Copco AB (B Shares)

59,200

1,694

Briggs & Stratton Corp.

28,500

772

Danaher Corp.

12,500

914

Deere & Co.

20,800

1,997

Flowserve Corp. (a)

12,700

684

Common Stocks - continued

Shares

Value
(000s)

INDUSTRIALS - continued

Machinery - continued

Gardner Denver, Inc. (a)

17,500

$ 669

Oshkosh Truck Co.

7,200

346

7,076

Marine - 0.3%

Alexander & Baldwin, Inc.

69,088

3,050

American Commercial Lines, Inc. (a)

6,900

478

3,528

Road & Rail - 0.7%

Burlington Northern Santa Fe Corp.

37,400

2,811

Canadian National Railway Co.

9,900

465

CSX Corp.

46,900

1,682

Laidlaw International, Inc.

111,000

3,225

Norfolk Southern Corp.

16,700

822

YRC Worldwide, Inc. (a)

5,000

194

9,199

Trading Companies & Distributors - 0.4%

UAP Holding Corp.

38,800

932

WESCO International, Inc. (a)

67,600

4,522

5,454

Transportation Infrastructure - 0.1%

Grupo Aeroportuario del Pacifico SA de CV sponsored ADR

30,000

1,185

TOTAL INDUSTRIALS

106,626

INFORMATION TECHNOLOGY - 9.4%

Communications Equipment - 1.0%

Adtran, Inc.

16,600

362

Andrew Corp. (a)

71,000

708

Blue Coat Systems, Inc. (a)

31,300

799

Comverse Technology, Inc. (a)

8,700

170

Dycom Industries, Inc. (a)

136,800

2,780

Harris Corp.

38,000

1,600

Juniper Networks, Inc. (a)

20,400

434

Lucent Technologies, Inc. (a)

341,598

871

MasTec, Inc. (a)

112,100

1,264

Motorola, Inc.

95,500

2,117

Nortel Networks Corp.

383,300

824

Common Stocks - continued

Shares

Value
(000s)

INFORMATION TECHNOLOGY - continued

Communications Equipment - continued

Powerwave Technologies, Inc. (a)

35,200

$ 226

QUALCOMM, Inc.

27,900

1,021

13,176

Computers & Peripherals - 1.3%

Electronics for Imaging, Inc. (a)

48,600

1,191

EMC Corp. (a)

49,400

648

Hewlett-Packard Co.

85,200

3,362

Hutchinson Technology, Inc. (a)

18,200

434

Imation Corp.

12,600

584

Intermec, Inc. (a)

40,100

1,017

International Business Machines Corp.

6,000

552

NCR Corp. (a)

50,100

2,150

Seagate Technology (a)

287,764

7,413

Sun Microsystems, Inc. (a)

145,400

788

18,139

Electronic Equipment & Instruments - 1.3%

Agilent Technologies, Inc. (a)

59,800

1,904

Amphenol Corp. Class A

42,900

2,923

Avnet, Inc. (a)

64,900

1,609

Celestica, Inc. (sub. vtg.) (a)

43,800

398

CPI International, Inc.

7,400

104

Flextronics International Ltd. (a)

270,400

3,042

FLIR Systems, Inc. (a)

28,582

921

Ingram Micro, Inc. Class A (a)

83,100

1,694

Insight Enterprises, Inc. (a)

12,082

243

Jabil Circuit, Inc.

20,000

567

Metrologic Instruments, Inc. (a)

9,000

166

Molex, Inc.

27,100

867

Solectron Corp. (a)

632,400

2,106

Symbol Technologies, Inc.

37,900

562

Tektronix, Inc.

29,900

914

18,020

Internet Software & Services - 0.5%

aQuantive, Inc. (a)

13,200

315

eBay, Inc. (a)

32,728

1,059

Google, Inc. Class A (sub. vtg.) (a)

8,200

3,976

ValueClick, Inc. (a)

12,900

321

Common Stocks - continued

Shares

Value
(000s)

INFORMATION TECHNOLOGY - continued

Internet Software & Services - continued

VeriSign, Inc. (a)

21,500

$ 561

Yahoo!, Inc. (a)

52,100

1,406

7,638

IT Services - 0.3%

First Data Corp.

41,400

1,045

Paychex, Inc.

12,100

477

Satyam Computer Services Ltd. sponsored ADR

41,600

971

SI International, Inc. (a)

15,700

541

Western Union Co. (a)

41,400

944

3,978

Office Electronics - 0.2%

Xerox Corp.

141,700

2,338

Semiconductors & Semiconductor Equipment - 3.2%

Agere Systems, Inc. (a)

46,900

840

Altera Corp. (a)

15,100

300

AMIS Holdings, Inc. (a)

87,306

943

Analog Devices, Inc.

56,700

1,844

Applied Micro Circuits Corp. (a)

147,600

517

ASAT Holdings Ltd. warrants 7/24/11 (a)

173

1

ASML Holding NV (NY Shares) (a)

83,500

2,079

Atmel Corp. (a)

63,000

319

ATMI, Inc. (a)

77,900

2,533

Axcelis Technologies, Inc. (a)

225,000

1,438

Credence Systems Corp. (a)

215,200

826

Cymer, Inc. (a)

27,000

1,276

Cypress Semiconductor Corp. (a)

107,800

1,875

DSP Group, Inc. (a)

37,800

816

Entegris, Inc. (a)

51,300

547

Exar Corp. (a)

31,605

429

Fairchild Semiconductor International, Inc. (a)

136,100

2,221

Freescale Semiconductor, Inc. Class A (a)

52,580

2,098

Hittite Microwave Corp. (a)

13,622

532

Infineon Technologies AG sponsored ADR (a)

10,100

131

Integrated Device Technology, Inc. (a)

71,200

1,175

Intel Corp.

64,000

1,366

Intersil Corp. Class A

116,900

2,896

Linear Technology Corp.

25,500

820

LTX Corp. (a)

177,000

922

Maxim Integrated Products, Inc.

60,300

1,898

Common Stocks - continued

Shares

Value
(000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Microchip Technology, Inc.

48,700

$ 1,661

Microsemi Corp. (a)

12,900

266

National Semiconductor Corp.

137,000

3,314

PMC-Sierra, Inc. (a)

69,800

531

Renewable Energy Corp. AS (a)

12,900

238

Rudolph Technologies, Inc. (a)

75,334

1,208

Samsung Electronics Co. Ltd.

3,780

2,595

Spansion, Inc. Class A

78,900

1,153

Teradyne, Inc. (a)

47,600

709

Verigy Ltd.

23,988

428

Xilinx, Inc.

43,000

1,152

43,897

Software - 1.6%

Amdocs Ltd. (a)

18,300

705

BEA Systems, Inc. (a)

92,900

1,279

Cognos, Inc. (a)

37,700

1,542

Compuware Corp. (a)

17,800

149

Fair, Isaac & Co., Inc.

39,100

1,627

Hyperion Solutions Corp. (a)

33,750

1,241

Kronos, Inc. (a)

8,600

303

Macrovision Corp. (a)

33,400

924

Microsoft Corp.

165,100

4,842

Nintendo Co. Ltd.

15,900

3,790

Opsware, Inc. (a)

66,470

582

Parametric Technology Corp. (a)

26,900

521

Quest Software, Inc. (a)

38,100

545

Symantec Corp. (a)

58,492

1,240

Take-Two Interactive Software, Inc. (a)

105,900

1,838

Wind River Systems, Inc. (a)

78,500

841

21,969

TOTAL INFORMATION TECHNOLOGY

129,155

MATERIALS - 4.2%

Chemicals - 1.3%

Air Products & Chemicals, Inc.

13,700

947

Arkema sponsored ADR (a)

9,200

456

Ashland, Inc.

47,300

3,198

Celanese Corp. Class A

103,900

2,286

Chemtura Corp.

233,200

2,257

Common Stocks - continued

Shares

Value
(000s)

MATERIALS - continued

Chemicals - continued

Cytec Industries, Inc.

26,500

$ 1,413

FMC Corp.

13,630

966

Israel Chemicals Ltd.

182,900

1,100

Monsanto Co.

53,900

2,591

Mosaic Co. (a)

140,500

2,993

18,207

Construction Materials - 0.1%

Texas Industries, Inc. (e)

20,500

1,399

Containers & Packaging - 0.2%

Owens-Illinois, Inc.

65,700

1,242

Smurfit-Stone Container Corp.

85,917

922

2,164

Metals & Mining - 2.5%

Agnico-Eagle Mines Ltd.

17,500

772

Alcoa, Inc.

131,600

4,102

Allegheny Technologies, Inc.

34,200

3,066

Aquarius Platinum Ltd. (Australia)

10,009

220

Carpenter Technology Corp.

16,566

1,769

Compass Minerals International, Inc.

40,600

1,344

Goldcorp, Inc.

71,500

2,236

IPSCO, Inc.

9,600

982

Meridian Gold, Inc. (a)

112,600

3,482

Mittal Steel Co. NV Class A (NY Shares)

11,500

474

Oregon Steel Mills, Inc. (a)

27,800

1,750

Phelps Dodge Corp.

17,000

2,091

Stillwater Mining Co. (a)

83,800

1,161

Sumitomo Metal Industries Ltd.

58,000

222

Teck Cominco Ltd. Class B (sub. vtg.)

19,600

1,477

Titanium Metals Corp.

282,057

9,017

34,165

Paper & Forest Products - 0.1%

Louisiana-Pacific Corp.

8,700

184

Weyerhaeuser Co.

15,200

983

1,167

TOTAL MATERIALS

57,102

Common Stocks - continued

Shares

Value
(000s)

TELECOMMUNICATION SERVICES - 2.6%

Diversified Telecommunication Services - 2.1%

AT&T, Inc.

354,084

$ 12,007

BellSouth Corp.

132,900

5,926

Cogent Communications Group, Inc. (a)

29,300

464

Covad Communications Group, Inc. (a)

789,688

948

Globalstar, Inc.

5,800

81

Telenor ASA sponsored ADR

10,500

542

Time Warner Telecom, Inc. Class A (sub. vtg.) (a)

18,100

330

Verizon Communications, Inc.

265,300

9,270

29,568

Wireless Telecommunication Services - 0.5%

America Movil SA de CV Series L sponsored ADR

20,200

898

American Tower Corp. Class A (a)

49,380

1,870

Crown Castle International Corp. (a)

34,900

1,203

NII Holdings, Inc. (a)

28,500

1,851

Vivo Participacoes SA (PN) sponsored ADR

86,300

337

6,159

TOTAL TELECOMMUNICATION SERVICES

35,727

UTILITIES - 2.6%

Electric Utilities - 0.9%

Ceske Energeticke Zavody AS

400

18

DPL, Inc.

34,600

967

E.ON AG

8,800

1,133

Edison International

28,800

1,324

Entergy Corp.

31,000

2,831

Exelon Corp.

36,500

2,217

FPL Group, Inc.

27,900

1,487

PPL Corp.

52,100

1,894

Reliant Energy, Inc. (a)

42,700

573

12,444

Gas Utilities - 0.1%

Equitable Resources, Inc.

26,300

1,141

Independent Power Producers & Energy Traders - 1.1%

AES Corp. (a)

286,100

6,686

Constellation Energy Group, Inc.

9,900

679

Mirant Corp. (a)

33,400

1,016

Common Stocks - continued

Shares

Value
(000s)

UTILITIES - continued

Independent Power Producers & Energy Traders - continued

NRG Energy, Inc.

26,400

$ 1,503

TXU Corp.

100,900

5,791

15,675

Multi-Utilities - 0.5%

CMS Energy Corp. (a)

122,000

1,978

Dominion Resources, Inc.

25,100

2,027

PG&E Corp.

19,500

896

Public Service Enterprise Group, Inc.

23,000

1,546

RWE AG

2,300

261

6,708

TOTAL UTILITIES

35,968

TOTAL COMMON STOCKS

(Cost $748,716)

896,693

Convertible Preferred Stocks - 0.1%

FINANCIALS - 0.1%

Insurance - 0.1%

Platinum Underwriters Holdings Ltd. Series A, 6.00%

15,800

473

XL Capital Ltd. 6.50%

36,100

834

1,307

INFORMATION TECHNOLOGY - 0.0%

Semiconductors & Semiconductor Equipment - 0.0%

ASAT Holdings Ltd. 13.00% (a)

173

4

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $1,295)

1,311

Corporate Bonds - 3.9%

Principal Amount (000s)

Convertible Bonds - 0.1%

ENERGY - 0.1%

Oil, Gas & Consumable Fuels - 0.1%

McMoRan Exploration Co. 6% 7/2/08

$ 800

1,017

Corporate Bonds - continued

Principal Amount (000s)

Value
(000s)

Convertible Bonds - continued

HEALTH CARE - 0.0%

Pharmaceuticals - 0.0%

New River Pharmaceuticals, Inc. 3.5% 8/1/13 (f)

$ 560

$ 874

TOTAL CONVERTIBLE BONDS

1,891

Nonconvertible Bonds - 3.8%

CONSUMER DISCRETIONARY - 0.7%

Auto Components - 0.0%

Goodyear Tire & Rubber Co.:

8.625% 12/1/11 (f)

30

30

9% 7/1/15

30

31

61

Automobiles - 0.0%

General Motors Corp.:

8.25% 7/15/23

25

23

8.375% 7/15/33

55

50

73

Diversified Consumer Services - 0.0%

Carriage Services, Inc. 7.875% 1/15/15

200

193

Education Management LLC/Education Management Finance Corp. 8.75% 6/1/14 (f)

70

72

265

Hotels, Restaurants & Leisure - 0.0%

Carrols Corp. 9% 1/15/13

310

316

MGM Mirage, Inc. 5.875% 2/27/14

280

261

Six Flags, Inc. 9.625% 6/1/14

35

32

Trump Entertainment Resorts Holdings LP 8.5% 6/1/15

20

20

629

Leisure Equipment & Products - 0.0%

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

30

29

Media - 0.6%

AOL Time Warner, Inc. 7.625% 4/15/31

500

573

Cablevision Systems Corp. 9.87% 4/1/09 (h)

245

256

Charter Communications Holdings II LLC/Charter Communications Holdings II Capital Corp. 10.25% 9/15/10

135

141

Corporate Bonds - continued

Principal Amount (000s)

Value
(000s)

Nonconvertible Bonds - continued

CONSUMER DISCRETIONARY - continued

Media - continued

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

$ 370

$ 380

Comcast Corp. 6.45% 3/15/37

665

685

Cox Communications, Inc. 6.45% 12/1/36 (f)

480

484

CSC Holdings, Inc. 7.625% 4/1/11

258

262

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

215

234

EchoStar Communications Corp. 7.125% 2/1/16

140

139

Houghton Mifflin Co. 9.875% 2/1/13

675

729

News America Holdings, Inc. 7.75% 12/1/45

510

602

News America, Inc. 6.2% 12/15/34

990

987

Nielsen Finance LLC/Co. 10% 8/1/14 (f)

180

191

PanAmSat Corp. 9% 6/15/16 (f)

160

168

Paxson Communications Corp.:

8.6238% 1/15/12 (f)(h)

250

254

11.6238% 1/15/13 (f)(h)

120

121

The Reader's Digest Association, Inc. 6.5% 3/1/11

60

62

Time Warner Entertainment Co. LP 8.375% 7/15/33

1,200

1,490

7,758

Specialty Retail - 0.1%

Asbury Automotive Group, Inc. 8% 3/15/14

355

357

AutoNation, Inc. 7.3738% 4/15/13 (h)

30

30

GNC Parent Corp. 12.14% 12/1/11 pay-in-kind (f)(h)

100

100

GSC Holdings Corp./Gamestop, Inc. 8% 10/1/12

50

52

Sally Holdings LLC:

9.25% 11/15/14 (f)

30

31

10.5% 11/15/16 (f)

50

51

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

475

487

United Auto Group, Inc. 7.75% 12/15/16

130

131

1,239

TOTAL CONSUMER DISCRETIONARY

10,054

CONSUMER STAPLES - 0.0%

Food & Staples Retailing - 0.0%

Jean Coutu Group, Inc. 7.625% 8/1/12

35

37

Corporate Bonds - continued

Principal Amount (000s)

Value
(000s)

Nonconvertible Bonds - continued

CONSUMER STAPLES - continued

Food & Staples Retailing - continued

Rite Aid Corp.:

6.875% 8/15/13

$ 15

$ 13

7.7% 2/15/27

55

44

94

Food Products - 0.0%

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

160

168

Swift & Co. 10.125% 10/1/09

60

62

230

Tobacco - 0.0%

Reynolds American, Inc. 7.625% 6/1/16 (f)

85

91

TOTAL CONSUMER STAPLES

415

ENERGY - 0.5%

Energy Equipment & Services - 0.0%

Complete Production Services, Inc. 8% 12/15/16 (f)

90

91

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

95

90

181

Oil, Gas & Consumable Fuels - 0.5%

Chesapeake Energy Corp.:

6.5% 8/15/17

20

19

6.625% 1/15/16

5

5

7% 8/15/14

5

5

7.5% 6/15/14

220

227

Duke Capital LLC 6.75% 2/15/32

485

533

Duke Energy Field Services 6.45% 11/3/36 (f)

470

500

El Paso Corp.:

7.625% 9/1/08

210

216

7.75% 6/15/10

520

545

7.875% 6/15/12

245

256

Massey Energy Co. 6.875% 12/15/13

120

112

Nexen, Inc. 5.875% 3/10/35

875

846

Pemex Project Funding Master Trust 6.625% 6/15/35 (f)

600

615

Petrohawk Energy Corp. 9.125% 7/15/13

100

104

Plains All American Pipeline LP 6.65% 1/15/37 (f)

915

960

Pogo Producing Co.:

6.625% 3/15/15

50

48

Corporate Bonds - continued

Principal Amount (000s)

Value
(000s)

Nonconvertible Bonds - continued

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Pogo Producing Co.: - continued

7.875% 5/1/13 (f)

$ 50

$ 51

Range Resources Corp. 7.375% 7/15/13

40

41

Ras Laffan LNG III 6.332% 9/30/27 (f)

380

400

Tennessee Gas Pipeline Co.:

7% 10/15/28

50

53

8.375% 6/15/32

15

18

Transcontinental Gas Pipe Line Corp. 6.25% 1/15/08

485

486

6,040

TOTAL ENERGY

6,221

FINANCIALS - 0.4%

Capital Markets - 0.0%

JPMorgan Chase Capital XX 6.55% 9/29/36

175

185

Commercial Banks - 0.1%

HSBC Holdings PLC 6.5% 5/2/36

1,000

1,109

Consumer Finance - 0.1%

Ford Motor Credit Co.:

6.34% 3/21/07 (h)

65

65

7% 10/1/13

35

33

9.75% 9/15/10 (f)

30

32

9.8238% 4/15/12 (h)

70

74

9.875% 8/10/11

490

524

General Motors Acceptance Corp.:

6.75% 12/1/14

240

245

6.875% 9/15/11

95

97

6.875% 8/28/12

40

41

8% 11/1/31

115

128

1,239

Diversified Financial Services - 0.2%

Hilcorp Energy I LP/Hilcorp Finance Co. 9% 6/1/16 (f)

70

73

JPMorgan Chase Capital XVII 5.85% 8/1/35

2,025

2,011

2,084

Real Estate Investment Trusts - 0.0%

Host Hotels & Resorts LP 6.875% 11/1/14 (f)

240

243

Rouse Co. LP/TRC, Inc. 6.75% 5/1/13 (f)

190

194

Corporate Bonds - continued

Principal Amount (000s)

Value
(000s)

Nonconvertible Bonds - continued

FINANCIALS - continued

Real Estate Investment Trusts - continued

Ventas Realty LP:

6.5% 6/1/16

$ 110

$ 111

6.75% 4/1/17

60

61

609

Real Estate Management & Development - 0.0%

EOP Operating LP:

7.25% 6/15/28

23

29

7.5% 4/19/29

425

543

7.875% 7/15/31

28

38

610

TOTAL FINANCIALS

5,836

HEALTH CARE - 0.1%

Health Care Providers & Services - 0.1%

DaVita, Inc. 7.25% 3/15/15

205

206

HCA, Inc.:

9.125% 11/15/14 (f)

80

84

9.25% 11/15/16 (f)

275

287

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

30

30

Skilled Healthcare Group, Inc. 11% 1/15/14 (f)

50

55

Tenet Healthcare Corp. 9.875% 7/1/14

190

191

853

INDUSTRIALS - 0.3%

Aerospace & Defense - 0.1%

Bombardier, Inc.:

6.3% 5/1/14 (f)

780

720

8% 11/15/14 (f)

530

534

1,254

Airlines - 0.0%

AMR Corp. 9% 8/1/12

120

128

Delta Air Lines, Inc. 8.3% 12/15/29 (d)

435

261

Delta Air Lines, Inc. pass thru trust certificates 10.06% 1/2/16 (d)

130

104

493

Corporate Bonds - continued

Principal Amount (000s)

Value
(000s)

Nonconvertible Bonds - continued

INDUSTRIALS - continued

Commercial Services & Supplies - 0.1%

Allied Security Escrow Corp. 11.375% 7/15/11

$ 40

$ 40

Allied Waste North America, Inc.:

7.125% 5/15/16

90

89

8.5% 12/1/08

398

420

Cenveo Corp. 7.875% 12/1/13

280

267

Corrections Corp. of America 6.75% 1/31/14

40

40

Hydrochem Industrial Services, Inc. 9.25% 2/15/13 (f)

60

60

IKON Office Solutions, Inc. 7.75% 9/15/15

30

31

Rental Service Co. 9.5% 12/1/14 (f)

70

71

1,018

Industrial Conglomerates - 0.1%

Siemens Financieringsmaatschap NV 6.125% 8/17/26 (f)

630

667

Marine - 0.0%

American Commercial Lines LLC/ACL Finance Corp. 9.5% 2/15/15

276

306

Road & Rail - 0.0%

Avis Budget Car Rental LLC/Avis Budget Finance, Inc.:

7.625% 5/15/14 (f)

30

29

7.8738% 5/15/14 (f)(h)

20

19

Hertz Corp.:

8.875% 1/1/14 (f)

130

135

10.5% 1/1/16 (f)

60

65

248

Trading Companies & Distributors - 0.0%

Ashtead Capital, Inc. 9% 8/15/16 (f)

70

74

H&E Equipment Services, Inc. 8.375% 7/15/16

40

42

Penhall International Corp. 12% 8/1/14 (f)

60

65

181

TOTAL INDUSTRIALS

4,167

INFORMATION TECHNOLOGY - 0.2%

Communications Equipment - 0.1%

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

425

419

Nortel Networks Corp.:

9.6238% 7/15/11 (f)(h)

80

83

Corporate Bonds - continued

Principal Amount (000s)

Value
(000s)

Nonconvertible Bonds - continued

INFORMATION TECHNOLOGY - continued

Communications Equipment - continued

Nortel Networks Corp.: - continued

10.125% 7/15/13 (f)

$ 70

$ 74

10.75% 7/15/16 (f)

90

96

672

Computers & Peripherals - 0.0%

Seagate Technology HDD Holdings 6.8% 10/1/16

90

89

Electronic Equipment & Instruments - 0.0%

NXP BV 9.5% 10/15/15 (f)

120

124

Sanmina-SCI Corp. 8.125% 3/1/16

70

68

Solectron Global Finance Ltd. 8% 3/15/16

30

30

222

IT Services - 0.0%

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

25

24

SunGard Data Systems, Inc.:

9.125% 8/15/13

190

200

9.9725% 8/15/13 (h)

110

114

338

Office Electronics - 0.0%

Xerox Capital Trust I 8% 2/1/27

310

317

Xerox Corp. 7.125% 6/15/10

215

227

544

Semiconductors & Semiconductor Equipment - 0.1%

Amkor Technology, Inc. 9.25% 6/1/16

90

89

Avago Technologies Finance Ltd. 10.125% 12/1/13 (f)

140

149

Freescale Semiconductor, Inc.:

7.125% 7/15/14

360

388

8.875% 12/15/14 (f)(g)

100

100

9.125% 12/15/14 pay-in-kind (f)(g)

150

150

9.25% 12/15/14 (f)(g)(h)

150

149

10.125% 12/15/16 (f)(g)

70

71

MagnaChip Semiconductor SA/MagnaChip Semiconductor Finance Co. 6.875% 12/15/11

40

34

1,130

Corporate Bonds - continued

Principal Amount (000s)

Value
(000s)

Nonconvertible Bonds - continued

INFORMATION TECHNOLOGY - continued

Software - 0.0%

Activant Solutions, Inc. 9.5% 5/1/16 (f)

$ 30

$ 28

Serena Software, Inc. 10.375% 3/15/16

70

74

102

TOTAL INFORMATION TECHNOLOGY

3,097

MATERIALS - 0.3%

Chemicals - 0.1%

BCP Crystal U.S. Holdings Corp. 9.625% 6/15/14

332

364

Lyondell Chemical Co.:

8.25% 9/15/16

50

52

9.5% 12/15/08

485

498

Momentive Performance Materials, Inc.:

9.75% 12/1/14 (f)

220

220

10.125% 12/1/14 (f)

100

100

Phibro Animal Health Corp. 10% 8/1/13 (f)

60

62

1,296

Construction Materials - 0.1%

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

455

478

Containers & Packaging - 0.0%

Owens-Brockway Glass Container, Inc.:

7.75% 5/15/11

240

247

8.75% 11/15/12

200

212

459

Metals & Mining - 0.1%

FMG Finance Pty Ltd.:

10% 9/1/13 (f)

70

69

10.625% 9/1/16 (f)

100

101

Newmont Mining Corp. 5.875% 4/1/35

590

571

Novelis, Inc. 8.25% 2/15/15 (f)(h)

80

78

PNA Group, Inc. 10.75% 9/1/16 (f)

35

36

Vale Overseas Ltd. 6.875% 11/21/36

490

502

1,357

Paper & Forest Products - 0.0%

Georgia-Pacific Corp. 9.5% 12/1/11

420

461

TOTAL MATERIALS

4,051

Corporate Bonds - continued

Principal Amount (000s)

Value
(000s)

Nonconvertible Bonds - continued

TELECOMMUNICATION SERVICES - 1.0%

Diversified Telecommunication Services - 0.8%

AT&T, Inc. 6.8% 5/15/36

$ 1,200

$ 1,312

British Telecommunications PLC 8.875% 12/15/30

1,250

1,763

Embarq Corp. 7.995% 6/1/36

119

129

Intelsat Ltd.:

6.5% 11/1/13

90

75

9.25% 6/15/16 (f)

310

332

Level 3 Financing, Inc. 9.25% 11/1/14 (f)

130

131

Nordic Telephone Co. Holdings ApS 8.875% 5/1/16 (f)

75

79

NTL Cable PLC 9.125% 8/15/16

50

53

Qwest Corp.:

8.64% 6/15/13 (h)

710

767

8.875% 3/15/12

205

228

SBC Communications, Inc.:

6.15% 9/15/34

750

761

6.45% 6/15/34

415

436

Sprint Capital Corp.:

6.875% 11/15/28

850

885

8.75% 3/15/32

535

670

Telecom Italia Capital SA:

6.375% 11/15/33

1,300

1,262

7.2% 7/18/36

330

353

Telefonica Emisiones SAU 7.045% 6/20/36

340

371

Verizon Global Funding Corp. 7.75% 12/1/30

990

1,182

Wind Acquisition Finance SA 10.75% 12/1/15 (f)

60

68

Windstream Corp.:

8.125% 8/1/13 (f)

55

59

8.625% 8/1/16 (f)

110

119

11,035

Wireless Telecommunication Services - 0.2%

America Movil SA de CV 6.375% 3/1/35

1,130

1,116

Centennial Cellular Operating Co./Centennial Communications Corp. 10.125% 6/15/13

65

70

Centennial Communications Corp. 10% 1/1/13

30

31

Cricket Communications, Inc. 9.375% 11/1/14 (f)

250

257

DirecTV Holdings LLC/DirecTV Financing, Inc. 6.375% 6/15/15

40

39

Intelsat Subsidiary Holding Co. Ltd. 10.4844% 1/15/12 (h)

340

345

Corporate Bonds - continued

Principal Amount (000s)

Value
(000s)

Nonconvertible Bonds - continued

TELECOMMUNICATION SERVICES - continued

Wireless Telecommunication Services - continued

Rogers Communications, Inc.:

6.375% 3/1/14

$ 395

$ 396

8.515% 12/15/10 (h)

220

225

2,479

TOTAL TELECOMMUNICATION SERVICES

13,514

UNCLASSIFIED MAJOR INDUSTRY - 0.0%

Unclassified Minor Industry - 0.0%

MediMedia USA, Inc. 11.375% 11/15/14 (f)

20

21

UTILITIES - 0.3%

Electric Utilities - 0.0%

Mirant Americas Generation LLC 8.3% 5/1/11

85

86

Nevada Power Co. 6.5% 5/15/18

165

171

257

Gas Utilities - 0.0%

Dynegy Holdings, Inc. 8.375% 5/1/16

40

42

NiSource Finance Corp. 5.45% 9/15/20

385

367

409

Independent Power Producers & Energy Traders - 0.1%

AES Corp.:

8.75% 5/15/13 (f)

325

349

9.5% 6/1/09

452

484

Mirant North America LLC 7.375% 12/31/13

50

51

NRG Energy, Inc.:

7.25% 2/1/14

210

210

7.375% 2/1/16

285

285

7.375% 1/15/17

275

274

1,653

Multi-Utilities - 0.2%

CMS Energy Corp.:

8.5% 4/15/11

400

436

8.9% 7/15/08

560

586

Corporate Bonds - continued

Principal Amount (000s)

Value
(000s)

Nonconvertible Bonds - continued

UTILITIES - continued

Multi-Utilities - continued

Dominion Resources, Inc. 5.95% 6/15/35

$ 335

$ 341

MidAmerican Energy Holdings, Co. 6.125% 4/1/36

660

692

2,055

TOTAL UTILITIES

4,374

TOTAL NONCONVERTIBLE BONDS

52,603

TOTAL CORPORATE BONDS

(Cost $52,081)

54,494

U.S. Government and Government Agency Obligations - 7.3%

U.S. Government Agency Obligations - 1.9%

Fannie Mae:

3.25% 1/15/08

1,839

1,805

3.25% 8/15/08

560

546

3.25% 2/15/09

1,684

1,630

3.375% 12/15/08

190

185

4.25% 5/15/09

15,000

14,829

Freddie Mac:

4% 6/12/13

2,342

2,235

5.75% 1/15/12

2,024

2,117

6.625% 9/15/09

2,160

2,266

Tennessee Valley Authority 5.375% 4/1/56

405

430

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS

26,043

U.S. Treasury Inflation Protected Obligations - 1.9%

U.S. Treasury Inflation-Indexed Notes:

0.875% 4/15/10

5,356

5,106

2% 1/15/14

19,226

18,993

2.375% 4/15/11

2,553

2,568

TOTAL U.S. TREASURY INFLATION PROTECTED OBLIGATIONS

26,667

U.S. Treasury Obligations - 3.5%

U.S. Treasury Bonds 6.25% 5/15/30

2,125

2,616

U.S. Government and Government Agency Obligations - continued

Principal Amount (000s)

Value
(000s)

U.S. Treasury Obligations - continued

U.S. Treasury Notes:

4.5% 9/30/11

$ 18,815

$ 18,852

4.625% 10/31/11 (g)

10,000

10,078

4.75% 5/15/14 (e)

15,600

15,897

TOTAL U.S. TREASURY OBLIGATIONS

47,443

TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS

(Cost $100,078)

100,153

U.S. Government Agency - Mortgage Securities - 1.6%

Fannie Mae - 1.1%

4.5% 12/1/21 (g)

581

565

4.5% 12/1/21 (g)

720

701

5% 12/1/21 (g)

4,000

3,961

5% 12/1/21 (g)

382

378

6% 12/12/36 (g)

10,000

10,105

TOTAL FANNIE MAE

15,710

Freddie Mac - 0.5%

6% 12/1/36 (g)

6,000

6,066

TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES

(Cost $21,676)

21,776

Asset-Backed Securities - 0.4%

ACE Securities Corp.:

Series 2004-HE1:

Class M1, 5.82% 2/25/34 (h)

200

201

Class M2, 6.42% 2/25/34 (h)

225

227

Series 2005-SD1 Class A1, 5.72% 11/25/50 (h)

91

91

Amortizing Residential Collateral Trust Series 2002-BC1 Class M2, 6.42% 1/25/32 (h)

39

39

Asset Backed Securities Corp. Home Equity Loan Trust Series 2004-HE2 Class M1, 5.87% 4/25/34 (h)

560

564

Capital Auto Receivables Asset Trust Series 2006-SN1A:

Class B, 5.5% 4/20/10 (f)

70

71

Class C, 5.77% 5/20/10 (f)

65

66

Asset-Backed Securities - continued

Principal Amount (000s)

Value
(000s)

Capital Auto Receivables Asset Trust Series 2006-SN1A: - continued

Class D, 6.15% 4/20/11 (f)

$ 115

$ 116

Citibank Credit Card Issuance Trust Series 2005-B1
Class B1, 4.4% 9/15/10

100

99

Countrywide Home Loans, Inc.:

Series 2004-2 Class M1, 5.82% 5/25/34 (h)

640

642

Series 2004-3 Class M1, 5.82% 6/25/34 (h)

125

126

Series 2004-4:

Class A, 5.69% 8/25/34 (h)

55

55

Class M2, 5.85% 6/25/34 (h)

400

402

Series 2005-1:

Class MV1, 5.72% 7/25/35 (h)

270

271

Class MV2, 5.76% 7/25/35 (h)

320

321

First Franklin Mortgage Loan Trust Series 2004-FF2:

Class M3, 5.87% 3/25/34 (h)

25

25

Class M4, 6.22% 3/25/34 (h)

25

25

Fremont Home Loan Trust:

Series 2004-A Class M1, 5.87% 1/25/34 (h)

425

426

Series 2005-A:

Class M2, 5.78% 1/25/35 (h)

200

201

Class M3, 5.81% 1/25/35 (h)

100

101

Class M4, 6% 1/25/35 (h)

75

76

GSAMP Trust Series 2004-FM2 Class M1, 5.82% 1/25/34 (h)

250

250

HSBC Home Equity Loan Trust Series 2005-2:

Class M1, 5.78% 1/20/35 (h)

130

130

Class M2, 5.81% 1/20/35 (h)

96

96

Meritage Mortgage Loan Trust Series 2004-1:

Class M1, 5.82% 7/25/34 (h)

189

190

Class M2, 5.87% 7/25/34 (h)

25

25

Morgan Stanley Dean Witter Capital I Trust Series 2003-NC1 Class M1, 6.37% 11/25/32 (h)

220

220

Structured Asset Securities Corp. Series 2004-GEL1 Class A, 5.68% 2/25/34 (h)

37

37

TOTAL ASSET-BACKED SECURITIES

(Cost $5,075)

5,093

Collateralized Mortgage Obligations - 0.4%

Principal Amount (000s)

Value
(000s)

Private Sponsor - 0.4%

Bear Stearns Alt-A Trust floater Series 2005-1 Class A1, 5.6% 1/25/35 (h)

$ 471

$ 472

Credit Suisse First Boston Adjustable Rate Mortgage Trust floater:

Series 2005-1 Class 5A2, 5.65% 5/25/35 (h)

205

205

Series 2005-2 Class 6A2, 5.6% 6/25/35 (h)

86

86

Series 2005-3 Class 8A2, 5.56% 7/25/35 (h)

573

574

Credit Suisse First Boston Mortgage Securities Corp. floater Series 2004-AR3 Class 6A2, 5.69% 4/25/34 (h)

49

50

Granite Master Issuer PLC floater Series 2006-1A
Class C2, 5.975% 12/20/54 (f)(h)

400

400

Impac CMB Trust floater Series 2005-1:

Class M1, 5.78% 4/25/35 (h)

155

155

Class M2, 5.82% 4/25/35 (h)

278

279

Lehman Structured Securities Corp. floater Series 2005-1 Class A2, 5.71% 9/26/45 (f)(h)

363

364

Merrill Lynch Mortgage Investors, Inc. floater Series 2005-B Class A2, 5.5988% 7/25/30 (h)

316

317

Opteum Mortgage Acceptance Corp. floater Series 2005-3 Class APT, 5.61% 7/25/35 (h)

355

356

Sequoia Mortgage Trust floater:

Series 2005-1 Class A2, 5.8325% 2/20/35 (h)

257

258

Series 2005-2 Class A2, 5.7% 3/20/35 (h)

304

304

Structured Adjustable Rate Mortgage Loan Trust floater Series 2001-14 Class A1, 5.63% 7/25/35 (h)

968

971

Thornburg Mortgage Securities Trust floater Series 2005-3 Class A4, 5.6% 10/25/35 (h)

727

726

WaMu Mortgage pass thru certificates floater Series 2005-AR13 Class A1C1, 5.51% 10/25/45 (h)

170

170

Wells Fargo Mortgage Backed Securities Trust:

Series 2005-AR10 Class 2A2, 4.1089% 6/25/35 (h)

131

129

Series 2005-AR12 Class 2A6, 4.319% 7/25/35 (h)

184

182

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS

(Cost $5,990)

5,998

Commercial Mortgage Securities - 0.2%

Banc of America Large Loan, Inc. Series 2006-ESH:

Class A, 6.18% 7/14/11 (f)(h)

218

218

Class B, 6.28% 7/14/11 (f)(h)

109

109

Class C, 6.43% 7/14/11 (f)(h)

218

218

Commercial Mortgage Securities - continued

Principal Amount (000s)

Value
(000s)

Banc of America Large Loan, Inc. Series 2006-ESH: - continued

Class D, 7.06% 7/14/11 (f)(h)

$ 127

$ 127

Bayview Commercial Asset Trust floater:

Series 2004-1:

Class A, 5.68% 4/25/34 (f)(h)

410

411

Class B, 7.22% 4/25/34 (f)(h)

59

59

Class M1, 5.88% 4/25/34 (f)(h)

59

59

Class M2, 6.52% 4/25/34 (f)(h)

59

59

Series 2004-3:

Class A1, 5.69% 1/25/35 (f)(h)

448

449

Class A2, 5.74% 1/25/35 (f)(h)

75

75

Class M1, 5.82% 1/25/35 (f)(h)

75

75

Class M2, 6.32% 1/25/35 (f)(h)

37

38

Berkeley Federal Bank & Trust FSB Series 1994-1
Class B, 5.2382% 8/1/24 (f)(h)

255

229

COMM floater Series 2002-FL7 Class D, 5.89% 11/15/14 (f)(h)

51

52

Credit Suisse First Boston Mortgage Securities Corp. Series 2004-C1 Class ASP, 0.878% 1/15/37 (f)(h)(j)

6,907

185

Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (f)

364

493

TOTAL COMMERCIAL MORTGAGE SECURITIES

(Cost $2,695)

2,856

Foreign Government and Government Agency Obligations - 0.2%

United Mexican States:

6.75% 9/27/34

775

845

7.5% 4/8/33

1,300

1,541

TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS

(Cost $1,978)

2,386

Fixed-Income Funds - 21.1%

Shares

Fidelity 1-3 Year Duration Securitized Bond Central Fund (i)

213,158

21,335

Fidelity 2-5 Year Duration Securitizied Bond Central Fund (i)

227,833

22,952

Fidelity Corporate Bond 1-10 Year Central Fund (i)

634,537

64,139

Fixed-Income Funds - continued

Shares

Value
(000s)

Fidelity Mortgage Backed Securities Central Fund (i)

1,249,883

$ 125,450

Fidelity Ultra-Short Central Fund (i)

572,916

57,005

TOTAL FIXED-INCOME FUNDS

(Cost $289,894)

290,881

Money Market Funds - 2.5%

Fidelity Cash Central Fund, 5.35% (b)

31,391,777

31,392

Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)

3,635,617

3,636

TOTAL MONEY MARKET FUNDS

(Cost $35,028)

35,028

Cash Equivalents - 1.1%

Maturity Amount (000s)

Investments in repurchase agreements in a joint trading account at 5.33%, dated 11/30/06 due 12/1/06 (Collateralized by U.S. Treasury Obligations) #
(Cost $15,487)

$ 15,489

15,487

TOTAL INVESTMENT PORTFOLIO - 103.9%

(Cost $1,279,993)

1,432,156

NET OTHER ASSETS - (3.9)%

(54,098)

NET ASSETS - 100%

$ 1,378,058

Swap Agreements

Expiration Date

Notional Amount (000s)

Value
(000s)

Credit Default Swaps

Receive monthly notional amount multiplied by 3.3% and pay to Morgan Stanley, Inc. upon default event of Ameriquest Mortgage Securities, Inc., par value of the notional amount of Ameriquest Mortgage Securities, Inc. Series 2004-R11 Class M9, 6.1020% 11/25/34

Dec. 2034

$ 140

$ 1

Receive monthly notional amount multiplied by 2.5% and pay Credit Suisse First Boston upon default event of Ameriquest Mortgage Securities, Inc., par value of the notional amount of Ameriquest Mortgage Securities, Inc. Series 2004-R11 Class M9, 8.03% 11/25/34

Dec. 2034

200

(1)

Receive monthly notional amount multiplied by 1.6% and pay Morgan Stanley, Inc. upon default event of Park Place Securities, Inc., par value of the notional amount of Park Place Securities, Inc. Series 2005-WHQ2 Class M7, 5.4413% 5/25/35

June 2035

110

0

Receive monthly notional amount multiplied by 2.39% and pay UBS upon default event of Fremont Home Loan Trust, par value of the notional amount of Fremont Home Loan Trust Series 2004-1 Class M9, 7.73% 2/25/34

March 2034

145

(1)

Receive monthly notional amount multiplied by 2.4% and pay Deutsche Bank upon default event of Fremont Home Loan Trust, par value of the notional amount of Fremont Home Loan Trust Series 2004-A Class B3, 7.2288% 1/25/34

Feb. 2034

100

0

Swap Agreements - continued

Expiration Date

Notional Amount (000s)

Value
(000s)

Credit Default Swaps - continued

Receive monthly notional amount multiplied by 2.7% and pay Morgan Stanley, Inc. upon default event of Park Place Securities, Inc., par value of the notional amount of Park Place Securities, Inc. Series 2005-WHQ2 Class M9, 6.41% 5/25/35

June 2035

$ 420

$ (5)

Receive monthly notional amount multiplied by 2.79% and pay Merrill Lynch, Inc. upon default event of New Century Home Equity Loan Trust, par value of the notional amount of New Century Home Equity Loan Trust Series 2004-4 Class M9, 7.0788% 2/25/35

March 2035

305

1

TOTAL CREDIT DEFAULT SWAPS

1,420

(5)

Interest Rate Swaps

Receive quarterly a fixed rate equal to 4.3875% and pay quarterly a floating rate based on 3-month LIBOR with Credit Suisse First Boston

March 2010

1,500

(24)

Receive quarterly a fixed rate equal to 4.774% and pay quarterly a floating rate based on 3-month LIBOR with Credit Suisse First Boston

March 2015

1,500

(12)

Receive semi-annually a fixed rate equal to 5.186% and pay quarterly a floating rate based on 3-month LIBOR with JPMorgan Chase, Inc.

Sept. 2011

5,000

69

Receive semi-annually a fixed rate equal to 5.276% and pay quarterly a floating rate based on 3-month LIBOR with Deutsche Bank

April 2011

20,500

337

Receive semi-annually a fixed rate equal to 5.3315% and pay quarterly a floating rate based on 3-month LIBOR with JP Morgan Chase, Inc.

April 2011

5,000

93

Swap Agreements - continued

Expiration Date

Notional Amount (000s)

Value
(000s)

Interest Rate Swaps - continued

Receive semi-annually a fixed rate equal to 5.388% and pay quarterly a floating rate based on 3-month LIBOR with JPMorgan Chase, Inc.

August 2011

$ 10,000

$ 359

Receive semi-annually a fixed rate equal to 5.473% and pay quarterly a floating rate based on 3-month LIBOR with JPMorgan Chase, Inc.

May 2011

14,000

352

TOTAL INTEREST RATE SWAPS

57,500

1,174

Total Return Swaps

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 7.5 basis points with Lehman Brothers, Inc.

Feb. 2007

1,500

12

$ 60,420

$ 1,181

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 unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(c) Investment made with cash collateral received from securities on loan.

(d) Non-income producing - Issuer is in default.

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

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $17,895,000 or 1.3% of net assets.

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

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

(i) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited list of holdings for each Fidelity Central Fund, as of the Investing Fund's report date, is available upon request or at advisor.fidelity.com. The reports are located just after the Investing Fund's financial statements and quarterly reports but are not part of the financial statements or quarterly reports. In addition, each Fidelity Central Fund's financial statements are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.

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

(k) 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 $5,596,000 or 0.4% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Inverness Medical Innovations, Inc.

2/8/06

$ 611

PICO Holdings, Inc.

5/5/06

$ 4,364

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

Repurchase Agreement / Counterparty

Value
(Amounts in thousands)

$15,487,000 due 12/01/06 at 5.33%

Countrywide Securities Corp.

$ 15,487

Affiliated Central Funds

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

Fund

Income earned
(Amounts in thousands)

Fidelity 1-3 Year Duration Securitized Bond Central Fund

$ 191

Fidelity 2-5 Year Duration Securitized Bond Central Fund

104

Fidelity Cash Central Fund

303

Fidelity Corporate Bond 1-10 Year Central Fund

246

Fidelity Mortgage Backed Securities Central Fund

76

Fidelity Securities Lending Cash Central Fund

34

Fidelity Ultra-Short Central Fund

781

Total

$ 1,735

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

Fund
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Value, end of period

% ownership, end of period

Fidelity 1-3 Year Duration Securitized Bond Central Fund

$ -

$ 21,310*

$ -

$ 21,335

1.0%

Fidelity 2-5 Year Duration Securitizied Bond Central Fund

-

22,783*

-

22,952

0.9%

Fidelity Corporate Bond 1-10 Year Central Fund

-

73,397*

9,994

64,139

0.9%

Fidelity Mortgage Backed Securities Central Fund

-

124,988*

-

125,450

1.8%

Fidelity Ultra-Short Central Fund

52,005

4,999

-

57,005

0.5%

Total

$ 52,005

$ 247,478

$ 9,994

$ 290,881

* Includes the value of shares received through in-kind contributions.

Income Tax Information

At November 30, 2006, the aggregate cost of investment securities for income tax purposes was $1,281,646,000. Net unrealized appreciation aggregated $150,510,000, of which $174,379,000 related to appreciated investment securities and $23,869,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. Swaps are marked-to-market daily based on dealer-supplied valuations. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR 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 Advisor Series I'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 Advisor Series I

By:

/s/Kimberley Monasterio

Kimberley Monasterio

President and Treasurer

Date:

January 24, 2007

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

By:

/s/Kimberley Monasterio

Kimberley Monasterio

President and Treasurer

Date:

January 24, 2007

By:

/s/Joseph B. Hollis

Joseph B. Hollis

Chief Financial Officer

Date:

January 24, 2007