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 811-4085

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

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

Eric D. Roiter, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:

July 31

 

 

Date of reporting period:

October 31, 2007

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Ginnie Mae Fund

October 31, 2007

MOG-QTLY-1207
1.809097.103

Investments October 31, 2007 (Unaudited)

Showing Percentage of Net Assets

U.S. Government Agency - Mortgage Securities - 94.7%

 

Principal Amount (000s)

Value (000s)

Fannie Mae - 9.8%

3.583% 9/1/33 (c)

$ 1,467

$ 1,457

3.72% 6/1/33 (c)

4,521

4,523

3.754% 10/1/33 (c)

416

415

3.783% 6/1/33 (c)

5,362

5,360

3.811% 10/1/33 (c)

3,614

3,606

3.812% 4/1/33 (c)

1,094

1,095

3.891% 9/1/33 (c)

4,130

4,133

3.969% 8/1/33 (c)

1,996

1,991

3.969% 1/1/35 (c)

8,947

9,008

3.977% 4/1/34 (c)

4,573

4,517

4.023% 6/1/34 (c)

8,455

8,347

4.028% 3/1/34 (c)

8,375

8,273

4.066% 7/1/34 (c)

12,703

12,689

4.093% 1/1/35 (c)

7,692

7,750

4.116% 4/1/34 (c)

5,535

5,474

4.123% 5/1/34 (c)

4,499

4,453

4.128% 2/1/35 (c)

14,585

14,422

4.158% 9/1/33 (c)

2,739

2,737

4.16% 8/1/34 (c)

2,340

2,316

4.223% 5/1/34 (c)

6,041

6,034

4.249% 1/1/34 (c)

1,061

1,056

4.263% 10/1/33 (c)

172

172

4.283% 6/1/33 (c)

209

210

4.286% 3/1/33 (c)

409

412

4.296% 3/1/33 (c)

187

185

4.305% 4/1/35 (c)

212

213

4.385% 10/1/34 (c)

2,010

1,991

4.449% 5/1/35 (c)

1,185

1,181

4.501% 2/1/35 (c)

19,926

20,116

4.507% 3/1/35 (c)

1,701

1,691

4.529% 8/1/34 (c)

8,857

8,879

4.532% 7/1/35 (c)

1,396

1,397

4.558% 1/1/34 (c)

10,789

10,813

4.592% 2/1/36 (c)

5,915

5,895

4.601% 8/1/35 (c)

4,846

4,876

4.604% 10/1/35 (c)

118

118

4.654% 6/1/35 (c)

1,717

1,722

4.663% 8/1/35 (c)

2,128

2,132

4.668% 8/1/35 (c)

2,344

2,347

4.709% 3/1/35 (c)

112

113

4.753% 1/1/35 (c)

1,421

1,416

4.769% 12/1/34 (c)

382

380

U.S. Government Agency - Mortgage Securities - continued

 

Principal Amount (000s)

Value (000s)

Fannie Mae - continued

4.814% 2/1/33 (c)

$ 544

$ 549

4.822% 10/1/35 (c)

950

947

4.836% 9/1/34 (c)

1,832

1,824

4.845% 10/1/34 (c)

4,013

4,000

4.856% 1/1/35 (c)

8,763

8,770

4.87% 5/1/33 (c)

18

18

4.87% 1/1/35 (c)

1,535

1,532

4.899% 9/1/34 (c)

635

633

4.909% 3/1/33 (c)

1,219

1,217

4.977% 9/1/34 (c)

579

578

5.007% 8/1/34 (c)

298

298

5.016% 7/1/34 (c)

186

186

5.042% 5/1/35 (c)

2,322

2,339

5.044% 10/1/36 (c)

10,079

10,093

5.08% 9/1/34 (c)

359

359

5.119% 3/1/34 (c)

6,792

6,798

5.132% 3/1/35 (c)

187

187

5.176% 6/1/35 (c)

1,652

1,664

5.193% 8/1/33 (c)

531

532

5.227% 7/1/35 (c)

1,755

1,757

5.251% 11/1/36 (c)

1,270

1,278

5.297% 7/1/35 (c)

201

202

5.312% 12/1/34 (c)

524

525

5.344% 1/1/36 (c)

4,874

4,888

5.474% 11/1/36 (c)

4,672

4,704

5.483% 6/1/47 (c)

972

980

5.5% 11/1/13 to 3/1/20

16,027

16,124

5.528% 2/1/37 (c)

10,591

10,673

5.659% 4/1/37 (c)

5,402

5,457

5.791% 5/1/34 (c)

12,699

12,805

5.828% 3/1/36 (c)

3,768

3,814

5.85% 3/1/36 (c)

3,714

3,757

5.856% 12/1/35 (c)

5,383

5,424

5.938% 5/1/36 (c)

3,432

3,480

6.5% 10/1/17 to 7/1/32

14,822

15,299

7% 11/1/16 to 3/1/17

1,721

1,809

7.5% 11/1/07 to 4/1/17

1,805

1,872

8.5% 12/1/27

236

257

9.5% 9/1/30

467

521

10.25% 10/1/18

11

12

11.5% 5/1/14 to 9/1/15

30

34

U.S. Government Agency - Mortgage Securities - continued

 

Principal Amount (000s)

Value (000s)

Fannie Mae - continued

12.5% 11/1/13 to 7/1/16

$ 63

$ 71

13.25% 9/1/11

35

40

 

314,222

Freddie Mac - 5.7%

3.751% 10/1/33 (c)

4,785

4,753

3.909% 6/1/33 (c)

6,316

6,305

4.075% 7/1/35 (c)

3,007

2,991

4.08% 6/1/33 (c)

5,945

5,941

4.179% 1/1/35 (c)

6,475

6,439

4.247% 6/1/33 (c)

5,972

5,960

4.353% 6/1/35 (c)

12,505

12,438

4.384% 9/1/36 (c)

18,862

18,686

4.523% 7/1/36 (c)

4,653

4,691

4.566% 6/1/33 (c)

2,055

2,051

4.651% 5/1/35 (c)

4,241

4,238

4.67% 6/1/35 (c)

10,020

10,022

4.708% 3/1/34 (c)

6,582

6,568

4.804% 3/1/33 (c)

175

176

4.864% 10/1/35 (c)

2,626

2,615

5.115% 10/1/36 (c)

2,681

2,684

5.12% 3/1/36 (c)

11,305

11,263

5.275% 11/1/35 (c)

2,326

2,324

5.341% 10/1/35 (c)

7,655

7,701

5.455% 3/1/37 (c)

826

829

5.5% 11/1/17 to 1/1/25

12,629

12,583

5.776% 6/1/37 (c)

13,554

13,671

5.835% 5/1/37 (c)

980

987

6.387% 8/1/34 (c)

1,388

1,401

6.602% 10/1/36 (c)

11,599

11,784

6.75% 9/1/36 (c)

20,114

20,463

8.5% 2/1/09 to 6/1/25

57

61

9% 7/1/08 to 4/1/21

65

68

9.5% 7/1/30 to 8/1/30

97

110

9.75% 12/1/08 to 4/1/13

5

5

10% 1/1/09 to 11/1/20

239

262

10.25% 2/1/09 to 11/1/16

75

78

10.5% 5/1/10

2

2

11.25% 2/1/10

9

9

11.75% 11/1/11

8

9

12% 5/1/10 to 2/1/17

54

61

12.5% 11/1/12 to 5/1/15

76

86

U.S. Government Agency - Mortgage Securities - continued

 

Principal Amount (000s)

Value (000s)

Freddie Mac - continued

13% 5/1/14 to 11/1/14

$ 10

$ 12

13.5% 1/1/13 to 12/1/14

5

6

 

180,333

Government National Mortgage Association - 79.2%

3.5% 3/20/34

1,229

1,076

3.5% 5/20/35 (c)

1,687

1,653

3.5% 6/20/35 (c)

1,620

1,588

3.75% 4/20/35 (c)

624

614

4% 11/20/33

1,435

1,316

4% 4/20/35 (c)

9,563

9,498

4% 5/20/35 (c)

10,812

10,739

4.25% 7/20/34 (c)

1,020

1,028

4.25% 7/20/34 (c)

2,721

2,743

4.5% 7/20/33 to 4/20/34

51,980

48,823

4.5% 5/20/34 (c)

1,081

1,081

4.5% 9/20/34 (c)

4,642

4,682

4.5% 3/20/35 (c)

973

977

4.75% 4/20/34 (c)

18,920

18,963

4.75% 6/20/34 (c)

18,086

18,112

4.75% 10/20/35 (c)

4,845

4,816

5% 8/15/18 to 4/20/36

355,631

344,638

5% 4/20/37 (c)

43,072

42,746

5.5% 12/20/18 to 5/20/37

390,778

388,742

5.5% 6/20/35 (c)

3,543

3,569

5.5% 11/1/37 (a)

96,000

95,442

5.5% 11/1/37 (a)

100,000

98,883

5.5% 11/1/37 (a)

26,000

25,849

5.5% 11/20/37 (a)

205,000

203,809

5.5% 11/20/37 (a)

71,200

70,786

5.75% 8/20/35 (c)

619

622

6% 8/15/17 to 8/20/37

575,713

586,332

6% 11/1/37 (a)

44,000

44,440

6% 11/20/37 (a)

59,000

59,744

6.5% 4/15/23 to 12/15/36

198,418

205,824

6.5% 11/1/37 (a)

10,000

10,282

6.5% 11/1/37 (a)

37,000

38,042

7% 10/20/16 to 9/20/34

107,644

112,645

7.25% 9/15/27

257

271

7.395% 6/20/25 to 11/20/27

1,869

1,965

7.5% 5/15/17 to 9/20/32

42,281

44,885

8% 11/15/07 to 7/15/32

11,145

11,961

U.S. Government Agency - Mortgage Securities - continued

 

Principal Amount (000s)

Value (000s)

Government National Mortgage Association - continued

8.5% 7/15/08 to 2/15/31

$ 3,832

$ 4,149

9% 2/15/09 to 5/15/30

1,609

1,776

9.5% 12/20/15 to 4/20/17

578

644

10.5% 1/15/14 to 5/15/19

737

837

13% 2/15/11 to 1/15/15

119

137

13.5% 7/15/10 to 1/15/15

19

21

 

2,526,750

TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES

(Cost $3,014,627)

3,021,305

Asset-Backed Securities - 0.4%

 

Fannie Mae Grantor Trust Series 2005-T4 Class A1C, 5.0225% 9/25/35 (c)
(Cost $13,161)

13,161

13,161

Collateralized Mortgage Obligations - 19.5%

 

U.S. Government Agency - 19.5%

Fannie Mae:

floater Series 2007-95 Class A1, 5.1225% 8/27/36 (c)

44,102

44,088

Series 2003-39 Class IA, 5.5% 10/25/22 (c)(d)

4,244

665

Series 2006-48 Class LF, 0% 8/25/34 (c)

625

619

target amortization class Series G94-2 Class D, 6.45% 1/25/24

3,017

3,083

Fannie Mae STRIP:

Series 331 Class 12, 6.5% 2/1/33 (d)

2,755

602

Series 339 Class 5, 5.5% 7/1/33 (d)

4,305

979

Series 343 Class 16, 5.5% 5/1/34 (d)

3,070

704

Freddie Mac Multi-class participation certificates guaranteed:

floater:

Series 2861 Class JF, 5.3913% 4/15/17 (c)

2,722

2,731

Series 3094 Class UF, 0% 9/15/34 (c)

481

460

planned amortization class:

Series 2220 Class PD, 8% 3/15/30

4,091

4,269

Series 2787 Class OI, 5.5% 10/15/24 (d)

2,673

100

Series 40 Class K, 6.5% 8/17/24 (b)

1,715

1,769

sequential payer:

Series 2204 Class N, 7.5% 12/20/29

7,209

7,458

Collateralized Mortgage Obligations - continued

 

Principal Amount (000s)

Value (000s)

U.S. Government Agency - continued

Freddie Mac Multi-class participation certificates guaranteed: - continued

sequential payer:

Series 2601 Class TI, 5.5% 10/15/22 (d)

$ 17,843

$ 3,058

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

6,148

5,487

Series 2866 Class CY, 4.5% 10/15/19

4,491

4,179

Series 2957 Class SW, 0.9088% 4/15/35 (c)(d)

12,533

513

Ginnie Mae guaranteed Multi-family REMIC pass-thru securities sequential payer Series 2002-71:

Class Z, 5.5% 10/20/32

46,266

45,203

Class ZJ, 6% 10/20/32

23,605

23,634

Ginnie Mae guaranteed REMIC pass-thru securities:

floater:

Series 2001-22 Class FM, 5.3475% 5/20/31 (c)

696

697

Series 2002-41 Class HF, 5.46% 6/16/32 (c)

756

759

Series 2007-22 Class TC, 0% 4/20/37 (c)

2,616

2,891

planned amortization class:

Series 1993-13 Class PD, 6% 5/20/29

17,376

17,633

Series 1994-4 Class KQ, 7.9875% 7/16/24

1,125

1,197

Series 2000-26 Class PK, 7.5% 9/20/30

2,952

3,096

Series 2001-65 Class PH, 6% 11/20/28

6,323

6,362

Series 2002-5 Class PD, 6.5% 5/16/31

8,394

8,441

Series 2002-50 Class PE, 6% 7/20/32

17,485

17,636

Series 2003-31 Class PI, 5.5% 4/16/30 (d)

3,978

277

Series 2003-34 Class IO, 5.5% 4/16/28 (d)

670

1

Series 2003-7 Class IN, 5.5% 1/16/28 (d)

3,552

64

Series 2003-70 Class LE, 5% 7/20/32

44,000

42,355

Series 2004-19:

Class DJ, 4.5% 3/20/34

2,704

2,679

Class DP, 5.5% 3/20/34

3,895

3,915

Series 2004-30:

Class PC, 5% 11/20/30

19,736

19,376

Class UA, 3.5% 2/20/32

5,262

5,113

Series 2004-64 Class KE, 5.5% 12/20/33

22,978

22,582

Series 2004-98 Class IG, 5.5% 2/20/30 (d)

2,581

355

Series 2005-17 Class IA, 5.5% 8/20/33 (d)

7,457

935

Series 2005-24 Class TC, 5.5% 3/20/35

5,403

5,192

Series 2005-54 Class BM, 5% 7/20/35

9,658

9,446

Series 2005-57 Class PB, 5.5% 7/20/35

5,673

5,466

Series 2005-58 Class NJ, 4.5% 8/20/35

41,635

41,160

Series 2006-50 Class JC, 5% 6/20/36

11,780

11,140

Series 2008-28 Class PC, 5.5% 4/20/34

18,652

18,511

Collateralized Mortgage Obligations - continued

 

Principal Amount (000s)

Value (000s)

U.S. Government Agency - continued

Ginnie Mae guaranteed REMIC pass-thru securities: - continued

sequential payer:

Series 1995-4 Class CQ, 8% 6/20/25

$ 817

$ 871

Series 2001-40 Class Z, 6% 8/20/31

8,678

8,788

Series 2002-18 Class ZB, 6% 3/20/32

8,475

8,589

Series 2002-29 Class SK, 8.25% 5/20/32 (c)

383

404

Series 2002-67 Class ZA, 6% 9/20/32

83,269

84,394

Series 2003-7 Class VP, 6% 11/20/13

4,836

4,895

Series 2004-65 Class VE, 5.5% 7/20/15

4,559

4,600

Series 2004-86 Class G, 6% 10/20/34

6,273

6,286

Series 2005-28 Class AJ, 5.5% 4/20/35

32,065

32,204

Series 2005-47 Class ZY, 6% 6/20/35

4,599

4,504

Series 2005-6 Class EX, 5.5% 11/20/34

1,001

963

Series 2005-82 Class JV, 5% 6/20/35

3,500

3,193

Series 1995-6 Class Z, 7% 9/20/25

2,337

2,442

Series 2003-11 Class S, 1.49% 2/16/33 (c)(d)

10,090

514

Series 2003-92 Class SN, 1.37% 10/16/33 (c)(d)

31,492

1,712

Series 2004-32 Class GS, 1.44% 5/16/34 (c)(d)

3,011

153

Series 2005-6 Class EY, 5.5% 11/20/33

1,016

976

Series 2006-13 Class DS, 3.6038% 3/20/36 (c)

44,056

38,072

Series 2007-18 Class S, 1.74% 4/16/37 (c)(d)

48,601

2,840

Series 2007-35 Class SC, 9.84% 6/16/37 (c)

16,460

19,321

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS

(Cost $626,348)

622,601

Commercial Mortgage Securities - 0.5%

 

Fannie Mae Series 1997-M1 Class N, 0.445% 10/17/36 (c)(d)

7,446

62

Fannie Mae subordinate REMIC pass-thru certificates:

Series 1998-M3 Class IB, 0.8058% 1/17/38 (c)(d)

33,083

527

Series 1998-M4 Class N, 1.2623% 2/25/35 (c)(d)

13,347

162

Ginnie Mae guaranteed Multi-family REMIC pass-thru securities:

sequential payer Series 2001-58 Class X, 1.1521% 9/16/41 (c)(d)

140,545

3,118

Series 2001-12 Class X, 0.8462% 7/16/40 (c)(d)

42,107

816

Ginnie Mae guaranteed REMIC pass-thru securities:

sequential payer Series 2002-81 Class IO, 1.8511% 9/16/42 (c)(d)

120,072

4,990

Commercial Mortgage Securities - continued

 

Principal Amount (000s)

Value (000s)

Ginnie Mae guaranteed REMIC pass-thru securities: - continued

Series 2002-62 Class IO, 1.4314% 8/16/42 (c)(d)

$ 83,143

$ 2,962

Series 2002-85 Class X, 1.7411% 3/16/42 (c)(d)

65,423

3,644

TOTAL COMMERCIAL MORTGAGE SECURITIES

(Cost $38,625)

16,281

Cash Equivalents - 4.8%

Maturity Amount (000s)

 

Investments in repurchase agreements in a joint trading account at 4.94%, dated 10/31/07 due 11/1/07 (Collateralized by U.S. Government Obligations) #
(Cost $151,555)

$ 151,576

151,555

TOTAL INVESTMENT PORTFOLIO - 119.9%

(Cost $3,844,316)

3,824,903

NET OTHER ASSETS - (19.9)%

(634,947)

NET ASSETS - 100%

$ 3,189,956

Swap Agreements

 

Expiration Date

Notional Amount (000s)

Value (000s)

Interest Rate Swaps

Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 4.92% with Morgan Stanley, Inc.

Sept. 2012

$ 75,000

$ (234)

Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 5.135% with Credit Suisse First Boston

August 2009

90,000

(1,101)

Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 5.32% with Morgan Stanley, Inc.

July 2010

40,000

(1,248)

Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 5.47% with Credit Suisse First Boston

Sept. 2037

6,000

(105)

Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 5.523% with JPMorgan Chase, Inc.

August 2017

12,000

(390)

Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 5.524% with Credit Suisse First Boston

June 2009

121,000

(3,346)

 

$ 344,000

$ (6,424)

Legend

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

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

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

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

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

Repurchase Agreement / Counterparty

Value
(Amounts in thousands)

$151,555,000 due 11/01/07 at 4.94%

BNP Paribas Securities Corp.

$ 18,887

Banc of America Securities LLC

28,990

Bank of America, NA

44,865

Bear Stearns & Co., Inc.

4,607

Citigroup Global Markets, Inc.

6,331

Countrywide Securities Corp.

5,276

Credit Suisse Securities (USA) LLC

6,331

ING Financial Markets LLC

13,054

J.P. Morgan
Securities, Inc.

10,552

Societe Generale, New York Branch

8,441

WestLB AG

4,221

 

$ 151,555

Income Tax Information

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

Investment Valuation

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

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

Quarterly Report

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

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Government Income Fund

October 31, 2007

GOV-QTLY-1207
1.809070.103

Investments October 31, 2007 (Unaudited)

Showing Percentage of Net Assets

U.S. Government and Government Agency Obligations - 60.7%

 

Principal Amount (000s)

Value (000s)

U.S. Government Agency Obligations - 35.1%

Fannie Mae:

3.25% 8/15/08

$ 4,812

$ 4,764

3.25% 2/15/09 (b)

143,050

140,957

4.25% 5/15/09

11,235

11,216

4.5% 10/15/08

81,560

81,812

4.625% 10/15/13

125,000

124,217

4.75% 11/19/12

114,000

114,386

4.875% 4/15/09

43,350

43,638

4.875% 5/18/12

160,000

161,746

5.125% 9/2/08

78,770

79,141

5.125% 7/13/09

2,000

2,025

5.375% 6/12/17 (b)

183,063

188,990

6.375% 6/15/09

55,710

57,435

6.625% 9/15/09

106,820

111,162

7.25% 1/15/10

25,086

26,603

Federal Home Loan Bank:

4.5% 10/14/08

56,475

56,476

5.375% 8/19/11

35,350

36,377

5.8% 9/2/08

26,570

26,840

Freddie Mac:

3.875% 6/15/08

2,791

2,779

4.625% 10/25/12

10,000

9,988

4.75% 3/5/09

77,806

78,135

4.75% 11/3/09

77,000

77,628

4.75% 1/18/11 (b)

204,790

206,736

4.75% 3/5/12

10,000

10,055

5% 6/11/09

100,000

100,958

5% 1/30/14

25,000

25,309

5.125% 4/18/11

31,220

31,892

5.25% 5/21/09

225,000

227,899

5.25% 7/18/11

29,000

29,742

5.5% 8/23/17 (b)

42,900

44,674

5.625% 3/15/11

48,555

50,336

5.75% 1/15/12

1,686

1,761

6.625% 9/15/09

155,000

161,300

Israeli State (guaranteed by U.S. Government through Agency for International Development):

5.5% 9/18/23

110,500

117,634

6.6% 2/15/08

10,649

10,676

6.8% 2/15/12

30,000

31,434

U.S. Government and Government Agency Obligations - continued

 

Principal Amount (000s)

Value (000s)

U.S. Government Agency Obligations - continued

Overseas Private Investment Corp. U.S. Government guaranteed participation certificates:

6.77% 11/15/13

$ 6,394

$ 6,491

6.99% 5/21/16

21,433

23,358

Private Export Funding Corp.:

secured:

5.66% 9/15/11 (c)

18,000

18,662

5.685% 5/15/12

24,035

25,059

6.67% 9/15/09

3,500

3,646

4.974% 8/15/13

22,940

23,269

Small Business Administration guaranteed development participation certificates:

Series 2002-20J Class 1, 4.75% 10/1/22

6,158

6,067

Series 2002-20K Class 1, 5.08% 11/1/22

14,321

14,346

Series 2003 P10B, 5.136% 8/10/13

10,593

10,610

Series 2004-20H Class 1, 5.17% 8/1/24

3,782

3,790

Tennessee Valley Authority 5.375% 4/1/56

8,429

8,586

U.S. Department of Housing and Urban Development Government guaranteed participation certificates Series 1999-A, 5.96% 8/1/09

18,380

18,530

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS

2,649,135

U.S. Treasury Inflation Protected Obligations - 1.4%

U.S. Treasury Inflation-Indexed Notes 2.625% 7/15/17

100,325

104,888

U.S. Treasury Obligations - 24.2%

U.S. Treasury Bonds:

4.75% 2/15/37 (e)

19,000

18,990

5% 5/15/37 (b)

131,000

136,209

6.125% 8/15/29 (b)

174,102

205,413

6.25% 8/15/23

1,500

1,741

8% 11/15/21

146,794

195,339

U.S. Treasury Notes:

4% 9/30/09 (d)

133,060

133,256

4.25% 9/30/12 (d)

329,005

330,400

4.25% 8/15/14 (b)(e)

161,550

161,197

4.25% 11/15/14 (b)

77,185

76,914

4.25% 8/15/15 (b)

84,500

83,866

4.375% 12/15/10

5,230

5,291

4.5% 11/15/15 (b)

111,800

112,682

4.5% 5/15/17 (b)

58,000

58,168

4.625% 7/31/12

12,500

12,754

U.S. Government and Government Agency Obligations - continued

 

Principal Amount (000s)

Value (000s)

U.S. Treasury Obligations - continued

U.S. Treasury Notes: - continued

4.625% 11/15/16 (b)

$ 72,000

$ 72,968

4.625% 2/15/17

20,000

20,259

4.75% 2/15/10

11,630

11,833

4.75% 5/15/14 (b)

155,733

160,052

5.125% 5/15/16

30,000

31,486

TOTAL U.S. TREASURY OBLIGATIONS

1,828,818

TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS

(Cost $4,519,626)

4,582,841

U.S. Government Agency - Mortgage Securities - 37.3%

 

Fannie Mae - 30.3%

3.7% 10/1/33 (f)

663

661

3.75% 1/1/34 (f)

621

617

3.75% 4/1/34 (f)

10,654

10,492

3.754% 10/1/33 (f)

685

683

3.796% 6/1/33 (f)

525

526

3.812% 4/1/33 (f)

1,825

1,829

3.876% 6/1/33 (f)

2,546

2,547

3.905% 5/1/34 (f)

6,446

6,363

3.912% 5/1/33 (f)

4,478

4,484

3.925% 9/1/33 (f)

10,879

10,858

3.932% 5/1/33 (f)

213

213

3.938% 5/1/34 (f)

4,902

4,839

3.974% 9/1/33 (f)

8,267

8,244

4% 9/1/13 to 6/1/20

25,945

24,762

4% 3/1/34 (f)

8,910

8,802

4.001% 4/1/34 (f)

10,038

9,914

4.006% 10/1/18 (f)

478

476

4.029% 4/1/33 (f)

166

167

4.03% 6/1/34 (f)

9,141

9,028

4.053% 2/1/35 (f)

317

318

4.062% 3/1/35 (f)

17,191

17,025

4.129% 5/1/33 (f)

7,551

7,573

4.167% 1/1/35 (f)

1,498

1,478

4.187% 11/1/34 (f)

12,098

12,078

4.205% 6/1/34 (f)

10,334

10,220

4.249% 1/1/34 (f)

2,044

2,035

U.S. Government Agency - Mortgage Securities - continued

 

Principal Amount (000s)

Value (000s)

Fannie Mae - continued

4.25% 2/1/35 (f)

$ 740

$ 731

4.258% 5/1/35 (f)

699

703

4.263% 10/1/33 (f)

321

321

4.28% 6/1/34 (f)

11,444

11,335

4.283% 6/1/33 (f)

397

399

4.286% 3/1/33 (f)

767

772

4.295% 8/1/33 (f)

1,233

1,233

4.296% 3/1/33 (f)

261

258

4.296% 3/1/35 (f)

610

612

4.299% 3/1/33 (f)

356

351

4.305% 4/1/35 (f)

357

359

4.321% 1/1/35 (f)

8,422

8,337

4.342% 1/1/35 (f)

805

796

4.344% 10/1/19 (f)

1,144

1,132

4.357% 2/1/34 (f)

1,219

1,214

4.369% 11/1/35 (f)

28,055

27,845

4.385% 10/1/34 (f)

3,869

3,833

4.393% 2/1/35 (f)

1,025

1,014

4.412% 5/1/35 (f)

583

585

4.434% 3/1/35 (f)

1,089

1,078

4.438% 8/1/34 (f)

1,968

1,954

4.449% 5/1/35 (f)

1,987

1,980

4.453% 11/1/33 (f)

1,560

1,557

4.482% 1/1/35 (f)

5,393

5,345

4.484% 1/1/35 (f)

775

770

4.489% 12/1/34 (f)

604

599

4.5% 2/1/18 to 4/1/20

15,442

15,010

4.501% 2/1/35 (f)

302

305

4.507% 2/1/35 (f)

11,252

11,177

4.517% 2/1/35 (f)

553

556

4.532% 7/1/35 (f)

2,375

2,377

4.553% 9/1/34 (f)

18,699

18,559

4.569% 7/1/35 (f)

2,843

2,847

4.604% 10/1/35 (f)

355

355

4.635% 1/1/35 (f)

5,323

5,291

4.646% 10/1/34 (f)

3,394

3,372

4.665% 3/1/35 (f)

579

583

4.682% 9/1/34 (f)

13,575

13,508

4.709% 3/1/35 (f)

212

214

4.711% 7/1/34 (f)

22,639

22,677

4.714% 7/1/34 (f)

1,895

1,887

4.719% 2/1/35 (f)

6,390

6,354

U.S. Government Agency - Mortgage Securities - continued

 

Principal Amount (000s)

Value (000s)

Fannie Mae - continued

4.733% 12/1/35 (f)

$ 60,163

$ 59,893

4.769% 12/1/34 (f)

641

637

4.771% 12/1/35 (f)

4,359

4,359

4.794% 4/1/35 (f)

12,008

12,028

4.799% 7/1/35 (f)

4,525

4,503

4.802% 6/1/35 (f)

3,307

3,318

4.803% 11/1/34 (f)

2,183

2,173

4.811% 11/1/35 (f)

9,660

9,644

4.814% 2/1/33 (f)

1,073

1,083

4.817% 12/1/34 (f)

10,159

10,119

4.822% 10/1/35 (f)

1,872

1,867

4.835% 1/1/35 (f)

10,371

10,338

4.841% 9/1/34 (f)

9,456

9,419

4.852% 7/1/35 (f)

5,904

5,882

4.859% 10/1/34 (f)

7,802

7,777

4.869% 7/1/34 (f)

5,852

5,831

4.87% 5/1/33 (f)

36

36

4.884% 5/1/35 (f)

1,740

1,735

4.895% 8/1/34 (f)

5,034

5,019

4.918% 8/1/34 (f)

9,039

9,015

4.947% 3/1/35 (f)

5,063

5,056

4.948% 2/1/35 (f)

5,175

5,165

5% 12/1/15 to 10/1/37

572,084

552,153

5.005% 2/1/34 (f)

7,862

7,849

5.007% 8/1/34 (f)

558

557

5.016% 7/1/34 (f)

353

352

5.042% 5/1/35 (f)

3,950

3,978

5.055% 1/1/37 (f)

5,833

5,848

5.067% 9/1/34 (f)

5,409

5,403

5.08% 9/1/34 (f)

718

717

5.106% 10/1/35 (f)

4,320

4,323

5.112% 7/1/34 (f)

2,006

2,003

5.118% 8/1/34 (f)

6,043

6,048

5.128% 8/1/36 (f)

29,805

29,852

5.132% 3/1/35 (f)

373

374

5.163% 3/1/36 (f)

13,545

13,592

5.176% 6/1/35 (f)

2,798

2,817

5.193% 8/1/33 (f)

994

995

5.262% 5/1/35 (f)

5,729

5,748

5.282% 4/1/36 (f)

5,254

5,326

5.297% 7/1/35 (f)

374

376

5.298% 12/1/36 (f)

2,984

2,996

U.S. Government Agency - Mortgage Securities - continued

 

Principal Amount (000s)

Value (000s)

Fannie Mae - continued

5.307% 3/1/36 (f)

$ 36,733

$ 36,934

5.312% 12/1/34 (f)

1,005

1,007

5.357% 2/1/36 (f)

8,244

8,273

5.39% 2/1/37 (f)

2,834

2,851

5.393% 7/1/35 (f)

2,486

2,498

5.421% 2/1/37 (f)

13,446

13,559

5.49% 1/1/34 (f)

67

67

5.5% 4/1/09 to 10/1/37

404,911

400,446

5.5% 11/1/22 (d)

13,000

13,020

5.5% 11/1/22 (d)

13,000

13,020

5.618% 2/1/36 (f)

3,389

3,423

5.651% 4/1/36 (f)

12,249

12,370

5.663% 6/1/36 (f)

7,745

7,827

5.794% 3/1/36 (f)

8,321

8,419

5.805% 1/1/36 (f)

2,588

2,615

5.807% 5/1/36 (f)

3,325

3,359

5.833% 5/1/36 (f)

18,946

19,181

5.85% 3/1/36 (f)

7,966

8,059

5.865% 6/1/35 (f)

1,973

1,993

5.893% 12/1/36 (f)

4,501

4,558

5.914% 3/1/36 (f)

7,224

7,305

5.936% 5/1/36 (f)

5,307

5,377

5.948% 5/1/36 (f)

2,771

2,809

6% 5/1/12 to 10/1/37

138,219

139,813

6% 11/1/22 (d)

8,000

8,135

6% 11/1/37 (d)

2,000

2,014

6% 11/1/37 (d)

20,000

20,143

6% 11/1/37 (d)

40,000

40,286

6% 11/13/37 (d)

75,000

75,535

6% 11/13/37 (d)

75,000

75,535

6.028% 4/1/36 (f)

50,367

51,120

6.09% 4/1/36 (f)

27,083

27,514

6.101% 3/1/37 (f)

4,610

4,682

6.155% 4/1/36 (f)

4,839

4,913

6.226% 3/1/37 (f)

1,495

1,517

6.256% 6/1/36 (f)

740

747

6.3% 10/1/36 (f)

21,978

22,316

6.5% 2/1/12 to 1/1/35

50,540

52,081

6.572% 9/1/36 (f)

9,771

9,966

7% 7/1/13 to 7/1/32

5,487

5,764

7.5% 8/1/10 to 4/1/29

139

145

8% 1/1/22

5

5

U.S. Government Agency - Mortgage Securities - continued

 

Principal Amount (000s)

Value (000s)

Fannie Mae - continued

8.5% 1/1/15 to 7/1/31

$ 568

$ 606

9% 11/1/11 to 5/1/14

585

593

9.5% 11/15/09 to 10/1/20

830

905

10% 8/1/10

1

1

11% 8/1/10

11

11

11.25% 5/1/14

9

10

11.5% 6/15/19 to 1/15/21

1,319

1,485

12.5% 8/1/15 to 3/1/16

3

3

 

2,287,436

Freddie Mac - 6.4%

3.38% 7/1/33 (f)

8,730

8,675

4% 5/1/19 to 11/1/20

25,985

24,607

4.29% 3/1/35 (f)

825

826

4.299% 12/1/34 (f)

1,017

1,003

4.302% 2/1/35 (f)

1,644

1,647

4.421% 2/1/34 (f)

730

722

4.421% 6/1/35 (f)

1,259

1,259

4.423% 3/1/35 (f)

1,053

1,039

4.45% 3/1/35 (f)

1,059

1,046

4.5% 2/1/18 to 8/1/33

26,447

25,553

4.697% 9/1/36 (f)

3,139

3,129

4.704% 9/1/35 (f)

25,984

25,870

4.73% 2/1/34 (f)

8,202

8,116

4.788% 2/1/36 (f)

1,346

1,336

4.804% 3/1/33 (f)

329

332

4.819% 3/1/35 (f)

2,622

2,604

4.903% 10/1/36 (f)

18,282

18,190

4.991% 4/1/35 (f)

4,309

4,330

5% 1/1/09 to 9/1/35

12,876

12,470

5.021% 4/1/35 (f)

527

523

5.121% 7/1/35 (f)

4,913

4,902

5.271% 2/1/36 (f)

311

311

5.498% 1/1/36 (f)

4,334

4,351

5.5% 8/1/14 to 11/1/36

54,000

54,040

5.5% 11/1/22 (d)

75,605

75,707

5.532% 1/1/36 (f)

6,379

6,409

5.78% 10/1/35 (f)

1,344

1,353

5.833% 5/1/37 (f)

3,337

3,365

6% 7/1/16 to 11/1/33

40,759

41,522

6.015% 6/1/36 (f)

3,319

3,354

6.221% 5/1/36 (f)

2,733

2,772

U.S. Government Agency - Mortgage Securities - continued

 

Principal Amount (000s)

Value (000s)

Freddie Mac - continued

6.266% 9/1/36 (f)

$ 14,415

$ 14,601

6.352% 7/1/36 (f)

3,562

3,608

6.468% 10/1/36 (f)

10,124

10,287

6.5% 11/1/10 to 10/1/36

56,024

57,445

6.611% 12/1/36 (f)

17,474

17,737

6.739% 10/1/36 (f)

9,466

9,628

6.741% 1/1/37 (f)

13,065

13,301

6.85% 10/1/36 (f)

12,774

12,976

7% 4/1/11

4

4

7.5% 5/1/11 to 7/1/16

2,102

2,213

8.5% 8/1/08 to 9/1/29

221

239

9% 8/1/08 to 10/1/20

99

105

9.5% 6/1/09 to 8/1/21

335

368

9.75% 8/1/14

150

160

10% 7/1/09 to 8/1/21

33

35

11% 7/1/13 to 5/1/14

67

75

12% 8/1/13 to 3/1/15

2

3

12.25% 4/1/11 to 9/1/13

3

3

12.5% 2/1/10 to 6/1/19

31

34

13% 8/1/10 to 6/1/15

8

9

 

484,194

Government National Mortgage Association - 0.6%

4.25% 7/20/34 (f)

1,020

1,028

6% 7/15/08 to 12/15/10

1,181

1,204

6.5% 2/15/24 to 10/15/35

22,866

23,677

6.5% 11/1/37 (d)

2,000

2,056

6.5% 11/1/37 (d)

14,000

14,394

7% 10/15/26 to 8/15/32

107

113

7.5% 3/15/28 to 8/15/29

114

121

8% 11/15/07 to 12/15/23

1,392

1,493

8.5% 10/15/08 to 1/15/25

12

12

9.5% 2/15/25

1

1

10.5% 4/15/14 to 1/20/18

103

117

13.5% 7/15/11

7

8

 

44,224

TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES

(Cost $2,811,629)

2,815,854

Asset-Backed Securities - 0.3%

 

Principal Amount (000s)

Value (000s)

Fannie Mae Grantor Trust Series 2005-T4 Class A1C, 5.0225% 9/25/35 (f)
(Cost $22,726)

$ 22,726

$ 22,726

Collateralized Mortgage Obligations - 8.1%

 

U.S. Government Agency - 8.1%

Fannie Mae:

planned amortization class:

Series 1992-168 Class KB, 7% 10/25/22

1,481

1,527

Series 1993-109 Class NZ, 6% 7/25/08

640

639

Series 1993-207 Class H, 6.5% 11/25/23

18,360

18,901

Series 1993-240 Class PD, 6.25% 12/25/13

5,866

5,974

Series 1994-23:

Class PG, 6% 4/25/23

5,130

5,147

Class PZ, 6% 2/25/24

10,208

10,150

Series 1996-28 Class PK, 6.5% 7/25/25

4,114

4,236

Series 2003-28 Class KG, 5.5% 4/25/23

4,940

4,886

Series 2006-45 Class OP, 6/25/36 (h)

6,438

4,979

Series 2006-62 Class KP, 4/25/36 (h)

13,337

9,612

sequential payer Series 1997-41 Class J, 7.5% 6/18/27

2,884

3,041

Series 2003-22 6% 4/25/33 (g)

20,001

4,357

Fannie Mae Grantor Trust planned amortization class Series 2005-81 Class PC, 5.5% 9/25/35

2,150

2,096

Fannie Mae subordinate REMIC pass-thru certificates:

floater:

Series 2001-38 Class QF, 5.8525% 8/25/31 (f)

726

741

Series 2002-49 Class FB, 5.635% 11/18/31 (f)

1,158

1,166

Series 2002-60 Class FV, 5.8725% 4/25/32 (f)

487

498

Series 2002-75 Class FA, 5.8725% 11/25/32 (f)

999

1,021

Series 2004-54 Class FE, 6.0225% 2/25/33 (f)

522

524

planned amortization class:

Series 2002-11 Class QC, 5.5% 3/25/17

14,955

14,997

Series 2002-18 Class PC, 5.5% 4/25/17

1,170

1,176

Series 2003-113:

Class PD, 4% 2/25/17

23,515

22,715

Class PE, 4% 11/25/18

7,545

6,920

Series 2003-128 Class NE, 4% 12/25/16

13,100

12,594

Series 2004-21 Class QE, 4.5% 11/25/32

1,500

1,417

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

10,160

9,707

Series 2005-102 Class CO, 11/25/35 (h)

6,606

4,984

Series 2006-12 Class BO, 10/25/35 (h)

30,268

22,821

Collateralized Mortgage Obligations - continued

 

Principal Amount (000s)

Value (000s)

U.S. Government Agency - continued

Fannie Mae subordinate REMIC pass-thru certificates: - continued

planned amortization class:

Series 2006-37 Class OW, 5/25/36 (h)

$ 7,143

$ 5,499

sequential payer:

Series 2001-20 Class Z, 6% 5/25/31

23,291

23,587

Series 2001-46 Class ZG, 6% 9/25/31

8,377

8,487

Series 2004-3 Class BA, 4% 7/25/17

687

667

Series 2004-91 Class AH, 4.5% 5/25/29

6,152

6,029

Series 2005-117, Class JN, 4.5% 1/25/36

645

568

Series 2005-14 Class SE, 1.1775% 3/25/35 (f)(g)

20,841

808

Series 2007-36:

Class GO, 4/25/37 (h)

1,411

1,092

Class PO, 4/25/37 (h)

3,126

2,415

Class SB, 1.7275% 4/25/37 (f)(g)

40,593

2,487

Class SG, 1.7275% 4/25/37 (f)(g)

18,346

1,083

Series 2007-66 Class SA, 10.365% 7/25/37 (f)

5,401

5,993

Freddie Mac:

planned amortization class:

Series 1413 Class J, 4% 11/15/07

10

10

Series 2115 Class PE, 6% 1/15/14

964

982

Series 3149 Class OD, 5/15/36 (h)

34,796

24,708

sequential payer Series 2114 Class ZM, 6% 1/15/29

2,622

2,661

Freddie Mac Manufactured Housing participation certificates guaranteed:

floater Series 1686 Class FA, 6.025% 2/15/24 (f)

1,017

1,040

planned amortization class Series 1681 Class PJ, 7% 12/15/23

8,211

8,344

Series 1560 Class PN, 7% 12/15/12

4,943

4,963

Freddie Mac Multi-class participation certificates guaranteed:

floater:

Series 2389 Class DA, 5.9913% 11/15/30 (f)

592

593

Series 2530 Class FE, 5.6913% 2/15/32 (f)

676

680

Series 2630 Class FL, 5.5913% 6/15/18 (f)

550

556

Series 3008 Class SM, 0% 7/15/35 (f)

376

335

planned amortization class:

Series 1141 Class G, 9% 9/15/21

417

428

Series 1614 Class L, 6.5% 7/15/23

5,011

5,073

Series 1671 Class G, 6.5% 8/15/23

849

850

Series 2006-15 Class OP, 3/25/36 (h)

7,944

5,723

Series 2356 Class GD, 6% 9/15/16

590

601

Series 2376 Class JE, 5.5% 11/15/16

4,037

4,099

Collateralized Mortgage Obligations - continued

 

Principal Amount (000s)

Value (000s)

U.S. Government Agency - continued

Freddie Mac Multi-class participation certificates guaranteed: - continued

planned amortization class:

Series 2378 Class PE, 5.5% 11/15/16

$ 11,564

$ 11,630

Series 2381 Class OG, 5.5% 11/15/16

3,193

3,211

Series 2390 Class CH, 5.5% 12/15/16

10,441

10,504

Series 2543 Class PM, 5.5% 8/15/18

182

182

Series 2625 Class QX, 2.25% 3/15/22

40

40

Series 2640:

Class GE, 4.5% 7/15/18

7,310

7,072

Class QG, 2% 4/15/22

63

63

Series 2660 Class ML, 3.5% 7/15/22

4,841

4,809

Series 2682 Class LD, 4.5% 10/15/33

777

691

Series 2752 Class PW, 4% 4/15/22

2,154

2,139

Series 2802 Class OB, 6% 5/15/34

10,455

10,550

Series 2810 Class PD, 6% 6/15/33

995

1,005

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

19,350

18,509

Series 2937 Class KC, 4.5% 2/15/20

19,686

18,818

Series 2966 Class XC, 5.5% 1/15/31

25,111

25,156

Series 3077 Class TO, 4/15/35 (h)

17,444

12,993

Series 3110 Class OP, 9/15/35 (h)

16,461

12,269

Series 3119 Class PO, 2/15/36 (h)

19,873

14,464

Series 3121 Class KO, 3/15/36 (h)

6,982

5,443

Series 3123 Class LO, 3/15/36 (h)

12,865

9,339

Series 3145 Class GO, 4/15/36 (h)

11,596

8,491

Series 3151 Class PO, 5/15/36 (h)

12,479

9,082

sequential payer:

Series 2388 Class ZA, 6% 12/15/31

7,252

7,328

Series 2546 Class MJ, 5.5% 3/15/23

2,861

2,781

Series 2570 Class CU, 4.5% 7/15/17

1,951

1,920

Series 2587 Class AD, 4.71% 3/15/33

5,785

5,045

Series 2601 Class TB, 5.5% 4/15/23

869

843

Series 2617 Class GW, 3.5% 6/15/16

3,627

3,593

Series 2675 Class CB, 4% 5/15/16

1,902

1,861

Series 2677 Class HG, 3% 8/15/12

862

856

Series 2683 Class JA, 4% 10/15/16

1,998

1,950

Series 2685 Class ND, 4% 10/15/18

9,064

8,276

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

1,033

922

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

704

649

Series 2809 Class UA, 4% 12/15/14

2,723

2,703

Series 2849 Class AL, 5% 5/15/18

7,672

7,597

Series 2860 Class CP, 4% 10/15/17

2,316

2,265

Collateralized Mortgage Obligations - continued

 

Principal Amount (000s)

Value (000s)

U.S. Government Agency - continued

Freddie Mac Multi-class participation certificates guaranteed: - continued

sequential payer:

Series 2866 Class N, 4.5% 12/15/18

$ 7,093

$ 7,022

Series 2937 Class HJ, 5% 10/15/19

9,184

9,111

Series 2998 Class LY, 5.5% 7/15/25

2,011

1,937

Series 3007 Class EW, 5.5% 7/15/25

8,875

8,552

Series 3013 Class VJ, 5% 1/15/14

1,916

1,910

Series 2769 Class BU, 5% 3/15/34

5,744

5,322

Series 2863 Class DB, 4% 9/15/14

1,288

1,242

Series 2957 Class SW, 0.9088% 4/15/35 (f)(g)

28,729

1,176

Series 3002 Class SN, 1.4088% 7/15/35 (f)(g)

28,658

1,652

target amortization class:

Series 2156 Class TC, 6.25% 5/15/29

9,518

9,830

Series 2877 Class JC, 5% 10/15/34

1,383

1,370

Ginnie Mae guaranteed REMIC pass-thru securities planned amortization class:

Series 1997-8 Class PE, 7.5% 5/16/27

4,688

4,961

Series 2005-58 Class NJ, 4.5% 8/20/35

21,605

21,358

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS

(Cost $606,180)

607,679

Cash Equivalents - 21.2%

Maturity Amount (000s)

 

Investments in repurchase agreements in a joint trading account at:

4.94%, dated 10/31/07 due 11/1/07 (Collateralized by U.S. Government Obligations) #

$ 194,956

194,929

4.96%, dated 10/31/07 due 11/1/07 (Collateralized by U.S. Government Obligations) # (a)

1,409,081

1,408,887

TOTAL CASH EQUIVALENTS

(Cost $1,603,816)

1,603,816

TOTAL INVESTMENT PORTFOLIO - 127.6%

(Cost $9,563,977)

9,632,916

NET OTHER ASSETS - (27.6)%

(2,085,371)

NET ASSETS - 100%

$ 7,547,545

Swap Agreements

 

Expiration Date

Notional Amount (000s)

Value (000s)

Interest Rate Swaps

Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 5.03% with Credit Suisse First Boston

Oct. 2017

$ 72,000

$ 405

Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 5.57% with Goldman Sachs

August 2017

100,000

(5,060)

Receive semi-annually a fixed rate equal to 4.42% and pay quarterly a floating rate based on 3-month LIBOR with Credit Suisse First Boston

Oct. 2009

300,000

(850)

Receive semi-annually a fixed rate equal to 4.88% and pay quarterly a floating rate based on 3-month LIBOR with Bank of America

Sept. 2010

106,700

515

Receive semi-annually a fixed rate equal to 5.03% and pay quarterly a floating rate based on 3-month LIBOR with JPMorgan Chase, Inc.

August 2010

91,000

894

Receive semi-annually a fixed rate equal to 5.706% and pay quarterly a floating rate based on 3-month LIBOR with Deutsche Bank

June 2017

75,000

4,609

 

$ 744,700

$ 513

Legend

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

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

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

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

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

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

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

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

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

Repurchase Agreement / Counterparty

Value
(Amounts in thousands)

$194,929,000 due 11/01/07 at 4.94%

BNP Paribas Securities Corp.

$ 24,293

Banc of America Securities LLC

37,286

Bank of America, NA

57,706

Bear Stearns & Co., Inc.

5,925

Citigroup Global Markets, Inc.

8,143

Countrywide Securities Corp.

6,786

Credit Suisse Securities (USA) LLC

8,143

ING Financial Markets LLC

16,790

J.P. Morgan Securities, Inc.

13,571

Societe Generale, New York Branch

10,857

WestLB AG

5,429

 

$ 194,929

$1,408,887,000 due 11/01/07 at 4.96%

Barclays Capital, Inc.

$ 1,137,521

Bear Stearns & Co., Inc.

271,366

 

$ 1,408,887

Income Tax Information

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

Investment Valuation

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

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

Quarterly Report

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

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

October 31, 2007

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

AGVT-QTLY-1207
1.859105.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Net Assets

U.S. Government and Government Agency Obligations - 60.7%

 

Principal Amount (000s)

Value (000s)

U.S. Government Agency Obligations - 35.1%

Fannie Mae:

3.25% 8/15/08

$ 4,812

$ 4,764

3.25% 2/15/09 (b)

143,050

140,957

4.25% 5/15/09

11,235

11,216

4.5% 10/15/08

81,560

81,812

4.625% 10/15/13

125,000

124,217

4.75% 11/19/12

114,000

114,386

4.875% 4/15/09

43,350

43,638

4.875% 5/18/12

160,000

161,746

5.125% 9/2/08

78,770

79,141

5.125% 7/13/09

2,000

2,025

5.375% 6/12/17 (b)

183,063

188,990

6.375% 6/15/09

55,710

57,435

6.625% 9/15/09

106,820

111,162

7.25% 1/15/10

25,086

26,603

Federal Home Loan Bank:

4.5% 10/14/08

56,475

56,476

5.375% 8/19/11

35,350

36,377

5.8% 9/2/08

26,570

26,840

Freddie Mac:

3.875% 6/15/08

2,791

2,779

4.625% 10/25/12

10,000

9,988

4.75% 3/5/09

77,806

78,135

4.75% 11/3/09

77,000

77,628

4.75% 1/18/11 (b)

204,790

206,736

4.75% 3/5/12

10,000

10,055

5% 6/11/09

100,000

100,958

5% 1/30/14

25,000

25,309

5.125% 4/18/11

31,220

31,892

5.25% 5/21/09

225,000

227,899

5.25% 7/18/11

29,000

29,742

5.5% 8/23/17 (b)

42,900

44,674

5.625% 3/15/11

48,555

50,336

5.75% 1/15/12

1,686

1,761

6.625% 9/15/09

155,000

161,300

Israeli State (guaranteed by U.S. Government through Agency for International Development):

5.5% 9/18/23

110,500

117,634

6.6% 2/15/08

10,649

10,676

6.8% 2/15/12

30,000

31,434

U.S. Government and Government Agency Obligations - continued

 

Principal Amount (000s)

Value (000s)

U.S. Government Agency Obligations - continued

Overseas Private Investment Corp. U.S. Government guaranteed participation certificates:

6.77% 11/15/13

$ 6,394

$ 6,491

6.99% 5/21/16

21,433

23,358

Private Export Funding Corp.:

secured:

5.66% 9/15/11 (c)

18,000

18,662

5.685% 5/15/12

24,035

25,059

6.67% 9/15/09

3,500

3,646

4.974% 8/15/13

22,940

23,269

Small Business Administration guaranteed development participation certificates:

Series 2002-20J Class 1, 4.75% 10/1/22

6,158

6,067

Series 2002-20K Class 1, 5.08% 11/1/22

14,321

14,346

Series 2003 P10B, 5.136% 8/10/13

10,593

10,610

Series 2004-20H Class 1, 5.17% 8/1/24

3,782

3,790

Tennessee Valley Authority 5.375% 4/1/56

8,429

8,586

U.S. Department of Housing and Urban Development Government guaranteed participation certificates Series 1999-A, 5.96% 8/1/09

18,380

18,530

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS

2,649,135

U.S. Treasury Inflation Protected Obligations - 1.4%

U.S. Treasury Inflation-Indexed Notes 2.625% 7/15/17

100,325

104,888

U.S. Treasury Obligations - 24.2%

U.S. Treasury Bonds:

4.75% 2/15/37 (e)

19,000

18,990

5% 5/15/37 (b)

131,000

136,209

6.125% 8/15/29 (b)

174,102

205,413

6.25% 8/15/23

1,500

1,741

8% 11/15/21

146,794

195,339

U.S. Treasury Notes:

4% 9/30/09 (d)

133,060

133,256

4.25% 9/30/12 (d)

329,005

330,400

4.25% 8/15/14 (b)(e)

161,550

161,197

4.25% 11/15/14 (b)

77,185

76,914

4.25% 8/15/15 (b)

84,500

83,866

4.375% 12/15/10

5,230

5,291

4.5% 11/15/15 (b)

111,800

112,682

4.5% 5/15/17 (b)

58,000

58,168

4.625% 7/31/12

12,500

12,754

U.S. Government and Government Agency Obligations - continued

 

Principal Amount (000s)

Value (000s)

U.S. Treasury Obligations - continued

U.S. Treasury Notes: - continued

4.625% 11/15/16 (b)

$ 72,000

$ 72,968

4.625% 2/15/17

20,000

20,259

4.75% 2/15/10

11,630

11,833

4.75% 5/15/14 (b)

155,733

160,052

5.125% 5/15/16

30,000

31,486

TOTAL U.S. TREASURY OBLIGATIONS

1,828,818

TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS

(Cost $4,519,626)

4,582,841

U.S. Government Agency - Mortgage Securities - 37.3%

 

Fannie Mae - 30.3%

3.7% 10/1/33 (f)

663

661

3.75% 1/1/34 (f)

621

617

3.75% 4/1/34 (f)

10,654

10,492

3.754% 10/1/33 (f)

685

683

3.796% 6/1/33 (f)

525

526

3.812% 4/1/33 (f)

1,825

1,829

3.876% 6/1/33 (f)

2,546

2,547

3.905% 5/1/34 (f)

6,446

6,363

3.912% 5/1/33 (f)

4,478

4,484

3.925% 9/1/33 (f)

10,879

10,858

3.932% 5/1/33 (f)

213

213

3.938% 5/1/34 (f)

4,902

4,839

3.974% 9/1/33 (f)

8,267

8,244

4% 9/1/13 to 6/1/20

25,945

24,762

4% 3/1/34 (f)

8,910

8,802

4.001% 4/1/34 (f)

10,038

9,914

4.006% 10/1/18 (f)

478

476

4.029% 4/1/33 (f)

166

167

4.03% 6/1/34 (f)

9,141

9,028

4.053% 2/1/35 (f)

317

318

4.062% 3/1/35 (f)

17,191

17,025

4.129% 5/1/33 (f)

7,551

7,573

4.167% 1/1/35 (f)

1,498

1,478

4.187% 11/1/34 (f)

12,098

12,078

4.205% 6/1/34 (f)

10,334

10,220

4.249% 1/1/34 (f)

2,044

2,035

U.S. Government Agency - Mortgage Securities - continued

 

Principal Amount (000s)

Value (000s)

Fannie Mae - continued

4.25% 2/1/35 (f)

$ 740

$ 731

4.258% 5/1/35 (f)

699

703

4.263% 10/1/33 (f)

321

321

4.28% 6/1/34 (f)

11,444

11,335

4.283% 6/1/33 (f)

397

399

4.286% 3/1/33 (f)

767

772

4.295% 8/1/33 (f)

1,233

1,233

4.296% 3/1/33 (f)

261

258

4.296% 3/1/35 (f)

610

612

4.299% 3/1/33 (f)

356

351

4.305% 4/1/35 (f)

357

359

4.321% 1/1/35 (f)

8,422

8,337

4.342% 1/1/35 (f)

805

796

4.344% 10/1/19 (f)

1,144

1,132

4.357% 2/1/34 (f)

1,219

1,214

4.369% 11/1/35 (f)

28,055

27,845

4.385% 10/1/34 (f)

3,869

3,833

4.393% 2/1/35 (f)

1,025

1,014

4.412% 5/1/35 (f)

583

585

4.434% 3/1/35 (f)

1,089

1,078

4.438% 8/1/34 (f)

1,968

1,954

4.449% 5/1/35 (f)

1,987

1,980

4.453% 11/1/33 (f)

1,560

1,557

4.482% 1/1/35 (f)

5,393

5,345

4.484% 1/1/35 (f)

775

770

4.489% 12/1/34 (f)

604

599

4.5% 2/1/18 to 4/1/20

15,442

15,010

4.501% 2/1/35 (f)

302

305

4.507% 2/1/35 (f)

11,252

11,177

4.517% 2/1/35 (f)

553

556

4.532% 7/1/35 (f)

2,375

2,377

4.553% 9/1/34 (f)

18,699

18,559

4.569% 7/1/35 (f)

2,843

2,847

4.604% 10/1/35 (f)

355

355

4.635% 1/1/35 (f)

5,323

5,291

4.646% 10/1/34 (f)

3,394

3,372

4.665% 3/1/35 (f)

579

583

4.682% 9/1/34 (f)

13,575

13,508

4.709% 3/1/35 (f)

212

214

4.711% 7/1/34 (f)

22,639

22,677

4.714% 7/1/34 (f)

1,895

1,887

4.719% 2/1/35 (f)

6,390

6,354

U.S. Government Agency - Mortgage Securities - continued

 

Principal Amount (000s)

Value (000s)

Fannie Mae - continued

4.733% 12/1/35 (f)

$ 60,163

$ 59,893

4.769% 12/1/34 (f)

641

637

4.771% 12/1/35 (f)

4,359

4,359

4.794% 4/1/35 (f)

12,008

12,028

4.799% 7/1/35 (f)

4,525

4,503

4.802% 6/1/35 (f)

3,307

3,318

4.803% 11/1/34 (f)

2,183

2,173

4.811% 11/1/35 (f)

9,660

9,644

4.814% 2/1/33 (f)

1,073

1,083

4.817% 12/1/34 (f)

10,159

10,119

4.822% 10/1/35 (f)

1,872

1,867

4.835% 1/1/35 (f)

10,371

10,338

4.841% 9/1/34 (f)

9,456

9,419

4.852% 7/1/35 (f)

5,904

5,882

4.859% 10/1/34 (f)

7,802

7,777

4.869% 7/1/34 (f)

5,852

5,831

4.87% 5/1/33 (f)

36

36

4.884% 5/1/35 (f)

1,740

1,735

4.895% 8/1/34 (f)

5,034

5,019

4.918% 8/1/34 (f)

9,039

9,015

4.947% 3/1/35 (f)

5,063

5,056

4.948% 2/1/35 (f)

5,175

5,165

5% 12/1/15 to 10/1/37

572,084

552,153

5.005% 2/1/34 (f)

7,862

7,849

5.007% 8/1/34 (f)

558

557

5.016% 7/1/34 (f)

353

352

5.042% 5/1/35 (f)

3,950

3,978

5.055% 1/1/37 (f)

5,833

5,848

5.067% 9/1/34 (f)

5,409

5,403

5.08% 9/1/34 (f)

718

717

5.106% 10/1/35 (f)

4,320

4,323

5.112% 7/1/34 (f)

2,006

2,003

5.118% 8/1/34 (f)

6,043

6,048

5.128% 8/1/36 (f)

29,805

29,852

5.132% 3/1/35 (f)

373

374

5.163% 3/1/36 (f)

13,545

13,592

5.176% 6/1/35 (f)

2,798

2,817

5.193% 8/1/33 (f)

994

995

5.262% 5/1/35 (f)

5,729

5,748

5.282% 4/1/36 (f)

5,254

5,326

5.297% 7/1/35 (f)

374

376

5.298% 12/1/36 (f)

2,984

2,996

U.S. Government Agency - Mortgage Securities - continued

 

Principal Amount (000s)

Value (000s)

Fannie Mae - continued

5.307% 3/1/36 (f)

$ 36,733

$ 36,934

5.312% 12/1/34 (f)

1,005

1,007

5.357% 2/1/36 (f)

8,244

8,273

5.39% 2/1/37 (f)

2,834

2,851

5.393% 7/1/35 (f)

2,486

2,498

5.421% 2/1/37 (f)

13,446

13,559

5.49% 1/1/34 (f)

67

67

5.5% 4/1/09 to 10/1/37

404,911

400,446

5.5% 11/1/22 (d)

13,000

13,020

5.5% 11/1/22 (d)

13,000

13,020

5.618% 2/1/36 (f)

3,389

3,423

5.651% 4/1/36 (f)

12,249

12,370

5.663% 6/1/36 (f)

7,745

7,827

5.794% 3/1/36 (f)

8,321

8,419

5.805% 1/1/36 (f)

2,588

2,615

5.807% 5/1/36 (f)

3,325

3,359

5.833% 5/1/36 (f)

18,946

19,181

5.85% 3/1/36 (f)

7,966

8,059

5.865% 6/1/35 (f)

1,973

1,993

5.893% 12/1/36 (f)

4,501

4,558

5.914% 3/1/36 (f)

7,224

7,305

5.936% 5/1/36 (f)

5,307

5,377

5.948% 5/1/36 (f)

2,771

2,809

6% 5/1/12 to 10/1/37

138,219

139,813

6% 11/1/22 (d)

8,000

8,135

6% 11/1/37 (d)

2,000

2,014

6% 11/1/37 (d)

20,000

20,143

6% 11/1/37 (d)

40,000

40,286

6% 11/13/37 (d)

75,000

75,535

6% 11/13/37 (d)

75,000

75,535

6.028% 4/1/36 (f)

50,367

51,120

6.09% 4/1/36 (f)

27,083

27,514

6.101% 3/1/37 (f)

4,610

4,682

6.155% 4/1/36 (f)

4,839

4,913

6.226% 3/1/37 (f)

1,495

1,517

6.256% 6/1/36 (f)

740

747

6.3% 10/1/36 (f)

21,978

22,316

6.5% 2/1/12 to 1/1/35

50,540

52,081

6.572% 9/1/36 (f)

9,771

9,966

7% 7/1/13 to 7/1/32

5,487

5,764

7.5% 8/1/10 to 4/1/29

139

145

8% 1/1/22

5

5

U.S. Government Agency - Mortgage Securities - continued

 

Principal Amount (000s)

Value (000s)

Fannie Mae - continued

8.5% 1/1/15 to 7/1/31

$ 568

$ 606

9% 11/1/11 to 5/1/14

585

593

9.5% 11/15/09 to 10/1/20

830

905

10% 8/1/10

1

1

11% 8/1/10

11

11

11.25% 5/1/14

9

10

11.5% 6/15/19 to 1/15/21

1,319

1,485

12.5% 8/1/15 to 3/1/16

3

3

 

2,287,436

Freddie Mac - 6.4%

3.38% 7/1/33 (f)

8,730

8,675

4% 5/1/19 to 11/1/20

25,985

24,607

4.29% 3/1/35 (f)

825

826

4.299% 12/1/34 (f)

1,017

1,003

4.302% 2/1/35 (f)

1,644

1,647

4.421% 2/1/34 (f)

730

722

4.421% 6/1/35 (f)

1,259

1,259

4.423% 3/1/35 (f)

1,053

1,039

4.45% 3/1/35 (f)

1,059

1,046

4.5% 2/1/18 to 8/1/33

26,447

25,553

4.697% 9/1/36 (f)

3,139

3,129

4.704% 9/1/35 (f)

25,984

25,870

4.73% 2/1/34 (f)

8,202

8,116

4.788% 2/1/36 (f)

1,346

1,336

4.804% 3/1/33 (f)

329

332

4.819% 3/1/35 (f)

2,622

2,604

4.903% 10/1/36 (f)

18,282

18,190

4.991% 4/1/35 (f)

4,309

4,330

5% 1/1/09 to 9/1/35

12,876

12,470

5.021% 4/1/35 (f)

527

523

5.121% 7/1/35 (f)

4,913

4,902

5.271% 2/1/36 (f)

311

311

5.498% 1/1/36 (f)

4,334

4,351

5.5% 8/1/14 to 11/1/36

54,000

54,040

5.5% 11/1/22 (d)

75,605

75,707

5.532% 1/1/36 (f)

6,379

6,409

5.78% 10/1/35 (f)

1,344

1,353

5.833% 5/1/37 (f)

3,337

3,365

6% 7/1/16 to 11/1/33

40,759

41,522

6.015% 6/1/36 (f)

3,319

3,354

6.221% 5/1/36 (f)

2,733

2,772

U.S. Government Agency - Mortgage Securities - continued

 

Principal Amount (000s)

Value (000s)

Freddie Mac - continued

6.266% 9/1/36 (f)

$ 14,415

$ 14,601

6.352% 7/1/36 (f)

3,562

3,608

6.468% 10/1/36 (f)

10,124

10,287

6.5% 11/1/10 to 10/1/36

56,024

57,445

6.611% 12/1/36 (f)

17,474

17,737

6.739% 10/1/36 (f)

9,466

9,628

6.741% 1/1/37 (f)

13,065

13,301

6.85% 10/1/36 (f)

12,774

12,976

7% 4/1/11

4

4

7.5% 5/1/11 to 7/1/16

2,102

2,213

8.5% 8/1/08 to 9/1/29

221

239

9% 8/1/08 to 10/1/20

99

105

9.5% 6/1/09 to 8/1/21

335

368

9.75% 8/1/14

150

160

10% 7/1/09 to 8/1/21

33

35

11% 7/1/13 to 5/1/14

67

75

12% 8/1/13 to 3/1/15

2

3

12.25% 4/1/11 to 9/1/13

3

3

12.5% 2/1/10 to 6/1/19

31

34

13% 8/1/10 to 6/1/15

8

9

 

484,194

Government National Mortgage Association - 0.6%

4.25% 7/20/34 (f)

1,020

1,028

6% 7/15/08 to 12/15/10

1,181

1,204

6.5% 2/15/24 to 10/15/35

22,866

23,677

6.5% 11/1/37 (d)

2,000

2,056

6.5% 11/1/37 (d)

14,000

14,394

7% 10/15/26 to 8/15/32

107

113

7.5% 3/15/28 to 8/15/29

114

121

8% 11/15/07 to 12/15/23

1,392

1,493

8.5% 10/15/08 to 1/15/25

12

12

9.5% 2/15/25

1

1

10.5% 4/15/14 to 1/20/18

103

117

13.5% 7/15/11

7

8

 

44,224

TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES

(Cost $2,811,629)

2,815,854

Asset-Backed Securities - 0.3%

 

Principal Amount (000s)

Value (000s)

Fannie Mae Grantor Trust Series 2005-T4 Class A1C, 5.0225% 9/25/35 (f)
(Cost $22,726)

$ 22,726

$ 22,726

Collateralized Mortgage Obligations - 8.1%

 

U.S. Government Agency - 8.1%

Fannie Mae:

planned amortization class:

Series 1992-168 Class KB, 7% 10/25/22

1,481

1,527

Series 1993-109 Class NZ, 6% 7/25/08

640

639

Series 1993-207 Class H, 6.5% 11/25/23

18,360

18,901

Series 1993-240 Class PD, 6.25% 12/25/13

5,866

5,974

Series 1994-23:

Class PG, 6% 4/25/23

5,130

5,147

Class PZ, 6% 2/25/24

10,208

10,150

Series 1996-28 Class PK, 6.5% 7/25/25

4,114

4,236

Series 2003-28 Class KG, 5.5% 4/25/23

4,940

4,886

Series 2006-45 Class OP, 6/25/36 (h)

6,438

4,979

Series 2006-62 Class KP, 4/25/36 (h)

13,337

9,612

sequential payer Series 1997-41 Class J, 7.5% 6/18/27

2,884

3,041

Series 2003-22 6% 4/25/33 (g)

20,001

4,357

Fannie Mae Grantor Trust planned amortization class Series 2005-81 Class PC, 5.5% 9/25/35

2,150

2,096

Fannie Mae subordinate REMIC pass-thru certificates:

floater:

Series 2001-38 Class QF, 5.8525% 8/25/31 (f)

726

741

Series 2002-49 Class FB, 5.635% 11/18/31 (f)

1,158

1,166

Series 2002-60 Class FV, 5.8725% 4/25/32 (f)

487

498

Series 2002-75 Class FA, 5.8725% 11/25/32 (f)

999

1,021

Series 2004-54 Class FE, 6.0225% 2/25/33 (f)

522

524

planned amortization class:

Series 2002-11 Class QC, 5.5% 3/25/17

14,955

14,997

Series 2002-18 Class PC, 5.5% 4/25/17

1,170

1,176

Series 2003-113:

Class PD, 4% 2/25/17

23,515

22,715

Class PE, 4% 11/25/18

7,545

6,920

Series 2003-128 Class NE, 4% 12/25/16

13,100

12,594

Series 2004-21 Class QE, 4.5% 11/25/32

1,500

1,417

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

10,160

9,707

Series 2005-102 Class CO, 11/25/35 (h)

6,606

4,984

Series 2006-12 Class BO, 10/25/35 (h)

30,268

22,821

Collateralized Mortgage Obligations - continued

 

Principal Amount (000s)

Value (000s)

U.S. Government Agency - continued

Fannie Mae subordinate REMIC pass-thru certificates: - continued

planned amortization class:

Series 2006-37 Class OW, 5/25/36 (h)

$ 7,143

$ 5,499

sequential payer:

Series 2001-20 Class Z, 6% 5/25/31

23,291

23,587

Series 2001-46 Class ZG, 6% 9/25/31

8,377

8,487

Series 2004-3 Class BA, 4% 7/25/17

687

667

Series 2004-91 Class AH, 4.5% 5/25/29

6,152

6,029

Series 2005-117, Class JN, 4.5% 1/25/36

645

568

Series 2005-14 Class SE, 1.1775% 3/25/35 (f)(g)

20,841

808

Series 2007-36:

Class GO, 4/25/37 (h)

1,411

1,092

Class PO, 4/25/37 (h)

3,126

2,415

Class SB, 1.7275% 4/25/37 (f)(g)

40,593

2,487

Class SG, 1.7275% 4/25/37 (f)(g)

18,346

1,083

Series 2007-66 Class SA, 10.365% 7/25/37 (f)

5,401

5,993

Freddie Mac:

planned amortization class:

Series 1413 Class J, 4% 11/15/07

10

10

Series 2115 Class PE, 6% 1/15/14

964

982

Series 3149 Class OD, 5/15/36 (h)

34,796

24,708

sequential payer Series 2114 Class ZM, 6% 1/15/29

2,622

2,661

Freddie Mac Manufactured Housing participation certificates guaranteed:

floater Series 1686 Class FA, 6.025% 2/15/24 (f)

1,017

1,040

planned amortization class Series 1681 Class PJ, 7% 12/15/23

8,211

8,344

Series 1560 Class PN, 7% 12/15/12

4,943

4,963

Freddie Mac Multi-class participation certificates guaranteed:

floater:

Series 2389 Class DA, 5.9913% 11/15/30 (f)

592

593

Series 2530 Class FE, 5.6913% 2/15/32 (f)

676

680

Series 2630 Class FL, 5.5913% 6/15/18 (f)

550

556

Series 3008 Class SM, 0% 7/15/35 (f)

376

335

planned amortization class:

Series 1141 Class G, 9% 9/15/21

417

428

Series 1614 Class L, 6.5% 7/15/23

5,011

5,073

Series 1671 Class G, 6.5% 8/15/23

849

850

Series 2006-15 Class OP, 3/25/36 (h)

7,944

5,723

Series 2356 Class GD, 6% 9/15/16

590

601

Series 2376 Class JE, 5.5% 11/15/16

4,037

4,099

Collateralized Mortgage Obligations - continued

 

Principal Amount (000s)

Value (000s)

U.S. Government Agency - continued

Freddie Mac Multi-class participation certificates guaranteed: - continued

planned amortization class:

Series 2378 Class PE, 5.5% 11/15/16

$ 11,564

$ 11,630

Series 2381 Class OG, 5.5% 11/15/16

3,193

3,211

Series 2390 Class CH, 5.5% 12/15/16

10,441

10,504

Series 2543 Class PM, 5.5% 8/15/18

182

182

Series 2625 Class QX, 2.25% 3/15/22

40

40

Series 2640:

Class GE, 4.5% 7/15/18

7,310

7,072

Class QG, 2% 4/15/22

63

63

Series 2660 Class ML, 3.5% 7/15/22

4,841

4,809

Series 2682 Class LD, 4.5% 10/15/33

777

691

Series 2752 Class PW, 4% 4/15/22

2,154

2,139

Series 2802 Class OB, 6% 5/15/34

10,455

10,550

Series 2810 Class PD, 6% 6/15/33

995

1,005

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

19,350

18,509

Series 2937 Class KC, 4.5% 2/15/20

19,686

18,818

Series 2966 Class XC, 5.5% 1/15/31

25,111

25,156

Series 3077 Class TO, 4/15/35 (h)

17,444

12,993

Series 3110 Class OP, 9/15/35 (h)

16,461

12,269

Series 3119 Class PO, 2/15/36 (h)

19,873

14,464

Series 3121 Class KO, 3/15/36 (h)

6,982

5,443

Series 3123 Class LO, 3/15/36 (h)

12,865

9,339

Series 3145 Class GO, 4/15/36 (h)

11,596

8,491

Series 3151 Class PO, 5/15/36 (h)

12,479

9,082

sequential payer:

Series 2388 Class ZA, 6% 12/15/31

7,252

7,328

Series 2546 Class MJ, 5.5% 3/15/23

2,861

2,781

Series 2570 Class CU, 4.5% 7/15/17

1,951

1,920

Series 2587 Class AD, 4.71% 3/15/33

5,785

5,045

Series 2601 Class TB, 5.5% 4/15/23

869

843

Series 2617 Class GW, 3.5% 6/15/16

3,627

3,593

Series 2675 Class CB, 4% 5/15/16

1,902

1,861

Series 2677 Class HG, 3% 8/15/12

862

856

Series 2683 Class JA, 4% 10/15/16

1,998

1,950

Series 2685 Class ND, 4% 10/15/18

9,064

8,276

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

1,033

922

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

704

649

Series 2809 Class UA, 4% 12/15/14

2,723

2,703

Series 2849 Class AL, 5% 5/15/18

7,672

7,597

Series 2860 Class CP, 4% 10/15/17

2,316

2,265

Collateralized Mortgage Obligations - continued

 

Principal Amount (000s)

Value (000s)

U.S. Government Agency - continued

Freddie Mac Multi-class participation certificates guaranteed: - continued

sequential payer:

Series 2866 Class N, 4.5% 12/15/18

$ 7,093

$ 7,022

Series 2937 Class HJ, 5% 10/15/19

9,184

9,111

Series 2998 Class LY, 5.5% 7/15/25

2,011

1,937

Series 3007 Class EW, 5.5% 7/15/25

8,875

8,552

Series 3013 Class VJ, 5% 1/15/14

1,916

1,910

Series 2769 Class BU, 5% 3/15/34

5,744

5,322

Series 2863 Class DB, 4% 9/15/14

1,288

1,242

Series 2957 Class SW, 0.9088% 4/15/35 (f)(g)

28,729

1,176

Series 3002 Class SN, 1.4088% 7/15/35 (f)(g)

28,658

1,652

target amortization class:

Series 2156 Class TC, 6.25% 5/15/29

9,518

9,830

Series 2877 Class JC, 5% 10/15/34

1,383

1,370

Ginnie Mae guaranteed REMIC pass-thru securities planned amortization class:

Series 1997-8 Class PE, 7.5% 5/16/27

4,688

4,961

Series 2005-58 Class NJ, 4.5% 8/20/35

21,605

21,358

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS

(Cost $606,180)

607,679

Cash Equivalents - 21.2%

Maturity Amount (000s)

 

Investments in repurchase agreements in a joint trading account at:

4.94%, dated 10/31/07 due 11/1/07 (Collateralized by U.S. Government Obligations) #

$ 194,956

194,929

4.96%, dated 10/31/07 due 11/1/07 (Collateralized by U.S. Government Obligations) # (a)

1,409,081

1,408,887

TOTAL CASH EQUIVALENTS

(Cost $1,603,816)

1,603,816

TOTAL INVESTMENT PORTFOLIO - 127.6%

(Cost $9,563,977)

9,632,916

NET OTHER ASSETS - (27.6)%

(2,085,371)

NET ASSETS - 100%

$ 7,547,545

Swap Agreements

 

Expiration Date

Notional Amount (000s)

Value (000s)

Interest Rate Swaps

Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 5.03% with Credit Suisse First Boston

Oct. 2017

$ 72,000

$ 405

Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 5.57% with Goldman Sachs

August 2017

100,000

(5,060)

Receive semi-annually a fixed rate equal to 4.42% and pay quarterly a floating rate based on 3-month LIBOR with Credit Suisse First Boston

Oct. 2009

300,000

(850)

Receive semi-annually a fixed rate equal to 4.88% and pay quarterly a floating rate based on 3-month LIBOR with Bank of America

Sept. 2010

106,700

515

Receive semi-annually a fixed rate equal to 5.03% and pay quarterly a floating rate based on 3-month LIBOR with JPMorgan Chase, Inc.

August 2010

91,000

894

Receive semi-annually a fixed rate equal to 5.706% and pay quarterly a floating rate based on 3-month LIBOR with Deutsche Bank

June 2017

75,000

4,609

 

$ 744,700

$ 513

Legend

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

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

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

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

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

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

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

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

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

Repurchase Agreement / Counterparty

Value
(Amounts in thousands)

$194,929,000 due 11/01/07 at 4.94%

BNP Paribas Securities Corp.

$ 24,293

Banc of America Securities LLC

37,286

Bank of America, NA

57,706

Bear Stearns & Co., Inc.

5,925

Citigroup Global Markets, Inc.

8,143

Countrywide Securities Corp.

6,786

Credit Suisse Securities (USA) LLC

8,143

ING Financial Markets LLC

16,790

J.P. Morgan Securities, Inc.

13,571

Societe Generale, New York Branch

10,857

WestLB AG

5,429

 

$ 194,929

$1,408,887,000 due 11/01/07 at 4.96%

Barclays Capital, Inc.

$ 1,137,521

Bear Stearns & Co., Inc.

271,366

 

$ 1,408,887

Income Tax Information

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

Investment Valuation

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

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

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Income Replacement 2016 FundSM

October 31, 2007

RW16-QTLY-1207
1.858577.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 37.3%

Shares

Value

Domestic Equity Funds - 33.6%

Fidelity 100 Index Fund

12,370

$ 139,283

Fidelity Advisor Mid Cap II Fund Institutional Class

5,739

112,720

Fidelity Broad Markets Opportunity Fund

16,857

186,781

Fidelity Disciplined Equity Fund

3,516

117,345

Fidelity Equity Income Fund

1,862

114,701

Fidelity Large Capital Core Enhanced Index Fund

17,445

185,961

Fidelity Small Cap Opportunities Fund

7,337

73,960

TOTAL DOMESTIC EQUITY FUNDS

930,751

International Equity Funds - 3.7%

Fidelity Advisor International Discovery Fund Institutional Class

2,150

102,597

TOTAL EQUITY FUNDS

(Cost $1,005,912)

1,033,348

Fixed-Income Funds - 39.1%

 

 

 

 

High Yield Fixed-Income Funds - 2.5%

Fidelity Capital & Income Fund

3,841

34,568

Fidelity Strategic Income Fund

3,235

34,551

TOTAL HIGH YIELD FIXED-INCOME FUNDS

69,119

Investment Grade Fixed-Income Funds - 36.6%

Fidelity Government Income Fund

19,948

202,668

Fidelity Strategic Real Return Fund

20,043

205,243

Fidelity Total Bond Fund

58,858

606,240

TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS

1,014,151

TOTAL FIXED-INCOME FUNDS

(Cost $1,082,251)

1,083,270

Short-Term Funds - 23.6%

 

 

 

 

Fidelity Institutional Money Market Portfolio Class I

230,489

230,489

Fidelity Short-Term Bond Fund

49,095

423,688

TOTAL SHORT-TERM FUNDS

(Cost $656,005)

654,177

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $2,744,168)

$ 2,770,795

Income Tax Information

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

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Income Replacement 2016 Fund

Class A
Class T
Class C
Institutional Class

October 31, 2007

Class A, Class T, Class C
and Institutional Class are classes of

Fidelity Income Replacement 2016 Fund
SM

ARW16-QTLY-1207
1.858553.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 37.3%

Shares

Value

Domestic Equity Funds - 33.6%

Fidelity 100 Index Fund

12,370

$ 139,283

Fidelity Advisor Mid Cap II Fund Institutional Class

5,739

112,720

Fidelity Broad Markets Opportunity Fund

16,857

186,781

Fidelity Disciplined Equity Fund

3,516

117,345

Fidelity Equity Income Fund

1,862

114,701

Fidelity Large Capital Core Enhanced Index Fund

17,445

185,961

Fidelity Small Cap Opportunities Fund

7,337

73,960

TOTAL DOMESTIC EQUITY FUNDS

930,751

International Equity Funds - 3.7%

Fidelity Advisor International Discovery Fund Institutional Class

2,150

102,597

TOTAL EQUITY FUNDS

(Cost $1,005,912)

1,033,348

Fixed-Income Funds - 39.1%

 

 

 

 

High Yield Fixed-Income Funds - 2.5%

Fidelity Capital & Income Fund

3,841

34,568

Fidelity Strategic Income Fund

3,235

34,551

TOTAL HIGH YIELD FIXED-INCOME FUNDS

69,119

Investment Grade Fixed-Income Funds - 36.6%

Fidelity Government Income Fund

19,948

202,668

Fidelity Strategic Real Return Fund

20,043

205,243

Fidelity Total Bond Fund

58,858

606,240

TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS

1,014,151

TOTAL FIXED-INCOME FUNDS

(Cost $1,082,251)

1,083,270

Short-Term Funds - 23.6%

 

 

 

 

Fidelity Institutional Money Market Portfolio Class I

230,489

230,489

Fidelity Short-Term Bond Fund

49,095

423,688

TOTAL SHORT-TERM FUNDS

(Cost $656,005)

654,177

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $2,744,168)

$ 2,770,795

Income Tax Information

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

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Income Replacement 2018 FundSM

October 31, 2007

RW18-QTLY-1207
1.858579.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 42.8%

Shares

Value

Domestic Equity Funds - 38.0%

Fidelity 100 Index Fund

8,690

$ 97,844

Fidelity Advisor Mid Cap II Fund Institutional Class

4,080

80,131

Fidelity Broad Markets Opportunity Fund

11,996

132,911

Fidelity Disciplined Equity Fund

2,509

83,734

Fidelity Equity Income Fund

1,303

80,248

Fidelity Large Capital Core Enhanced Index Fund

12,311

131,231

Fidelity Small Cap Opportunities Fund

5,198

52,396

TOTAL DOMESTIC EQUITY FUNDS

658,495

International Equity Funds - 4.8%

Fidelity Advisor International Discovery Fund Institutional Class

1,730

82,592

TOTAL EQUITY FUNDS

(Cost $713,907)

741,087

Fixed-Income Funds - 37.4%

 

 

 

 

High Yield Fixed-Income Funds - 3.3%

Fidelity Capital & Income Fund

3,168

28,510

Fidelity Strategic Income Fund

2,668

28,498

TOTAL HIGH YIELD FIXED-INCOME FUNDS

57,008

Investment Grade Fixed-Income Funds - 34.1%

Fidelity Government Income Fund

11,622

118,081

Fidelity Strategic Real Return Fund

11,688

119,690

Fidelity Total Bond Fund

34,304

353,333

TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS

591,104

TOTAL FIXED-INCOME FUNDS

(Cost $646,008)

648,112

Short-Term Funds - 19.8%

 

 

 

 

Fidelity Institutional Money Market Portfolio Class I

151,179

151,179

Fidelity Short-Term Bond Fund

22,149

191,143

TOTAL SHORT-TERM FUNDS

(Cost $343,534)

342,322

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $1,703,449)

$ 1,731,521

Income Tax Information

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

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Income Replacement 2018 Fund

Class A
Class T
Class C
Institutional Class

October 31, 2007

Class A, Class T, Class C
and Institutional Class are classes of

Fidelity Income Replacement 2018 Fund
SM

ARW18-QTLY-1207
1.858555.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 42.8%

Shares

Value

Domestic Equity Funds - 38.0%

Fidelity 100 Index Fund

8,690

$ 97,844

Fidelity Advisor Mid Cap II Fund Institutional Class

4,080

80,131

Fidelity Broad Markets Opportunity Fund

11,996

132,911

Fidelity Disciplined Equity Fund

2,509

83,734

Fidelity Equity Income Fund

1,303

80,248

Fidelity Large Capital Core Enhanced Index Fund

12,311

131,231

Fidelity Small Cap Opportunities Fund

5,198

52,396

TOTAL DOMESTIC EQUITY FUNDS

658,495

International Equity Funds - 4.8%

Fidelity Advisor International Discovery Fund Institutional Class

1,730

82,592

TOTAL EQUITY FUNDS

(Cost $713,907)

741,087

Fixed-Income Funds - 37.4%

 

 

 

 

High Yield Fixed-Income Funds - 3.3%

Fidelity Capital & Income Fund

3,168

28,510

Fidelity Strategic Income Fund

2,668

28,498

TOTAL HIGH YIELD FIXED-INCOME FUNDS

57,008

Investment Grade Fixed-Income Funds - 34.1%

Fidelity Government Income Fund

11,622

118,081

Fidelity Strategic Real Return Fund

11,688

119,690

Fidelity Total Bond Fund

34,304

353,333

TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS

591,104

TOTAL FIXED-INCOME FUNDS

(Cost $646,008)

648,112

Short-Term Funds - 19.8%

 

 

 

 

Fidelity Institutional Money Market Portfolio Class I

151,179

151,179

Fidelity Short-Term Bond Fund

22,149

191,143

TOTAL SHORT-TERM FUNDS

(Cost $343,534)

342,322

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $1,703,449)

$ 1,731,521

Income Tax Information

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

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Income Replacement 2020 FundSM

October 31, 2007

RW20-QTLY-1207
1.858582.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 47.6%

Shares

Value

Domestic Equity Funds - 41.7%

Fidelity 100 Index Fund

2,882

$ 32,452

Fidelity Advisor Mid Cap II Fund Institutional Class

1,371

26,923

Fidelity Broad Markets Opportunity Fund

4,015

44,483

Fidelity Disciplined Equity Fund

834

27,823

Fidelity Equity Income Fund

427

26,324

Fidelity Large Capital Core Enhanced Index Fund

4,079

43,486

Fidelity Small Cap Opportunities Fund

1,714

17,274

TOTAL DOMESTIC EQUITY FUNDS

218,765

International Equity Funds - 5.9%

Fidelity Advisor International Discovery Fund Institutional Class

650

31,008

TOTAL EQUITY FUNDS

(Cost $229,350)

249,773

Fixed-Income Funds - 35.5%

 

 

 

 

High Yield Fixed-Income Funds - 3.8%

Fidelity Capital & Income Fund

1,125

10,125

Fidelity Strategic Income Fund

938

10,017

TOTAL HIGH YIELD FIXED-INCOME FUNDS

20,142

Investment Grade Fixed-Income Funds - 31.7%

Fidelity Government Income Fund

3,250

33,019

Fidelity Strategic Real Return Fund

3,343

34,234

Fidelity Total Bond Fund

9,614

99,028

TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS

166,281

TOTAL FIXED-INCOME FUNDS

(Cost $184,331)

186,423

Short-Term Funds - 16.9%

 

 

 

 

Fidelity Institutional Money Market Portfolio Class I

44,541

44,541

Fidelity Short-Term Bond Fund

5,131

44,279

TOTAL SHORT-TERM FUNDS

(Cost $89,025)

88,820

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $502,706)

$ 525,016

Income Tax Information

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

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Income Replacement 2020 Fund

Class A
Class T
Class C
Institutional Class

October 31, 2007

Class A, Class T, Class C
and Institutional Class are classes of

Fidelity Income Replacement 2020 Fund
SM

ARW20-QTLY-1207
1.858557.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 47.6%

Shares

Value

Domestic Equity Funds - 41.7%

Fidelity 100 Index Fund

2,882

$ 32,452

Fidelity Advisor Mid Cap II Fund Institutional Class

1,371

26,923

Fidelity Broad Markets Opportunity Fund

4,015

44,483

Fidelity Disciplined Equity Fund

834

27,823

Fidelity Equity Income Fund

427

26,324

Fidelity Large Capital Core Enhanced Index Fund

4,079

43,486

Fidelity Small Cap Opportunities Fund

1,714

17,274

TOTAL DOMESTIC EQUITY FUNDS

218,765

International Equity Funds - 5.9%

Fidelity Advisor International Discovery Fund Institutional Class

650

31,008

TOTAL EQUITY FUNDS

(Cost $229,350)

249,773

Fixed-Income Funds - 35.5%

 

 

 

 

High Yield Fixed-Income Funds - 3.8%

Fidelity Capital & Income Fund

1,125

10,125

Fidelity Strategic Income Fund

938

10,017

TOTAL HIGH YIELD FIXED-INCOME FUNDS

20,142

Investment Grade Fixed-Income Funds - 31.7%

Fidelity Government Income Fund

3,250

33,019

Fidelity Strategic Real Return Fund

3,343

34,234

Fidelity Total Bond Fund

9,614

99,028

TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS

166,281

TOTAL FIXED-INCOME FUNDS

(Cost $184,331)

186,423

Short-Term Funds - 16.9%

 

 

 

 

Fidelity Institutional Money Market Portfolio Class I

44,541

44,541

Fidelity Short-Term Bond Fund

5,131

44,279

TOTAL SHORT-TERM FUNDS

(Cost $89,025)

88,820

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $502,706)

$ 525,016

Income Tax Information

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

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Income Replacement 2022 FundSM

October 31, 2007

RW22-QTLY-1207
1.858584.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 49.5%

Shares

Value

Domestic Equity Funds - 43.1%

Fidelity 100 Index Fund

10,533

$ 118,597

Fidelity Advisor Mid Cap II Fund Institutional Class

4,893

96,105

Fidelity Broad Markets Opportunity Fund

14,384

159,369

Fidelity Disciplined Equity Fund

2,985

99,624

Fidelity Equity Income Fund

1,582

97,466

Fidelity Large Capital Core Enhanced Index Fund

14,859

158,393

Fidelity Small Cap Opportunities Fund

6,259

63,095

TOTAL DOMESTIC EQUITY FUNDS

792,649

International Equity Funds - 6.4%

Fidelity Advisor International Discovery Fund Institutional Class

2,473

118,055

TOTAL EQUITY FUNDS

(Cost $875,658)

910,704

Fixed-Income Funds - 34.8%

 

 

 

 

High Yield Fixed-Income Funds - 4.3%

Fidelity Capital & Income Fund

4,345

39,103

Fidelity Strategic Income Fund

3,650

38,983

TOTAL HIGH YIELD FIXED-INCOME FUNDS

78,086

Investment Grade Fixed-Income Funds - 30.5%

Fidelity Government Income Fund

11,038

112,148

Fidelity Strategic Real Return Fund

11,130

113,971

Fidelity Total Bond Fund

32,613

335,920

TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS

562,039

TOTAL FIXED-INCOME FUNDS

(Cost $639,243)

640,125

Short-Term Funds - 15.7%

 

 

 

 

Fidelity Institutional Money Market Portfolio Class I

130,632

130,632

Fidelity Short-Term Bond Fund

18,490

159,573

TOTAL SHORT-TERM FUNDS

(Cost $290,898)

290,205

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $1,805,799)

$ 1,841,034

Income Tax Information

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

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Income Replacement 2022 Fund

Class A
Class T
Class C
Institutional Class

October 31, 2007

Class A, Class T, Class C
and Institutional Class are classes of

Fidelity Income Replacement 2022 Fund
SM

ARW22-QTLY-1207
1.858560.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 49.5%

Shares

Value

Domestic Equity Funds - 43.1%

Fidelity 100 Index Fund

10,533

$ 118,597

Fidelity Advisor Mid Cap II Fund Institutional Class

4,893

96,105

Fidelity Broad Markets Opportunity Fund

14,384

159,369

Fidelity Disciplined Equity Fund

2,985

99,624

Fidelity Equity Income Fund

1,582

97,466

Fidelity Large Capital Core Enhanced Index Fund

14,859

158,393

Fidelity Small Cap Opportunities Fund

6,259

63,095

TOTAL DOMESTIC EQUITY FUNDS

792,649

International Equity Funds - 6.4%

Fidelity Advisor International Discovery Fund Institutional Class

2,473

118,055

TOTAL EQUITY FUNDS

(Cost $875,658)

910,704

Fixed-Income Funds - 34.8%

 

 

 

 

High Yield Fixed-Income Funds - 4.3%

Fidelity Capital & Income Fund

4,345

39,103

Fidelity Strategic Income Fund

3,650

38,983

TOTAL HIGH YIELD FIXED-INCOME FUNDS

78,086

Investment Grade Fixed-Income Funds - 30.5%

Fidelity Government Income Fund

11,038

112,148

Fidelity Strategic Real Return Fund

11,130

113,971

Fidelity Total Bond Fund

32,613

335,920

TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS

562,039

TOTAL FIXED-INCOME FUNDS

(Cost $639,243)

640,125

Short-Term Funds - 15.7%

 

 

 

 

Fidelity Institutional Money Market Portfolio Class I

130,632

130,632

Fidelity Short-Term Bond Fund

18,490

159,573

TOTAL SHORT-TERM FUNDS

(Cost $290,898)

290,205

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $1,805,799)

$ 1,841,034

Income Tax Information

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

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Income Replacement 2024 FundSM

October 31, 2007

RW24-QTLY-1207
1.858587.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 52.4%

Shares

Value

Domestic Equity Funds - 44.8%

Fidelity 100 Index Fund

3,447

$ 38,814

Fidelity Advisor Mid Cap II Fund Institutional Class

1,635

32,110

Fidelity Broad Markets Opportunity Fund

4,793

53,102

Fidelity Disciplined Equity Fund

996

33,238

Fidelity Equity Income Fund

512

31,537

Fidelity Large Capital Core Enhanced Index Fund

4,879

52,011

Fidelity Small Cap Opportunities Fund

2,053

20,689

TOTAL DOMESTIC EQUITY FUNDS

261,501

International Equity Funds - 7.6%

Fidelity Advisor International Discovery Fund Institutional Class

928

44,282

TOTAL EQUITY FUNDS

(Cost $282,306)

305,783

Fixed-Income Funds - 33.5%

 

 

 

 

High Yield Fixed-Income Funds - 4.5%

Fidelity Capital & Income Fund

1,482

13,340

Fidelity Strategic Income Fund

1,238

13,224

TOTAL HIGH YIELD FIXED-INCOME FUNDS

26,564

Investment Grade Fixed-Income Funds - 29.0%

Fidelity Government Income Fund

3,312

33,645

Fidelity Strategic Real Return Fund

3,395

34,762

Fidelity Total Bond Fund

9,783

100,765

TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS

169,172

TOTAL FIXED-INCOME FUNDS

(Cost $193,602)

195,736

Short-Term Funds - 14.1%

 

 

 

 

Fidelity Institutional Money Market Portfolio Class I

37,076

37,076

Fidelity Short-Term Bond Fund

5,218

45,031

TOTAL SHORT-TERM FUNDS

(Cost $82,306)

82,107

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $558,214)

$ 583,626

Income Tax Information

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

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Income Replacement 2024 Fund

Class A
Class T
Class C
Institutional Class

October 31, 2007

Class A, Class T, Class C
and Institutional Class are classes of

Fidelity Income Replacement 2024 Fund
SM

ARW24-QTLY-1207
1.858562.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 52.4%

Shares

Value

Domestic Equity Funds - 44.8%

Fidelity 100 Index Fund

3,447

$ 38,814

Fidelity Advisor Mid Cap II Fund Institutional Class

1,635

32,110

Fidelity Broad Markets Opportunity Fund

4,793

53,102

Fidelity Disciplined Equity Fund

996

33,238

Fidelity Equity Income Fund

512

31,537

Fidelity Large Capital Core Enhanced Index Fund

4,879

52,011

Fidelity Small Cap Opportunities Fund

2,053

20,689

TOTAL DOMESTIC EQUITY FUNDS

261,501

International Equity Funds - 7.6%

Fidelity Advisor International Discovery Fund Institutional Class

928

44,282

TOTAL EQUITY FUNDS

(Cost $282,306)

305,783

Fixed-Income Funds - 33.5%

 

 

 

 

High Yield Fixed-Income Funds - 4.5%

Fidelity Capital & Income Fund

1,482

13,340

Fidelity Strategic Income Fund

1,238

13,224

TOTAL HIGH YIELD FIXED-INCOME FUNDS

26,564

Investment Grade Fixed-Income Funds - 29.0%

Fidelity Government Income Fund

3,312

33,645

Fidelity Strategic Real Return Fund

3,395

34,762

Fidelity Total Bond Fund

9,783

100,765

TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS

169,172

TOTAL FIXED-INCOME FUNDS

(Cost $193,602)

195,736

Short-Term Funds - 14.1%

 

 

 

 

Fidelity Institutional Money Market Portfolio Class I

37,076

37,076

Fidelity Short-Term Bond Fund

5,218

45,031

TOTAL SHORT-TERM FUNDS

(Cost $82,306)

82,107

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $558,214)

$ 583,626

Income Tax Information

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

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Income Replacement 2026 FundSM

October 31, 2007

RW26-QTLY-1207
1.858589.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 54.3%

Shares

Value

Domestic Equity Funds - 45.9%

Fidelity 100 Index Fund

3,195

$ 35,975

Fidelity Advisor Mid Cap II Fund Institutional Class

1,520

29,859

Fidelity Broad Markets Opportunity Fund

4,451

49,315

Fidelity Disciplined Equity Fund

924

30,847

Fidelity Equity Income Fund

474

29,185

Fidelity Large Capital Core Enhanced Index Fund

4,523

48,210

Fidelity Small Cap Opportunities Fund

1,899

19,141

TOTAL DOMESTIC EQUITY FUNDS

242,532

International Equity Funds - 8.4%

Fidelity Advisor International Discovery Fund Institutional Class

937

44,738

TOTAL EQUITY FUNDS

(Cost $263,173)

287,270

Fixed-Income Funds - 32.9%

 

 

 

 

High Yield Fixed-Income Funds - 4.8%

Fidelity Capital & Income Fund

1,415

12,735

Fidelity Strategic Income Fund

1,180

12,599

TOTAL HIGH YIELD FIXED-INCOME FUNDS

25,334

Investment Grade Fixed-Income Funds - 28.1%

Fidelity Government Income Fund

2,901

29,474

Fidelity Strategic Real Return Fund

2,984

30,559

Fidelity Total Bond Fund

8,574

88,311

TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS

148,344

TOTAL FIXED-INCOME FUNDS

(Cost $171,610)

173,678

Short-Term Funds - 12.8%

 

 

 

 

Fidelity Institutional Money Market Portfolio Class I

33,847

33,847

Fidelity Short-Term Bond Fund

3,899

33,648

TOTAL SHORT-TERM FUNDS

(Cost $67,651)

67,495

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $502,434)

$ 528,443

Income Tax Information

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

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Income Replacement 2026 Fund

Class A
Class T
Class C
Institutional Class

October 31, 2007

Class A, Class T, Class C
and Institutional Class are classes of

Fidelity Income Replacement 2026 Fund
SM

ARW26-QTLY-1207
1.858564.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 54.3%

Shares

Value

Domestic Equity Funds - 45.9%

Fidelity 100 Index Fund

3,195

$ 35,975

Fidelity Advisor Mid Cap II Fund Institutional Class

1,520

29,859

Fidelity Broad Markets Opportunity Fund

4,451

49,315

Fidelity Disciplined Equity Fund

924

30,847

Fidelity Equity Income Fund

474

29,185

Fidelity Large Capital Core Enhanced Index Fund

4,523

48,210

Fidelity Small Cap Opportunities Fund

1,899

19,141

TOTAL DOMESTIC EQUITY FUNDS

242,532

International Equity Funds - 8.4%

Fidelity Advisor International Discovery Fund Institutional Class

937

44,738

TOTAL EQUITY FUNDS

(Cost $263,173)

287,270

Fixed-Income Funds - 32.9%

 

 

 

 

High Yield Fixed-Income Funds - 4.8%

Fidelity Capital & Income Fund

1,415

12,735

Fidelity Strategic Income Fund

1,180

12,599

TOTAL HIGH YIELD FIXED-INCOME FUNDS

25,334

Investment Grade Fixed-Income Funds - 28.1%

Fidelity Government Income Fund

2,901

29,474

Fidelity Strategic Real Return Fund

2,984

30,559

Fidelity Total Bond Fund

8,574

88,311

TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS

148,344

TOTAL FIXED-INCOME FUNDS

(Cost $171,610)

173,678

Short-Term Funds - 12.8%

 

 

 

 

Fidelity Institutional Money Market Portfolio Class I

33,847

33,847

Fidelity Short-Term Bond Fund

3,899

33,648

TOTAL SHORT-TERM FUNDS

(Cost $67,651)

67,495

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $502,434)

$ 528,443

Income Tax Information

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

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Income Replacement 2028 FundSM

October 31, 2007

RW28-QTLY-1207
1.858591.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 55.6%

Shares

Value

Domestic Equity Funds - 46.5%

Fidelity 100 Index Fund

4,356

$ 49,047

Fidelity Advisor Mid Cap II Fund Institutional Class

2,057

40,396

Fidelity Broad Markets Opportunity Fund

6,032

66,831

Fidelity Disciplined Equity Fund

1,254

41,839

Fidelity Equity Income Fund

650

40,062

Fidelity Large Capital Core Enhanced Index Fund

6,165

65,717

Fidelity Small Cap Opportunities Fund

2,594

26,144

TOTAL DOMESTIC EQUITY FUNDS

330,036

International Equity Funds - 9.1%

Fidelity Advisor International Discovery Fund Institutional Class

1,358

64,806

TOTAL EQUITY FUNDS

(Cost $368,196)

394,842

Fixed-Income Funds - 32.3%

 

 

 

 

High Yield Fixed-Income Funds - 5.1%

Fidelity Capital & Income Fund

2,001

18,010

Fidelity Strategic Income Fund

1,673

17,869

TOTAL HIGH YIELD FIXED-INCOME FUNDS

35,879

Investment Grade Fixed-Income Funds - 27.2%

Fidelity Government Income Fund

3,781

38,419

Fidelity Strategic Real Return Fund

3,860

39,531

Fidelity Total Bond Fund

11,176

115,113

TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS

193,063

TOTAL FIXED-INCOME FUNDS

(Cost $226,978)

228,942

Short-Term Funds - 12.1%

 

 

 

 

Fidelity Institutional Money Market Portfolio Class I

31,729

31,729

Fidelity Short-Term Bond Fund

6,252

53,952

TOTAL SHORT-TERM FUNDS

(Cost $85,909)

85,681

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $681,083)

$ 709,465

Income Tax Information

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

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Income Replacement 2028 Fund

Class A
Class T
Class C
Institutional Class

October 31, 2007

Class A, Class T, Class C
and Institutional Class are classes of

Fidelity Income Replacement 2028 Fund
SM

ARW28-QTLY-1207
1.858566.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 55.6%

Shares

Value

Domestic Equity Funds - 46.5%

Fidelity 100 Index Fund

4,356

$ 49,047

Fidelity Advisor Mid Cap II Fund Institutional Class

2,057

40,396

Fidelity Broad Markets Opportunity Fund

6,032

66,831

Fidelity Disciplined Equity Fund

1,254

41,839

Fidelity Equity Income Fund

650

40,062

Fidelity Large Capital Core Enhanced Index Fund

6,165

65,717

Fidelity Small Cap Opportunities Fund

2,594

26,144

TOTAL DOMESTIC EQUITY FUNDS

330,036

International Equity Funds - 9.1%

Fidelity Advisor International Discovery Fund Institutional Class

1,358

64,806

TOTAL EQUITY FUNDS

(Cost $368,196)

394,842

Fixed-Income Funds - 32.3%

 

 

 

 

High Yield Fixed-Income Funds - 5.1%

Fidelity Capital & Income Fund

2,001

18,010

Fidelity Strategic Income Fund

1,673

17,869

TOTAL HIGH YIELD FIXED-INCOME FUNDS

35,879

Investment Grade Fixed-Income Funds - 27.2%

Fidelity Government Income Fund

3,781

38,419

Fidelity Strategic Real Return Fund

3,860

39,531

Fidelity Total Bond Fund

11,176

115,113

TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS

193,063

TOTAL FIXED-INCOME FUNDS

(Cost $226,978)

228,942

Short-Term Funds - 12.1%

 

 

 

 

Fidelity Institutional Money Market Portfolio Class I

31,729

31,729

Fidelity Short-Term Bond Fund

6,252

53,952

TOTAL SHORT-TERM FUNDS

(Cost $85,909)

85,681

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $681,083)

$ 709,465

Income Tax Information

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

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Income Replacement 2030 FundSM

October 31, 2007

RW30-QTLY-1207
1.858593.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 57.6%

Shares

Value

Domestic Equity Funds - 47.4%

Fidelity 100 Index Fund

3,309

$ 37,256

Fidelity Advisor Mid Cap II Fund Institutional Class

1,577

30,967

Fidelity Broad Markets Opportunity Fund

4,614

51,128

Fidelity Disciplined Equity Fund

959

32,002

Fidelity Equity Income Fund

492

30,278

Fidelity Large Capital Core Enhanced Index Fund

4,689

49,982

Fidelity Small Cap Opportunities Fund

1,968

19,834

TOTAL DOMESTIC EQUITY FUNDS

251,447

International Equity Funds - 10.2%

Fidelity Advisor International Discovery Fund Institutional Class

1,131

53,988

TOTAL EQUITY FUNDS

(Cost $279,383)

305,435

Fixed-Income Funds - 31.8%

 

 

 

 

High Yield Fixed-Income Funds - 5.3%

Fidelity Capital & Income Fund

1,560

14,040

Fidelity Strategic Income Fund

1,301

13,890

TOTAL HIGH YIELD FIXED-INCOME FUNDS

27,930

Investment Grade Fixed-Income Funds - 26.5%

Fidelity Government Income Fund

2,756

28,006

Fidelity Strategic Real Return Fund

2,836

29,036

Fidelity Total Bond Fund

8,132

83,758

TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS

140,800

TOTAL FIXED-INCOME FUNDS

(Cost $166,663)

168,730

Short-Term Funds - 10.6%

 

 

 

 

Fidelity Institutional Money Market Portfolio Class I

28,147

28,147

Fidelity Short-Term Bond Fund

3,242

27,982

TOTAL SHORT-TERM FUNDS

(Cost $56,258)

56,129

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $502,304)

$ 530,294

Income Tax Information

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

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Income Replacement 2030 Fund

Class A
Class T
Class C
Institutional Class

October 31, 2007

Class A, Class T, Class C
and Institutional Class are classes of

Fidelity Income Replacement 2030 Fund
SM

ARW30-QTLY-1207
1.858569.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 57.6%

Shares

Value

Domestic Equity Funds - 47.4%

Fidelity 100 Index Fund

3,309

$ 37,256

Fidelity Advisor Mid Cap II Fund Institutional Class

1,577

30,967

Fidelity Broad Markets Opportunity Fund

4,614

51,128

Fidelity Disciplined Equity Fund

959

32,002

Fidelity Equity Income Fund

492

30,278

Fidelity Large Capital Core Enhanced Index Fund

4,689

49,982

Fidelity Small Cap Opportunities Fund

1,968

19,834

TOTAL DOMESTIC EQUITY FUNDS

251,447

International Equity Funds - 10.2%

Fidelity Advisor International Discovery Fund Institutional Class

1,131

53,988

TOTAL EQUITY FUNDS

(Cost $279,383)

305,435

Fixed-Income Funds - 31.8%

 

 

 

 

High Yield Fixed-Income Funds - 5.3%

Fidelity Capital & Income Fund

1,560

14,040

Fidelity Strategic Income Fund

1,301

13,890

TOTAL HIGH YIELD FIXED-INCOME FUNDS

27,930

Investment Grade Fixed-Income Funds - 26.5%

Fidelity Government Income Fund

2,756

28,006

Fidelity Strategic Real Return Fund

2,836

29,036

Fidelity Total Bond Fund

8,132

83,758

TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS

140,800

TOTAL FIXED-INCOME FUNDS

(Cost $166,663)

168,730

Short-Term Funds - 10.6%

 

 

 

 

Fidelity Institutional Money Market Portfolio Class I

28,147

28,147

Fidelity Short-Term Bond Fund

3,242

27,982

TOTAL SHORT-TERM FUNDS

(Cost $56,258)

56,129

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $502,304)

$ 530,294

Income Tax Information

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

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Income Replacement 2032 FundSM

October 31, 2007

RW32-QTLY-1207
1.858595.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 59.3%

Shares

Value

Domestic Equity Funds - 48.2%

Fidelity 100 Index Fund

3,635

$ 40,930

Fidelity Advisor Mid Cap II Fund Institutional Class

1,729

33,965

Fidelity Broad Markets Opportunity Fund

5,066

56,131

Fidelity Disciplined Equity Fund

1,054

35,172

Fidelity Equity Income Fund

540

33,293

Fidelity Large Capital Core Enhanced Index Fund

5,151

54,908

Fidelity Small Cap Opportunities Fund

2,164

21,809

TOTAL DOMESTIC EQUITY FUNDS

276,208

International Equity Funds - 11.1%

Fidelity Advisor International Discovery Fund Institutional Class

1,334

63,663

TOTAL EQUITY FUNDS

(Cost $310,952)

339,871

Fixed-Income Funds - 31.3%

 

 

 

 

High Yield Fixed-Income Funds - 5.5%

Fidelity Capital & Income Fund

1,764

15,879

Fidelity Strategic Income Fund

1,471

15,709

TOTAL HIGH YIELD FIXED-INCOME FUNDS

31,588

Investment Grade Fixed-Income Funds - 25.8%

Fidelity Government Income Fund

2,888

29,342

Fidelity Strategic Real Return Fund

2,968

30,397

Fidelity Total Bond Fund

8,525

87,807

TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS

147,546

TOTAL FIXED-INCOME FUNDS

(Cost $177,009)

179,134

Short-Term Funds - 9.4%

 

 

 

 

Fidelity Institutional Money Market Portfolio Class I

25,121

25,121

Fidelity Short-Term Bond Fund

3,353

28,933

TOTAL SHORT-TERM FUNDS

(Cost $54,197)

54,054

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $542,158)

$ 573,059

Income Tax Information

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

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Income Replacement 2032 Fund

Class A
Class T
Class C
Institutional Class

October 31, 2007

Class A, Class T, Class C
and Institutional Class are classes of

Fidelity Income Replacement 2032 Fund
SM

ARW32-QTLY-1207
1.858571.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 59.3%

Shares

Value

Domestic Equity Funds - 48.2%

Fidelity 100 Index Fund

3,635

$ 40,930

Fidelity Advisor Mid Cap II Fund Institutional Class

1,729

33,965

Fidelity Broad Markets Opportunity Fund

5,066

56,131

Fidelity Disciplined Equity Fund

1,054

35,172

Fidelity Equity Income Fund

540

33,293

Fidelity Large Capital Core Enhanced Index Fund

5,151

54,908

Fidelity Small Cap Opportunities Fund

2,164

21,809

TOTAL DOMESTIC EQUITY FUNDS

276,208

International Equity Funds - 11.1%

Fidelity Advisor International Discovery Fund Institutional Class

1,334

63,663

TOTAL EQUITY FUNDS

(Cost $310,952)

339,871

Fixed-Income Funds - 31.3%

 

 

 

 

High Yield Fixed-Income Funds - 5.5%

Fidelity Capital & Income Fund

1,764

15,879

Fidelity Strategic Income Fund

1,471

15,709

TOTAL HIGH YIELD FIXED-INCOME FUNDS

31,588

Investment Grade Fixed-Income Funds - 25.8%

Fidelity Government Income Fund

2,888

29,342

Fidelity Strategic Real Return Fund

2,968

30,397

Fidelity Total Bond Fund

8,525

87,807

TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS

147,546

TOTAL FIXED-INCOME FUNDS

(Cost $177,009)

179,134

Short-Term Funds - 9.4%

 

 

 

 

Fidelity Institutional Money Market Portfolio Class I

25,121

25,121

Fidelity Short-Term Bond Fund

3,353

28,933

TOTAL SHORT-TERM FUNDS

(Cost $54,197)

54,054

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $542,158)

$ 573,059

Income Tax Information

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

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Income Replacement 2034 FundSM

October 31, 2007

RW34-QTLY-1207
1.858597.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 61.3%

Shares

Value

Domestic Equity Funds - 49.2%

Fidelity 100 Index Fund

3,446

$ 38,804

Fidelity Advisor Mid Cap II Fund Institutional Class

1,642

32,241

Fidelity Broad Markets Opportunity Fund

4,808

53,269

Fidelity Disciplined Equity Fund

999

33,322

Fidelity Equity Income Fund

512

31,526

Fidelity Large Capital Core Enhanced Index Fund

4,885

52,076

Fidelity Small Cap Opportunities Fund

2,052

20,687

TOTAL DOMESTIC EQUITY FUNDS

261,925

International Equity Funds - 12.1%

Fidelity Advisor International Discovery Fund Institutional Class

1,353

64,576

TOTAL EQUITY FUNDS

(Cost $298,194)

326,501

Fixed-Income Funds - 31.1%

 

 

 

 

High Yield Fixed-Income Funds - 5.8%

Fidelity Capital & Income Fund

1,722

15,501

Fidelity Strategic Income Fund

1,436

15,335

TOTAL HIGH YIELD FIXED-INCOME FUNDS

30,836

Investment Grade Fixed-Income Funds - 25.3%

Fidelity Government Income Fund

2,637

26,790

Fidelity Strategic Real Return Fund

2,712

27,776

Fidelity Total Bond Fund

7,779

80,121

TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS

134,687

TOTAL FIXED-INCOME FUNDS

(Cost $163,433)

165,523

Short-Term Funds - 7.6%

 

 

 

 

Fidelity Institutional Money Market Portfolio Class I

20,278

20,278

Fidelity Short-Term Bond Fund

2,336

20,159

TOTAL SHORT-TERM FUNDS

(Cost $40,530)

40,437

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $502,157)

$ 532,461

Income Tax Information

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

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Income Replacement 2034 Fund

Class A
Class T
Class C
Institutional Class

October 31, 2007

Class A, Class T, Class C
and Institutional Class are classes of

Fidelity Income Replacement 2034 Fund
SM

ARW34-QTLY-1207
1.858573.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 61.3%

Shares

Value

Domestic Equity Funds - 49.2%

Fidelity 100 Index Fund

3,446

$ 38,804

Fidelity Advisor Mid Cap II Fund Institutional Class

1,642

32,241

Fidelity Broad Markets Opportunity Fund

4,808

53,269

Fidelity Disciplined Equity Fund

999

33,322

Fidelity Equity Income Fund

512

31,526

Fidelity Large Capital Core Enhanced Index Fund

4,885

52,076

Fidelity Small Cap Opportunities Fund

2,052

20,687

TOTAL DOMESTIC EQUITY FUNDS

261,925

International Equity Funds - 12.1%

Fidelity Advisor International Discovery Fund Institutional Class

1,353

64,576

TOTAL EQUITY FUNDS

(Cost $298,194)

326,501

Fixed-Income Funds - 31.1%

 

 

 

 

High Yield Fixed-Income Funds - 5.8%

Fidelity Capital & Income Fund

1,722

15,501

Fidelity Strategic Income Fund

1,436

15,335

TOTAL HIGH YIELD FIXED-INCOME FUNDS

30,836

Investment Grade Fixed-Income Funds - 25.3%

Fidelity Government Income Fund

2,637

26,790

Fidelity Strategic Real Return Fund

2,712

27,776

Fidelity Total Bond Fund

7,779

80,121

TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS

134,687

TOTAL FIXED-INCOME FUNDS

(Cost $163,433)

165,523

Short-Term Funds - 7.6%

 

 

 

 

Fidelity Institutional Money Market Portfolio Class I

20,278

20,278

Fidelity Short-Term Bond Fund

2,336

20,159

TOTAL SHORT-TERM FUNDS

(Cost $40,530)

40,437

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $502,157)

$ 532,461

Income Tax Information

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

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Income Replacement 2036 FundSM

October 31, 2007

RW36-QTLY-1207
1.858599.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 63.0%

Shares

Value

Domestic Equity Funds - 50.0%

Fidelity 100 Index Fund

6,234

$ 70,193

Fidelity Advisor Mid Cap II Fund Institutional Class

2,927

57,490

Fidelity Broad Markets Opportunity Fund 

8,596

95,247

Fidelity Disciplined Equity Fund

1,792

59,786

Fidelity Equity Income Fund

929

57,221

Fidelity Large Capital Core Enhanced Index Fund

8,812

93,933

Fidelity Small Cap Opportunities Fund

3,704

37,332

TOTAL DOMESTIC EQUITY FUNDS

471,202

International Equity Funds - 13.0%

Fidelity Advisor International Discovery Fund Institutional Class

2,565

122,447

TOTAL EQUITY FUNDS

(Cost $560,515)

593,649

Fixed-Income Funds - 31.7%

 

 

 

 

High Yield Fixed-Income Funds - 6.2%

Fidelity Capital & Income Fund

3,242

29,180

Fidelity Strategic Income Fund

2,725

29,105

TOTAL HIGH YIELD FIXED-INCOME FUNDS

58,285

Investment Grade Fixed-Income Funds - 25.5%

Fidelity Government Income Fund

4,710

47,854

Fidelity Strategic Real Return Fund

4,777

48,913

Fidelity Total Bond Fund

13,888

143,047

TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS

239,814

TOTAL FIXED-INCOME FUNDS

(Cost $295,589)

298,099

Short-Term Funds - 5.3%

 

 

 

 

Fidelity Institutional Money Market Portfolio Class I

13,821

13,821

Fidelity Short-Term Bond Fund

4,146

35,781

TOTAL SHORT-TERM FUNDS

(Cost $49,797)

49,602

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $905,901)

$ 941,350

Income Tax Information

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

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Income Replacement 2036 Fund

Class A
Class T
Class C
Institutional Class

October 31, 2007

Class A, Class T, Class C
and Institutional Class are classes of

Fidelity Income Replacement 2036 Fund
SM

ARW36-QTLY-1207
1.858575.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 63.0%

Shares

Value

Domestic Equity Funds - 50.0%

Fidelity 100 Index Fund

6,234

$ 70,193

Fidelity Advisor Mid Cap II Fund Institutional Class

2,927

57,490

Fidelity Broad Markets Opportunity Fund 

8,596

95,247

Fidelity Disciplined Equity Fund

1,792

59,786

Fidelity Equity Income Fund

929

57,221

Fidelity Large Capital Core Enhanced Index Fund

8,812

93,933

Fidelity Small Cap Opportunities Fund

3,704

37,332

TOTAL DOMESTIC EQUITY FUNDS

471,202

International Equity Funds - 13.0%

Fidelity Advisor International Discovery Fund Institutional Class

2,565

122,447

TOTAL EQUITY FUNDS

(Cost $560,515)

593,649

Fixed-Income Funds - 31.7%

 

 

 

 

High Yield Fixed-Income Funds - 6.2%

Fidelity Capital & Income Fund

3,242

29,180

Fidelity Strategic Income Fund

2,725

29,105

TOTAL HIGH YIELD FIXED-INCOME FUNDS

58,285

Investment Grade Fixed-Income Funds - 25.5%

Fidelity Government Income Fund

4,710

47,854

Fidelity Strategic Real Return Fund

4,777

48,913

Fidelity Total Bond Fund

13,888

143,047

TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS

239,814

TOTAL FIXED-INCOME FUNDS

(Cost $295,589)

298,099

Short-Term Funds - 5.3%

 

 

 

 

Fidelity Institutional Money Market Portfolio Class I

13,821

13,821

Fidelity Short-Term Bond Fund

4,146

35,781

TOTAL SHORT-TERM FUNDS

(Cost $49,797)

49,602

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $905,901)

$ 941,350

Income Tax Information

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

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Intermediate Government
Income Fund

October 31, 2007

SLM-QTLY-1207
1.809098.103

Investments October 31, 2007 (Unaudited)

Showing Percentage of Net Assets

U.S. Government and Government Agency Obligations - 60.8%

 

Principal Amount (000s)

Value (000s)

U.S. Government Agency Obligations - 26.3%

Fannie Mae:

4.125% 5/15/10

$ 1,700

$ 1,689

4.5% 10/15/08

2,905

2,914

4.875% 4/15/09

1

1

4.875% 5/18/12

20,000

20,218

5.125% 9/2/08

8,135

8,173

5.375% 6/12/17

9,012

9,304

7.25% 1/15/10

1,779

1,887

Federal Home Loan Bank:

4.5% 10/14/08

1,850

1,850

5.375% 8/19/11

16,960

17,453

5.8% 9/2/08

5,845

5,904

Freddie Mac:

3.625% 9/15/08

2,285

2,268

4.75% 11/3/09

49,500

49,904

5.125% 4/18/11

2,360

2,411

5.25% 7/18/11

58

59

5.5% 7/18/16

22,000

22,921

5.5% 8/23/17

6,700

6,977

5.625% 3/15/11

1,000

1,037

Israeli State (guaranteed by U.S. Government through Agency for International Development):

6.6% 2/15/08

2,887

2,894

6.8% 2/15/12

7,500

7,859

Private Export Funding Corp.:

secured:

5.66% 9/15/11 (b)

9,000

9,331

5.685% 5/15/12

3,915

4,082

4.974% 8/15/13

3,435

3,484

Small Business Administration guaranteed development participation certificates Series 2004-20H Class 1, 5.17% 8/1/24

730

732

U.S. Department of Housing and Urban Development Government guaranteed participation certificates Series 1999-A, 6.06% 8/1/10

10,000

10,098

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS

193,450

U.S. Treasury Inflation Protected Obligations - 2.3%

U.S. Treasury Inflation-Indexed Notes 2.5% 7/15/16

16,731

17,291

U.S. Government and Government Agency Obligations - continued

 

Principal Amount (000s)

Value (000s)

U.S. Treasury Obligations - 32.2%

U.S. Treasury Notes:

4% 9/30/09 (c)

$ 26,672

$ 26,713

4.25% 9/30/12 (c)

62,255

62,522

4.25% 11/15/14 (a)

31,500

31,389

4.625% 7/31/12

15,000

15,305

4.75% 2/15/10 (c)

48,307

49,145

4.75% 5/31/12

18,000

18,468

4.75% 5/15/14

14,058

14,448

4.75% 8/15/17 (c)

18,000

18,394

TOTAL U.S. TREASURY OBLIGATIONS

236,384

TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS

(Cost $443,602)

447,125

U.S. Government Agency - Mortgage Securities - 36.6%

 

Fannie Mae - 27.1%

3.583% 9/1/33 (e)

319

317

3.72% 6/1/33 (e)

986

986

3.754% 10/1/33 (e)

86

85

3.783% 6/1/33 (e)

1,171

1,170

3.796% 6/1/33 (e)

82

82

3.876% 6/1/33 (e)

397

397

3.905% 5/1/34 (e)

644

636

3.912% 5/1/33 (e)

471

472

3.932% 5/1/33 (e)

28

28

3.938% 5/1/34 (e)

503

496

3.969% 8/1/33 (e)

435

434

3.974% 9/1/33 (e)

853

850

4% 9/1/13 to 5/1/20

2,791

2,664

4% 3/1/34 (e)

868

858

4.001% 4/1/34 (e)

951

940

4.006% 10/1/18 (e)

66

66

4.028% 3/1/34 (e)

1,819

1,796

4.029% 4/1/33 (e)

25

26

4.043% 6/1/33 (e)

1,102

1,103

4.053% 2/1/35 (e)

41

41

4.062% 3/1/35 (e)

1,737

1,720

4.116% 4/1/34 (e)

1,202

1,189

4.123% 5/1/34 (e)

978

968

U.S. Government Agency - Mortgage Securities - continued

 

Principal Amount (000s)

Value (000s)

Fannie Mae - continued

4.156% 8/1/33 (e)

$ 460

$ 460

4.167% 1/1/35 (e)

212

209

4.187% 11/1/34 (e)

1,194

1,192

4.249% 1/1/34 (e)

233

232

4.25% 2/1/35 (e)

97

95

4.258% 5/1/35 (e)

96

97

4.263% 10/1/33 (e)

37

37

4.283% 6/1/33 (e)

47

47

4.286% 3/1/33 (e)

90

90

4.295% 8/1/33 (e)

169

169

4.296% 3/1/35 (e)

80

80

4.299% 3/1/33 (e)

52

52

4.305% 4/1/35 (e)

45

45

4.321% 1/1/35 (e)

819

811

4.342% 1/1/35 (e)

105

104

4.344% 10/1/19 (e)

108

107

4.357% 2/1/34 (e)

201

200

4.369% 11/1/35 (e)

2,727

2,706

4.385% 10/1/34 (e)

452

448

4.393% 2/1/35 (e)

165

164

4.396% 10/1/33 (e)

461

456

4.412% 5/1/35 (e)

106

106

4.425% 8/1/34 (e)

2,335

2,314

4.434% 3/1/35 (e)

163

162

4.437% 5/1/35 (e)

1,364

1,368

4.438% 8/1/34 (e)

278

276

4.449% 5/1/35 (e)

263

262

4.453% 11/1/33 (e)

164

164

4.46% 8/1/35 (e)

1,453

1,453

4.482% 1/1/35 (e)

510

505

4.484% 1/1/35 (e)

102

101

4.489% 12/1/34 (e)

56

56

4.5% 3/1/18 to 10/1/18

2,760

2,683

4.501% 2/1/35 (e)

44

45

4.507% 2/1/35 (e)

1,199

1,191

4.517% 2/1/35 (e)

75

75

4.529% 8/1/34 (e)

1,936

1,941

4.532% 7/1/35 (e)

302

303

4.553% 9/1/34 (e)

2,137

2,121

4.566% 2/1/35 (e)

392

389

4.569% 1/1/35 (e)

807

801

4.569% 7/1/35 (e)

293

294

U.S. Government Agency - Mortgage Securities - continued

 

Principal Amount (000s)

Value (000s)

Fannie Mae - continued

4.592% 2/1/36 (e)

$ 1,356

$ 1,352

4.601% 8/1/35 (e)

1,099

1,106

4.604% 10/1/35 (e)

59

59

4.635% 1/1/35 (e)

520

517

4.646% 10/1/34 (e)

326

324

4.654% 6/1/35 (e)

381

383

4.665% 3/1/35 (e)

653

658

4.668% 8/1/35 (e)

511

512

4.682% 9/1/34 (e)

1,326

1,319

4.69% 2/1/35 (e)

1,402

1,393

4.703% 10/1/34 (e)

290

288

4.709% 3/1/35 (e)

24

24

4.714% 7/1/34 (e)

269

268

4.719% 2/1/35 (e)

624

620

4.733% 12/1/35 (e)

4,016

3,998

4.769% 12/1/34 (e)

79

78

4.772% 1/1/35 (e)

450

448

4.794% 4/1/35 (e)

1,237

1,239

4.799% 7/1/35 (e)

428

425

4.802% 6/1/35 (e)

340

341

4.803% 11/1/34 (e)

235

234

4.809% 7/1/36 (e)

476

477

4.811% 11/1/35 (e)

995

993

4.814% 2/1/33 (e)

112

113

4.817% 12/1/34 (e)

995

991

4.822% 10/1/35 (e)

196

195

4.836% 9/1/34 (e)

419

417

4.841% 9/1/34 (e)

924

920

4.852% 7/1/35 (e)

575

573

4.859% 10/1/34 (e)

944

941

4.87% 5/1/33 (e)

6

6

4.87% 1/1/35 (e)

349

349

4.882% 10/1/35 (e)

155

156

4.884% 5/1/35 (e)

176

175

4.909% 3/1/33 (e)

279

279

4.918% 8/1/34 (e)

884

881

4.946% 8/1/34 (e)

711

709

4.947% 3/1/35 (e)

495

494

4.948% 2/1/35 (e)

506

505

5% 2/1/16 to 10/1/37 (d)

80,532

77,729

5.005% 2/1/34 (e)

745

744

5.007% 8/1/34 (e)

65

64

U.S. Government Agency - Mortgage Securities - continued

 

Principal Amount (000s)

Value (000s)

Fannie Mae - continued

5.016% 7/1/34 (e)

$ 41

$ 41

5.035% 12/1/32 (e)

909

908

5.042% 5/1/35 (e)

515

518

5.067% 9/1/34 (e)

659

658

5.076% 10/1/35 (e)

630

630

5.08% 9/1/34 (e)

72

72

5.087% 2/1/35 (e)

646

646

5.096% 5/1/35 (e)

226

227

5.106% 10/1/35 (e)

438

438

5.118% 8/1/34 (e)

590

590

5.132% 3/1/35 (e)

47

47

5.163% 3/1/36 (e)

1,345

1,349

5.176% 6/1/35 (e)

362

364

5.193% 8/1/33 (e)

116

116

5.251% 11/1/36 (e)

275

277

5.282% 4/1/36 (e)

521

528

5.285% 7/1/35 (e)

2,541

2,551

5.297% 7/1/35 (e)

44

44

5.298% 12/1/36 (e)

297

299

5.312% 12/1/34 (e)

105

105

5.334% 2/1/36 (e)

97

97

5.344% 1/1/36 (e)

1,076

1,079

5.357% 2/1/36 (e)

786

789

5.381% 3/1/37 (e)

1,979

1,993

5.39% 2/1/37 (e)

268

269

5.421% 2/1/37 (e)

1,273

1,284

5.483% 6/1/47 (e)

213

215

5.484% 2/1/37 (e)

1,712

1,729

5.5% 1/1/09 to 10/1/17

6,705

6,745

5.53% 11/1/36 (e)

534

540

5.618% 2/1/36 (e)

320

323

5.651% 4/1/36 (e)

1,161

1,173

5.659% 4/1/37 (e)

1,181

1,193

5.663% 6/1/36 (e)

737

745

5.794% 3/1/36 (e)

2,311

2,338

5.805% 1/1/36 (e)

288

291

5.828% 3/1/36 (e)

829

839

5.833% 5/1/36 (e)

1,794

1,816

5.893% 12/1/36 (e)

428

433

5.912% 9/1/36 (e)

485

490

5.938% 5/1/36 (e)

750

761

5.948% 5/1/36 (e)

271

275

U.S. Government Agency - Mortgage Securities - continued

 

Principal Amount (000s)

Value (000s)

Fannie Mae - continued

6% 5/1/12 to 3/1/31

$ 7,693

$ 7,826

6.028% 4/1/36 (e)

4,791

4,862

6.101% 3/1/37 (e)

452

459

6.155% 4/1/36 (e)

471

479

6.226% 3/1/37 (e)

140

142

6.256% 6/1/36 (e)

71

72

6.5% 6/1/16 to 7/1/32

2,149

2,202

7% 12/1/08 to 9/1/31

354

366

7.5% 5/1/37

398

417

9% 2/1/13

94

99

9.5% 11/15/09

104

108

10.25% 10/1/09 to 10/1/18

7

8

11% 8/1/10 to 1/1/16

273

292

11.25% 5/1/14 to 1/1/16

54

61

11.5% 9/1/11 to 6/15/19

183

202

12.25% 7/1/12 to 8/1/13

9

10

12.5% 9/1/12 to 7/1/16

147

170

12.75% 10/1/11 to 6/1/15

92

101

13% 7/1/13 to 7/1/15

64

75

13.25% 9/1/11

58

64

13.5% 11/1/14 to 12/1/14

15

17

15% 4/1/12

3

3

 

198,892

Freddie Mac - 9.3%

3.38% 7/1/33 (e)

860

855

4% 1/1/19 to 11/1/20

4,308

4,081

4.005% 5/1/33 (e)

1,429

1,429

4.005% 4/1/34 (e)

1,465

1,441

4.075% 7/1/35 (e)

665

661

4.179% 1/1/35 (e)

1,410

1,403

4.29% 3/1/35 (e)

118

118

4.299% 12/1/34 (e)

150

147

4.302% 2/1/35 (e)

236

237

4.421% 2/1/34 (e)

119

118

4.421% 6/1/35 (e)

164

164

4.423% 3/1/35 (e)

145

143

4.45% 3/1/35 (e)

156

154

4.5% 2/1/18 to 11/1/20

1,615

1,570

4.54% 2/1/35 (e)

261

258

4.566% 6/1/33 (e)

449

448

4.651% 5/1/35 (e)

941

940

U.S. Government Agency - Mortgage Securities - continued

 

Principal Amount (000s)

Value (000s)

Freddie Mac - continued

4.664% 2/1/35 (e)

$ 3,560

$ 3,527

4.697% 9/1/36 (e)

297

296

4.704% 9/1/35 (e)

3,800

3,783

4.788% 2/1/36 (e)

129

128

4.804% 3/1/33 (e)

38

38

4.819% 3/1/35 (e)

257

255

4.819% 5/1/35 (e)

2,409

2,391

4.864% 10/1/35 (e)

575

573

4.903% 10/1/36 (e)

1,745

1,736

4.991% 4/1/35 (e)

587

590

5% 3/1/18 to 9/1/35

3,121

3,092

5.013% 7/1/35 (e)

1,517

1,511

5.115% 10/1/36 (e)

611

612

5.121% 7/1/35 (e)

496

495

5.271% 2/1/36 (e)

41

41

5.275% 11/1/35 (e)

506

505

5.455% 3/1/37 (e)

183

184

5.498% 1/1/36 (e)

438

440

5.5% 8/1/14 to 11/1/20

3,423

3,443

5.529% 4/1/37 (e)

286

288

5.532% 1/1/36 (e)

657

660

5.586% 3/1/36 (e)

1,929

1,940

5.654% 8/1/36 (e)

1,939

1,950

5.694% 4/1/36 (e)

4,292

4,325

5.78% 10/1/35 (e)

132

133

5.784% 3/1/37 (e)

997

1,005

5.79% 5/1/37 (e)

2,207

2,224

5.809% 4/1/37 (e)

940

946

5.833% 5/1/37 (e)

325

328

5.834% 6/1/37 (e)

747

753

5.835% 5/1/37 (e)

215

216

5.839% 5/1/37 (e)

1,238

1,248

5.96% 4/1/36 (e)

2,474

2,499

6% 7/1/16 to 2/1/19

2,785

2,850

6.015% 6/1/36 (e)

325

328

6.141% 2/1/37 (e)

274

277

6.162% 12/1/36 (e)

2,323

2,345

6.221% 5/1/36 (e)

268

271

6.352% 7/1/36 (e)

348

352

6.416% 6/1/37 (e)

70

71

6.5% 5/1/08 to 12/1/21

996

1,019

6.511% 9/1/36 (e)

1,751

1,775

U.S. Government Agency - Mortgage Securities - continued

 

Principal Amount (000s)

Value (000s)

Freddie Mac - continued

6.725% 8/1/37 (e)

$ 555

$ 565

7.581% 4/1/37 (e)

75

77

8.5% 6/1/14 to 5/1/17

19

19

9% 11/1/09 to 8/1/16

34

36

9.5% 7/1/16 to 8/1/21

270

297

10% 7/1/09 to 3/1/21

554

614

10.5% 9/1/09 to 5/1/21

36

38

11% 9/1/20

20

23

11.25% 2/1/10 to 6/1/14

65

73

11.5% 10/1/15 to 8/1/19

49

54

11.75% 11/1/11 to 7/1/15

9

10

12% 10/1/09 to 11/1/19

123

136

12.25% 12/1/11 to 8/1/15

55

62

12.5% 10/1/09 to 6/1/19

596

673

12.75% 2/1/10 to 10/1/10

6

7

13% 9/1/10 to 5/1/17

96

110

13.25% 11/1/10 to 10/1/13

27

31

13.5% 11/1/10 to 8/1/11

31

35

14% 11/1/12 to 4/1/16

5

6

14.5% 12/1/10

1

1

14.75% 3/1/10

1

1

 

68,478

Government National Mortgage Association - 0.2%

8% 12/15/23

408

438

8.5% 6/15/16 to 2/15/17

8

8

10.5% 9/15/15 to 10/15/21

671

778

10.75% 12/15/09 to 3/15/10

7

7

11% 5/20/16 to 1/20/21

40

47

12.5% 12/15/10

1

2

13% 1/15/11 to 10/15/13

45

50

13.25% 8/15/14

9

11

13.5% 7/15/11 to 12/15/14

10

12

14% 6/15/11

6

6

 

1,359

TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES

(Cost $267,028)

268,729

Asset-Backed Securities - 0.4%

 

Principal Amount (000s)

Value (000s)

Fannie Mae Grantor Trust Series 2005-T4 Class A1C, 5.0225% 9/25/35 (e)
(Cost $2,877)

$ 2,877

$ 2,877

Collateralized Mortgage Obligations - 9.7%

 

U.S. Government Agency - 9.7%

Fannie Mae:

floater:

Series 1994-42 Class FK, 4.12% 4/25/24 (e)

3,458

3,294

Series 2007-95 Class A1, 5.1225% 8/27/36 (e)

2,205

2,204

planned amortization class:

Series 1988-21 Class G, 9.5% 8/25/18

80

87

Series 1994-12 Class PH, 6.25% 1/25/09

375

376

Series 2002-83 Class ME, 5% 12/25/17

5,150

4,993

Series 2003-28 Class KG, 5.5% 4/25/23

725

717

sequential payer Series 1993-238 Class C, 6.5% 12/25/08

1,627

1,632

Fannie Mae subordinate REMIC pass-thru certificates:

floater:

Series 2001-38 Class QF, 5.8525% 8/25/31 (e)

679

693

Series 2002-60 Class FV, 5.8725% 4/25/32 (e)

244

249

Series 2002-74 Class FV, 5.3225% 11/25/32 (e)

3,348

3,363

Series 2002-75 Class FA, 5.8725% 11/25/32 (e)

499

510

planned amortization class:

Series 2001-68 Class QZ, 5.5% 12/25/16

540

541

Series 2002-11:

Class QC, 5.5% 3/25/17

1,465

1,469

Class UC, 6% 3/25/17

1,146

1,167

Series 2002-16 Class PG, 6% 4/25/17

1,273

1,296

Series 2002-18 Class PC, 5.5% 4/25/17

1,790

1,799

Series 2002-61 Class PG, 5.5% 10/25/17

1,945

1,969

Series 2002-71 Class UC, 5% 11/25/17

3,155

3,093

Series 2002-9 Class PC, 6% 3/25/17

104

106

Series 2003-128 Class NE, 4% 12/25/16

1,260

1,211

Series 2003-85 Class GD, 4.5% 9/25/18

610

589

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

980

936

Series 2004-81:

Class KC, 4.5% 4/25/17

690

683

Class KD, 4.5% 7/25/18

1,315

1,279

Series 2005-52 Class PB, 6.5% 12/25/34

1,942

1,975

sequential payer:

Series 2002-56 Class MC, 5.5% 9/25/17

417

418

Collateralized Mortgage Obligations - continued

 

Principal Amount (000s)

Value (000s)

U.S. Government Agency - continued

Fannie Mae subordinate REMIC pass-thru certificates: - continued

sequential payer:

Series 2003-18 Class EY, 5% 6/25/17

$ 1,981

$ 1,969

Freddie Mac Multi-class participation certificates guaranteed:

floater:

Series 2526 Class FC, 5.4913% 11/15/32 (e)

779

782

Series 2630 Class FL, 5.5913% 6/15/18 (e)

58

59

Series 2925 Class CQ, 0% 1/15/35 (e)

227

195

planned amortization class:

Series 2356 Class GD, 6% 9/15/16

448

456

Series 2376 Class JE, 5.5% 11/15/16

395

401

Series 2378 Class PE, 5.5% 11/15/16

1,131

1,137

Series 2381 Class OG, 5.5% 11/15/16

311

313

Series 2390 Class CH, 5.5% 12/15/16

1,022

1,028

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

540

550

Series 2640 Class GE, 4.5% 7/15/18

3,690

3,570

Series 2695 Class DG, 4% 10/15/18

1,635

1,533

Series 2752 Class PW, 4% 4/15/22

1,713

1,701

Series 2802 Class OB, 6% 5/15/34

1,355

1,367

Series 2810 Class PD, 6% 6/15/33

1,020

1,030

Series 2831 Class PB, 5% 7/15/19

1,975

1,923

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

1,875

1,793

sequential payer:

Series 1929 Class EZ, 7.5% 2/17/27

2,218

2,321

Series 2570 Class CU, 4.5% 7/15/17

207