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:	April 30, 2007

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Ginnie Mae Fund

April 30, 2007

1.800337.103

MOG-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

U.S. Government Agency - Mortgage Securities - 90.2%
	Principal Amount (000s)		Value (000s)
Fannie Mae - 6.2%
3.753% 10/1/33 (c)	$ 461		$ 459
3.812% 10/1/33 (c)	3,984		3,949
3.826% 4/1/33 (c)	1,287		1,290
4.257% 1/1/34 (c)	1,214		1,206
4.273% 10/1/33 (c)	185		184
4.291% 3/1/33 (c)	499		502
4.3% 3/1/33 (c)	212		210
4.313% 6/1/33 (c)	234		234
4.342% 4/1/35 (c)	241		241
4.397% 10/1/34 (c)	2,265		2,248
4.421% 5/1/35 (c)	1,339		1,341
4.516% 10/1/35 (c)	176		176
4.523% 7/1/35 (c)	1,608		1,602
4.577% 2/1/35 (c)	1,942		1,928
4.671% 3/1/35 (c)	160		161
4.746% 5/1/33 (c)	18		18
4.761% 1/1/35 (c)	1,559		1,554
4.766% 12/1/34 (c)	423		421
4.809% 2/1/33 (c)	611		615
4.828% 10/1/35 (c)	1,083		1,081
4.879% 8/1/34 (c)	380		382
4.885% 9/1/34 (c)	772		772
4.974% 9/1/34 (c)	644		644
5.025% 7/1/34 (c)	197		197
5.062% 5/1/35 (c)	2,632		2,646
5.084% 9/1/34 (c)	385		386
5.148% 3/1/34 (c)	7,783		7,818
5.166% 8/1/33 (c)	599		602
5.175% 3/1/35 (c)	220		221
5.177% 6/1/35 (c)	1,882		1,891
5.254% 7/1/35 (c)	1,924		1,934
5.263% 11/1/36 (c)	1,408		1,417
5.299% 7/1/35 (c)	219		220
5.332% 12/1/34 (c)	583		587
5.5% 11/1/13 to 11/1/22	18,547		18,618
5.5% 5/1/37 (a)(b)	35,000		34,605
5.5% 5/1/37 (a)(b)	76,000		75,142
5.836% 3/1/36 (c)	4,242		4,288
5.9% 3/1/36 (c)	4,131		4,173
6.352% 8/1/36 (c)	3,496		3,555
6.5% 10/1/17 to 7/1/32	16,212		16,734
7% 11/1/16 to 3/1/17	1,911		1,953
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
7% 5/14/37 (a)	$ 350		$ 361
7.5% 8/1/07 to 4/1/17	2,377		2,450
8.5% 12/1/27	281		304
9.5% 9/1/30	469		521
10.25% 10/1/18	12		13
11.5% 5/1/14 to 9/1/15	33		37
12.5% 11/1/13 to 7/1/16	70		78
13.25% 9/1/11	44		49
			202,018
Freddie Mac - 2.4%
3.76% 10/1/33 (c)	5,456		5,387
4.777% 3/1/33 (c)	211		213
5.107% 3/1/36 (c)	12,164		12,179
5.281% 11/1/35 (c)	2,595		2,601
5.5% 11/1/17 to 1/1/25	13,825		13,789
6.582% 7/1/36 (c)	7,964		8,061
6.614% 10/1/36 (c)	12,559		12,730
6.765% 9/1/36 (c)	24,010		24,376
8.5% 2/1/09 to 6/1/25	63		67
9% 7/1/08 to 7/1/21	122		126
9.5% 7/1/30 to 8/1/30	99		111
9.75% 12/1/08 to 4/1/13	7		8
10% 1/1/09 to 11/1/20	298		323
10.25% 2/1/09 to 11/1/16	123		127
10.5% 5/1/10	3		3
11.25% 2/1/10	12		12
11.75% 11/1/11	9		10
12% 5/1/10 to 2/1/17	64		71
12.5% 11/1/12 to 5/1/15	89		99
13% 5/1/14 to 11/1/14	11		13
13.5% 1/1/13 to 12/1/14	6		6
			80,312
Government National Mortgage Association - 81.6%
3.5% 3/20/34	1,245		1,083
3.5% 5/20/34 (c)	1,334		1,328
3.5% 5/20/35 (c)	1,869		1,839
3.5% 6/20/35 (c)	1,934		1,903
3.75% 6/20/34 (c)	16,532		16,472
4% 11/20/33	1,515		1,368
4% 4/20/35 (c)	3,180		3,158
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Government National Mortgage Association - continued
4.25% 7/20/34 (c)	$ 1,175		$ 1,169
4.5% 4/15/18 to 4/20/34	146,294		140,450
4.5% 9/20/34 (c)	5,542		5,517
4.5% 3/20/35 (c)	1,093		1,086
4.5% 6/20/35 (c)	4,563		4,573
4.75% 12/20/33 (c)	13,622		13,566
5% 8/15/18 to 4/20/36 (b)	436,311		424,395
5.5% 12/20/18 to 5/20/36	517,856		515,159
5.5% 5/1/37 (a)	60,200		59,868
5.5% 5/1/37 (a)	50,000		49,724
5.5% 5/1/37 (a)	23,000		22,873
5.5% 5/1/37 (a)	25,000		24,862
5.5% 5/21/37 (a)	15,000		14,917
5.5% 5/21/37 (a)	12,000		11,934
5.5% 5/21/37 (a)	100,000		99,449
5.75% 8/20/35 (c)	749		754
6% 8/15/17 to 6/15/35	801,033		814,395
6% 5/1/37 (a)(b)	25,000		25,328
6.5% 4/15/23 to 12/15/36 (b)	170,521		176,023
7% 10/20/16 to 1/20/37	160,800		167,290
7.25% 9/15/27 to 12/15/30	349		366
7.395% 6/20/25 to 11/20/27	2,051		2,144
7.5% 7/15/07 to 9/20/32	46,679		49,133
8% 8/15/07 to 7/15/32	11,379		12,061
8.5% 7/15/08 to 2/15/31	4,503		4,830
9% 5/15/08 to 5/15/30	1,770		1,938
9.5% 12/20/15 to 4/20/17	620		682
10.5% 1/15/14 to 9/15/19	660		739
13% 2/15/11 to 1/15/15	141		162
13.5% 7/15/10 to 1/15/15	21		24
			2,672,562
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES (Cost $2,959,224)		2,954,892
Asset-Backed Securities - 0.9%
Fannie Mae Grantor Trust Series 2005-T4 Class A1C, 5.47% 9/25/35 (c) (Cost $28,756)	28,756		28,781
Collateralized Mortgage Obligations - 16.5%
	Principal Amount (000s)		Value (000s)
U.S. Government Agency - 16.5%
Fannie Mae:
Series 2003-39 Class IA, 5.5% 10/25/22 (c)(d)	$ 4,633		$ 691
Series 2006-48 Class LF, 0% 8/25/34 (c)	1,006		980
target amortization class Series G94-2 Class D, 6.45% 1/25/24	3,513		3,584
Fannie Mae subordinate REMIC pass-thru certificates planned amortization class Series 2007-72 Class FB, 6.22% 12/25/31 (c)	16,632		17,025
Freddie Mac Multi-class participation certificates guaranteed:
floater:
Series 2861 Class JF, 5.62% 4/15/17 (c)	3,052		3,068
Series 3094 Class UF, 0% 9/15/34 (c)	571		543
planned amortization class:
Series 2220 Class PD, 8% 3/15/30	4,576		4,771
Series 2787 Class OI, 5.5% 10/15/24 (d)	4,590		153
Series 40 Class K, 6.5% 8/17/24	1,872		1,941
sequential payer:
Series 2204 Class N, 7.5% 12/20/29	8,209		8,510
Series 2601 Class TI, 5.5% 10/15/22 (d)	19,391		2,998
Series 2750 Class ZT, 5% 2/15/34	5,996		5,513
Series 2866 Class CY, 4.5% 10/15/19	4,491		4,206
Ginnie Mae guaranteed Multi-family pass thru securities sequential payer Series 2002-71:
Class Z, 5.5% 10/20/32	45,014		44,337
Class ZJ, 6% 10/20/32	22,909		23,126
Ginnie Mae guaranteed REMIC pass thru securities:
floater:
Series 2001-22 Class FM, 5.67% 5/20/31 (c)	785		790
Series 2002-41 Class HF, 5.72% 6/16/32 (c)	837		843
planned amortization class:
Series 1993-13 Class PD, 6% 5/20/29	18,000		18,370
Series 1994-4 Class KQ, 7.9875% 7/16/24	1,198		1,283
Series 2000-26 Class PK, 7.5% 9/20/30	3,323		3,470
Series 2001-65 Class PH, 6% 11/20/28	6,323		6,344
Series 2002-5 Class PD, 6.5% 5/16/31	11,957		12,015
Series 2002-50 Class PE, 6% 7/20/32	17,485		17,799
Series 2003-31 Class PI, 5.5% 4/16/30 (d)	5,348		400
Series 2003-34 Class IO, 5.5% 4/16/28 (d)	5,308		91
Series 2003-4 Class LI, 5.5% 7/16/27 (d)	1,851		22
Series 2003-7 Class IN, 5.5% 1/16/28 (d)	7,172		210
Series 2003-70 Class LE, 5% 7/20/32	44,000		42,874
Collateralized Mortgage Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Government Agency - continued
Ginnie Mae guaranteed REMIC pass thru securities: - continued
planned amortization class:
Series 2004-19:
Class DJ, 4.5% 3/20/34	$ 3,079		$ 3,039
Class DP, 5.5% 3/20/34	3,895		3,948
Series 2004-30:
Class PC, 5% 11/20/30	19,736		19,570
Class UA, 3.5% 2/20/32	6,083		5,909
Series 2004-64 Class KE, 5.5% 12/20/33	22,978		22,832
Series 2004-98 Class IG, 5.5% 2/20/30 (d)	2,581		376
Series 2005-17 Class IA, 5.5% 8/20/33 (d)	8,438		1,184
Series 2005-24 Class TC, 5.5% 3/20/35	5,403		5,301
Series 2005-54 Class BM, 5% 7/20/35	9,658		9,504
Series 2005-57 Class PB, 5.5% 7/20/35	5,673		5,573
Series 2005-58 Class NJ, 4.5% 8/20/35	41,635		41,066
Series 2008-28 Class PC, 5.5% 4/20/34	18,652		18,787
sequential payer:
Series 1995-4 Class CQ, 8% 6/20/25	881		940
Series 2001-40 Class Z, 6% 8/20/31	8,423		8,548
Series 2002-18 Class ZB, 6% 3/20/32	9,318		9,459
Series 2002-29 Class SK, 8.25% 5/20/32 (c)	433		463
Series 2002-67 Class ZA, 6% 9/20/32	50,141		50,617
Series 2003-7 Class VP, 6% 11/20/13	5,162		5,215
Series 2004-65 Class VE, 5.5% 7/20/15	4,793		4,853
Series 2004-86 Class G, 6% 10/20/34	6,273		6,364
Series 2005-28 Class AJ, 5.5% 4/20/35	32,978		33,416
Series 2005-47 Class ZY, 6% 6/20/35	4,464		4,484
Series 2005-6 Class EX, 5.5% 11/20/34	1,001		974
Series 2005-82 Class JV, 5% 6/20/35	3,500		3,242
Series 1995-6 Class Z, 7% 9/20/25	2,532		2,647
Series 2003-11 Class S, 1.23% 2/16/33 (c)(d)	11,117		469
Series 2004-32 Class GS, 1.18% 5/16/34 (c)(d)	3,306		138
Series 2005-6 Class EY, 5.5% 11/20/33	1,016		1,000
Series 2006-13 Class DS, 3.12% 3/20/36 (c)	47,047		40,839
Series 2007-18 Class S, 1.48% 4/16/37 (c)(d)	52,949		2,480
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $545,169)		539,194
Commercial Mortgage Securities - 0.6%
	Principal Amount (000s)		Value (000s)
Fannie Mae Series 1997-M1 Class N, 0.445% 10/17/36 (c)(d)	$ 10,259		$ 88
Fannie Mae subordinate REMIC pass-thru certificates:
Series 1998-M3 Class IB, 0.8379% 1/17/38 (c)(d)	35,569		680
Series 1998-M4 Class N, 1.127% 2/25/35 (c)(d)	16,608		315
Ginnie Mae guaranteed Multi-family pass thru securities:
sequential payer Series 2001-58 Class X, 1.1796% 9/16/41 (c)(d)	158,117		4,892
Series 2001-12 Class X, 0.8769% 7/16/40 (c)(d)	45,715		1,182
Ginnie Mae guaranteed REMIC pass thru securities:
sequential payer Series 2002-81 Class IO, 1.865% 9/16/42 (c)(d)	120,872		5,798
Series 2002-62 Class IO, 1.4813% 8/16/42 (c)(d)	89,050		3,879
Series 2002-85 Class X, 1.75% 3/16/42 (c)(d)	65,687		3,916
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $42,602)		20,750

Cash Equivalents - 3.3%
	Maturity Amount (000s)
Investments in repurchase agreements in a joint trading account at 5.24%, dated 4/30/07 due 5/1/07 (Collateralized by U.S. Government Obligations) # (Cost $108,107)	$ 108,123		108,107
TOTAL INVESTMENT PORTFOLIO - 111.5% (Cost $3,683,858)			3,651,724
NET OTHER ASSETS - (11.5)%			(375,474)
NET ASSETS - 100%		$ 3,276,250

Legend

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

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

(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)
$108,107,000 due 5/01/07 at 5.24%
ABN AMRO Bank N.V., New York Branch	$ 3,326
BNP Paribas Securities Corp.	1,663
Banc of America Securities LLC	28,511
Bank of America, NA	4,435
Barclays Capital, Inc.	17,853
Bear Stearns & Co., Inc.	2,217
Citigroup Global Markets, Inc.	4,435
Countrywide Securities Corp.	8,870
Deutsche Bank Securities, Inc.	4,546
Greenwich Capital Markets, Inc.	1,109
HSBC Securities (USA), Inc.	654
Merrill Lynch Government Securities, Inc.	1,663
Societe Generale, New York Branch	2,217
UBS Securities LLC	24,391
WestLB AG	2,217
	$ 108,107

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $3,685,602,000. Net unrealized depreciation aggregated $33,878,000, of which $16,170,000 related to appreciated investment securities and $50,048,000 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. 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 Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Government Income Fund

April 30, 2007

1.800338.103

GOV-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

U.S. Government and Government Agency Obligations - 60.2%
	Principal Amount (000s)		Value (000s)
U.S. Government Agency Obligations - 29.0%
Fannie Mae:
3.25% 8/15/08	$ 4,812		$ 4,708
3.25% 2/15/09	143,050		139,118
4.25% 5/15/09	11,235		11,114
4.5% 10/15/08	81,560		81,092
4.5% 2/15/11	25,924		25,674
4.625% 10/15/13	3,320		3,274
4.75% 12/15/10	323,801		323,334
4.875% 4/15/09	43,350		43,379
5.125% 9/2/08	78,770		78,910
5.125% 4/15/11	187,000		188,988
6.375% 6/15/09	55,710		57,428
6.625% 9/15/09	10,379		10,795
7.25% 1/15/10	25,086		26,622
Federal Home Loan Bank:
4.5% 10/14/08	56,475		56,129
5% 9/18/09	26,920		27,039
5.375% 8/19/11	35,350		36,106
5.8% 9/2/08	26,570		26,849
Freddie Mac:
3.875% 6/15/08	2,791		2,755
4.25% 7/15/09 (b)	40,396		39,903
4.5% 1/15/14	19,730		19,296
4.75% 3/5/09	66,000		65,849
4.75% 3/5/12	10,000		9,962
4.875% 11/15/13	14,070		14,062
5% 1/30/14	25,000		25,158
5% 2/16/17 (b)	129,600		129,570
5.125% 4/18/11	31,220		31,552
5.125% 10/18/16	105,000		106,066
5.25% 7/18/11	29,000		29,455
5.625% 3/15/11	48,555		49,922
5.75% 1/15/12	1,686		1,750
6.625% 9/15/09	155,000		161,164
Israeli State (guaranteed by U.S. Government through Agency for International Development):
5.5% 9/18/23	110,500		114,488
6.6% 2/15/08	20,957		20,995
6.8% 2/15/12	30,000		31,610
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	$ 6,906		$ 6,983
6.99% 5/21/16	22,624		24,401
Private Export Funding Corp.:
secured:
5.66% 9/15/11 (c)	18,000		18,536
5.685% 5/15/12	24,035		24,910
6.49% 7/15/07	5,000		5,011
6.67% 9/15/09	3,500		3,646
7.17% 5/15/07	12,900		12,909
4.974% 8/15/13	22,940		23,113
Small Business Administration guaranteed development participation certificates:
Series 2002-20J Class 1, 4.75% 10/1/22	6,759		6,662
Series 2002-20K Class 1, 5.08% 11/1/22	15,675		15,711
Series 2003 P10B, 5.136% 8/10/13	11,807		11,842
Series 2004-20H Class 1, 5.17% 8/1/24	4,033		4,048
Tennessee Valley Authority 5.375% 4/1/56	8,429		8,518
U.S. Department of Housing and Urban Development Government guaranteed participation certificates Series 1999-A, 5.96% 8/1/09	18,380		18,480
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS			2,178,886
U.S. Treasury Inflation Protected Obligations - 3.1%
U.S. Treasury Inflation-Indexed Notes:
0.875% 4/15/10	38,341		37,134
2.375% 4/15/11	190,663		193,315
TOTAL U.S. TREASURY INFLATION PROTECTED OBLIGATIONS			230,449
U.S. Treasury Obligations - 28.1%
U.S. Treasury Bonds:
6.125% 8/15/29	273,102		318,910
6.25% 8/15/23	1,500		1,730
8% 11/15/21	146,794		194,720
U.S. Treasury Notes:
4% 11/15/12	11,000		10,732
4% 2/15/14 (b)	120,000		116,067
4.25% 8/15/13 (b)	35,945		35,417
4.25% 11/15/13 (b)	37,610		36,986
U.S. Government and Government Agency Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Treasury Obligations - continued
U.S. Treasury Notes: - continued
4.25% 8/15/14	$ 49,000		$ 48,007
4.25% 11/15/14 (b)	77,185		75,545
4.25% 8/15/15 (b)	84,500		82,414
4.375% 12/15/10	5,230		5,208
4.5% 11/15/15 (b)	111,800		110,909
4.625% 11/15/09	81,000		81,130
4.625% 10/31/11	11,000		11,048
4.625% 2/29/12 (b)	69,500		69,815
4.625% 11/15/16 (b)	224,000		223,860
4.75% 1/31/12 (b)	188,250		190,081
4.75% 5/15/14 (b)	153,431		155,079
4.875% 10/31/08 (b)	180,000		180,281
4.875% 5/15/09 (b)	113,432		114,026
4.875% 5/31/11	20,740		21,020
5.125% 6/30/11	23,214		23,750
TOTAL U.S. TREASURY OBLIGATIONS			2,106,735
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $4,490,081)		4,516,070
U.S. Government Agency - Mortgage Securities - 31.5%
Fannie Mae - 25.8%
3.727% 10/1/33 (f)	749		741
3.75% 1/1/34 (f)	702		694
3.75% 4/1/34 (f)	13,447		13,250
3.753% 10/1/33 (f)	760		756
3.787% 6/1/34 (f)	3,722		3,665
3.806% 6/1/33 (f)	578		578
3.826% 4/1/33 (f)	2,149		2,153
3.848% 10/1/33 (f)	33,148		32,901
3.878% 6/1/33 (f)	2,849		2,849
3.902% 5/1/34 (f)	7,177		7,090
3.909% 5/1/33 (f)	4,904		4,916
3.918% 9/1/33 (f)	12,800		12,711
3.938% 5/1/34 (f)	5,457		5,394
3.945% 5/1/33 (f)	245		243
3.964% 9/1/33 (f)	9,938		9,867
3.996% 10/1/18 (f)	555		551
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
4% 9/1/13 to 6/1/20	$ 28,112		$ 26,770
4.031% 6/1/34 (f)	10,063		9,950
4.059% 4/1/33 (f)	224		224
4.074% 3/1/35 (f)	19,476		19,340
4.084% 2/1/35 (f)	398		398
4.095% 5/1/33 (f)	9,454		9,486
4.175% 1/1/35 (f)	1,614		1,591
4.19% 11/1/34 (f)	13,841		13,859
4.207% 6/1/34 (f)	10,799		10,698
4.25% 2/1/35 (f)	820		810
4.257% 1/1/34 (f)	2,338		2,324
4.273% 10/1/33 (f)	345		343
4.28% 8/1/33 (f)	1,432		1,432
4.28% 5/1/35 (f)	869		870
4.285% 3/1/35 (f)	668		667
4.291% 3/1/33 (f)	937		942
4.3% 3/1/33 (f)	296		292
4.3% 6/1/34 (f)	12,296		12,221
4.303% 3/1/33 (f)	410		404
4.313% 6/1/33 (f)	445		445
4.342% 4/1/35 (f)	407		405
4.347% 1/1/35 (f)	884		874
4.355% 10/1/19 (d)(f)	1,246		1,235
4.365% 2/1/34 (f)	1,403		1,396
4.397% 10/1/34 (f)	4,360		4,327
4.401% 2/1/35 (f)	1,084		1,072
4.413% 5/1/35 (f)	638		638
4.421% 5/1/35 (f)	2,245		2,248
4.429% 3/1/35 (f)	1,121		1,109
4.448% 8/1/34 (f)	2,235		2,226
4.484% 12/1/34 (d)(f)	472		468
4.484% 2/1/35 (f)	654		656
4.485% 11/1/33 (f)	1,650		1,646
4.494% 1/1/35 (f)	958		958
4.497% 5/1/33 (f)	1,154		1,164
4.5% 2/1/18 to 10/1/21 (e)	46,454		45,068
4.51% 2/1/35 (f)	383		387
4.516% 2/1/35 (f)	12,749		12,716
4.516% 10/1/35 (f)	529		528
4.523% 7/1/35 (f)	2,736		2,726
4.557% 9/1/34 (f)	21,179		21,063
4.577% 2/1/35 (f)	3,807		3,778
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
4.578% 7/1/35 (f)	$ 3,321		$ 3,328
4.598% 7/1/34 (f)	29,365		29,446
4.648% 3/1/35 (f)	657		659
4.655% 10/1/34 (d)(f)	3,591		3,576
4.671% 3/1/35 (f)	303		303
4.708% 10/1/34 (f)	2,977		2,967
4.725% 7/1/34 (f)	2,106		2,102
4.736% 12/1/35 (f)	68,718		68,587
4.746% 5/1/33 (f)	36		36
4.766% 12/1/34 (f)	709		707
4.786% 12/1/35 (f)	4,789		4,792
4.797% 4/1/35 (f)	13,024		13,060
4.802% 6/1/35 (f)	3,816		3,824
4.804% 1/1/36 (f)	27,156		27,044
4.805% 11/1/34 (f)	2,417		2,411
4.809% 2/1/33 (f)	1,204		1,213
4.816% 11/1/35 (f)	11,224		11,277
4.828% 10/1/35 (f)	2,133		2,129
4.849% 7/1/35 (f)	2,716		2,703
4.86% 10/1/34 (f)	8,281		8,273
4.867% 7/1/34 (f)	7,399		7,398
4.879% 8/1/34 (f)	711		715
4.898% 8/1/34 (f)	5,752		5,752
4.903% 5/1/35 (f)	1,868		1,861
5% 12/1/15 to 12/1/35 (e)	225,687		220,266
5% 5/1/37 (d)	1,000		966
5% 5/14/37 (d)	25,000		24,158
5.025% 7/1/34 (f)	372		373
5.062% 5/1/35 (f)	4,477		4,501
5.07% 9/1/34 (f)	6,188		6,203
5.084% 9/1/34 (f)	771		773
5.113% 10/1/35 (f)	4,787		4,789
5.135% 7/1/34 (f)	2,393		2,402
5.149% 8/1/36 (f)	33,358		33,502
5.166% 8/1/33 (f)	1,121		1,128
5.167% 3/1/36 (f)	14,543		14,572
5.175% 3/1/35 (f)	440		441
5.177% 6/1/35 (f)	3,187		3,202
5.18% 1/1/37 (f)	6,591		6,613
5.262% 5/1/35 (f)	6,246		6,263
5.27% 4/1/36 (f)	6,140		6,169
5.299% 7/1/35 (f)	407		410
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
5.302% 1/1/34 (f)	$ 91		$ 92
5.315% 3/1/36 (f)	39,802		39,946
5.332% 12/1/34 (f)	1,120		1,126
5.365% 2/1/36 (d)(f)	8,672		8,726
5.391% 7/1/35 (f)	2,857		2,867
5.403% 12/1/36 (f)	4,196		4,214
5.5% 4/1/09 to 12/1/35	323,351		320,928
5.5% 5/17/22 (d)	4,000		4,005
5.5% 5/1/37 (d)	9,000		8,898
5.5% 5/1/37 (d)	5,000		4,944
5.5% 5/1/37 (d)	20,000		19,774
5.5% 5/1/37 (d)(e)	25,000		24,722
5.806% 5/1/36 (f)	3,745		3,790
5.836% 6/1/35 (f)	2,179		2,203
5.846% 1/1/36 (f)	2,858		2,884
5.9% 3/1/36 (f)	8,861		8,950
5.902% 3/1/36 (f)	7,929		8,011
6% 9/1/17 to 2/1/34	106,994		108,441
6% 5/1/37 (d)	116,000		116,864
6.127% 4/1/36 (f)	31,249		31,689
6.352% 8/1/36 (f)	7,498		7,626
6.438% 6/1/36 (f)	8,445		8,576
6.5% 2/1/12 to 1/1/35	56,929		58,371
6.5% 5/1/37 (d)	86,000		87,794
6.5% 5/1/37 (d)	50,000		51,043
6.606% 9/1/36 (f)	11,972		12,181
7% 7/1/13 to 7/1/32	6,129		6,417
7% 5/1/37 (d)	18,000		18,582
7% 5/1/37 (d)	39,635		40,917
7% 5/1/37 (d)	1,635		1,688
7% 5/1/37 (d)	19,635		20,270
7% 5/1/37 (d)	5,000		5,162
7% 5/14/37 (d)	30,000		30,970
7.5% 8/1/10 to 4/1/29	168		173
8% 1/1/22	19		19
8.5% 1/1/15 to 7/1/31	653		691
9% 11/1/11 to 5/1/14	700		703
9.5% 11/15/09 to 10/1/20	952		1,032
10% 8/1/10	4		4
11% 8/1/10	16		16
11.25% 5/1/14	9		10
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
11.5% 6/15/19 to 1/15/21	$ 1,542		$ 1,722
12.5% 8/1/15 to 3/1/16	3		4
			1,936,052
Freddie Mac - 5.0%
3.38% 7/1/33 (f)	10,191		10,072
4% 5/1/19 to 11/1/20 (d)	27,594		26,151
4.291% 3/1/35 (f)	915		913
4.299% 12/1/34 (f)	1,180		1,163
4.315% 2/1/35 (f)	1,942		1,934
4.422% 6/1/35 (f)	1,386		1,379
4.427% 2/1/34 (f)	793		788
4.429% 3/1/35 (f)	1,107		1,091
4.456% 3/1/35 (f)	1,143		1,128
4.5% 2/1/18 to 8/1/33 (d)	17,814		17,198
4.545% 2/1/35 (f)	1,622		1,603
4.701% 9/1/36 (d)(f)	3,483		3,475
4.705% 9/1/35 (f)	27,818		27,810
4.737% 2/1/34 (f)	9,188		9,093
4.777% 3/1/33 (f)	397		401
4.924% 10/1/36 (f)	21,464		21,482
4.991% 4/1/35 (f)	5,001		5,013
5% 1/1/09 to 9/1/35	13,899		13,524
5.021% 4/1/35 (f)	527		522
5.122% 4/1/35 (f)	4,809		4,803
5.125% 7/1/35 (f)	5,487		5,470
5.286% 2/1/36 (f)	342		342
5.498% 1/1/36 (f)	4,440		4,463
5.5% 8/1/14 to 11/1/36	58,782		58,809
5.535% 1/1/36 (f)	7,002		7,036
6% 9/1/16 to 11/1/33	23,085		23,446
6.5% 11/1/10 to 10/1/36	60,259		61,753
6.509% 10/1/36 (f)	11,679		11,804
6.545% 2/1/37 (f)	19,796		19,974
6.582% 7/1/36 (f)	5,442		5,508
6.612% 12/1/36 (f)	19,307		19,520
7% 4/1/11	4		4
7.5% 5/1/11 to 7/1/16	2,506		2,607
8% 1/1/10 to 6/1/11	3		3
8.5% 8/1/08 to 9/1/29	246		264
9% 8/1/08 to 10/1/20	124		130
9.5% 6/1/09 to 8/1/21	381		412
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Freddie Mac - continued
9.75% 8/1/14	$ 157		$ 167
10% 7/1/09 to 8/1/21	42		45
11% 7/1/13 to 5/1/14	73		80
12% 8/1/13 to 3/1/15	3		3
12.25% 4/1/11 to 9/1/13	4		4
12.5% 2/1/10 to 6/1/19	41		45
13% 8/1/10 to 6/1/15	10		11
			371,443
Government National Mortgage Association - 0.7%
4.25% 7/20/34 (f)	1,175		1,169
6% 7/15/08 to 12/15/10	1,864		1,898
6.5% 2/15/24 to 5/15/36	44,790		46,195
7% 10/15/26 to 1/15/37	2,701		2,809
7.5% 6/15/07 to 8/15/29	144		152
8% 11/15/07 to 12/15/23	1,547		1,643
8.5% 10/15/08 to 1/15/25	18		19
9% 12/15/09	1		1
9.5% 2/15/25	1		1
10.5% 4/15/14 to 1/20/18	107		120
13.5% 7/15/11	8		9
			54,016
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES (Cost $2,365,137)		2,361,511
Asset-Backed Securities - 0.6%
Fannie Mae Grantor Trust Series 2005-T4 Class A1C, 5.47% 9/25/35 (f) (Cost $49,655)	49,655		49,698
Collateralized Mortgage Obligations - 9.8%
U.S. Government Agency - 9.8%
Fannie Mae:
planned amortization class:
Series 1992-168 Class KB, 7% 10/25/22	1,626		1,675
Series 1993-109 Class NZ, 6% 7/25/08	1,289		1,288
Series 1993-207 Class H, 6.5% 11/25/23	18,360		19,001
Series 1993-240 Class PD, 6.25% 12/25/13	7,041		7,166
Series 1994-23 Class PG, 6% 4/25/23	6,549		6,557
Collateralized Mortgage Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Government Agency - continued
Fannie Mae: - continued
planned amortization class:
Series 1994-27 Class PJ, 6.5% 6/25/23	$ 775		$ 773
Series 1994-50 Class PJ, 6.5% 8/25/23	8,766		8,796
Series 1996-28 Class PK, 6.5% 7/25/25	4,114		4,272
Series 2003-24 Class PB, 4.5% 12/25/12	6,234		6,205
Series 2003-28 Class KG, 5.5% 4/25/23	4,940		4,949
Series 2003-39 Class PV, 5.5% 9/25/22	1,805		1,817
Series 2006-45 Class OP, 6/25/36 (h)	6,847		5,153
Series 2006-62 Class KP, 4/25/36 (h)	13,931		10,112
sequential payer Series 1997-41 Class J, 7.5% 6/18/27	3,168		3,342
Series 2003-22 6% 4/25/33 (g)	21,481		4,795
Fannie Mae Grantor Trust:
planned amortization class Series 2005-81 Class PC, 5.5% 9/25/35	2,150		2,123
sequential payer Series 2005-93 Class HD, 4.5% 11/25/19	1,497		1,464
Fannie Mae subordinate REMIC pass-thru certificates:
floater:
Series 2001-38 Class QF, 6.3% 8/25/31 (f)	815		835
Series 2002-49 Class FB, 5.92% 11/18/31 (f)	1,263		1,279
Series 2002-60 Class FV, 6.32% 4/25/32 (f)	525		540
Series 2002-75 Class FA, 6.32% 11/25/32 (f)	1,075		1,106
Series 2004-54 Class FE, 6.47% 2/25/33 (f)	522		524
planned amortization class:
Series 2002-18 Class PC, 5.5% 4/25/17	1,170		1,185
Series 2002-25 Class PD, 6.5% 3/25/31	12,550		12,581
Series 2003-113:
Class PD, 4% 2/25/17	23,515		22,526
Class PE, 4% 11/25/18	7,545		6,899
Series 2003-128 Class NE, 4% 12/25/16	13,100		12,538
Series 2004-21 Class QE, 4.5% 11/25/32	1,500		1,421
Series 2004-80 Class LD, 4% 1/25/19	10,160		9,653
Series 2005-102 Class CO, 11/25/35 (h)	6,944		5,216
Series 2006-12 Class BO, 10/25/35 (h)	31,963		24,050
Series 2006-37 Class OW, 5/25/36 (h)	7,297		5,616
sequential payer:
Series 2001-20 Class Z, 6% 5/25/31	25,557		25,924
Series 2001-46 Class ZG, 6% 9/25/31	8,423		8,553
Series 2002-79 Class Z, 5.5% 11/25/22	29,618		29,442
Series 2003-18 Class EY, 5% 6/25/17	21,042		20,952
Series 2004-3 Class BA, 4% 7/25/17	759		736
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 2004-86 Class KC, 4.5% 5/25/19	$ 3,362		$ 3,296
Series 2004-91 Class AH, 4.5% 5/25/29	6,711		6,569
Series 2005-117, Class JN, 4.5% 1/25/36	645		568
Series 2005-41 Class WY, 5.5% 5/25/25	20,552		20,209
Series 2005-55 Class LY, 5.5% 7/25/25	2,580		2,531
Series 2002-50 Class LE, 7% 12/25/29	92		92
Series 2005-14 Class SE, 0.73% 3/25/35 (f)(g)	22,844		719
Series 2007-36:
Class GO, 4/25/37 (h)	1,541		1,207
Class SB, 1.28% 4/25/37 (f)(g)	44,631		2,136
Class SG, 1.28% 4/25/37 (f)(g)	20,041		954
4/25/37 (h)	3,437		2,634
Freddie Mac:
planned amortization class:
Series 1413 Class J, 4% 11/15/07	238		237
Series 2115 Class PE, 6% 1/15/14	1,149		1,152
Series 2356 Class GD, 6% 9/15/16	674		688
Series 2512 Class PG, 5.5% 10/15/22	2,000		1,984
Series 3149 Class OD, 5/15/36 (h)	35,997		26,108
sequential payer Series 2114 Class ZM, 6% 1/15/29	2,807		2,867
Freddie Mac Manufactured Housing participation certificates guaranteed:
floater Series 1686 Class FA, 6.275% 2/15/24 (f)	1,017		1,035
planned amortization class Series 1681 Class PJ, 7% 12/15/23	9,715		9,897
Series 1560 Class PN, 7% 12/15/12	8,222		8,239
Freddie Mac Multi-class participation certificates guaranteed:
floater:
Series 2389 Class DA, 6.22% 11/15/30 (f)	996		999
Series 2448 Class FT, 6.32% 3/15/32 (f)	1,246		1,278
Series 2530 Class FE, 5.92% 2/15/32 (f)	732		740
Series 2630 Class FL, 5.82% 6/15/18 (f)	550		556
Series 3008 Class SM, 0% 7/15/35 (f)	387		339
planned amortization class:
Series 1141 Class G, 9% 9/15/21	463		463
Series 1614 Class L, 6.5% 7/15/23	5,962		6,039
Series 1671 Class G, 6.5% 8/15/23	1,604		1,614
Series 2006-15 Class OP, 3/25/36 (h)	8,294		6,007
Series 2543 Class PM, 5.5% 8/15/18	331		330
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 2622 Class PE, 4.5% 5/15/18	$ 2,640		$ 2,552
Series 2625 Class QX, 2.25% 3/15/22	98		97
Series 2628 Class OP, 3.5% 11/15/13	11,601		11,478
Series 2640:
Class GE, 4.5% 7/15/18	7,310		7,083
Class QG, 2% 4/15/22	123		121
Series 2645 Class PW, 3.25% 7/15/26	24,360		23,662
Series 2649 Class TQ, 3.5% 12/15/21	7,148		7,079
Series 2660 Class ML, 3.5% 7/15/22	8,052		7,948
Series 2682 Class LD, 4.5% 10/15/33	777		693
Series 2690 Class PD, 5% 2/15/27	12,900		12,853
Series 2752 Class PW, 4% 4/15/22	2,945		2,907
Series 2755 Class LC, 4% 6/15/27	12,735		12,390
Series 2802 Class OB, 6% 5/15/34	10,455		10,641
Series 2810 Class PD, 6% 6/15/33	995		1,013
Series 2937 Class KC, 4.5% 2/15/20	19,686		18,877
Series 2966 Class XC, 5.5% 1/15/31	25,111		25,243
Series 3077 Class TO, 4/15/35 (h)	18,230		13,400
Series 3110 Class OP, 9/15/35 (h)	17,155		12,676
Series 3119, Class PO, 2/15/36 (h)	20,683		14,971
Series 3121 Class KO, 3/15/36 (h)	7,319		5,643
Series 3123 Class LO, 3/15/36 (h)	13,363		9,639
Series 3145 Class GO, 4/15/36 (h)	12,088		8,747
Series 3151 Class PO, 5/15/36 (h)	12,944		9,314
sequential payer:
Series 2492 Class A, 5.25% 5/15/29	112		112
Series 2546 Class MJ, 5.5% 3/15/23	2,861		2,829
Series 2570 Class CU, 4.5% 7/15/17	2,195		2,164
Series 2587 Class AD, 4.71% 3/15/33	5,785		5,159
Series 2601 Class TB, 5.5% 4/15/23	869		858
Series 2617 Class GW, 3.5% 6/15/16	4,619		4,530
Series 2675 Class CB, 4% 5/15/16	2,144		2,090
Series 2677 Class HG, 3% 8/15/12	1,467		1,450
Series 2683 Class JA, 4% 10/15/16	2,220		2,160
Series 2685 Class ND, 4% 10/15/18	9,064		8,302
Series 2750 Class ZT, 5% 2/15/34	1,007		926
Series 2773 Class HC, 4.5% 4/15/19	704		656
Series 2809 Class UA, 4% 12/15/14	3,398		3,344
Series 2849 Class AL, 5% 5/15/18	7,984		7,934
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 2860 Class CP, 4% 10/15/17	$ 2,641		$ 2,586
Series 2866 Class N, 4.5% 12/15/18	7,093		7,008
Series 2937 Class HJ, 5% 10/15/19	10,126		10,100
Series 2998 Class LY, 5.5% 7/15/25	2,011		1,971
Series 3007 Class EW, 5.5% 7/15/25	8,875		8,707
Series 3013 Class VJ, 5% 1/15/14	2,045		2,035
Series 2769 Class BU, 5% 3/15/34	6,153		5,900
Series 2863 Class DB, 4% 9/15/14	1,376		1,323
target amortization class:
Series 2156 Class TC, 6.25% 5/15/29	10,515		10,907
Series 2877 Class JC, 5% 10/15/34	1,441		1,429
Ginnie Mae guaranteed REMIC pass thru securities planned amortization class:
Series 1997-8 Class PE, 7.5% 5/16/27	5,091		5,388
Series 2005-58 Class NJ, 4.5% 8/20/35	21,605		21,310
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $733,078)		732,756

Cash Equivalents - 21.5%
	Maturity Amount (000s)
Investments in repurchase agreements in a joint trading account at 5.24%, dated 4/30/07 due 5/1/07:
(Collateralized by U.S. Government Obligations) #	$ 165,710		165,686
(Collateralized by U.S. Government Obligations) # (a)	1,444,080		1,443,870
TOTAL CASH EQUIVALENTS (Cost $1,609,556)		1,609,556
TOTAL INVESTMENT PORTFOLIO - 123.6% (Cost $9,247,507)			9,269,591
NET OTHER ASSETS - (23.6)%			(1,770,434)
NET ASSETS - 100%		$ 7,499,157

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 5.455% with Deutsche Bank	April 2037	$ 41,880	$ (451)
Receive semi-annually a fixed rate equal to 4.9225% and pay quarterly a floating rate based on 3-month LIBOR with Bank of America	March 2012	70,000	(274)
Receive semi-annually a fixed rate equal to 5.035% and pay quarterly a floating rate based on 3-month LIBOR with Deutsche Bank	April 2010	225,000	19
		$ 336,880	$ (706)

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 $18,536,000 or 0.2% of net assets.

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

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

(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)
$165,686,000 due 5/01/07 at 5.24%
ABN AMRO Bank N.V., New York Branch	$ 5,098
BNP Paribas Securities Corp.	2,549
Banc of America Securities LLC	43,695
Bank of America, NA	6,797
Barclays Capital, Inc.	27,362
Repurchase Agreement / Counterparty	Value (Amounts in thousands)
Bear Stearns & Co., Inc.	$ 3,398
Citigroup Global Markets, Inc.	6,797
Countrywide Securities Corp.	13,594
Deutsche Bank Securities, Inc.	6,967
Greenwich Capital Markets, Inc.	1,699
HSBC Securities (USA), Inc.	1,002
Merrill Lynch Government Securities, Inc.	2,549
Societe Generale, New York Branch	3,398
UBS Securities LLC	37,383
WestLB AG	3,398
	$ 165,686
$1,443,870,000 due 5/01/07 at 5.24%
Barclays Capital, Inc.	$ 1,443,870

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $9,246,497,000. Net unrealized appreciation aggregated $23,094,000, of which $55,047,000 related to appreciated investment securities and $31,953,000 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 Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2007

1.847931.100

AGVT-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

U.S. Government and Government Agency Obligations - 60.2%
	Principal Amount (000s)		Value (000s)
U.S. Government Agency Obligations - 29.0%
Fannie Mae:
3.25% 8/15/08	$ 4,812		$ 4,708
3.25% 2/15/09	143,050		139,118
4.25% 5/15/09	11,235		11,114
4.5% 10/15/08	81,560		81,092
4.5% 2/15/11	25,924		25,674
4.625% 10/15/13	3,320		3,274
4.75% 12/15/10	323,801		323,334
4.875% 4/15/09	43,350		43,379
5.125% 9/2/08	78,770		78,910
5.125% 4/15/11	187,000		188,988
6.375% 6/15/09	55,710		57,428
6.625% 9/15/09	10,379		10,795
7.25% 1/15/10	25,086		26,622
Federal Home Loan Bank:
4.5% 10/14/08	56,475		56,129
5% 9/18/09	26,920		27,039
5.375% 8/19/11	35,350		36,106
5.8% 9/2/08	26,570		26,849
Freddie Mac:
3.875% 6/15/08	2,791		2,755
4.25% 7/15/09 (b)	40,396		39,903
4.5% 1/15/14	19,730		19,296
4.75% 3/5/09	66,000		65,849
4.75% 3/5/12	10,000		9,962
4.875% 11/15/13	14,070		14,062
5% 1/30/14	25,000		25,158
5% 2/16/17 (b)	129,600		129,570
5.125% 4/18/11	31,220		31,552
5.125% 10/18/16	105,000		106,066
5.25% 7/18/11	29,000		29,455
5.625% 3/15/11	48,555		49,922
5.75% 1/15/12	1,686		1,750
6.625% 9/15/09	155,000		161,164
Israeli State (guaranteed by U.S. Government through Agency for International Development):
5.5% 9/18/23	110,500		114,488
6.6% 2/15/08	20,957		20,995
6.8% 2/15/12	30,000		31,610
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	$ 6,906		$ 6,983
6.99% 5/21/16	22,624		24,401
Private Export Funding Corp.:
secured:
5.66% 9/15/11 (c)	18,000		18,536
5.685% 5/15/12	24,035		24,910
6.49% 7/15/07	5,000		5,011
6.67% 9/15/09	3,500		3,646
7.17% 5/15/07	12,900		12,909
4.974% 8/15/13	22,940		23,113
Small Business Administration guaranteed development participation certificates:
Series 2002-20J Class 1, 4.75% 10/1/22	6,759		6,662
Series 2002-20K Class 1, 5.08% 11/1/22	15,675		15,711
Series 2003 P10B, 5.136% 8/10/13	11,807		11,842
Series 2004-20H Class 1, 5.17% 8/1/24	4,033		4,048
Tennessee Valley Authority 5.375% 4/1/56	8,429		8,518
U.S. Department of Housing and Urban Development Government guaranteed participation certificates Series 1999-A, 5.96% 8/1/09	18,380		18,480
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS			2,178,886
U.S. Treasury Inflation Protected Obligations - 3.1%
U.S. Treasury Inflation-Indexed Notes:
0.875% 4/15/10	38,341		37,134
2.375% 4/15/11	190,663		193,315
TOTAL U.S. TREASURY INFLATION PROTECTED OBLIGATIONS			230,449
U.S. Treasury Obligations - 28.1%
U.S. Treasury Bonds:
6.125% 8/15/29	273,102		318,910
6.25% 8/15/23	1,500		1,730
8% 11/15/21	146,794		194,720
U.S. Treasury Notes:
4% 11/15/12	11,000		10,732
4% 2/15/14 (b)	120,000		116,067
4.25% 8/15/13 (b)	35,945		35,417
4.25% 11/15/13 (b)	37,610		36,986
U.S. Government and Government Agency Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Treasury Obligations - continued
U.S. Treasury Notes: - continued
4.25% 8/15/14	$ 49,000		$ 48,007
4.25% 11/15/14 (b)	77,185		75,545
4.25% 8/15/15 (b)	84,500		82,414
4.375% 12/15/10	5,230		5,208
4.5% 11/15/15 (b)	111,800		110,909
4.625% 11/15/09	81,000		81,130
4.625% 10/31/11	11,000		11,048
4.625% 2/29/12 (b)	69,500		69,815
4.625% 11/15/16 (b)	224,000		223,860
4.75% 1/31/12 (b)	188,250		190,081
4.75% 5/15/14 (b)	153,431		155,079
4.875% 10/31/08 (b)	180,000		180,281
4.875% 5/15/09 (b)	113,432		114,026
4.875% 5/31/11	20,740		21,020
5.125% 6/30/11	23,214		23,750
TOTAL U.S. TREASURY OBLIGATIONS			2,106,735
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $4,490,081)		4,516,070
U.S. Government Agency - Mortgage Securities - 31.5%
Fannie Mae - 25.8%
3.727% 10/1/33 (f)	749		741
3.75% 1/1/34 (f)	702		694
3.75% 4/1/34 (f)	13,447		13,250
3.753% 10/1/33 (f)	760		756
3.787% 6/1/34 (f)	3,722		3,665
3.806% 6/1/33 (f)	578		578
3.826% 4/1/33 (f)	2,149		2,153
3.848% 10/1/33 (f)	33,148		32,901
3.878% 6/1/33 (f)	2,849		2,849
3.902% 5/1/34 (f)	7,177		7,090
3.909% 5/1/33 (f)	4,904		4,916
3.918% 9/1/33 (f)	12,800		12,711
3.938% 5/1/34 (f)	5,457		5,394
3.945% 5/1/33 (f)	245		243
3.964% 9/1/33 (f)	9,938		9,867
3.996% 10/1/18 (f)	555		551
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
4% 9/1/13 to 6/1/20	$ 28,112		$ 26,770
4.031% 6/1/34 (f)	10,063		9,950
4.059% 4/1/33 (f)	224		224
4.074% 3/1/35 (f)	19,476		19,340
4.084% 2/1/35 (f)	398		398
4.095% 5/1/33 (f)	9,454		9,486
4.175% 1/1/35 (f)	1,614		1,591
4.19% 11/1/34 (f)	13,841		13,859
4.207% 6/1/34 (f)	10,799		10,698
4.25% 2/1/35 (f)	820		810
4.257% 1/1/34 (f)	2,338		2,324
4.273% 10/1/33 (f)	345		343
4.28% 8/1/33 (f)	1,432		1,432
4.28% 5/1/35 (f)	869		870
4.285% 3/1/35 (f)	668		667
4.291% 3/1/33 (f)	937		942
4.3% 3/1/33 (f)	296		292
4.3% 6/1/34 (f)	12,296		12,221
4.303% 3/1/33 (f)	410		404
4.313% 6/1/33 (f)	445		445
4.342% 4/1/35 (f)	407		405
4.347% 1/1/35 (f)	884		874
4.355% 10/1/19 (d)(f)	1,246		1,235
4.365% 2/1/34 (f)	1,403		1,396
4.397% 10/1/34 (f)	4,360		4,327
4.401% 2/1/35 (f)	1,084		1,072
4.413% 5/1/35 (f)	638		638
4.421% 5/1/35 (f)	2,245		2,248
4.429% 3/1/35 (f)	1,121		1,109
4.448% 8/1/34 (f)	2,235		2,226
4.484% 12/1/34 (d)(f)	472		468
4.484% 2/1/35 (f)	654		656
4.485% 11/1/33 (f)	1,650		1,646
4.494% 1/1/35 (f)	958		958
4.497% 5/1/33 (f)	1,154		1,164
4.5% 2/1/18 to 10/1/21 (e)	46,454		45,068
4.51% 2/1/35 (f)	383		387
4.516% 2/1/35 (f)	12,749		12,716
4.516% 10/1/35 (f)	529		528
4.523% 7/1/35 (f)	2,736		2,726
4.557% 9/1/34 (f)	21,179		21,063
4.577% 2/1/35 (f)	3,807		3,778
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
4.578% 7/1/35 (f)	$ 3,321		$ 3,328
4.598% 7/1/34 (f)	29,365		29,446
4.648% 3/1/35 (f)	657		659
4.655% 10/1/34 (d)(f)	3,591		3,576
4.671% 3/1/35 (f)	303		303
4.708% 10/1/34 (f)	2,977		2,967
4.725% 7/1/34 (f)	2,106		2,102
4.736% 12/1/35 (f)	68,718		68,587
4.746% 5/1/33 (f)	36		36
4.766% 12/1/34 (f)	709		707
4.786% 12/1/35 (f)	4,789		4,792
4.797% 4/1/35 (f)	13,024		13,060
4.802% 6/1/35 (f)	3,816		3,824
4.804% 1/1/36 (f)	27,156		27,044
4.805% 11/1/34 (f)	2,417		2,411
4.809% 2/1/33 (f)	1,204		1,213
4.816% 11/1/35 (f)	11,224		11,277
4.828% 10/1/35 (f)	2,133		2,129
4.849% 7/1/35 (f)	2,716		2,703
4.86% 10/1/34 (f)	8,281		8,273
4.867% 7/1/34 (f)	7,399		7,398
4.879% 8/1/34 (f)	711		715
4.898% 8/1/34 (f)	5,752		5,752
4.903% 5/1/35 (f)	1,868		1,861
5% 12/1/15 to 12/1/35 (e)	225,687		220,266
5% 5/1/37 (d)	1,000		966
5% 5/14/37 (d)	25,000		24,158
5.025% 7/1/34 (f)	372		373
5.062% 5/1/35 (f)	4,477		4,501
5.07% 9/1/34 (f)	6,188		6,203
5.084% 9/1/34 (f)	771		773
5.113% 10/1/35 (f)	4,787		4,789
5.135% 7/1/34 (f)	2,393		2,402
5.149% 8/1/36 (f)	33,358		33,502
5.166% 8/1/33 (f)	1,121		1,128
5.167% 3/1/36 (f)	14,543		14,572
5.175% 3/1/35 (f)	440		441
5.177% 6/1/35 (f)	3,187		3,202
5.18% 1/1/37 (f)	6,591		6,613
5.262% 5/1/35 (f)	6,246		6,263
5.27% 4/1/36 (f)	6,140		6,169
5.299% 7/1/35 (f)	407		410
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
5.302% 1/1/34 (f)	$ 91		$ 92
5.315% 3/1/36 (f)	39,802		39,946
5.332% 12/1/34 (f)	1,120		1,126
5.365% 2/1/36 (d)(f)	8,672		8,726
5.391% 7/1/35 (f)	2,857		2,867
5.403% 12/1/36 (f)	4,196		4,214
5.5% 4/1/09 to 12/1/35	323,351		320,928
5.5% 5/17/22 (d)	4,000		4,005
5.5% 5/1/37 (d)	9,000		8,898
5.5% 5/1/37 (d)	5,000		4,944
5.5% 5/1/37 (d)	20,000		19,774
5.5% 5/1/37 (d)(e)	25,000		24,722
5.806% 5/1/36 (f)	3,745		3,790
5.836% 6/1/35 (f)	2,179		2,203
5.846% 1/1/36 (f)	2,858		2,884
5.9% 3/1/36 (f)	8,861		8,950
5.902% 3/1/36 (f)	7,929		8,011
6% 9/1/17 to 2/1/34	106,994		108,441
6% 5/1/37 (d)	116,000		116,864
6.127% 4/1/36 (f)	31,249		31,689
6.352% 8/1/36 (f)	7,498		7,626
6.438% 6/1/36 (f)	8,445		8,576
6.5% 2/1/12 to 1/1/35	56,929		58,371
6.5% 5/1/37 (d)	86,000		87,794
6.5% 5/1/37 (d)	50,000		51,043
6.606% 9/1/36 (f)	11,972		12,181
7% 7/1/13 to 7/1/32	6,129		6,417
7% 5/1/37 (d)	18,000		18,582
7% 5/1/37 (d)	39,635		40,917
7% 5/1/37 (d)	1,635		1,688
7% 5/1/37 (d)	19,635		20,270
7% 5/1/37 (d)	5,000		5,162
7% 5/14/37 (d)	30,000		30,970
7.5% 8/1/10 to 4/1/29	168		173
8% 1/1/22	19		19
8.5% 1/1/15 to 7/1/31	653		691
9% 11/1/11 to 5/1/14	700		703
9.5% 11/15/09 to 10/1/20	952		1,032
10% 8/1/10	4		4
11% 8/1/10	16		16
11.25% 5/1/14	9		10
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
11.5% 6/15/19 to 1/15/21	$ 1,542		$ 1,722
12.5% 8/1/15 to 3/1/16	3		4
			1,936,052
Freddie Mac - 5.0%
3.38% 7/1/33 (f)	10,191		10,072
4% 5/1/19 to 11/1/20 (d)	27,594		26,151
4.291% 3/1/35 (f)	915		913
4.299% 12/1/34 (f)	1,180		1,163
4.315% 2/1/35 (f)	1,942		1,934
4.422% 6/1/35 (f)	1,386		1,379
4.427% 2/1/34 (f)	793		788
4.429% 3/1/35 (f)	1,107		1,091
4.456% 3/1/35 (f)	1,143		1,128
4.5% 2/1/18 to 8/1/33 (d)	17,814		17,198
4.545% 2/1/35 (f)	1,622		1,603
4.701% 9/1/36 (d)(f)	3,483		3,475
4.705% 9/1/35 (f)	27,818		27,810
4.737% 2/1/34 (f)	9,188		9,093
4.777% 3/1/33 (f)	397		401
4.924% 10/1/36 (f)	21,464		21,482
4.991% 4/1/35 (f)	5,001		5,013
5% 1/1/09 to 9/1/35	13,899		13,524
5.021% 4/1/35 (f)	527		522
5.122% 4/1/35 (f)	4,809		4,803
5.125% 7/1/35 (f)	5,487		5,470
5.286% 2/1/36 (f)	342		342
5.498% 1/1/36 (f)	4,440		4,463
5.5% 8/1/14 to 11/1/36	58,782		58,809
5.535% 1/1/36 (f)	7,002		7,036
6% 9/1/16 to 11/1/33	23,085		23,446
6.5% 11/1/10 to 10/1/36	60,259		61,753
6.509% 10/1/36 (f)	11,679		11,804
6.545% 2/1/37 (f)	19,796		19,974
6.582% 7/1/36 (f)	5,442		5,508
6.612% 12/1/36 (f)	19,307		19,520
7% 4/1/11	4		4
7.5% 5/1/11 to 7/1/16	2,506		2,607
8% 1/1/10 to 6/1/11	3		3
8.5% 8/1/08 to 9/1/29	246		264
9% 8/1/08 to 10/1/20	124		130
9.5% 6/1/09 to 8/1/21	381		412
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Freddie Mac - continued
9.75% 8/1/14	$ 157		$ 167
10% 7/1/09 to 8/1/21	42		45
11% 7/1/13 to 5/1/14	73		80
12% 8/1/13 to 3/1/15	3		3
12.25% 4/1/11 to 9/1/13	4		4
12.5% 2/1/10 to 6/1/19	41		45
13% 8/1/10 to 6/1/15	10		11
			371,443
Government National Mortgage Association - 0.7%
4.25% 7/20/34 (f)	1,175		1,169
6% 7/15/08 to 12/15/10	1,864		1,898
6.5% 2/15/24 to 5/15/36	44,790		46,195
7% 10/15/26 to 1/15/37	2,701		2,809
7.5% 6/15/07 to 8/15/29	144		152
8% 11/15/07 to 12/15/23	1,547		1,643
8.5% 10/15/08 to 1/15/25	18		19
9% 12/15/09	1		1
9.5% 2/15/25	1		1
10.5% 4/15/14 to 1/20/18	107		120
13.5% 7/15/11	8		9
			54,016
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES (Cost $2,365,137)		2,361,511
Asset-Backed Securities - 0.6%
Fannie Mae Grantor Trust Series 2005-T4 Class A1C, 5.47% 9/25/35 (f) (Cost $49,655)	49,655		49,698
Collateralized Mortgage Obligations - 9.8%
U.S. Government Agency - 9.8%
Fannie Mae:
planned amortization class:
Series 1992-168 Class KB, 7% 10/25/22	1,626		1,675
Series 1993-109 Class NZ, 6% 7/25/08	1,289		1,288
Series 1993-207 Class H, 6.5% 11/25/23	18,360		19,001
Series 1993-240 Class PD, 6.25% 12/25/13	7,041		7,166
Series 1994-23 Class PG, 6% 4/25/23	6,549		6,557
Collateralized Mortgage Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Government Agency - continued
Fannie Mae: - continued
planned amortization class:
Series 1994-27 Class PJ, 6.5% 6/25/23	$ 775		$ 773
Series 1994-50 Class PJ, 6.5% 8/25/23	8,766		8,796
Series 1996-28 Class PK, 6.5% 7/25/25	4,114		4,272
Series 2003-24 Class PB, 4.5% 12/25/12	6,234		6,205
Series 2003-28 Class KG, 5.5% 4/25/23	4,940		4,949
Series 2003-39 Class PV, 5.5% 9/25/22	1,805		1,817
Series 2006-45 Class OP, 6/25/36 (h)	6,847		5,153
Series 2006-62 Class KP, 4/25/36 (h)	13,931		10,112
sequential payer Series 1997-41 Class J, 7.5% 6/18/27	3,168		3,342
Series 2003-22 6% 4/25/33 (g)	21,481		4,795
Fannie Mae Grantor Trust:
planned amortization class Series 2005-81 Class PC, 5.5% 9/25/35	2,150		2,123
sequential payer Series 2005-93 Class HD, 4.5% 11/25/19	1,497		1,464
Fannie Mae subordinate REMIC pass-thru certificates:
floater:
Series 2001-38 Class QF, 6.3% 8/25/31 (f)	815		835
Series 2002-49 Class FB, 5.92% 11/18/31 (f)	1,263		1,279
Series 2002-60 Class FV, 6.32% 4/25/32 (f)	525		540
Series 2002-75 Class FA, 6.32% 11/25/32 (f)	1,075		1,106
Series 2004-54 Class FE, 6.47% 2/25/33 (f)	522		524
planned amortization class:
Series 2002-18 Class PC, 5.5% 4/25/17	1,170		1,185
Series 2002-25 Class PD, 6.5% 3/25/31	12,550		12,581
Series 2003-113:
Class PD, 4% 2/25/17	23,515		22,526
Class PE, 4% 11/25/18	7,545		6,899
Series 2003-128 Class NE, 4% 12/25/16	13,100		12,538
Series 2004-21 Class QE, 4.5% 11/25/32	1,500		1,421
Series 2004-80 Class LD, 4% 1/25/19	10,160		9,653
Series 2005-102 Class CO, 11/25/35 (h)	6,944		5,216
Series 2006-12 Class BO, 10/25/35 (h)	31,963		24,050
Series 2006-37 Class OW, 5/25/36 (h)	7,297		5,616
sequential payer:
Series 2001-20 Class Z, 6% 5/25/31	25,557		25,924
Series 2001-46 Class ZG, 6% 9/25/31	8,423		8,553
Series 2002-79 Class Z, 5.5% 11/25/22	29,618		29,442
Series 2003-18 Class EY, 5% 6/25/17	21,042		20,952
Series 2004-3 Class BA, 4% 7/25/17	759		736
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 2004-86 Class KC, 4.5% 5/25/19	$ 3,362		$ 3,296
Series 2004-91 Class AH, 4.5% 5/25/29	6,711		6,569
Series 2005-117, Class JN, 4.5% 1/25/36	645		568
Series 2005-41 Class WY, 5.5% 5/25/25	20,552		20,209
Series 2005-55 Class LY, 5.5% 7/25/25	2,580		2,531
Series 2002-50 Class LE, 7% 12/25/29	92		92
Series 2005-14 Class SE, 0.73% 3/25/35 (f)(g)	22,844		719
Series 2007-36:
Class GO, 4/25/37 (h)	1,541		1,207
Class SB, 1.28% 4/25/37 (f)(g)	44,631		2,136
Class SG, 1.28% 4/25/37 (f)(g)	20,041		954
4/25/37 (h)	3,437		2,634
Freddie Mac:
planned amortization class:
Series 1413 Class J, 4% 11/15/07	238		237
Series 2115 Class PE, 6% 1/15/14	1,149		1,152
Series 2356 Class GD, 6% 9/15/16	674		688
Series 2512 Class PG, 5.5% 10/15/22	2,000		1,984
Series 3149 Class OD, 5/15/36 (h)	35,997		26,108
sequential payer Series 2114 Class ZM, 6% 1/15/29	2,807		2,867
Freddie Mac Manufactured Housing participation certificates guaranteed:
floater Series 1686 Class FA, 6.275% 2/15/24 (f)	1,017		1,035
planned amortization class Series 1681 Class PJ, 7% 12/15/23	9,715		9,897
Series 1560 Class PN, 7% 12/15/12	8,222		8,239
Freddie Mac Multi-class participation certificates guaranteed:
floater:
Series 2389 Class DA, 6.22% 11/15/30 (f)	996		999
Series 2448 Class FT, 6.32% 3/15/32 (f)	1,246		1,278
Series 2530 Class FE, 5.92% 2/15/32 (f)	732		740
Series 2630 Class FL, 5.82% 6/15/18 (f)	550		556
Series 3008 Class SM, 0% 7/15/35 (f)	387		339
planned amortization class:
Series 1141 Class G, 9% 9/15/21	463		463
Series 1614 Class L, 6.5% 7/15/23	5,962		6,039
Series 1671 Class G, 6.5% 8/15/23	1,604		1,614
Series 2006-15 Class OP, 3/25/36 (h)	8,294		6,007
Series 2543 Class PM, 5.5% 8/15/18	331		330
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 2622 Class PE, 4.5% 5/15/18	$ 2,640		$ 2,552
Series 2625 Class QX, 2.25% 3/15/22	98		97
Series 2628 Class OP, 3.5% 11/15/13	11,601		11,478
Series 2640:
Class GE, 4.5% 7/15/18	7,310		7,083
Class QG, 2% 4/15/22	123		121
Series 2645 Class PW, 3.25% 7/15/26	24,360		23,662
Series 2649 Class TQ, 3.5% 12/15/21	7,148		7,079
Series 2660 Class ML, 3.5% 7/15/22	8,052		7,948
Series 2682 Class LD, 4.5% 10/15/33	777		693
Series 2690 Class PD, 5% 2/15/27	12,900		12,853
Series 2752 Class PW, 4% 4/15/22	2,945		2,907
Series 2755 Class LC, 4% 6/15/27	12,735		12,390
Series 2802 Class OB, 6% 5/15/34	10,455		10,641
Series 2810 Class PD, 6% 6/15/33	995		1,013
Series 2937 Class KC, 4.5% 2/15/20	19,686		18,877
Series 2966 Class XC, 5.5% 1/15/31	25,111		25,243
Series 3077 Class TO, 4/15/35 (h)	18,230		13,400
Series 3110 Class OP, 9/15/35 (h)	17,155		12,676
Series 3119, Class PO, 2/15/36 (h)	20,683		14,971
Series 3121 Class KO, 3/15/36 (h)	7,319		5,643
Series 3123 Class LO, 3/15/36 (h)	13,363		9,639
Series 3145 Class GO, 4/15/36 (h)	12,088		8,747
Series 3151 Class PO, 5/15/36 (h)	12,944		9,314
sequential payer:
Series 2492 Class A, 5.25% 5/15/29	112		112
Series 2546 Class MJ, 5.5% 3/15/23	2,861		2,829
Series 2570 Class CU, 4.5% 7/15/17	2,195		2,164
Series 2587 Class AD, 4.71% 3/15/33	5,785		5,159
Series 2601 Class TB, 5.5% 4/15/23	869		858
Series 2617 Class GW, 3.5% 6/15/16	4,619		4,530
Series 2675 Class CB, 4% 5/15/16	2,144		2,090
Series 2677 Class HG, 3% 8/15/12	1,467		1,450
Series 2683 Class JA, 4% 10/15/16	2,220		2,160
Series 2685 Class ND, 4% 10/15/18	9,064		8,302
Series 2750 Class ZT, 5% 2/15/34	1,007		926
Series 2773 Class HC, 4.5% 4/15/19	704		656
Series 2809 Class UA, 4% 12/15/14	3,398		3,344
Series 2849 Class AL, 5% 5/15/18	7,984		7,934
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 2860 Class CP, 4% 10/15/17	$ 2,641		$ 2,586
Series 2866 Class N, 4.5% 12/15/18	7,093		7,008
Series 2937 Class HJ, 5% 10/15/19	10,126		10,100
Series 2998 Class LY, 5.5% 7/15/25	2,011		1,971
Series 3007 Class EW, 5.5% 7/15/25	8,875		8,707
Series 3013 Class VJ, 5% 1/15/14	2,045		2,035
Series 2769 Class BU, 5% 3/15/34	6,153		5,900
Series 2863 Class DB, 4% 9/15/14	1,376		1,323
target amortization class:
Series 2156 Class TC, 6.25% 5/15/29	10,515		10,907
Series 2877 Class JC, 5% 10/15/34	1,441		1,429
Ginnie Mae guaranteed REMIC pass thru securities planned amortization class:
Series 1997-8 Class PE, 7.5% 5/16/27	5,091		5,388
Series 2005-58 Class NJ, 4.5% 8/20/35	21,605		21,310
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $733,078)		732,756

Cash Equivalents - 21.5%
	Maturity Amount (000s)
Investments in repurchase agreements in a joint trading account at 5.24%, dated 4/30/07 due 5/1/07:
(Collateralized by U.S. Government Obligations) #	$ 165,710		165,686
(Collateralized by U.S. Government Obligations) # (a)	1,444,080		1,443,870
TOTAL CASH EQUIVALENTS (Cost $1,609,556)		1,609,556
TOTAL INVESTMENT PORTFOLIO - 123.6% (Cost $9,247,507)			9,269,591
NET OTHER ASSETS - (23.6)%			(1,770,434)
NET ASSETS - 100%		$ 7,499,157

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 5.455% with Deutsche Bank	April 2037	$ 41,880	$ (451)
Receive semi-annually a fixed rate equal to 4.9225% and pay quarterly a floating rate based on 3-month LIBOR with Bank of America	March 2012	70,000	(274)
Receive semi-annually a fixed rate equal to 5.035% and pay quarterly a floating rate based on 3-month LIBOR with Deutsche Bank	April 2010	225,000	19
		$ 336,880	$ (706)

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 $18,536,000 or 0.2% of net assets.

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

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

(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)
$165,686,000 due 5/01/07 at 5.24%
ABN AMRO Bank N.V., New York Branch	$ 5,098
BNP Paribas Securities Corp.	2,549
Banc of America Securities LLC	43,695
Bank of America, NA	6,797
Barclays Capital, Inc.	27,362
Repurchase Agreement / Counterparty	Value (Amounts in thousands)
Bear Stearns & Co., Inc.	$ 3,398
Citigroup Global Markets, Inc.	6,797
Countrywide Securities Corp.	13,594
Deutsche Bank Securities, Inc.	6,967
Greenwich Capital Markets, Inc.	1,699
HSBC Securities (USA), Inc.	1,002
Merrill Lynch Government Securities, Inc.	2,549
Societe Generale, New York Branch	3,398
UBS Securities LLC	37,383
WestLB AG	3,398
	$ 165,686
$1,443,870,000 due 5/01/07 at 5.24%
Barclays Capital, Inc.	$ 1,443,870

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $9,246,497,000. Net unrealized appreciation aggregated $23,094,000, of which $55,047,000 related to appreciated investment securities and $31,953,000 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 Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Intermediate Government
Income Fund

April 30, 2007

1.800340.103

SLM-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

U.S. Government and Government Agency Obligations - 70.4%
	Principal Amount (000s)		Value (000s)
U.S. Government Agency Obligations - 40.8%
Fannie Mae:
3.25% 1/15/08	$ 370		$ 365
3.25% 2/15/09	745		725
4.125% 5/15/10	11,700		11,479
4.5% 10/15/08	2,905		2,888
4.625% 10/15/13	8,870		8,747
4.75% 12/15/10	80,500		80,382
4.875% 4/15/09	1,391		1,392
5.125% 9/2/08	10,635		10,654
5.125% 1/2/14	6,000		6,019
5.25% 9/15/16	13,000		13,257
6.375% 6/15/09	6,470		6,670
7.25% 1/15/10	1,779		1,888
Federal Home Loan Bank:
4.5% 10/14/08	1,850		1,839
5% 9/18/09	2,790		2,802
5.375% 8/19/11	16,960		17,323
5.8% 9/2/08	5,845		5,906
Freddie Mac:
3.625% 9/15/08	2,285		2,244
4.25% 7/15/09	10,180		10,056
5.125% 4/18/08	8,000		8,001
5.125% 4/18/11	2,360		2,385
5.25% 7/18/11	49,558		50,335
5.75% 3/15/09	4,000		4,062
5.75% 1/15/12	986		1,023
Israeli State (guaranteed by U.S. Government through Agency for International Development):
6.6% 2/15/08	5,681		5,691
6.8% 2/15/12	7,500		7,903
Private Export Funding Corp.:
secured:
5.66% 9/15/11 (c)	9,000		9,268
5.685% 5/15/12	3,915		4,058
4.974% 8/15/13	3,435		3,461
U.S. Government and Government Agency Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Government Agency Obligations - continued
Small Business Administration guaranteed development participation certificates Series 2004-20H Class 1, 5.17% 8/1/24	$ 779		$ 781
U.S. Department of Housing and Urban Development Government guaranteed participation certificates Series 1999-A, 6.06% 8/1/10	10,000		10,094
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS			291,698
U.S. Treasury Inflation Protected Obligations - 2.3%
U.S. Treasury Inflation-Indexed Notes:
2.375% 4/15/11	15,017		15,226
2.5% 7/15/16	1,259		1,293
TOTAL U.S. TREASURY INFLATION PROTECTED OBLIGATIONS			16,519
U.S. Treasury Obligations - 27.3%
U.S. Treasury Notes:
3.375% 9/15/09	32,742		31,879
4.25% 11/15/14 (b)	41,500		40,618
4.25% 8/15/15	3,000		2,926
4.375% 12/15/10	11,560		11,512
4.625% 11/15/16 (b)	15,000		14,991
4.75% 5/15/14 (b)	29,058		29,370
4.875% 4/30/08	51,746		51,706
4.875% 5/15/09	5,850		5,881
5.125% 5/15/16	6,000		6,219
TOTAL U.S. TREASURY OBLIGATIONS			195,102
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $502,569)		503,319
U.S. Government Agency - Mortgage Securities - 14.7%
Fannie Mae - 10.9%
3.753% 10/1/33 (d)	95		95
3.787% 6/1/34 (d)	516		508
3.806% 6/1/33 (d)	91		91
3.878% 6/1/33 (d)	444		444
3.902% 5/1/34 (d)	717		708
3.909% 5/1/33 (d)	516		517
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
3.938% 5/1/34 (d)	$ 560		$ 553
3.945% 5/1/33 (d)	32		32
3.964% 9/1/33 (d)	1,025		1,018
3.996% 10/1/18 (d)	77		76
4% 9/1/13 to 5/1/20	3,008		2,864
4.059% 4/1/33 (d)	34		34
4.074% 3/1/35 (d)	1,968		1,954
4.084% 2/1/35 (d)	52		52
4.175% 1/1/35 (d)	228		225
4.19% 11/1/34 (d)	1,366		1,367
4.25% 2/1/35 (d)	107		106
4.257% 1/1/34 (d)	266		265
4.273% 10/1/33 (d)	40		40
4.28% 8/1/33 (d)	196		196
4.28% 5/1/35 (d)	120		120
4.285% 3/1/35 (d)	87		87
4.291% 3/1/33 (d)	109		110
4.303% 3/1/33 (d)	60		59
4.313% 6/1/33 (d)	53		53
4.342% 4/1/35 (d)	51		51
4.347% 1/1/35 (d)	115		114
4.355% 10/1/19 (d)	117		116
4.365% 2/1/34 (d)	232		230
4.397% 10/1/34 (d)	510		506
4.401% 2/1/35 (d)	175		173
4.413% 5/1/35 (d)	116		116
4.421% 8/1/34 (d)	2,755		2,735
4.421% 5/1/35 (d)	297		298
4.429% 3/1/35 (d)	168		166
4.448% 8/1/34 (d)	315		314
4.484% 12/1/34 (d)	43		43
4.484% 2/1/35 (d)	89		89
4.485% 11/1/33 (d)	174		173
4.494% 1/1/35 (d)	126		126
4.497% 5/1/33 (d)	122		123
4.5% 5/1/18 to 10/1/18	1,008		979
4.51% 2/1/35 (d)	56		57
4.516% 2/1/35 (d)	1,358		1,355
4.516% 10/1/35 (d)	88		88
4.523% 7/1/35 (d)	348		347
4.557% 9/1/34 (d)	2,421		2,408
4.577% 2/1/35 (d)	427		424
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
4.578% 7/1/35 (d)	$ 342		$ 343
4.648% 3/1/35 (d)	741		744
4.655% 10/1/34 (d)	343		342
4.671% 3/1/35 (d)	34		34
4.708% 10/1/34 (d)	323		322
4.725% 7/1/34 (d)	299		299
4.736% 12/1/35 (d)	4,587		4,578
4.746% 5/1/33 (d)	6		6
4.766% 12/1/34 (d)	87		87
4.797% 4/1/35 (d)	1,342		1,345
4.802% 6/1/35 (d)	392		393
4.804% 1/1/36 (d)	2,682		2,671
4.805% 11/1/34 (d)	261		260
4.809% 2/1/33 (d)	126		127
4.816% 11/1/35 (d)	1,156		1,161
4.828% 10/1/35 (d)	223		222
4.843% 7/1/36 (d)	584		584
4.86% 10/1/34 (d)	1,002		1,001
4.879% 8/1/34 (d)	82		83
4.891% 10/1/35 (d)	163		164
4.903% 5/1/35 (d)	189		188
4.949% 8/1/34 (d)	792		793
5% 2/1/16 to 5/1/18	10,100		9,989
5.025% 7/1/34 (d)	44		44
5.054% 12/1/32 (d)	1,171		1,172
5.062% 5/1/35 (d)	583		587
5.07% 9/1/34 (d)	754		756
5.084% 9/1/34 (d)	77		77
5.094% 5/1/35 (d)	244		246
5.113% 10/1/35 (d)	485		485
5.166% 8/1/33 (d)	131		131
5.167% 3/1/36 (d)	1,444		1,446
5.175% 3/1/35 (d)	55		55
5.177% 6/1/35 (d)	412		414
5.263% 11/1/36 (d)	305		307
5.27% 4/1/36 (d)	609		612
5.299% 7/1/35 (d)	48		48
5.332% 12/1/34 (d)	117		117
5.365% 2/1/36 (d)	827		832
5.382% 2/1/36 (d)	114		115
5.403% 12/1/36 (d)	418		420
5.5% 1/1/09 to 3/1/20	9,691		9,733
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
5.531% 11/1/36 (d)	$ 614		$ 618
5.836% 3/1/36 (d)	933		944
5.846% 1/1/36 (d)	318		320
6% 4/1/16 to 4/1/21	2,779		2,831
6.5% 2/1/17 to 3/1/35	5,000		5,149
7% 12/1/08 to 9/1/31	424		435
9% 2/1/13	112		117
9.5% 11/15/09	132		137
10.25% 10/1/09 to 10/1/18	8		9
11% 8/1/10 to 1/1/16	339		361
11.25% 5/1/14 to 1/1/16	58		65
11.5% 9/1/11 to 6/15/19	215		237
12.25% 7/1/12 to 8/1/13	11		12
12.5% 9/1/12 to 7/1/16	161		184
12.75% 10/1/11 to 6/1/15	120		131
13% 7/1/13 to 7/1/15	69		80
13.25% 9/1/11	71		79
13.5% 11/1/14 to 12/1/14	15		18
15% 4/1/12	3		3
			77,668
Freddie Mac - 3.6%
3.38% 7/1/33 (d)	1,004		993
4% 1/1/19 to 11/1/20	4,602		4,363
4.291% 3/1/35 (d)	131		130
4.299% 12/1/34 (d)	174		171
4.315% 2/1/35 (d)	279		278
4.422% 6/1/35 (d)	181		180
4.427% 2/1/34 (d)	129		128
4.429% 3/1/35 (d)	153		150
4.456% 3/1/35 (d)	168		166
4.5% 2/1/18 to 11/1/20	715		695
4.545% 2/1/35 (d)	276		273
4.701% 9/1/36 (d)	330		329
4.705% 9/1/35 (d)	4,068		4,067
4.777% 3/1/33 (d)	46		46
4.924% 10/1/36 (d)	2,049		2,051
4.991% 4/1/35 (d)	681		683
5% 3/1/18 to 9/1/35	3,031		3,000
5.122% 4/1/35 (d)	585		584
5.125% 7/1/35 (d)	554		553
5.281% 11/1/35 (d)	564		566
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Freddie Mac - continued
5.286% 2/1/36 (d)	$ 45		$ 45
5.498% 1/1/36 (d)	449		451
5.5% 8/1/14 to 11/1/20	2,185		2,194
5.535% 1/1/36 (d)	722		725
6% 2/1/17 to 3/1/17	515		524
6.5% 5/1/08	28		29
8.5% 6/1/14 to 6/1/17	41		41
9% 11/1/09 to 8/1/16	40		42
9.5% 7/1/16 to 8/1/21	308		335
10% 7/1/09 to 3/1/21	667		728
10.5% 9/1/09 to 5/1/21	52		55
11% 2/1/11 to 9/1/20	38		42
11.25% 2/1/10 to 8/1/14	75		82
11.5% 10/1/15 to 8/1/19	53		59
11.75% 11/1/11 to 7/1/15	11		12
12% 10/1/09 to 11/1/19	155		170
12.25% 12/1/11 to 8/1/15	63		70
12.5% 10/1/09 to 6/1/19	716		802
12.75% 2/1/10 to 10/1/10	8		8
13% 9/1/10 to 5/1/17	108		123
13.25% 11/1/10 to 10/1/13	32		36
13.5% 11/1/10 to 8/1/11	35		39
14% 11/1/12 to 4/1/16	6		6
14.5% 12/1/10	1		1
14.75% 3/1/10	1		1
16.25% 7/1/11	0		0
			26,026
Government National Mortgage Association - 0.2%
8% 8/15/07 to 12/15/23	465		493
8.5% 6/15/16 to 2/15/17	8		8
10.5% 9/15/15 to 10/15/21	742		846
10.75% 12/15/09 to 3/15/10	9		9
11% 5/20/16 to 1/20/21	41		48
12.5% 12/15/10	2		2
13% 1/15/11 to 10/15/13	54		60
13.25% 8/15/14	10		12
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Government National Mortgage Association - continued
13.5% 7/15/11 to 12/15/14	$ 14		$ 16
14% 6/15/11	6		7
			1,501
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES (Cost $104,907)		105,195
Asset-Backed Securities - 0.9%
Fannie Mae Grantor Trust Series 2005-T4 Class A1C, 5.47% 9/25/35 (d) (Cost $6,285)	6,285		6,290
Collateralized Mortgage Obligations - 12.6%
U.S. Government Agency - 12.6%
Fannie Mae:
floater Series 1994-42 Class FK, 4.2% 4/25/24 (d)	3,767		3,586
planned amortization class:
Series 1988-21 Class G, 9.5% 8/25/18	90		98
Series 1994-12 Class PH, 6.25% 1/25/09	604		606
Series 2002-83 Class ME, 5% 12/25/17	5,150		5,110
Series 2003-24 Class PB, 4.5% 12/25/12	762		758
Series 2003-28 Class KG, 5.5% 4/25/23	725		726
Series 2003-39 Class PV, 5.5% 9/25/22	1,864		1,876
sequential payer Series 1993-238 Class C, 6.5% 12/25/08	2,721		2,726
Fannie Mae Grantor Trust sequential payer Series 2005-93 Class HD, 4.5% 11/25/19	160		156
Fannie Mae subordinate REMIC pass-thru certificates:
floater:
Series 2001-38 Class QF, 6.3% 8/25/31 (d)	762		781
Series 2002-60 Class FV, 6.32% 4/25/32 (d)	262		270
Series 2002-74 Class FV, 5.77% 11/25/32 (d)	3,753		3,777
Series 2002-75 Class FA, 6.32% 11/25/32 (d)	537		553
planned amortization class:
Series 2002-11 Class QB, 5.5% 3/25/15	47		47
Series 2002-16 Class PG, 6% 4/25/17	1,273		1,300
Series 2002-18 Class PC, 5.5% 4/25/17	1,045		1,058
Series 2003-106 Class WE, 4.5% 11/25/22	3,135		2,982
Series 2003-128 Class NE, 4% 12/25/16	1,260		1,206
Series 2003-85 Class GD, 4.5% 9/25/18	610		590
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 2004-80 Class LD, 4% 1/25/19	$ 980		$ 931
Series 2004-81 Class KC, 4.5% 4/25/17	690		679
sequential payer:
Series 2002-56 Class MC, 5.5% 9/25/17	464		468
Series 2002-58 Class HC, 5.5% 9/25/17	3,730		3,768
Series 2002-79 Class Z, 5.5% 11/25/22	3,744		3,722
Series 2003-18 Class EY, 5% 6/25/17	2,218		2,208
Series 2005-4 Class ED, 5% 6/25/27	5,000		4,982
Series 2005-41 Class WY, 5.5% 5/25/25	2,600		2,557
Series 2002-50 Class LE, 7% 12/25/29	20		20
Freddie Mac planned amortization class Series 2356 Class GD, 6% 9/15/16	512		522
Freddie Mac Multi-class participation certificates guaranteed:
floater:
Series 2526 Class FC, 5.72% 11/15/32 (d)	963		969
Series 2630 Class FL, 5.82% 6/15/18 (d)	58		59
planned amortization class:
Series 1543 Class VK, 6.7% 1/15/23	18		18
Series 2640 Class GE, 4.5% 7/15/18	3,690		3,575
Series 2645 Class PW, 3.25% 7/15/26	5,170		5,022
Series 2649 Class TQ, 3.5% 12/15/21	704		697
Series 2752 Class PW, 4% 4/15/22	2,342		2,311
Series 2802 Class OB, 6% 5/15/34	1,355		1,379
Series 2810 Class PD, 6% 6/15/33	1,020		1,038
Series 2831 Class PB, 5% 7/15/19	1,975		1,952
sequential payer:
Series 1929 Class EZ, 7.5% 2/17/27	2,442		2,541
Series 2570 Class CU, 4.5% 7/15/17	233		230
Series 2572 Class HK, 4% 2/15/17	342		334
Series 2617 Class GW, 3.5% 6/15/16	1,897		1,861
Series 2860 Class CP, 4% 10/15/17	252		247
Series 2866 Class N, 4.5% 12/15/18	1,340		1,324
Series 2937 Class HJ, 5% 10/15/19	1,068		1,066
Series 2998 Class LY, 5.5% 7/15/25	295		289
Series 3007 Class EW, 5.5% 7/15/25	1,125		1,104
Series 3013 Class VJ, 5% 1/15/14	2,051		2,041
Series 2689 Class CN, 4.5% 2/15/23	10,000		9,815
Collateralized Mortgage Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Government Agency - continued
Freddie Mac Multi-class participation certificates guaranteed: - continued
Series 2769 Class BU, 5% 3/15/34	$ 1,093		$ 1,048
Ginnie Mae guaranteed REMIC pass-thru securities planned amortization class Series 2005-58 Class NJ, 4.5% 8/20/35	3,465		3,418
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $90,814)		90,401

Cash Equivalents - 13.6%
	Maturity Amount (000s)
Investments in repurchase agreements in a joint trading account at 5.24%, dated 4/30/07 due 5/1/07:
(Collateralized by U.S. Government Obligations) #	$ 9,801		9,800
(Collateralized by U.S. Government Obligations) # (a)	87,560		87,547
TOTAL CASH EQUIVALENTS (Cost $97,347)		97,347
TOTAL INVESTMENT PORTFOLIO - 112.2% (Cost $801,922)			802,552
NET OTHER ASSETS - (12.2)%			(87,275)
NET ASSETS - 100%		$ 715,277

Swap Agreements
	Expiration Date	Notional Amount (000s)
Interest Rate Swaps
Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 5.35% with Bank of America	April 2037	$ 1,800	9
Receive semi-annually a fixed rate equal to 4.8825% and pay quarterly a floating rate based on 3-month LIBOR with Bank of America	April 2010	9,750	(41)
		$ 11,550	$ (32)

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 $9,268,000 or 1.3% of net assets.

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

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

Repurchase Agreement / Counterparty	Value (Amounts in thousands)
$9,800,000 due 5/01/07 at 5.24%
ABN AMRO Bank N.V., New York Branch	$ 302
BNP Paribas Securities Corp.	151
Banc of America Securities LLC	2,584
Bank of America, NA	402
Repurchase Agreement / Counterparty	Value (Amounts in thousands)
Barclays Capital, Inc.	$ 1,618
Bear Stearns & Co., Inc.	201
Citigroup Global Markets, Inc.	402
Countrywide Securities Corp.	804
Deutsche Bank Securities, Inc.	412
Greenwich Capital Markets, Inc.	101
HSBC Securities (USA), Inc.	59
Merrill Lynch Government Securities, Inc.	151
Societe Generale, New York Branch	201
UBS Securities LLC	2,211
WestLB AG	201
	$ 9,800
$87,547,000 due 5/01/07 at 5.24%
Barclays Capital, Inc.	$ 87,547

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $801,324,000. Net unrealized appreciation aggregated $1,228,000, of which $4,224,000 related to appreciated investment securities and $2,996,000 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 Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Ultra-Short Bond Fund

April 30, 2007

1.800362.103

ULB-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 11.8%
	Principal Amount		Value
CONSUMER DISCRETIONARY - 1.9%
Auto Components - 0.6%
DaimlerChrysler NA Holding Corp.:
5.69% 3/13/09 (c)	$ 3,685,000		$ 3,692,016
5.77% 3/13/09 (c)	1,800,000		1,805,627
5.82% 9/10/07 (c)	1,230,000		1,231,581
			6,729,224
Media - 1.3%
AOL Time Warner, Inc. 6.15% 5/1/07	2,480,000		2,480,000
Continental Cablevision, Inc. 9% 9/1/08	1,100,000		1,151,684
Cox Communications, Inc.:
(Reg. S) 5.905% 12/14/07 (c)	2,330,000		2,336,368
5.61% 8/15/07 (a)(c)	4,000,000		4,000,552
Time Warner, Inc. 8.18% 8/15/07	2,000,000		2,013,586
Viacom, Inc. 5.7% 6/16/09 (c)	2,000,000		2,005,672
			13,987,862
TOTAL CONSUMER DISCRETIONARY			20,717,086
ENERGY - 1.0%
Energy Equipment & Services - 0.2%
Transocean, Inc. 5.5475% 9/5/08 (c)	2,400,000		2,400,960
Oil, Gas & Consumable Fuels - 0.8%
Anadarko Petroleum Corp.:
3.25% 5/1/08	850,000		831,150
5.7549% 9/15/09 (c)	2,200,000		2,204,990
Enterprise Products Operating LP 4% 10/15/07	2,670,000		2,652,867
Kinder Morgan Energy Partners LP 5.35% 8/15/07	615,000		614,547
Ocean Energy, Inc. 4.375% 10/1/07	2,310,000		2,299,076
			8,602,630
TOTAL ENERGY			11,003,590
FINANCIALS - 5.5%
Capital Markets - 0.8%
Bear Stearns Companies, Inc. 5.55% 2/1/12 (c)	745,000		743,063
Lehman Brothers Holdings E-Capital Trust I 6.14% 8/19/65 (c)	1,205,000		1,219,027
Merrill Lynch & Co., Inc. 5.45% 8/14/09 (c)	2,065,000		2,065,845
Nonconvertible Bonds - continued
	Principal Amount		Value
FINANCIALS - continued
Capital Markets - continued
Morgan Stanley 5.6088% 1/18/11 (c)	$ 1,900,000		$ 1,905,126
Royal Bank of Scotland PLC 5.655% 7/24/14 (c)	2,590,000		2,600,619
			8,533,680
Commercial Banks - 0.9%
Barclays Bank PLC:
5.56% 5/25/15 (c)	825,000		825,751
5.79% 9/11/13 (c)	3,500,000		3,519,376
HBOS plc 5.635% 2/6/14 (c)	305,000		305,842
HSBC Holdings PLC 5.55% 10/6/16 (c)	500,000		500,361
ING Bank NV 5.6056% 10/14/14 (c)	440,000		441,408
Manufacturers & Traders Trust Co. 3.85% 4/1/13 (c)	520,000		514,238
PNC Funding Corp. 5.495% 1/31/12 (c)	2,400,000		2,398,488
Santander Issuances SA Unipersonal 5.71% 6/20/16 (a)(c)	1,500,000		1,507,497
			10,012,961
Consumer Finance - 1.3%
Capital One Financial Corp. 5.62% 9/10/09 (c)	2,260,000		2,265,847
General Electric Capital Corp. 5.42% 5/10/10 (c)	2,845,000		2,847,282
MBNA Capital I 8.278% 12/1/26	810,000		847,041
MBNA Europe Funding PLC 5.43% 9/7/07 (a)(c)	2,720,000		2,720,996
SLM Corp.:
5.33% 4/18/08 (a)(c)	2,500,000		2,482,695
5.515% 7/26/10 (c)	2,770,000		2,685,174
			13,849,035
Diversified Financial Services - 0.2%
Tyco International Group SA Participation Certificate Trust 4.436% 6/15/07 (a)	1,800,000		1,797,606
Insurance - 0.2%
Monumental Global Funding III 5.525% 1/25/13 (a)(c)	1,745,000		1,744,983
Real Estate Investment Trusts - 1.0%
Colonial Properties Trust 7% 7/14/07	3,801,000		3,812,490
iStar Financial, Inc.:
5.69% 3/9/10 (c)	2,000,000		2,001,332
5.9% 3/16/09 (c)	2,505,000		2,520,363
Simon Property Group LP 6.375% 11/15/07	2,310,000		2,320,485
			10,654,670
Nonconvertible Bonds - continued
	Principal Amount		Value
FINANCIALS - continued
Real Estate Management & Development - 0.2%
Chelsea GCA Realty Partnership LP 7.25% 10/21/07	$ 880,000		$ 885,389
Realogy Corp. 6.0681% 10/20/09 (a)(c)	1,830,000		1,832,176
			2,717,565
Thrifts & Mortgage Finance - 0.9%
Residential Capital Corp.:
6.725% 6/29/07 (c)	1,995,000		1,996,640
7.1869% 4/17/09 (a)(c)	2,085,000		2,077,181
Washington Mutual Bank 5.45% 5/1/09 (c)	3,000,000		3,001,101
Washington Mutual, Inc. 5.5% 8/24/09 (c)	2,250,000		2,250,360
			9,325,282
TOTAL FINANCIALS			58,635,782
INDUSTRIALS - 0.0%
Aerospace & Defense - 0.0%
British Aerospace Finance, Inc. 7% 7/1/07 (a)	350,000		350,768
INFORMATION TECHNOLOGY - 0.2%
Communications Equipment - 0.2%
Motorola, Inc. 4.608% 11/16/07	1,700,000		1,692,124
TELECOMMUNICATION SERVICES - 2.2%
Diversified Telecommunication Services - 1.9%
AT&T, Inc. 5.45% 5/15/08 (c)	3,000,000		3,002,202
BellSouth Corp. 5.46% 8/15/08 (c)	2,000,000		2,001,254
Deutsche Telekom International Finance BV 5.53% 3/23/09 (c)	1,725,000		1,728,488
Telecom Italia Capital SA 5.9688% 7/18/11 (c)	3,750,000		3,779,100
Telefonica Emisiones SAU 5.65% 6/19/09 (c)	4,775,000		4,792,333
Telefonos de Mexico SA de CV 4.5% 11/19/08	1,605,000		1,587,115
TELUS Corp. yankee 7.5% 6/1/07	3,305,000		3,310,199
			20,200,691
Wireless Telecommunication Services - 0.3%
America Movil SA de CV 5.4479% 6/27/08 (a)(c)	1,506,000		1,506,000
Vodafone Group PLC 5.41% 6/29/07 (c)	2,260,000		2,260,011
			3,766,011
TOTAL TELECOMMUNICATION SERVICES			23,966,702
Nonconvertible Bonds - continued
	Principal Amount		Value
UTILITIES - 1.0%
Electric Utilities - 0.5%
Commonwealth Edison Co. 3.7% 2/1/08	$ 1,125,000		$ 1,107,161
Pepco Holdings, Inc. 5.5% 8/15/07	2,710,000		2,709,130
TXU Electric Delivery Co. 5.7299% 9/16/08 (a)(c)	1,085,000		1,085,018
			4,901,309
Gas Utilities - 0.1%
NiSource Finance Corp. 5.93% 11/23/09 (c)	845,000		846,018
Multi-Utilities - 0.4%
Dominion Resources, Inc. 5.65% 9/28/07 (c)	2,470,000		2,470,785
Sempra Energy 4.75% 5/15/09	2,000,000		1,984,742
			4,455,527
TOTAL UTILITIES			10,202,854
TOTAL NONCONVERTIBLE BONDS (Cost $126,588,945)		126,568,906
U.S. Government Agency Obligations - 4.6%
Freddie Mac 4.75% 3/5/09 (b) (Cost $49,927,292)	50,000,000	49,885,596
U.S. Government Agency - Mortgage Securities - 2.1%
Fannie Mae - 1.8%
3.239% 9/1/33 (c)	482,165		475,537
3.693% 7/1/33 (c)	429,077		425,141
3.993% 5/1/34 (c)	557,967		554,052
4.244% 3/1/34 (c)	553,319		549,907
4.273% 10/1/33 (c)	41,814		41,630
4.291% 3/1/33 (c)	113,452		114,122
4.3% 6/1/34 (c)	1,347,303		1,339,078
4.313% 6/1/33 (c)	52,776		52,849
4.516% 10/1/35 (c)	88,138		87,936
4.585% 8/1/34 (c)	102,535		103,514
4.671% 3/1/35 (c)	36,066		36,104
4.746% 5/1/33 (c)	5,998		6,034
4.879% 8/1/34 (c)	86,239		86,701
4.891% 10/1/35 (c)	217,831		218,233
4.898% 7/1/35 (c)	565,740		566,438
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount		Value
Fannie Mae - continued
5.025% 7/1/34 (c)	$ 45,149		$ 45,244
5.156% 9/1/35 (c)	3,102,290		3,109,550
5.166% 8/1/33 (c)	135,176		135,963
5.211% 5/1/36 (c)	241,001		242,167
5.263% 11/1/36 (c)	375,576		377,824
5.27% 4/1/36 (c)	664,208		667,349
5.299% 7/1/35 (c)	50,264		50,657
5.302% 8/1/36 (c)	691,577		695,964
5.382% 2/1/36 (c)	152,424		153,371
5.5% 11/1/16 to 2/1/19	3,485,445		3,501,024
5.531% 11/1/36 (c)	772,639		778,404
5.548% 10/1/35 (c)	289,201		291,981
5.836% 3/1/36 (c)	1,166,778		1,179,465
6.5% 7/1/16 to 3/1/35	1,902,939		1,965,579
7% 8/1/17 to 5/1/32	1,057,507		1,091,451
TOTAL FANNIE MAE			18,943,269
Freddie Mac - 0.3%
3.38% 7/1/33 (c)	1,099,144		1,086,278
4.043% 4/1/34 (c)	875,439		863,919
4.777% 3/1/33 (c)	47,595		48,130
4.924% 10/1/36 (c)	1,878,082		1,879,716
5.871% 4/1/32 (c)	18,738		19,106
TOTAL FREDDIE MAC			3,897,149
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES (Cost $22,883,196)		22,840,418
Asset-Backed Securities - 28.8%
Accredited Mortgage Loan Trust:
Series 2004-2 Class A2, 5.62% 7/25/34 (c)	271,103		271,647
Series 2004-4 Class A2D, 5.67% 1/25/35 (c)	107,668		107,911
Series 2005-1 Class M1, 5.79% 4/25/35 (c)	1,545,000		1,547,334
Series 2007-1 Class A3, 5.45% 2/25/37 (c)	1,000,000		998,217
ACE Securities Corp.:
Series 2002-HE2 Class M1, 6.595% 8/25/32 (c)	151,473		151,588
Series 2003-HE1:
Class M1, 5.97% 11/25/33 (c)	113,099		113,247
Class M2, 7.02% 11/25/33 (c)	67,618		67,856
Asset-Backed Securities - continued
	Principal Amount		Value
ACE Securities Corp.: - continued
Series 2003-HS1:
Class M1, 6.07% 6/25/33 (c)	$ 36,784		$ 36,878
Class M2, 7.07% 6/25/33 (c)	50,000		50,401
Series 2003-NC1 Class M1, 6.1% 7/25/33 (c)	100,000		100,373
Series 2004-HE1:
Class M1, 5.82% 2/25/34 (c)	134,284		134,433
Class M2, 6.42% 2/25/34 (c)	175,000		175,457
Series 2005-HE2:
Class M2, 5.77% 4/25/35 (c)	250,000		250,313
Class M3, 5.8% 4/25/35 (c)	145,000		145,338
Class M4, 5.96% 4/25/35 (c)	185,000		185,137
Series 2005-HE3 Class A2B, 5.53% 5/25/35 (c)	302,869		302,947
Series 2005-SD1 Class A1, 5.72% 11/25/50 (c)	98,337		98,402
Series 2006-HE2:
Class A2C, 5.48% 5/25/36 (c)	995,000		993,796
Class M1, 5.62% 5/25/36 (c)	915,000		912,559
Class M2, 5.64% 5/25/36 (c)	305,000		304,198
Class M3, 5.66% 5/25/36 (c)	240,000		238,664
Class M4, 5.72% 5/25/36 (c)	200,000		197,065
Class M5, 5.76% 5/25/36 (c)	295,000		288,256
ACE Securities Corp. Home Equity Loan Trust Series 2007-HE1:
Class A2C, 5.49% 1/25/37 (c)	1,000,000		998,155
Class M1, 5.58% 1/25/37 (c)	755,000		751,838
Advanta Business Card Master Trust:
Series 2004-C1 Class C, 6.37% 9/20/13 (c)	340,000		343,638
Series 2006-C1 Class C1, 5.8% 10/20/14 (c)	770,000		769,996
Series 2007-B1 Class B, 5.57% 12/22/14 (c)	1,725,000		1,727,879
Aesop Funding II LLC Series 2005-1A Class A2, 5.38% 4/20/09 (a)(c)	1,200,000		1,199,721
American Express Credit Account Master Trust:
Series 2004-1 Class B, 5.57% 9/15/11 (c)	410,000		411,356
Series 2004-5 Class B, 5.57% 4/16/12 (c)	2,150,000		2,151,222
Series 2004-C Class C, 5.82% 2/15/12 (a)(c)	442,422		443,392
Series 2005-1 Class A, 5.35% 10/15/12 (c)	2,185,000		2,184,490
Series 2005-6 Class C, 5.57% 3/15/11 (a)(c)	2,680,000		2,682,358
AmeriCredit Automobile Receivables Trust:
Series 2003-BX Class A4B, 5.79% 1/6/10 (c)	45,684		45,687
Series 2005-1 Class C, 4.73% 7/6/10	2,500,000		2,484,924
Series 2006-RM Class A1, 5.37% 10/6/09	2,000,000		2,000,548
Series 2007-BF Class A2, 5.31% 1/6/11	1,230,000		1,230,613
Asset-Backed Securities - continued
	Principal Amount		Value
Ameriquest Mortgage Securities, Inc.:
Series 2003-1 Class M1, 6.67% 2/25/33 (c)	$ 474,619		$ 486,332
Series 2004-R11 Class M1, 5.98% 11/25/34 (c)	560,000		561,465
Series 2004-R2:
Class M1, 5.75% 4/25/34 (c)	85,000		85,078
Class M2, 5.8% 4/25/34 (c)	75,000		75,064
Series 2004-R8 Class M9, 8.07% 9/25/34 (c)	1,525,000		1,457,969
Series 2004-R9 Class M2, 5.97% 10/25/34 (c)	720,000		723,804
Series 2005-R1:
Class M1, 5.77% 3/25/35 (c)	770,000		769,843
Class M2, 5.8% 3/25/35 (c)	260,000		260,092
Series 2005-R2 Class M1, 5.77% 4/25/35 (c)	1,700,000		1,700,362
Series 2006-M3:
Class M7, 6.17% 10/25/36 (c)	705,000		673,275
Class M9, 7.32% 10/25/36 (c)	450,000		420,750
Amortizing Residential Collateral Trust Series 2002-BC1 Class M2, 6.42% 1/25/32 (c)	29,202		24,531
ARG Funding Corp.:
Series 2005-1A Class A2, 5.42% 4/20/09 (a)(c)	1,500,000		1,501,021
Series 2005-2A Class A2, 5.43% 5/20/09 (a)(c)	800,000		800,670
Argent Securities, Inc.:
Series 2003-W3 Class M2, 7.1175% 9/25/33 (c)	800,000		803,503
Series 2004-W5 Class M1, 5.92% 4/25/34 (c)	1,420,000		1,423,530
Series 2004-W7:
Class M1, 5.87% 5/25/34 (c)	305,000		306,312
Class M2, 5.92% 5/25/34 (c)	250,000		251,111
Series 2006-W4:
Class A2C, 5.48% 5/25/36 (c)	1,200,000		1,198,122
Class M2, 5.64% 5/25/36 (c)	1,265,000		1,254,365
Class M3, 5.66% 5/25/36 (c)	1,010,000		995,133
Arran Funding Ltd. Series 2005-A Class C, 5.64% 12/15/10 (c)	3,235,000		3,234,353
Asset Backed Funding Certificates Series 2004-HE1 Class M2, 6.47% 1/25/34 (c)	230,000		231,140
Asset Backed Funding Corp. Series 2006-OPT2 Class C7, 5.47% 10/25/36 (c)	780,000		779,188
Asset Backed Securities Corp. Home Equity Loan Trust:
Series 2003-HE2 Class M1, 6.67% 4/15/33 (c)	1,165,025		1,165,530
Series 2003-HE6 Class M1, 5.97% 11/25/33 (c)	215,000		215,981
Series 2004-HE6 Class A2, 5.68% 6/25/34 (c)	372,603		373,198
Series 2005-HE1 Class M1, 5.82% 3/25/35 (c)	540,000		540,746
Series 2005-HE2:
Class M1, 5.77% 3/25/35 (c)	1,105,000		1,107,112
Asset-Backed Securities - continued
	Principal Amount		Value
Asset Backed Securities Corp. Home Equity Loan Trust: - continued
Series 2005-HE2:
Class M2, 5.82% 3/25/35 (c)	$ 275,000		$ 275,748
Series 2005-HE3 Class A4, 5.52% 4/25/35 (c)	187,687		187,711
Series 2007-HE1 Class A4, 5.46% 12/25/36 (c)	1,000,000		998,852
Bank of America Credit Card Master Trust Series 2006-C7 Class C7, 5.55% 3/15/12 (c)	3,165,000		3,159,066
Bank One Issuance Trust:
Series 2003-C4 Class C4, 6.35% 2/15/11 (c)	2,010,000		2,028,492
Series 2004-C1 Class C1, 5.82% 11/15/11 (c)	25,000		25,126
Bayview Financial Acquisition Trust Series 2004-C Class A1, 5.74% 5/28/44 (c)	421,666		421,993
Bayview Financial Mortgage Loan Trust Series 2004-A Class A, 5.77% 2/28/44 (c)	198,300		198,329
Bayview Financial Securities Co. LLC Series 2006-A Class 2A1, 5.44% 2/28/41 (c)	314,173		314,299
Bear Stearns Asset Backed Securities, Inc.:
Series 2004-BO1:
Class M2, 6.07% 9/25/34 (c)	390,000		392,040
Class M3, 6.37% 9/25/34 (c)	265,000		266,240
Class M4, 6.52% 9/25/34 (c)	225,000		219,758
Series 2004-HE9 Class M2, 6.52% 11/25/34 (c)	490,000		492,670
Series 2005-HE2:
Class M1, 5.82% 2/25/35 (c)	905,000		904,114
Class M2, 6.07% 2/25/35 (c)	330,000		316,328
Brazos Higher Education Authority, Inc. Series 2006-2 Class A9, 5.3563% 12/26/24 (c)	2,612,321		2,612,219
C-Bass Trust Series 2007-CB1 Class M1, 5.55% 1/25/37 (c)	215,000		214,476
Capital Auto Receivables Asset Trust:
Series 2005-1 Class B, 5.695% 6/15/10 (c)	850,000		853,244
Series 2006-SN1A Class A4B, 5.43% 3/20/10 (a)(c)	2,700,000		2,699,544
Capital One Auto Finance Trust:
Series 2004-B Class A4, 5.43% 8/15/11 (c)	1,468,483		1,468,790
Series 2006-B Class A2, 5.53% 4/15/09	1,191,335		1,191,821
Series 2007-A Class A2, 5.33% 5/17/10	930,000		930,499
Capital One Master Trust:
Series 2001-1 Class B, 5.83% 12/15/10 (c)	500,000		501,220
Series 2001-6 Class C, 6.7% 6/15/11 (a)	2,200,000		2,236,008
Capital One Multi-Asset Execution Trust:
Series 2003-B6 Class B6, 5.85% 9/15/11 (c)	1,125,000		1,131,599
Series 2004-B1 Class B1, 5.76% 11/15/11 (c)	1,180,000		1,187,224
Asset-Backed Securities - continued
	Principal Amount		Value
Capital Trust Ltd. Series 2004-1:
Class A2, 5.77% 7/20/39 (a)(c)	$ 265,000		$ 265,580
Class B, 6.07% 7/20/39 (a)(c)	140,000		141,187
Class C, 6.42% 7/20/39 (a)(c)	180,000		181,364
Carrington Mortgage Loan Trust:
Series 2006-FRE1:
Class M7, 6.27% 7/25/36 (c)	445,000		381,110
Class M9, 7.22% 7/25/36 (c)	285,000		240,255
Series 2006-NC3 Class M10, 7.32% 8/25/36 (a)(c)	125,000		82,500
Series 2007-RFC1 Class A3, 5.46% 12/25/36 (c)	1,000,000		998,476
CDC Mortgage Capital Trust Series 2003-HE3 Class M1, 6.02% 11/25/33 (c)	91,792		91,778
Cendant Timeshare Receivables Funding LLC Series 2005 1A Class 2A2, 5.5% 5/20/17 (a)(c)	537,188		535,855
Chase Credit Card Owner Trust Series 2003-6 Class C, 6.12% 2/15/11 (c)	2,210,000		2,231,949
Chase Issuance Trust:
Series 2004-C3 Class C3, 5.79% 6/15/12 (c)	1,645,000		1,652,255
Series 2006-C3 Class C3, 5.55% 6/15/11 (c)	1,975,000		1,975,358
CIT Equipment Collateral Trust Series 2005-VT1:
Class C, 4.18% 11/20/12	353,347		350,370
Class D, 4.51% 11/20/12	209,796		208,398
Citibank Credit Card Issuance Trust:
Series 2002-B1 Class B1, 5.6763% 6/25/09 (c)	655,000		655,306
Series 2003-C1 Class C1, 6.45% 4/7/10 (c)	1,685,000		1,699,718
Series 2006-C4 Class C4, 5.54% 1/9/12 (c)	2,365,000		2,363,786
Series 2006-C6 Class C6, 5.65% 11/15/12 (c)	1,595,000		1,598,096
CNH Equipment Trust Series 2007-A Class A2, 5.09% 10/15/09	2,500,000		2,496,798
College Loan Corp. Trust I Series 2006-1 Class A7B, 5.365% 4/25/46 (a)(c)	3,195,000		3,195,320
Countrywide Home Loan Trust Series 2006-13N Class N, 7% 8/25/37 (a)	511,406		453,873
Countrywide Home Loans, Inc.:
Series 2002-6 Class AV1, 5.75% 5/25/33 (c)	24,325		24,330
Series 2003-BC1 Class M2, 7.32% 9/25/32 (c)	203,899		204,190
Series 2003-SD3 Class A1, 5.74% 12/25/32 (a)(c)	2,793		2,794
Series 2004-2 Class M1, 5.82% 5/25/34 (c)	375,000		375,789
Series 2004-3:
Class 3A4, 5.57% 8/25/34 (c)	1,273,720		1,278,570
Class M1, 5.82% 6/25/34 (c)	100,000		100,508
Series 2004-4 Class M2, 5.85% 6/25/34 (c)	315,000		316,990
Asset-Backed Securities - continued
	Principal Amount		Value
Countrywide Home Loans, Inc.: - continued
Series 2005-1:
Class 1AV2, 5.52% 7/25/35 (c)	$ 519,127		$ 519,253
Class MV1, 5.72% 7/25/35 (c)	435,000		434,907
Class MV2, 5.76% 7/25/35 (c)	525,000		525,477
Series 2005-AB1 Class A2, 5.53% 8/25/35 (c)	1,612,326		1,613,778
CPS Auto Receivables Trust:
Series 2006-B Class A2, 5.71% 6/15/16 (a)	2,905,482		2,910,022
Series 2006-C Class A2, 5.31% 3/15/10 (a)	1,774,996		1,775,183
Series 2007-A Class A1, 5.332% 3/17/08 (a)	829,403		829,403
Credit Suisse First Boston Mortgage Securities Corp. Series 2004-FRE1 Class B1, 7.12% 4/25/34 (c)	236,506		236,587
Discover Card Master Trust I:
Series 2003-4 Class B1, 5.65% 5/16/11 (c)	550,000		552,253
Series 2005-1 Class B, 5.47% 9/16/10 (c)	1,580,000		1,581,958
Series 2005-3 Class B, 5.51% 5/15/11 (c)	2,000,000		2,003,646
Series 2006-1 Class B1, 5.47% 8/16/11 (c)	1,845,000		1,846,988
Series 2006-2 Class B1, 5.44% 1/17/12 (c)	2,000,000		2,002,172
DriveTime Auto Owner Trust Series 2006-B Class A2, 5.32% 3/15/10 (a)	1,530,000		1,529,771
Fannie Mae subordinate REMIC pass-thru certificates Series 2004-T5:
Class AB1, 5.57% 5/28/35 (c)	80,751		80,725
Class AB3, 5.712% 5/28/35 (c)	32,052		32,103
Fieldstone Mortgage Investment Corp.:
Series 2004-3 Class M5, 6.77% 8/25/34 (c)	1,500,000		1,501,263
Series 2005-2 Class 2A1, 5.44% 12/25/35 (c)	278,685		278,703
Series 2006-2:
Class 2A2, 5.49% 7/25/36 (c)	880,000		869,847
Class M1, 5.63% 7/25/36 (c)	1,765,000		1,689,638
First Franklin Mortgage Loan Trust:
Series 2004-FF2:
Class M3, 5.87% 3/25/34 (c)	25,000		25,013
Class M4, 6.22% 3/25/34 (c)	25,000		25,025
Series 2004-FF8 Class M3, 6.27% 10/25/34 (c)	1,760,000		1,764,431
Series 2006-FF14:
Class A5, 5.48% 10/25/36 (c)	990,000		939,486
Class M1, 5.58% 10/25/36 (c)	880,000		826,611
Series 2006-FF18 Class M1, 5.55% 12/25/37 (c)	3,500,000		3,487,901
Series 2007-FF1 Class M1, 5.55% 1/25/38 (c)	375,000		380,383
First Investors Auto Owner Trust Series 2006-A Class A3, 4.93% 2/15/11 (a)	830,000		827,289
Asset-Backed Securities - continued
	Principal Amount		Value
Ford Credit Floorplan Master Owner Trust:
Series 2005-1:
Class A, 5.47% 5/15/10 (c)	$ 1,375,000		$ 1,374,994
Class B, 5.76% 5/15/10 (c)	1,110,000		1,112,043
Series 2006-3:
Class A, 5.5% 6/15/11 (c)	990,000		990,232
Class B, 5.77% 6/15/11 (c)	1,405,000		1,407,593
Franklin Auto Trust Series 2006-1 Class A2, 5.2% 10/20/09	1,390,658		1,390,028
Fremont Home Loan Trust:
Series 2003-B Class M6, 9.82% 12/25/33 (c)	238,895		191,116
Series 2004-B Class M1, 5.9% 5/25/34 (c)	205,000		205,566
Series 2004-C Class M1, 5.97% 8/25/34 (c)	540,000		542,362
Series 2005-A:
Class M1, 5.75% 1/25/35 (c)	225,000		225,399
Class M2, 5.78% 1/25/35 (c)	325,000		325,485
Class M3, 5.81% 1/25/35 (c)	175,000		175,261
Class M4, 6% 1/25/35 (c)	125,000		124,798
Series 2006-A:
Class M3, 5.7% 5/25/36 (c)	455,000		440,845
Class M4, 5.72% 5/25/36 (c)	685,000		636,459
Class M5, 5.82% 5/25/36 (c)	365,000		318,905
Series 2006-E Class M1, 5.58% 1/25/37 (c)	1,725,000		1,696,606
GCO Education Loan Funding Master Trust II Series 2007-1A Class C1L, 5.76% 9/25/30 (a)(c)	960,000		956,758
GE Business Loan Trust Series 2003-1 Class A, 5.75% 4/15/31 (a)(c)	163,527		163,527
GE Capital Credit Card Master Note Trust:
Series 2005-2 Class B, 5.52% 6/15/11 (c)	925,000		925,850
Series 2006-1:
Class B, 5.43% 9/17/12 (c)	585,000		585,260
Class C, 5.56% 9/17/12 (c)	455,000		455,202
GE Equipment Midticket LLC Series 2006-1 Class A2, 5.1% 5/15/09	1,325,000		1,322,965
Gracechurch Card Funding PLC:
Series 11 Class C, 5.6% 11/15/10 (c)	2,490,000		2,489,975
Series 8 Class C, 5.65% 6/15/10 (c)	2,650,000		2,649,974
Series 9:
Class B, 5.47% 9/15/10 (c)	485,000		485,000
Class C, 5.63% 9/15/10 (c)	1,800,000		1,799,982
Granite Master Issuer PLC Series 2006-1A Class A4, 5.36% 12/20/30 (a)(c)	332,540		332,547
Asset-Backed Securities - continued
	Principal Amount		Value
GSAMP Trust:
Series 2002-NC1 Class A2, 5.96% 7/25/32 (c)	$ 2,606		$ 2,635
Series 2003-FM1 Class M1, 6.55% 3/20/33 (c)	609,306		609,676
Series 2004-AHL Class A2D, 5.68% 8/25/34 (c)	267,570		268,204
Series 2004-FM1:
Class M1, 5.97% 11/25/33 (c)	168,544		168,703
Class M2, 6.72% 11/25/33 (c)	96,057		96,240
Series 2004-FM2 Class M1, 5.82% 1/25/34 (c)	249,683		249,726
Series 2004-HE1:
Class M1, 5.87% 5/25/34 (c)	289,483		289,482
Class M2, 6.47% 5/25/34 (c)	150,000		150,501
Series 2005-6 Class A2, 5.53% 6/25/35 (c)	1,800,000		1,799,599
Series 2005-9 Class 2A1, 5.44% 8/25/35 (c)	542,610		542,358
Series 2005-HE2 Class M, 5.75% 3/25/35 (c)	1,220,000		1,221,567
Series 2005-MTR1 Class A1, 5.46% 10/25/35 (c)	802,685		802,330
Series 2005-NC1 Class M1, 5.77% 2/25/35 (c)	1,205,000		1,205,763
Series 2006-FM3 Class ABS, 5.52% 11/25/36 (c)	2,045,000		2,041,569
Series 2006-HE5 Class M7, 6.15% 8/25/36 (c)	1,495,000		1,278,138
Series 2006-NC2 Class M4, 5.67% 6/25/36 (c)	1,541,000		1,523,264
Series 2007-FM1 Class M1, 5.59% 12/25/36 (c)	1,000,000		996,082
Series 2007-FM2 Class M1, 5.6% 1/25/37 (c)	1,615,000		1,597,849
Series 2007-HE1 Class M1, 5.57% 3/25/47 (c)	335,000		334,531
Series 2007-NC1 Class M7, 6.27% 12/25/46 (c)	3,390,000		2,978,657
Guggenheim Structured Real Estate Funding Ltd.:
Series 2005-1 Class C, 6.4% 5/25/30 (a)(c)	1,440,041		1,420,889
Series 2006-3:
Class B, 5.72% 9/25/46 (a)(c)	450,000		445,500
Class C, 5.87% 9/25/46 (a)(c)	1,150,000		1,127,000
Harwood Street Funding I LLC Series 2004-1A Class CTFS, 7.32% 9/20/09 (a)(c)	1,700,000		1,681,282
Home Equity Asset Trust:
Series 2002-3 Class A5, 6.2% 2/25/33 (c)	14		14
Series 2002-5 Class M1, 7.02% 5/25/33 (c)	165,729		165,901
Series 2003-1 Class M1, 6.82% 6/25/33 (c)	524,845		525,279
Series 2003-2 Class M1, 6.64% 8/25/33 (c)	66,323		66,374
Series 2003-3 Class M1, 6.18% 8/25/33 (c)	320,568		320,814
Series 2003-4 Class M1, 6.12% 10/25/33 (c)	96,601		96,675
Series 2003-5:
Class A2, 5.67% 12/25/33 (c)	10,566		10,576
Class M1, 6.02% 12/25/33 (c)	160,000		160,253
Class M2, 7.05% 12/25/33 (c)	50,215		50,359
Series 2003-7:
Class A2, 5.7% 3/25/34 (c)	2,079		2,082
Asset-Backed Securities - continued
	Principal Amount		Value
Home Equity Asset Trust: - continued
Series 2003-7:
Class M1, 5.97% 3/25/34 (c)	$ 795,000		$ 796,773
Series 2003-8 Class M1, 6.04% 4/25/34 (c)	192,210		192,576
Series 2004-4 Class A2, 5.64% 10/25/34 (c)	24,632		24,653
Series 2004-6 Class A2, 5.67% 12/25/34 (c)	92,368		92,434
Series 2005-1:
Class M1, 5.75% 5/25/35 (c)	1,270,000		1,270,922
Class M2, 5.77% 5/25/35 (c)	1,410,000		1,411,629
Series 2005-2:
Class 2A2, 5.52% 7/25/35 (c)	590,771		590,895
Class M1, 5.77% 7/25/35 (c)	890,000		890,465
Series 2007-1 Class M1, 5.56% 5/25/37 (c)	1,940,000		1,934,963
Series 2007-3 Class 2A3, 5.56% 8/25/37 (c)	2,015,000		2,015,000
Household Home Equity Loan Trust Series 2004-1 Class M, 5.84% 9/20/33 (c)	97,537		97,791
HSBC Automotive Trust:
Series 2006-1 Class A2, 5.4% 6/17/09	1,555,458		1,555,745
Series 2006-2 Class A2, 5.61% 6/17/09	1,009,995		1,010,708
Series 2007-1 Class A2, 5.32% 5/17/10	1,070,000		1,070,735
HSBC Home Equity Loan Trust:
Series 2005-2:
Class M1, 5.78% 1/20/35 (c)	196,934		196,807
Class M2, 5.81% 1/20/35 (c)	146,606		146,389
Series 2005-3:
Class A1, 5.58% 1/20/35 (c)	444,240		444,046
Class M1, 5.74% 1/20/35 (c)	260,862		260,525
Series 2006-2:
Class M1, 5.59% 3/20/36 (c)	649,423		647,132
Class M2, 5.61% 3/20/36 (c)	1,072,125		1,065,694
HSI Asset Securitization Corp. Trust:
Series 2007-HE1 Class M1, 5.62% 1/25/37 (c)	1,025,000		1,023,278
Series 2007-OPT1 Class M1, 5.55% 12/25/36 (c)	670,000		667,338
IXIS Real Estate Capital Trust Series 2005-HE1:
Class A1, 5.57% 6/25/35 (c)	39,846		39,850
Class M1, 5.79% 6/25/35 (c)	550,000		550,288
John Deere Owner Trust Series 2006-A Class A2, 5.41% 11/17/08	1,322,571		1,322,706
JP Morgan Auto Receivables Trust Series 2007-A Class A2, 5.3% 12/15/09 (a)	1,665,000		1,665,633
JP Morgan Mortgage Acquisition Trust Series 2006-WMC4 Class A4, 5.47% 12/25/36 (c)	3,000,000		2,995,804
Keycorp Student Loan Trust Series 1999-A Class A2, 5.6956% 12/27/09 (c)	187,637		188,103
Asset-Backed Securities - continued
	Principal Amount		Value
Long Beach Auto Receivables Trust:
Series 2006-B Class A2, 5.34% 11/15/09	$ 1,503,338		$ 1,503,532
Series 2007-A Class A1, 5.335% 4/15/08	1,483,001		1,483,001
Long Beach Mortgage Loan Trust:
Series 2003-2 Class M1, 6.55% 6/25/33 (c)	462,597		462,926
Series 2003-3 Class M1, 6.07% 7/25/33 (c)	337,423		337,862
Series 2005-1 Class M2, 5.85% 2/25/35 (c)	1,410,000		1,414,311
Series 2006-6:
Class 2A3, 5.47% 7/25/36 (c)	1,435,000		1,428,608
Class M4, 5.68% 7/25/36 (c)	425,000		412,080
Class M5, 5.71% 7/25/36 (c)	265,000		247,238
Class M6, 5.77% 7/25/36 (c)	265,000		239,227
Series 2006-7 Class M10, 7.82% 8/25/36 (c)	675,000		389,180
MASTR Asset Backed Securities Trust:
Series 2004-HE1 Class M1, 5.97% 9/25/34 (c)	685,000		690,364
Series 2006-HE3 Class A2, 5.42% 8/25/36 (c)	1,140,000		1,137,480
Series 2007-WMC1 Class A4, 5.48% 1/25/37 (c)	1,380,000		1,378,807
MBNA Credit Card Master Note Trust:
Series 2002-B2 Class B2, 5.7% 10/15/09 (c)	1,034,000		1,034,053
Series 2002-B4 Class B4, 5.82% 3/15/10 (c)	630,000		631,156
Series 2003-B1 Class B1, 5.76% 7/15/10 (c)	1,510,000		1,514,641
Series 2003-B2 Class B2, 5.71% 10/15/10 (c)	125,000		125,436
Series 2003-B3 Class B3, 5.695% 1/18/11 (c)	1,550,000		1,556,959
Series 2003-B5 Class B5, 5.69% 2/15/11 (c)	2,000,000		2,008,602
Series 2003-C2 Class C2, 6.92% 6/15/10 (c)	2,000,000		2,020,622
Series 2005-C1 Class C, 5.73% 10/15/12 (c)	2,505,000		2,522,036
Series 2005-C2 Class C, 5.67% 2/15/13 (c)	2,505,000		2,516,686
Series 2005-C3 Class C, 5.59% 3/15/11 (c)	2,830,000		2,835,617
MBNA Master Credit Card Trust II Series 1998-E Class B, 5.36% 9/15/10 (c)	200,000		200,527
Meritage Mortgage Loan Trust Series 2004-1:
Class M1, 5.82% 7/25/34 (c)	141,466		141,488
Class M2, 5.87% 7/25/34 (c)	25,000		25,004
Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-1:
Class A2C, 5.57% 4/25/37 (c)	1,035,000		1,035,000
Class M1, 5.7% 4/25/37 (c)	1,355,000		1,355,000
Merrill Lynch Mortgage Investors, Inc.:
Series 2004-FM1 Class M2, 6.47% 1/25/35 (c)	91,205		91,447
Series 2004-HE2:
Class A1B, 5.79% 8/25/35 (c)	122,174		122,438
Class A2B, 5.7% 8/25/35 (c)	33,003		33,009
Series 2006-FM1 Class A2B, 5.43% 4/25/37 (c)	1,055,000		1,054,614
Asset-Backed Securities - continued
	Principal Amount		Value
Morgan Stanley ABS Capital I, Inc.:
Series 2002-HE3 Class M1, 6.42% 12/27/32 (c)	$ 122,775		$ 122,853
Series 2003-NC10 Class M1, 6% 10/25/33 (c)	792,708		793,872
Series 2003-NC8 Class M1, 6.02% 9/25/33 (c)	119,992		120,100
Series 2004-HE6 Class A2, 5.66% 8/25/34 (c)	175,718		176,108
Series 2004-NC2 Class M1, 5.87% 12/25/33 (c)	347,703		348,547
Series 2005-1 Class M2, 5.79% 12/25/34 (c)	570,000		571,037
Series 2005-HE1:
Class M1, 5.77% 12/25/34 (c)	150,000		150,128
Class M2, 5.79% 12/25/34 (c)	385,000		384,787
Series 2005-HE2:
Class M1, 5.72% 1/25/35 (c)	370,000		370,102
Class M2, 5.76% 1/25/35 (c)	265,000		265,274
Series 2005-NC1:
Class M1, 5.76% 1/25/35 (c)	325,000		324,773
Class M2, 5.79% 1/25/35 (c)	325,000		325,132
Class M3, 5.83% 1/25/35 (c)	325,000		324,682
Series 2006-HE4:
Class M1, 5.6% 6/25/36 (c)	440,000		438,202
Class M2:
5.62% 6/25/36 (c)	770,000		767,488
5.63% 6/25/36 (c)	550,000		545,768
Class M4, 5.67% 6/25/36 (c)	1,160,000		1,138,145
Series 2006-HE5 Class B1, 6.29% 8/25/36 (c)	2,415,000		2,253,169
Morgan Stanley Dean Witter Capital I Trust:
Series 2001-AM1 Class M1, 6.595% 2/25/32 (c)	299,482		299,663
Series 2001-NC1 Class M2, 6.925% 10/25/31 (c)	8,680		8,689
Series 2001-NC4 Class M1, 6.82% 1/25/32 (c)	31,133		31,163
Series 2002-AM3 Class A3, 5.81% 2/25/33 (c)	14,114		14,118
Series 2002-HE1 Class M1, 6.22% 7/25/32 (c)	574,564		574,841
Series 2002-NC3 Class M1, 6.4% 8/25/32 (c)	100,000		100,067
Series 2002-OP1 Class M1, 6.445% 9/25/32 (c)	330,545		330,760
Navistar Financial Dealer Note Master Trust Series 2005-1 Class A, 5.43% 2/25/13 (c)	2,050,000		2,045,103
New Century Home Equity Loan Trust Series 2005-1:
Class M1, 5.77% 3/25/35 (c)	595,000		593,550
Class M2, 5.8% 3/25/35 (c)	595,000		591,717
Class M3, 5.84% 3/25/35 (c)	290,000		286,870
Nissan Auto Lease Trust:
Series 2004-A Class A4A, 5.39% 6/15/10 (c)	468,159		468,265
Series 2005-A Class A4, 5.37% 8/15/11 (c)	2,210,000		2,210,011
Asset-Backed Securities - continued
	Principal Amount		Value
Nomura Home Equity Loan Trust:
Series 2006-HE3:
Class M7, 6.12% 7/25/36 (c)	$ 485,000		$ 408,566
Class M8, 6.27% 7/25/36 (c)	340,000		244,567
Class M9, 7.17% 7/25/36 (c)	490,000		334,713
Series 2007-2 Class 2A3, 5.51% 2/25/37 (c)	947,000		945,291
NovaStar Home Equity Loan Series 2004-1:
Class M1, 5.77% 6/25/34 (c)	100,000		100,154
Class M4, 6.295% 6/25/34 (c)	170,000		170,282
NovaStar Mortgage Funding Trust:
Series 2003-3 Class A3, 5.77% 12/25/33 (c)	42,252		42,338
Series 2007-1 Class A2C, 5.5% 3/25/37 (c)	805,000		802,988
Ocala Funding LLC Series 2006-1A Class A, 6.72% 3/20/11 (a)(c)	965,000		928,813
Option One Mortgage Loan Trust Series 2003-6 Class M1, 5.97% 11/25/33 (c)	1,025,000		1,029,617
Ownit Mortgage Loan Asset-Backed Certificates Series 2005-3 Class A2A, 5.44% 6/25/36 (c)	256,981		257,015
Park Place Securities, Inc.:
Series 2004 WWF1 Class M4, 6.42% 1/25/35 (c)	945,000		947,107
Series 2004-WCW1:
Class M1, 5.95% 9/25/34 (c)	815,000		813,328
Class M2, 6% 9/25/34 (c)	160,000		160,531
Class M3, 6.57% 9/25/34 (c)	310,000		311,084
Class M4, 6.77% 9/25/34 (c)	435,000		436,651
Series 2004-WCW2 Class A2, 5.7% 10/25/34 (c)	21,070		21,074
Series 2004-WWF1 Class A5, 5.79% 1/25/35 (c)	28,492		28,507
Series 2005-WCH1:
Class A3B, 5.54% 1/25/35 (c)	43,995		44,006
Class M2, 5.84% 1/25/35 (c)	1,130,000		1,131,779
Class M3, 5.88% 1/25/35 (c)	425,000		426,195
Class M5, 6.2% 1/25/35 (c)	400,000		400,180
Series 2005-WHQ1 Class M7, 6.57% 3/25/35 (c)	910,000		884,734
Providian Master Note Trust:
Series 2005-2 Class C2, 5.82% 11/15/12 (a)(c)	2,160,000		2,164,860
Series 2006-C1A Class C1, 5.87% 3/16/15 (a)(c)	2,465,000		2,465,000
Residential Asset Mortgage Products, Inc.:
Series 2004-RS10 Class MII2, 6.57% 10/25/34 (c)	1,300,000		1,307,618
Series 2004-RS6:
Class 2M2, 6.62% 6/25/34 (c)	250,000		251,850
Class 2M3, 6.77% 6/25/34 (c)	250,000		251,927
Series 2005-SP2 Class 1A1, 5.47% 5/25/44 (c)	239,453		239,479
Series 2007-RZ1 Class A2, 5.48% 2/25/37 (c)	1,200,000		1,199,105
Asset-Backed Securities - continued
	Principal Amount		Value
Residential Asset Securities Corp. Series 2004-KS10 Class AI2, 5.64% 3/25/29 (c)	$ 5,646		$ 5,649
Salomon Brothers Mortgage Securities VII, Inc. Series 2003-HE1 Class A, 5.72% 4/25/33 (c)	1,451		1,452
Saxon Asset Securities Trust:
Series 2004-1 Class M1, 5.85% 3/25/35 (c)	640,000		640,231
Series 2004-2 Class MV1, 5.9% 8/25/35 (c)	415,000		415,204
Series 2007-1 Class A2C, 5.47% 2/25/37 (c)	1,000,000		1,000,000
Securitized Asset Backed Receivables LLC Trust:
Series 2006-WM4 Class M1, 5.56% 11/25/36 (c)	890,000		886,471
Series 2007-HE1 Class M1, 5.57% 12/25/36 (c)	955,000		949,510
Series 2007-NC1 Class M1, 5.56% 12/25/36 (c)	2,035,000		2,026,877
Series 2007-NC2 Class M1, 5.55% 1/25/37 (c)	385,000		383,884
Sierra Timeshare Receivables Fund LLC Series 2006-1A Class A2, 5.47% 5/20/18 (a)(c)	2,547,776		2,547,764
Sovereign Dealer Floor Plan Master LLC Series 2006-1:
Class B, 5.5% 8/15/11 (a)(c)	1,140,000		1,139,749
Class C, 5.7% 8/15/11 (a)(c)	520,000		519,886
Specialty Underwriting & Residential Finance Trust:
Series 2003-BC3 Class M1, 5.97% 8/25/34 (c)	1,000,000		1,000,352
Series 2003-BC4 Class M1, 5.92% 11/25/34 (c)	260,000		260,882
Structured Asset Corp. Trust Series 2006-BC6:
Class A4, 5.49% 1/25/37 (c)	1,215,000		1,212,321
Class M1, 5.59% 1/25/37 (c)	1,180,000		1,175,369
Structured Asset Investment Loan Trust:
Series 2003-BC9 Class M1, 6.02% 8/25/33 (c)	1,135,000		1,137,482
Series 2004-8 Class M5, 6.47% 9/25/34 (c)	290,000		291,571
Series 2005-1 Class M4, 6.08% 2/25/35 (a)(c)	485,000		485,979
Structured Asset Securities Corp.:
Series 2004-GEL1 Class A, 5.68% 2/25/34 (c)	25,222		25,323
Series 2007-BC1 Class M1, 5.55% 2/25/37 (c)	3,195,000		3,186,280
Superior Wholesale Inventory Financing Trust:
Series 2004-A10:
Class A, 5.42% 9/15/11 (c)	2,735,000		2,729,448
Class B, 5.6% 9/15/11 (c)	1,625,000		1,627,185
Series 2007-AE1:
Class A, 5.42% 1/15/12 (c)	400,000		400,406
Class B, 5.62% 1/15/12 (c)	335,000		335,000
Class C, 5.92% 1/15/12 (c)	420,000		420,000
Superior Wholesale Inventory Financing Trust VII Series 2003-A8 Class CTFS, 5.77% 3/15/11 (a)(c)	675,000		675,000
Superior Wholesale Inventory Financing Trust XII Series 2005-A12 Class C, 6.52% 6/15/10 (c)	980,000		988,433
Asset-Backed Securities - continued
	Principal Amount		Value
Terwin Mortgage Trust:
Series 2003-4HE Class A1, 5.75% 9/25/34 (c)	$ 21,802		$ 21,871
Series 2003-6HE Class A1, 5.79% 11/25/33 (c)	17,086		17,148
Series 2005-14HE Class AF1, 5.46% 8/25/36 (c)	209,167		209,182
Triad Auto Receivables Owner Trust Series 2006-B Class A2, 5.36% 11/12/09	1,313,028		1,313,064
Turquoise Card Backed Securities PLC Series 2006-1A Class C, 5.65% 5/16/11 (a)(c)	2,165,000		2,164,154
UPFC Auto Receivables Trust Series 2006-A Class A2, 5.46% 6/15/09	436,543		436,702
Wachovia Auto Loan Owner Trust Series 2006-1 Class A2, 5.28% 4/20/10 (a)	2,456,594		2,456,259
WaMu Master Note Trust Series 2006-A3A Class A3, 5.35% 9/16/13 (a)(c)	3,025,000		3,025,000
WFS Financial Owner Trust:
Series 2004-3 Class D, 4.07% 2/17/12	194,525		192,980
Series 2004-4 Class D, 3.58% 5/17/12	180,263		178,281
Series 2005-1 Class D, 4.09% 8/15/12	191,171		189,360
Whinstone Capital Management Ltd. Series 1A Class B3, 6.255% 10/25/44 (a)(c)	1,696,801		1,696,801
TOTAL ASSET-BACKED SECURITIES (Cost $311,131,912)		308,702,433
Collateralized Mortgage Obligations - 13.3%
Private Sponsor - 10.2%
ACE Securities Corp. Home Equity Loan Trust floater Series 2007-WM1:
Class A2C, 5.49% 11/25/36 (c)	1,000,000		998,449
Class M1, 5.57% 11/25/36 (c)	530,000		527,866
American Home Mortgage Assets Trust floater Series 2006-1 Class 2A1, 5.51% 5/25/46 (c)	1,102,539		1,100,855
Bear Stearns Adjustable Rate Mortgage Trust floater Series 2005-6 Class 1A1, 5.0917% 8/25/35 (c)	1,663,219		1,666,559
Bear Stearns Alt-A Trust floater:
Series 2005-1 Class A1, 5.6% 1/25/35 (c)	1,252,003		1,254,312
Series 2005-2 Class 1A1, 5.57% 3/25/35 (c)	666,291		666,901
Citigroup Mortgage Loan Trust floater Series 2006-NC1:
Class M4, 5.71% 8/25/36 (c)	1,205,000		1,190,642
Class M5, 5.74% 8/25/36 (c)	860,000		845,196
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
Private Sponsor - continued
Credit Suisse First Boston Adjustable Rate Mortgage Trust floater:
Series 2004-2 Class 7A3, 5.72% 2/25/35 (c)	$ 334,400		$ 335,769
Series 2004-4 Class 5A2, 5.72% 3/25/35 (c)	92,894		93,180
Series 2005-1 Class 5A2, 5.65% 5/25/35 (c)	210,710		211,048
Series 2005-10 Class 5A2, 5.64% 1/25/36 (c)	1,059,654		1,061,888
Series 2005-2:
Class 6A2, 5.6% 6/25/35 (c)	84,467		84,588
Class 6M2, 5.8% 6/25/35 (c)	1,375,000		1,378,688
Series 2005-3 Class 8A2, 5.56% 7/25/35 (c)	847,565		849,300
Series 2005-5 Class 6A2, 5.55% 9/25/35 (c)	736,882		738,680
Series 2005-8 Class 7A2, 5.6% 11/25/35 (c)	520,264		521,905
Credit Suisse First Boston Mortgage Securities Corp. floater:
Series 2004-AR2 Class 6A1, 5.72% 3/25/34 (c)	32,428		32,462
Series 2004-AR3 Class 6A2, 5.69% 4/25/34 (c)	15,900		15,905
Series 2004-AR5 Class 11A2, 5.69% 6/25/34 (c)	56,103		56,178
Series 2004-AR6 Class 9A2, 5.69% 10/25/34 (c)	71,551		71,656
Series 2004-AR7 Class 6A2, 5.7% 8/25/34 (c)	129,257		129,638
Series 2004-AR8 Class 8A2, 5.7% 9/25/34 (c)	67,441		67,520
CWALT, Inc. floater Series 2005-56 Class 3A1, 5.61% 11/25/35 (c)	409,703		410,512
Deutsche Alt-A Securities Mortgage Loan Trust floater Series 2007-BAR1 Class A3, 5.48% 3/25/37 (c)	1,375,000		1,375,000
First Franklin Mortgage Loan Trust floater Series 2006-FF13:
Class M7, 6.07% 10/25/36 (c)	1,205,000		1,008,730
Class M8, 6.27% 10/25/36 (c)	525,000		410,167
First Horizon Mortgage pass thru Trust floater Series 2004-FL1 Class 2A1, 5.67% 12/25/34 (c)	95,660		95,670
Gracechurch Mortgage Funding PLC floater Series 1A:
Class A2B, 5.42% 10/11/41 (a)(c)	2,435,226		2,435,129
Class CB, 5.63% 10/11/41 (a)(c)	260,000		259,987
Class DB, 5.82% 10/11/41 (a)(c)	1,060,000		1,059,947
Granite Master Issuer PLC floater:
Series 2005-1 Class A3, 5.43% 12/21/24 (c)	525,000		525,146
Series 2005-2 Class C1, 5.86% 12/20/54 (c)	3,110,000		3,108,056
Series 2005-4:
Class A3, 5.43% 12/20/54 (c)	2,230,000		2,230,468
Class C1, 5.79% 12/20/54 (c)	925,000		925,036
Class M2, 5.64% 12/20/54 (c)	1,830,000		1,831,162
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
Private Sponsor - continued
Granite Master Issuer PLC floater: - continued
Series 2006-1A:
Class A5, 5.43% 12/20/54 (a)(c)	$ 1,000,000		$ 1,000,313
Class C2, 5.96% 12/20/54 (a)(c)	1,545,000		1,544,954
Series 2006-3 Class C2, 5.8581% 12/20/54 (c)	1,230,000		1,230,000
Series 2006-4:
Class B1, 5.44% 12/20/54 (c)	1,250,000		1,249,938
Class C1, 5.73% 12/20/54 (c)	765,000		764,954
Class M1, 5.52% 12/20/54 (c)	330,000		329,980
Series 2007-1:
Class 1C1, 5.65% 12/20/54 (c)	555,000		554,089
Class 1M1, 5.5% 12/20/54 (c)	500,000		499,570
Class 2B1, 5.47% 12/20/54 (c)	535,000		534,331
Class 2C1, 5.78% 12/20/54 (c)	295,000		294,723
Class 2M1, 5.6% 12/20/54 (c)	645,000		645,151
GSAMP Trust floater Series 2004-11 Class 2A1, 5.65% 12/20/34 (c)	728,548		730,049
Holmes Financing No. 10 PLC floater Series 10A:
Class 1C, 5.6256% 7/15/40 (a)(c)	415,000		415,004
Class 2A, 5.3856% 7/15/40 (a)(c)	1,040,000		1,040,218
Class 2C, 5.7056% 7/15/40 (a)(c)	975,000		974,971
Holmes Financing No. 9 PLC floater Class 2A, 5.4156% 7/15/13 (c)	2,780,000		2,780,723
Homestar Mortgage Acceptance Corp. floater Series 2004-5 Class A1, 5.77% 10/25/34 (c)	415,762		417,426
Impac CMB Trust floater:
Series 2004-11 Class 2A2, 5.69% 3/25/35 (c)	334,716		335,002
Series 2004-6 Class 1A2, 5.71% 10/25/34 (c)	113,714		113,799
Series 2005-1:
Class M1, 5.78% 4/25/35 (c)	175,561		175,698
Class M2, 5.82% 4/25/35 (c)	310,466		310,639
Class M3, 5.85% 4/25/35 (c)	75,768		75,857
Class M4, 6.07% 4/25/35 (c)	46,200		45,964
Class M5, 6.09% 4/25/35 (c)	46,200		45,932
Class M6, 6.14% 4/25/35 (c)	72,072		71,576
Series 2005-2 Class 1A2, 5.63% 4/25/35 (c)	769,286		770,460
Series 2005-4 Class 1B1, 6.62% 5/25/35 (c)	337,630		327,660
Series 2005-7:
Class M1, 5.8% 11/25/35 (c)	160,917		161,249
Class M2, 5.84% 11/25/35 (c)	120,688		120,844
Class M3, 5.94% 11/25/35 (c)	603,439		587,507
Class M4, 5.98% 11/25/35 (c)	288,310		279,946
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
Private Sponsor - continued
Kildare Securities Ltd. floater Series 2007-1 Class A2, 5.4232% 12/10/43 (a)(c)	$ 865,000		$ 864,957
Lehman Structured Securities Corp. floater Series 2005-1 Class A2, 5.71% 9/26/45 (a)(c)	694,159		696,475
Lehman XS Trust floater:
Series 2006-12N Class A1A1, 5.4% 8/25/46 (c)	2,089,741		2,090,070
Series 2006-GP1 Class A1, 5.41% 5/25/46 (c)	1,462,725		1,462,007
MASTR Adjustable Rate Mortgages Trust floater:
Series 2004-11:
Class 1A4, 5.81% 11/25/34 (c)	49,553		49,685
Class 2A1, 5.7% 11/25/34 (c)	124,438		124,814
Class 2A2, 5.76% 11/25/34 (c)	27,395		27,496
Series 2005-1 Class 1A1, 5.59% 3/25/35 (c)	135,294		135,340
MASTR Seasoned Securitization Trust Series 2004-1 Class 1A1, 6.2357% 8/25/17 (c)	442,312		449,968
Merrill Lynch Mortgage Investors Trust floater Series 2006-MLN1 Class M4, 5.68% 7/25/37 (c)	1,015,000		999,989
Merrill Lynch Mortgage Investors, Inc.:
floater:
Series 2003-A:
Class 2A1, 5.71% 3/25/28 (c)	99,769		100,144
Class 2A2, 5.7981% 3/25/28 (c)	35,632		35,690
Series 2003-B Class A1, 5.66% 4/25/28 (c)	100,834		101,118
Series 2003-D Class A, 5.63% 8/25/28 (c)	473,726		474,399
Series 2003-E Class A2, 5.7181% 10/25/28 (c)	173,201		173,399
Series 2003-F Class A2, 5.6538% 10/25/28 (c)	170,057		170,256
Series 2004-A Class A2, 5.5638% 4/25/29 (c)	246,994		246,887
Series 2004-B Class A2, 5.6388% 6/25/29 (c)	237,186		237,299
Series 2004-C Class A2, 5.67% 7/25/29 (c)	296,822		297,205
Series 2004-D Class A2, 5.6738% 9/25/29 (c)	335,259		335,571
Series 2004-E Class A2D, 5.8638% 11/25/29 (c)	333,681		334,997
Series 2004-G Class A2, 5.67% 11/25/29 (c)	126,753		126,782
Series 2005-A Class A2, 5.6381% 2/25/30 (c)	343,758		344,079
Series 2005-B Class A2, 5.5988% 7/25/30 (c)	347,974		348,275
Series 2003-G Class XA1, 1% 1/25/29 (e)	1,106,055		5,761
MortgageIT Trust floater Series 2004-2:
Class A1, 5.69% 12/25/34 (c)	375,075		375,371
Class A2, 5.77% 12/25/34 (c)	506,631		510,590
Opteum Mortgage Acceptance Corp. floater:
Series 2005-3 Class APT, 5.61% 7/25/35 (c)	1,574,856		1,580,426
Series 2005-5 Class 1A1B, 5.52% 12/25/35 (c)	920,000		919,814
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
Private Sponsor - continued
Option One Mortgage Loan Trust floater Series 2007-CP1 Class M1, 5.62% 3/25/37 (c)	$ 980,000		$ 982,165
Permanent Financing No. 3 PLC floater Series 2006-3 Class 3A, 5.52% 9/10/33 (c)	2,495,000		2,498,830
Permanent Financing No. 5 PLC floater:
Series 2:
Class A, 5.45% 6/10/11 (c)	2,500,000		2,500,425
Class C, 5.99% 6/10/42 (c)	390,000		390,564
Series 3 Class C, 6.16% 6/10/42 (c)	1,030,000		1,039,312
Permanent Financing No. 6 PLC floater Series 6 Class 2C, 5.79% 6/10/42 (c)	1,600,000		1,600,480
Permanent Financing No. 7 PLC floater Series 7 Class 2C, 5.67% 6/10/42 (c)	1,685,000		1,683,537
Permanent Financing No. 8 PLC floater:
Series 3C, 5.86% 6/10/42 (c)	910,000		910,470
Series 8:
Class 2A, 5.41% 6/10/14 (c)	2,945,000		2,945,816
Class 2C, 5.74% 6/10/42 (c)	2,350,000		2,347,892
Permanent Master Issuer PLC floater:
Series 2006-1 Class 2C, 5.7556% 7/17/42 (c)	2,645,000		2,644,897
Series 2007-1 Class 4A, 5.4356% 10/15/33 (c)	3,450,000		3,449,897
Residential Accredit Loans, Inc. floater Series 2006-QO7 Class 3A1, 5.42% 9/25/46 (c)	2,447,137		2,444,843
Residential Asset Mortgage Products, Inc.:
sequential payer:
Series 2003-SL1 Class A31, 7.125% 4/25/31	169,332		171,479
Series 2004-SL2 Class A1, 6.5% 10/25/16	60,341		61,620
Series 2005-AR5 Class 1A1, 4.8235% 9/19/35 (c)	475,387		480,297
Residential Funding Securities Corp. floater Series 2003-RP2 Class A1, 5.77% 6/25/33 (a)(c)	86,879		87,348
Sequoia Mortgage Funding Trust Series 2003-A Class AX1, 0.8% 10/21/08 (a)(e)	1,050,587		3,445
Sequoia Mortgage Trust floater:
Series 2003-5 Class A2, 5.72% 9/20/33 (c)	172,840		172,839
Series 2004-1 Class A, 5.6906% 2/20/34 (c)	115,514		115,514
Series 2004-10 Class A4, 5.7006% 11/20/34 (c)	349,336		350,318
Series 2004-12 Class 1A2, 5.66% 1/20/35 (c)	579,067		580,648
Series 2004-4 Class A, 5.6206% 5/20/34 (c)	433,433		433,432
Series 2004-5 Class A3, 5.65% 6/20/34 (c)	164,858		164,878
Series 2004-6:
Class A3A, 5.6675% 6/20/35 (c)	186,621		186,934
Class A3B, 5.81% 7/20/34 (c)	373,242		373,594
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
Private Sponsor - continued
Sequoia Mortgage Trust floater: - continued
Series 2004-7:
Class A3A, 5.71% 8/20/34 (c)	$ 204,664		$ 204,934
Class A3B, 5.935% 7/20/34 (c)	397,407		398,603
Series 2004-8 Class A2, 5.755% 9/20/34 (c)	593,693		595,066
Series 2005-1 Class A2, 5.6406% 2/20/35 (c)	316,954		317,993
Series 2005-2 Class A2, 5.6406% 3/20/35 (c)	564,080		565,145
Soundview Home Equity Loan Trust floater Series 2006-EQ1:
Class M2, 5.64% 9/25/36 (c)	640,000		637,861
Class M4, 5.69% 9/25/36 (c)	960,000		946,661
Class M7, 6.12% 9/25/36 (c)	330,000		305,506
Structured Asset Securities Corp. floater:
Series 2004-NP1 Class A, 5.72% 9/25/33 (a)(c)	89,123		89,169
Series 2005-AR1 Class B1, 7.32% 9/25/35 (a)(c)	1,155,000		609,032
Series 2007-GEL1 Class A2, 5.51% 1/25/37 (a)(c)	1,000,000		990,000
TBW Mortgage-Backed pass thru certificates floater Series 2006-4 Class A3, 5.34% 9/25/36 (c)	2,255,000		2,253,358
Thornburg Mortgage Securities Trust floater:
Series 2004-3 Class A, 5.69% 9/25/34 (c)	1,593,543		1,598,225
Series 2005-3 Class A4, 5.59% 10/25/35 (c)	2,047,569		2,045,930
WaMu Mortgage pass thru certificates:
floater Series 2006-AR11 Class C1B1, 5.4% 9/25/46 (c)	1,175,161		1,175,576
sequential payer Series 2002-S6 Class A25, 6% 10/25/32	99,725		99,341
WaMu Mortgage Securities Corp. sequential payer Series 2003-MS9 Class 2A1, 7.5% 12/25/33	49,673		51,138
Wells Fargo Mortgage Backed Securities Trust:
Series 2004-M Class A3, 4.667% 8/25/34 (c)	474,071		471,945
Series 2005-AR10 Class 2A2, 4.1096% 6/25/35 (c)	4,159,370		4,116,322
Series 2005-AR12 Class 2A1, 4.319% 7/25/35 (c)	2,110,623		2,081,668
TOTAL PRIVATE SPONSOR			109,796,533
U.S. Government Agency - 3.1%
Fannie Mae:
floater Series 2002-89 Class F, 5.62% 1/25/33 (c)	85,509		85,900
planned amortization class:
Series 1993-207 Class G, 6.15% 4/25/23	275,287		274,913
Series 2003-24 Class PB, 4.5% 12/25/12	854,048		850,076
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
U.S. Government Agency - continued
Fannie Mae subordinate REMIC pass-thru certificates:
floater:
Series 2001-38 Class QF, 6.3% 8/25/31 (c)	$ 775,494		$ 794,122
Series 2002-11 Class QF, 5.82% 3/25/32 (c)	118,535		119,634
Series 2002-36 Class FT, 5.82% 6/25/32 (c)	118,259		119,174
Series 2002-49 Class FB, 5.92% 11/18/31 (c)	1,246,071		1,262,078
Series 2002-60 Class FV, 6.32% 4/25/32 (c)	271,951		279,721
Series 2002-64 Class FE, 5.67% 10/18/32 (c)	56,699		57,014
Series 2002-68 Class FH, 5.82% 10/18/32 (c)	2,341,048		2,362,086
Series 2002-74 Class FV, 5.77% 11/25/32 (c)	76,445		76,938
Series 2002-75 Class FA, 6.32% 11/25/32 (c)	557,089		573,055
Series 2003-11:
Class DF, 5.77% 2/25/33 (c)	59,719		60,054
Class EF, 5.77% 2/25/33 (c)	27,773		27,944
Series 2003-122 Class FL, 5.67% 7/25/29 (c)	436,457		438,978
Series 2004-33 Class FW, 5.72% 8/25/25 (c)	731,785		736,600
Series 2004-54 Class FE, 6.47% 2/25/33 (c)	508,219		510,052
Series 2005-72 Class FG, 5.57% 5/25/35 (c)	6,079,452		6,095,124
planned amortization class:
Series 2002-11 Class QB, 5.5% 3/25/15	31,931		31,843
Series 2002-52 Class PA, 6% 4/25/31	4,538		4,539
Series 2002-50 Class LE, 7% 12/25/29	9,858		9,851
Series 2004-31 Class IA, 4.5% 6/25/10 (e)	11,621		897
Freddie Mac planned amortization class Series 2162 Class PH, 6% 6/15/29	1,208,602		1,233,848
Freddie Mac Multi-class participation certificates guaranteed:
floater:
Series 2389 Class DA, 6.22% 11/15/30 (c)	989,668		992,795
Series 2406:
Class FP, 6.3% 1/15/32 (c)	1,875,428		1,921,726
Class PF, 6.3% 12/15/31 (c)	1,830,613		1,875,726
Series 2410 Class PF, 6.3% 2/15/32 (c)	2,700,357		2,771,795
Series 2448 Class FT, 6.32% 3/15/32 (c)	1,229,787		1,260,846
Series 2526 Class FC, 5.72% 11/15/32 (c)	16,045		16,152
Series 2538 Class FB, 5.72% 12/15/32 (c)	147,686		148,646
Series 2551 Class FH, 5.77% 1/15/33 (c)	52,494		52,827
Series 2553 Class FB, 5.82% 3/15/29 (c)	2,345,095		2,359,202
Series 2577 Class FW, 5.82% 1/15/30 (c)	1,587,939		1,598,828
Series 2650 Class FV, 5.72% 12/15/32 (c)	1,531,122		1,544,156
Series 2861 Class JF, 5.62% 4/15/17 (c)	690,488		694,035
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
U.S. Government Agency - continued
Freddie Mac Multi-class participation certificates guaranteed: - continued
floater:
Series 2994 Class FB, 5.47% 6/15/20 (c)	$ 563,565		$ 563,670
Series 3066 Class HF, 0% 1/15/34 (c)	54,307		52,246
planned amortization class:
Series 2543 Class PM, 5.5% 8/15/18	303,683		303,241
Series 2614 Class IC, 4.5% 12/15/10 (e)	34,408		24
Series 2676 Class KN, 3% 12/15/13	369,517		367,354
Series 2776 Class UJ, 4.5% 5/15/20 (e)	170,566		2,074
Series 2828 Class JA, 4.5% 1/15/10	67,673		67,541
Series 1803 Class A, 6% 12/15/08	196,296		196,693
Ginnie Mae guaranteed REMIC pass-thru securities:
floater Series 2001-21 Class FB, 5.72% 1/16/27 (c)	90,637		91,149
planned amortization class Series 2002-5 Class PD, 6.5% 5/16/31	129,536		130,168
TOTAL U.S. GOVERNMENT AGENCY			33,015,335
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $143,631,726)		142,811,868
Commercial Mortgage Securities - 6.9%
Banc of America Large Loan Trust floater Series 2006-BIX1:
Class E, 5.56% 10/15/19 (a)(c)	170,000		169,999
Class F, 5.63% 10/15/19 (a)(c)	170,000		169,999
Class G, 5.65% 10/15/19 (a)(c)	125,000		124,999
Class JCP, 5.82% 10/15/19 (a)(c)	10,882		10,848
Banc of America Large Loan, Inc.:
floater:
Series 2003-BBA2 Class K, 7.92% 11/15/15 (a)(c)	61,614		62,197
Series 2005-BBA6 Class G, 5.74% 1/15/19 (a)(c)	87,628		87,637
Series 2005-ESHA:
Class F, 6.07% 7/14/20 (a)(c)	860,000		860,299
Class G, 6.2% 7/14/20 (a)(c)	585,000		584,859
Class H, 6.42% 7/14/20 (a)(c)	720,000		718,558
Series 2005-MIB1:
Class B, 5.58% 3/15/22 (a)(c)	475,000		475,297
Class C, 5.63% 3/15/22 (a)(c)	200,000		200,156
Class D, 5.68% 3/15/22 (a)(c)	205,000		205,141
Class E, 5.72% 3/15/22 (a)(c)	390,000		390,278
Commercial Mortgage Securities - continued
	Principal Amount		Value
Banc of America Large Loan, Inc.: - continued
floater:
Series 2005-MIB1:
Class F, 5.79% 3/15/22 (a)(c)	$ 200,000		$ 200,143
Class G, 5.85% 3/15/22 (a)(c)	130,000		130,093
Series 2006-ESH:
Class A, 6.18% 7/14/11 (a)(c)	938,219		935,694
Class B, 6.28% 7/14/11 (a)(c)	467,860		466,002
Class C, 6.43% 7/14/11 (a)(c)	936,970		933,471
Class D, 7.061% 7/14/11 (a)(c)	544,559		544,589
Series 2006-LAQ:
Class H, 6% 2/9/21 (a)(c)	440,000		439,313
Class J, 6.09% 2/9/21 (a)(c)	320,000		320,992
Class K, 6.32% 2/9/21 (a)(c)	880,000		877,725
Series 2005-ESHA Class X1, 0.9161% 7/14/20 (a)(c)(e)	44,830,000		78,829
Bayview Commercial Asset Trust floater:
Series 2003-1 Class A, 5.9% 8/25/33 (a)(c)	157,533		157,585
Series 2003-2 Class A, 5.9% 12/25/33 (a)(c)	461,634		462,308
Series 2004-1:
Class A, 5.68% 4/25/34 (a)(c)	298,321		298,554
Class B, 7.22% 4/25/34 (a)(c)	49,720		49,409
Series 2004-2:
Class A, 5.75% 8/25/34 (a)(c)	383,349		384,128
Class M1, 5.9% 8/25/34 (a)(c)	122,791		122,964
Series 2004-3:
Class A1, 5.69% 1/25/35 (a)(c)	550,528		551,216
Class A2, 5.74% 1/25/35 (a)(c)	64,768		64,859
Class M1, 5.82% 1/25/35 (a)(c)	97,152		97,197
Class M2, 6.32% 1/25/35 (a)(c)	64,768		64,778
Series 2005-2A:
Class M1, 5.75% 8/25/35 (a)(c)	153,931		153,781
Class M2, 5.8% 8/25/35 (a)(c)	257,939		258,692
Class M3, 5.82% 8/25/35 (a)(c)	141,450		141,863
Class M4, 5.93% 8/25/35 (a)(c)	128,969		130,163
Series 2005-3A:
Class A1, 5.64% 11/25/35 (a)(c)	704,817		707,972
Class M1, 5.76% 11/25/35 (a)(c)	100,688		101,287
Class M2, 5.81% 11/25/35 (a)(c)	138,446		139,613
Class M3, 5.83% 11/25/35 (a)(c)	125,860		126,920
Class M4, 5.92% 11/25/35 (a)(c)	155,228		155,608
Series 2005-4A:
Class A2, 5.71% 1/25/36 (a)(c)	975,874		977,856
Class B1, 6.72% 1/25/36 (a)(c)	88,716		88,439
Commercial Mortgage Securities - continued
	Principal Amount		Value
Bayview Commercial Asset Trust floater: - continued
Series 2005-4A:
Class M1, 5.77% 1/25/36 (a)(c)	$ 354,863		$ 355,362
Class M2, 5.79% 1/25/36 (a)(c)	88,716		88,744
Class M3, 5.82% 1/25/36 (a)(c)	177,432		177,071
Class M4, 5.93% 1/25/36 (a)(c)	88,716		87,940
Class M5, 5.97% 1/25/36 (a)(c)	88,716		87,787
Class M6, 6.02% 1/25/36 (a)(c)	88,716		87,579
Series 2006-2A:
Class A1, 5.55% 7/25/36 (a)(c)	1,599,758		1,599,751
Class A2, 5.6% 7/25/36 (a)(c)	269,622		269,622
Class B1, 6.19% 7/25/36 (a)(c)	98,861		98,861
Class B3, 8.02% 7/25/36 (a)(c)	161,773		161,773
Class M1, 5.63% 7/25/36 (a)(c)	283,103		283,103
Class M2, 5.65% 7/25/36 (a)(c)	202,217		202,217
Class M3, 5.67% 7/25/36 (a)(c)	157,280		157,280
Class M4, 5.74% 7/25/36 (a)(c)	107,849		107,849
Class M5, 5.79% 7/25/36 (a)(c)	130,317		130,317
Class M6, 5.86% 7/25/36 (a)(c)	206,710		206,710
Series 2006-3A:
Class A1, 5.57% 10/25/36 (a)(c)	1,251,571		1,249,811
Class B1, 6.12% 10/25/36 (a)(c)	148,087		144,616
Class B2, 6.67% 10/25/36 (a)(c)	95,540		91,718
Class B3, 7.92% 10/25/36 (a)(c)	171,972		160,202
Class M4, 5.75% 10/25/36 (a)(c)	148,087		144,662
Class M5, 5.8% 10/25/36 (a)(c)	186,303		181,558
Class M6, 5.88% 10/25/36 (a)(c)	367,828		357,655
Series 2007-1:
Class A2, 5.59% 3/25/37 (a)(c)	349,174		348,356
Class B1, 5.99% 3/25/37 (a)(c)	113,113		109,967
Class B2, 6.47% 3/25/37 (a)(c)	78,687		76,327
Class B3, 8.67% 3/25/37 (a)(c)	231,144		226,087
Class M1, 5.59% 3/25/37 (a)(c)	93,441		92,872
Class M2, 5.61% 3/25/37 (a)(c)	68,851		68,303
Class M3, 5.64% 3/27/37 (a)(c)	63,933		63,184
Class M4, 5.69% 3/25/37 (a)(c)	49,179		47,935
Class M5, 5.74% 3/25/37 (a)(c)	78,687		76,523
Class M6, 5.82% 3/25/37 (a)(c)	108,195		104,983
Bear Stearns Commercial Mortgage Securities Trust floater Series 2007-BBA8:
Class D, 5.57% 3/15/22 (a)(c)	165,000		165,000
Class E, 5.62% 3/15/22 (a)(c)	870,000		870,000
Class F, 5.67% 5/15/22 (a)(c)	535,000		535,000
Class G, 5.72% 3/15/22 (a)(c)	135,000		135,000
Commercial Mortgage Securities - continued
	Principal Amount		Value
Bear Stearns Commercial Mortgage Securities Trust floater Series 2007-BBA8: - continued
Class H, 5.87% 3/15/22 (a)(c)	$ 165,000		$ 165,000
Class J, 6.02% 3/15/22 (a)(c)	165,000		165,000
Class MS-6, 6.22% 3/15/22 (a)(c)	335,000		335,000
Class MS5, 5.97% 3/15/22 (a)(c)	600,000		600,000
Class X-1M, 1.12% 3/15/22 (a)(e)	27,930,000		344,762
COMM floater Series 2002-FL7:
Class F, 6.62% 11/15/14 (a)(c)	1,000,000		1,002,376
Class H, 7.57% 11/15/14 (a)(c)	150,000		150,220
Commercial Mortgage pass thru certificates floater:
Series 2005-F10A:
Class B, 5.55% 4/15/17 (a)(c)	1,005,000		1,005,193
Class C, 5.59% 4/15/17 (a)(c)	425,000		425,031
Class D, 5.63% 4/15/17 (a)(c)	345,000		345,189
Class E, 5.69% 4/15/17 (a)(c)	260,000		260,091
Class F, 5.73% 4/15/17 (a)(c)	145,000		145,022
Class G, 5.87% 4/15/17 (a)(c)	145,000		145,024
Class H, 5.94% 4/15/17 (a)(c)	145,000		144,987
Class J, 6.17% 4/15/17 (a)(c)	50,000		49,974
Series 2005-FL11:
Class B, 5.57% 11/15/17 (a)(c)	290,612		290,671
Class C, 5.62% 11/15/17 (a)(c)	581,224		581,386
Class D, 5.66% 11/15/17 (a)(c)	100,746		100,771
Class E, 5.71% 11/15/17 (a)(c)	154,993		155,028
Class F, 5.77% 11/15/17 (a)(c)	139,494		139,529
Class G, 5.82% 11/15/17 (a)(c)	220,865		220,927
Series 2006-CN2A Class AJFL, 5.58% 2/5/19 (c)	1,135,000		1,138,510
Credit Suisse First Boston Mortgage Securities Corp. floater:
Series 2005-CN2A Class A1J, 5.65% 11/15/19 (a)(c)	2,165,000		2,165,004
Series 2005-TF3A Class A2, 5.6% 11/15/20 (a)(c)	2,871,961		2,872,661
Credit Suisse Mortgage Capital Certificates floater:
Series 200-TFL1 Class B, 5.47% 2/15/22 (a)(c)	685,000		684,521
Series 2007-TFL1:
Class C:
5.49% 2/15/22 (a)(c)	740,000		739,112
5.59% 2/15/22 (a)(c)	265,000		264,815
Class F, 5.64% 2/15/22 (a)(c)	530,000		529,629
Crown Castle Towers LLC/Crown Atlantic Holdings Sub LLC/Crown Communication, Inc. Series 2006-1A Class AFL, 5.49% 11/15/36 (a)(c)	540,000		537,810
Commercial Mortgage Securities - continued
	Principal Amount		Value
CSMC Commercial Mortgage Trust floater Series 2006-TFLA:
Class D, 5.6% 4/15/21 (a)(c)	$ 300,000		$ 300,055
Class E, 5.65% 4/15/21 (a)(c)	300,000		300,098
Class G, 5.74% 4/15/21 (a)(c)	300,000		300,013
Class H, 6.05% 4/15/21 (a)(c)	300,000		299,828
Class J, 6.12% 4/15/21 (a)(c)	200,000		199,565
Class K, 6.52% 4/15/21 (a)(c)	1,005,000		1,000,459
Greenwich Capital Commercial Funding Corp.:
floater Series 2005-FL3A:
Class H-AON:
6.32% 10/5/20 (a)(c)	180,000		180,000
6.57% 10/5/20 (a)(c)	220,000		220,000
Class M-AON, 6.82% 10/5/20 (a)(c)	215,000		215,000
Class N-AON, 7.17% 10/5/20 (a)(c)	550,000		550,000
Series 2006-FL4:
Class A2, 5.46% 11/5/21 (a)(c)	1,815,000		1,814,992
Class B, 5.51% 11/5/21 (a)(c)	670,000		669,997
GS Mortgage Securities Corp. II floater Series 2006-FL8A:
Class C, 5.56% 6/6/20 (a)(c)	145,000		145,026
Class D, 5.6% 6/6/20 (a)(c)	1,400,000		1,400,292
Class E, 5.69% 6/6/20 (a)(c)	800,000		799,487
Class F, 5.76% 6/6/20 (a)(c)	575,000		572,764
Hilton Hotel Pool Trust floater Series 2000-HLTA Class A2, 5.72% 10/3/15 (a)(c)	3,000,000		3,018,945
JPMorgan Chase Commercial Securities Trust floater Series 2006-FLA2:
Class A2, 5.45% 11/15/18 (a)(c)	1,535,000		1,534,991
Class B, 5.49% 11/15/18 (a)(c)	529,324		529,321
Class C, 5.53% 11/15/18 (a)(c)	375,968		375,966
Class D, 5.55% 11/15/18 (a)(c)	133,568		133,567
Class E, 5.6% 11/15/18 (a)(c)	197,878		197,877
Class F, 5.65% 11/15/18 (a)(c)	296,817		296,815
Class G, 5.68% 11/15/18 (a)(c)	257,241		257,016
Class H, 5.82% 11/15/18 (a)(c)	197,878		197,533
LB-UBS Commercial Mortgage Trust sequential payer Series 2003-C3 Class A2, 3.086% 5/15/27	875,000		855,422
Lehman Brothers Floating Rate Commercial Mortgage Trust floater:
Series 2003-LLFA Class K1, 7.87% 12/16/14 (a)(c)	435,000		434,421
Series 2006-LLFA:
Class F, 5.66% 9/15/21 (a)(c)	295,950		296,408
Commercial Mortgage Securities - continued
	Principal Amount		Value
Lehman Brothers Floating Rate Commercial Mortgage Trust floater: - continued
Series 2006-LLFA:
Class G, 5.68% 9/15/21 (a)(c)	$ 587,127		$ 587,513
Merrill Lynch Mortgage Trust Series 2005-GGP1 Class X, 0.0034% 11/15/10 (a)(c)(e)	417,400,000		196,345
ML-CFC Commercial Mortgage Trust floater Series 2006-4 Class A2FL, 5.44% 12/12/49 (c)	1,180,000		1,179,987
Morgan Stanley Capital I Trust floater Series 2007-XLFA:
Class A2, 5.42% 10/15/20 (a)(c)	1,225,000		1,225,000
Class B, 5.45% 10/15/20 (a)(c)	440,000		440,000
Class C, 5.48% 10/15/20 (a)(c)	330,000		330,000
Class D, 5.51% 10/15/20 (a)(c)	265,000		265,000
Class E, 5.57% 10/15/20 (a)(c)	330,000		330,000
Class F, 5.62% 10/15/20 (a)(c)	195,000		195,000
Class G, 5.66% 10/15/20 (a)(c)	245,000		245,000
Class H, 5.75% 10/15/20 (a)(c)	155,000		155,000
Class J, 6.32% 10/15/20 (a)(c)	175,000		175,000
Class MHRO, 6.01% 10/15/20 (a)(c)	474,674		474,674
Class MJPM, 6.32% 10/15/20 (a)(c)	289,273		289,273
Class MSTR, 6.02% 10/15/20 (a)(c)	260,000		260,000
Class NHRO, 6.21% 10/15/20 (a)(c)	730,268		730,268
Class NSTR, 6.17% 10/15/20 (a)(c)	240,000		240,000
Morgan Stanley Capital I, Inc. floater:
Series 2005-XLF:
Class B, 5.53% 8/15/19 (a)(c)	935,000		935,056
Class C, 5.56% 8/15/19 (a)(c)	75,000		75,015
Class D, 5.58% 8/15/19 (a)(c)	270,000		270,039
Class E, 5.6% 8/15/19 (a)(c)	245,000		245,030
Class F, 5.64% 8/15/19 (a)(c)	170,000		170,050
Class G, 5.69% 8/15/19 (a)(c)	120,000		120,051
Class H, 5.71% 8/15/19 (a)(c)	100,000		100,047
Class J, 5.78% 8/15/19 (a)(c)	75,000		75,006
Class K, 5.97% 8/15/19 (a)(c)	420,000		419,172
Series 2006-XLF:
Class C, 6.52% 7/15/19 (a)(c)	570,000		570,223
Class D, 5.57% 7/15/19 (a)(c)	1,195,000		1,193,429
Class E, 5.61% 7/15/19 (a)(c)	1,450,000		1,450,576
Class F, 5.64% 7/15/19 (a)(c)	535,000		535,212
Class G, 5.68% 7/15/19 (a)(c)	385,000		385,127
STRIPS III Ltd./STRIPS III Corp. floater Series 2004-1A Class A, 5.8% 3/24/18 (a)(c)	301,478		302,043
Commercial Mortgage Securities - continued
	Principal Amount		Value
Wachovia Bank Commercial Mortgage Trust floater:
Series 2005-WL6A:
Class A2, 5.57% 10/15/17 (a)(c)	$ 63,668		$ 63,674
Class B, 5.62% 10/15/17 (a)(c)	200,000		200,025
Class D, 5.75% 10/15/17 (a)(c)	400,000		400,071
Series 2006-WL7A:
Class F, 5.87% 8/11/18 (a)(c)	1,235,000		1,235,227
Class G, 6.17% 8/11/18 (a)(c)	1,170,000		1,170,141
Class J, 6.52% 8/11/18 (a)(c)	260,000		259,479
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $73,860,691)		73,865,889
Certificates of Deposit - 0.5%
Natexis Banques Populaires NY CD yankee 5.4% 12/18/07 (Cost $5,000,000)	5,000,000		5,002,413
Commercial Paper - 0.2%
Sprint Nextel Corp. 5.61% 11/9/07 (c) (Cost $2,000,000)	2,000,000		2,000,146

Fixed-Income Funds - 26.0%
	Shares
Fidelity Ultra-Short Central Fund (d) (Cost $280,066,426)	2,817,310	279,082,768
Cash Equivalents - 5.8%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 5.24%, dated 4/30/07 due 5/1/07 (Collateralized by U.S. Government Obligations) # (Cost $61,913,000)	$ 61,922,013	61,913,000
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $1,077,003,188)		1,072,673,437
NET OTHER ASSETS - 0.0%		441,309
NET ASSETS - 100%		$ 1,073,114,746

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Eurodollar Contracts
113 Eurodollar 90 Day Index Contracts	June 2007	$ 111,495,688	$ (13,839)
113 Eurodollar 90 Day Index Contracts	Sept. 2007	111,531,000	59,477
113 Eurodollar 90 Day Index Contracts	Dec. 2007	111,584,675	(78,602)
113 Eurodollar 90 Day Index Contracts	March 2008	111,639,763	(32,940)
TOTAL EURODOLLAR CONTRACTS			$ (65,904)
Sold
Eurodollar Contracts
4 Eurodollar 90 Day Index Contracts	June 2008	3,953,200	$ 2,859
3 Eurodollar 90 Day Index Contracts	Sept. 2008	2,965,313	1,576
2 Eurodollar 90 Day Index Contracts	Dec. 2008	1,976,900	242
1 Eurodollar 90 Day Index Contracts	March 2009	988,400	121
TOTAL EURODOLLAR CONTRACTS			$ 4,798
			$ (61,106)
Swap Agreements
		Notional Amount	Value
Credit Default Swaps
Receive monthly notional amount multiplied by 3.86% and pay Morgan Stanley, Inc. upon default event of Merrill Lynch Mortgage Investors Trust, Inc., par value of the notional amount of Merrill Lynch Mortgage Investors Trust, Inc. Series 2006-HE5 Class B3, 7.32% 8/25/37	Sept. 2037	$ 600,000	$ (80,054)
Receive monthly notional amount multiplied by 3.3% and pay Morgan Stanley, Inc. upon default event of Ameriquest Mortgage Securities, Inc., par value of the notional amount of Ameriquest Mortgage Securities, Inc. Series 2004-R11 Class M9, 7.2253% 11/25/34	Dec. 2034	275,000	(14,811)
Receive monthly notional amount multiplied by 2.7% and pay Lehman Brothers, Inc. upon default event of Morgan Stanley ABS Capital I, Inc., par value of the notional amount of Morgan Stanley ABS Capital I, Inc. Series 2006-WMC1 Class B3, 7.5% 12/25/35	Jan. 2036	600,000	(69,417)
Swap Agreements - continued
	Expiration Date	Notional Amount	Value
Credit Default Swaps - continued
Receive monthly notional amount multiplied by 1.9% and pay Morgan Stanley, Inc., upon default event of Morgan Stanley ABS Capital I, Inc., par value of the notional amount of Morgan Stanley ABS Capital I, Inc. Series 2006-HE3 Class B3, 7.2225% 4/25/36	May 2036	$ 500,000	$ (107,971)
Receive monthly notional amount multiplied by 2.39% and pay UBS upon default event of Fremont Home Loan Trust, par value of the notional amount of Fremont Home Loan Trust Series 2004-1 Class M9, 7.73% 2/25/34	March 2034	211,558	(4,693)
Receive monthly notional amount multiplied by 2.4% and pay Deutsche Bank upon default event of Fremont Home Loan Trust, par value of the notional amount of Fremont Home Loan Trust Series 2004-A Class B3, 7.2288% 1/25/34	Feb. 2034	109,274	(1,294)
Receive monthly notional amount multiplied by 2.7% and pay Morgan Stanley, Inc. upon default event of Park Place Securities, Inc., par value of the notional amount of Park Place Securities, Inc. Series 2005-WHQ2 Class M9, 6.41% 5/25/35	June 2035	845,000	(80,364)
Receive monthly notional amount multiplied by 2.79% and pay Merrill Lynch, Inc. upon default event of New Century Home Equity Loan Trust, par value of the notional amount of New Century Home Equity Loan Trust Series 2004-4 Class M9, 7.0788% 2/25/35	March 2035	610,000	(38,516)
Receive quarterly notional amount multiplied by .20% and pay Merrill Lynch, Inc. upon default event of American Transmission Co. LLC, par value of the notional amount of American Transmission Co. LLC 7.125% 3/15/11	May 2007	1,315,000	314
Receive quarterly notional amount multiplied by .48% and pay Goldman Sachs upon default event of TXU Energy Co. LLC, par value of the notional amount of TXU Energy Co. LLC 7% 3/15/13	Sept. 2008	1,840,000	4,310
Swap Agreements - continued
	Expiration Date	Notional Amount	Value
Credit Default Swaps - continued
Receive quarterly notional amount multiplied by .78% and pay Goldman Sachs upon default event of TXU Energy Co. LLC, par value of the notional amount of TXU Energy Co. LLC 7% 3/15/13	Dec. 2008	$ 1,750,000	$ 11,371
Receive semi-annually notional amount multiplied by .42% and pay Credit Suisse First Boston upon default event of Russian Federation, par value of the notional amount of Russian Federation 5% 3/31/30	June 2007	1,900,000	3,626
TOTAL CREDIT DEFAULT SWAPS		10,555,832	(377,499)
Total Return Swaps
Receive monthly notional amount multiplied by the nominal spread appreciation of the Lehman Brothers CMBS U.S. Aggregate Index adjusted by a modified duration factor plus 25 basis points and pay monthly notional amount multiplied by the nominal spread depreciation of the Lehman Brothers CMBS U.S. Aggregate Index adjusted by a modified duration factor with Lehman Brothers, Inc.	April 2008	4,000,000	(2,275)
Receive monthly notional amount multiplied by the nominal spread appreciation of the Lehman Brothers CMBS U.S. Aggregate Index adjusted by a modified duration factor plus 8 basis points and pay monthly notional amount multiplied by the nominal spread depreciation of the Lehman Brothers CMBS U.S. Aggregate Index adjusted by a modified duration factor with Lehman Brothers, Inc.	May 2007	5,655,000	(4,017)
Receive monthly notional amount multiplied by the nominal spread appreciation of the Lehman Brothers CMBS U.S. Aggregate Index adjusted by a modified duration factor plus 10 basis points and pay monthly notional amount multiplied by the nominal spread depreciation of the Lehman Brothers CMBS U.S. Aggregate Index adjusted by a modified duration factor with Lehman Brothers, Inc.	June 2007	8,900,000	(6,174)
Swap Agreements - continued
	Expiration Date	Notional Amount	Value
Total Return Swaps - continued
Receive monthly notional amount multiplied by the nominal spread appreciation of the Lehman Brothers CMBS U.S. Aggregate Index adjusted by a modified duration factor plus 15 basis points and pay monthly notional amount multiplied by the nominal spread depreciation of the Lehman Brothers CMBS U.S. Aggregate Index adjusted by a modified duration factor with Lehman Brothers, Inc.	May 2008	$ 5,655,000	$ 5,463
Receive monthly notional amount multiplied by the nominal spread appreciation of the Lehman Brothers CMBS AAA 8.5+ Index adjusted by a modified duration factor plus 25 basis points and pay monthly notional amount multiplied by the nominal spread depreciation of the Lehman Brothers CMBS AAA 8.5+ Index adjusted by a modified duration factor with Lehman Brothers, Inc.	March 2008	10,000,000	(5,300)
Receive monthly notional amount multiplied by the nominal spread appreciation of the Lehman Brothers CMBS U.S. Aggregate Index adjusted by a modified duration factor plus 10 basis points and pay monthly notional amount multiplied by the nominal spread depreciation of the Lehman Brothers CMBS U.S. Aggregate Index adjusted by a modified duration factor with Lehman Brothers, Inc.	July 2007	3,000,000	(2,081)
Receive monthly a return equal to Lehman Brothers U.S. ABS AA Floating Home Equities Index and pay monthly a floating rate based on 1-month LIBOR minus 10 basis points with Lehman Brothers, Inc.	Sept. 2007	10,000,000	26,592
Receive monthly a return equal to Lehman Brothers U.S. ABS AA Floating Home Equities Index and pay monthly a floating rate based on 1-month LIBOR minus 15 basis points with Lehman Brothers, Inc.	Oct. 2007	10,000,000	27,008
TOTAL TOTAL RETURN SWAPS		$ 57,210,000	$ 39,216
		$ 67,765,832	$ (338,283)

Legend

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $156,223,647 or 14.6% of net assets.

(b) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $349,199.

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

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

(e) 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
$61,913,000 due 5/01/07 at 5.24%
ABN AMRO Bank N.V., New York Branch	$ 1,904,866
BNP Paribas Securities Corp.	952,433
Banc of America Securities LLC	16,328,287
Bank of America, NA	2,539,821
Barclays Capital, Inc.	10,224,375
Bear Stearns & Co., Inc.	1,269,910
Citigroup Global Markets, Inc.	2,539,821
Countrywide Securities Corp.	5,079,642
Deutsche Bank Securities, Inc.	2,603,316
Greenwich Capital Markets, Inc.	634,955
HSBC Securities (USA), Inc.	374,306
Merrill Lynch Government Securities, Inc.	952,433
Societe Generale, New York Branch	1,269,910
UBS Securities LLC	13,969,015
WestLB AG	1,269,910
	$ 61,913,000

Affiliated Central Funds

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

Fund	Income earned
Fidelity Ultra-Short Central Fund	$ 10,744,221

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

Fund	Value, beginning of period	Purchases	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity Ultra-Short Central Fund	$ 237,764,502	$ 50,000,041	$ 7,500,012	$ 279,082,768	1.9%

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $1,076,937,509. Net unrealized depreciation aggregated $4,264,072, of which $749,108 related to appreciated investment securities and $5,013,180 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2007

1.816726.102

AUSB-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 11.8%
	Principal Amount		Value
CONSUMER DISCRETIONARY - 1.9%
Auto Components - 0.6%
DaimlerChrysler NA Holding Corp.:
5.69% 3/13/09 (c)	$ 3,685,000		$ 3,692,016
5.77% 3/13/09 (c)	1,800,000		1,805,627
5.82% 9/10/07 (c)	1,230,000		1,231,581
			6,729,224
Media - 1.3%
AOL Time Warner, Inc. 6.15% 5/1/07	2,480,000		2,480,000
Continental Cablevision, Inc. 9% 9/1/08	1,100,000		1,151,684
Cox Communications, Inc.:
(Reg. S) 5.905% 12/14/07 (c)	2,330,000		2,336,368
5.61% 8/15/07 (a)(c)	4,000,000		4,000,552
Time Warner, Inc. 8.18% 8/15/07	2,000,000		2,013,586
Viacom, Inc. 5.7% 6/16/09 (c)	2,000,000		2,005,672
			13,987,862
TOTAL CONSUMER DISCRETIONARY			20,717,086
ENERGY - 1.0%
Energy Equipment & Services - 0.2%
Transocean, Inc. 5.5475% 9/5/08 (c)	2,400,000		2,400,960
Oil, Gas & Consumable Fuels - 0.8%
Anadarko Petroleum Corp.:
3.25% 5/1/08	850,000		831,150
5.7549% 9/15/09 (c)	2,200,000		2,204,990
Enterprise Products Operating LP 4% 10/15/07	2,670,000		2,652,867
Kinder Morgan Energy Partners LP 5.35% 8/15/07	615,000		614,547
Ocean Energy, Inc. 4.375% 10/1/07	2,310,000		2,299,076
			8,602,630
TOTAL ENERGY			11,003,590
FINANCIALS - 5.5%
Capital Markets - 0.8%
Bear Stearns Companies, Inc. 5.55% 2/1/12 (c)	745,000		743,063
Lehman Brothers Holdings E-Capital Trust I 6.14% 8/19/65 (c)	1,205,000		1,219,027
Merrill Lynch & Co., Inc. 5.45% 8/14/09 (c)	2,065,000		2,065,845
Nonconvertible Bonds - continued
	Principal Amount		Value
FINANCIALS - continued
Capital Markets - continued
Morgan Stanley 5.6088% 1/18/11 (c)	$ 1,900,000		$ 1,905,126
Royal Bank of Scotland PLC 5.655% 7/24/14 (c)	2,590,000		2,600,619
			8,533,680
Commercial Banks - 0.9%
Barclays Bank PLC:
5.56% 5/25/15 (c)	825,000		825,751
5.79% 9/11/13 (c)	3,500,000		3,519,376
HBOS plc 5.635% 2/6/14 (c)	305,000		305,842
HSBC Holdings PLC 5.55% 10/6/16 (c)	500,000		500,361
ING Bank NV 5.6056% 10/14/14 (c)	440,000		441,408
Manufacturers & Traders Trust Co. 3.85% 4/1/13 (c)	520,000		514,238
PNC Funding Corp. 5.495% 1/31/12 (c)	2,400,000		2,398,488
Santander Issuances SA Unipersonal 5.71% 6/20/16 (a)(c)	1,500,000		1,507,497
			10,012,961
Consumer Finance - 1.3%
Capital One Financial Corp. 5.62% 9/10/09 (c)	2,260,000		2,265,847
General Electric Capital Corp. 5.42% 5/10/10 (c)	2,845,000		2,847,282
MBNA Capital I 8.278% 12/1/26	810,000		847,041
MBNA Europe Funding PLC 5.43% 9/7/07 (a)(c)	2,720,000		2,720,996
SLM Corp.:
5.33% 4/18/08 (a)(c)	2,500,000		2,482,695
5.515% 7/26/10 (c)	2,770,000		2,685,174
			13,849,035
Diversified Financial Services - 0.2%
Tyco International Group SA Participation Certificate Trust 4.436% 6/15/07 (a)	1,800,000		1,797,606
Insurance - 0.2%
Monumental Global Funding III 5.525% 1/25/13 (a)(c)	1,745,000		1,744,983
Real Estate Investment Trusts - 1.0%
Colonial Properties Trust 7% 7/14/07	3,801,000		3,812,490
iStar Financial, Inc.:
5.69% 3/9/10 (c)	2,000,000		2,001,332
5.9% 3/16/09 (c)	2,505,000		2,520,363
Simon Property Group LP 6.375% 11/15/07	2,310,000		2,320,485
			10,654,670
Nonconvertible Bonds - continued
	Principal Amount		Value
FINANCIALS - continued
Real Estate Management & Development - 0.2%
Chelsea GCA Realty Partnership LP 7.25% 10/21/07	$ 880,000		$ 885,389
Realogy Corp. 6.0681% 10/20/09 (a)(c)	1,830,000		1,832,176
			2,717,565
Thrifts & Mortgage Finance - 0.9%
Residential Capital Corp.:
6.725% 6/29/07 (c)	1,995,000		1,996,640
7.1869% 4/17/09 (a)(c)	2,085,000		2,077,181
Washington Mutual Bank 5.45% 5/1/09 (c)	3,000,000		3,001,101
Washington Mutual, Inc. 5.5% 8/24/09 (c)	2,250,000		2,250,360
			9,325,282
TOTAL FINANCIALS			58,635,782
INDUSTRIALS - 0.0%
Aerospace & Defense - 0.0%
British Aerospace Finance, Inc. 7% 7/1/07 (a)	350,000		350,768
INFORMATION TECHNOLOGY - 0.2%
Communications Equipment - 0.2%
Motorola, Inc. 4.608% 11/16/07	1,700,000		1,692,124
TELECOMMUNICATION SERVICES - 2.2%
Diversified Telecommunication Services - 1.9%
AT&T, Inc. 5.45% 5/15/08 (c)	3,000,000		3,002,202
BellSouth Corp. 5.46% 8/15/08 (c)	2,000,000		2,001,254
Deutsche Telekom International Finance BV 5.53% 3/23/09 (c)	1,725,000		1,728,488
Telecom Italia Capital SA 5.9688% 7/18/11 (c)	3,750,000		3,779,100
Telefonica Emisiones SAU 5.65% 6/19/09 (c)	4,775,000		4,792,333
Telefonos de Mexico SA de CV 4.5% 11/19/08	1,605,000		1,587,115
TELUS Corp. yankee 7.5% 6/1/07	3,305,000		3,310,199
			20,200,691
Wireless Telecommunication Services - 0.3%
America Movil SA de CV 5.4479% 6/27/08 (a)(c)	1,506,000		1,506,000
Vodafone Group PLC 5.41% 6/29/07 (c)	2,260,000		2,260,011
			3,766,011
TOTAL TELECOMMUNICATION SERVICES			23,966,702
Nonconvertible Bonds - continued
	Principal Amount		Value
UTILITIES - 1.0%
Electric Utilities - 0.5%
Commonwealth Edison Co. 3.7% 2/1/08	$ 1,125,000		$ 1,107,161
Pepco Holdings, Inc. 5.5% 8/15/07	2,710,000		2,709,130
TXU Electric Delivery Co. 5.7299% 9/16/08 (a)(c)	1,085,000		1,085,018
			4,901,309
Gas Utilities - 0.1%
NiSource Finance Corp. 5.93% 11/23/09 (c)	845,000		846,018
Multi-Utilities - 0.4%
Dominion Resources, Inc. 5.65% 9/28/07 (c)	2,470,000		2,470,785
Sempra Energy 4.75% 5/15/09	2,000,000		1,984,742
			4,455,527
TOTAL UTILITIES			10,202,854
TOTAL NONCONVERTIBLE BONDS (Cost $126,588,945)		126,568,906
U.S. Government Agency Obligations - 4.6%
Freddie Mac 4.75% 3/5/09 (b) (Cost $49,927,292)	50,000,000	49,885,596
U.S. Government Agency - Mortgage Securities - 2.1%
Fannie Mae - 1.8%
3.239% 9/1/33 (c)	482,165		475,537
3.693% 7/1/33 (c)	429,077		425,141
3.993% 5/1/34 (c)	557,967		554,052
4.244% 3/1/34 (c)	553,319		549,907
4.273% 10/1/33 (c)	41,814		41,630
4.291% 3/1/33 (c)	113,452		114,122
4.3% 6/1/34 (c)	1,347,303		1,339,078
4.313% 6/1/33 (c)	52,776		52,849
4.516% 10/1/35 (c)	88,138		87,936
4.585% 8/1/34 (c)	102,535		103,514
4.671% 3/1/35 (c)	36,066		36,104
4.746% 5/1/33 (c)	5,998		6,034
4.879% 8/1/34 (c)	86,239		86,701
4.891% 10/1/35 (c)	217,831		218,233
4.898% 7/1/35 (c)	565,740		566,438
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount		Value
Fannie Mae - continued
5.025% 7/1/34 (c)	$ 45,149		$ 45,244
5.156% 9/1/35 (c)	3,102,290		3,109,550
5.166% 8/1/33 (c)	135,176		135,963
5.211% 5/1/36 (c)	241,001		242,167
5.263% 11/1/36 (c)	375,576		377,824
5.27% 4/1/36 (c)	664,208		667,349
5.299% 7/1/35 (c)	50,264		50,657
5.302% 8/1/36 (c)	691,577		695,964
5.382% 2/1/36 (c)	152,424		153,371
5.5% 11/1/16 to 2/1/19	3,485,445		3,501,024
5.531% 11/1/36 (c)	772,639		778,404
5.548% 10/1/35 (c)	289,201		291,981
5.836% 3/1/36 (c)	1,166,778		1,179,465
6.5% 7/1/16 to 3/1/35	1,902,939		1,965,579
7% 8/1/17 to 5/1/32	1,057,507		1,091,451
TOTAL FANNIE MAE			18,943,269
Freddie Mac - 0.3%
3.38% 7/1/33 (c)	1,099,144		1,086,278
4.043% 4/1/34 (c)	875,439		863,919
4.777% 3/1/33 (c)	47,595		48,130
4.924% 10/1/36 (c)	1,878,082		1,879,716
5.871% 4/1/32 (c)	18,738		19,106
TOTAL FREDDIE MAC			3,897,149
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES (Cost $22,883,196)		22,840,418
Asset-Backed Securities - 28.8%
Accredited Mortgage Loan Trust:
Series 2004-2 Class A2, 5.62% 7/25/34 (c)	271,103		271,647
Series 2004-4 Class A2D, 5.67% 1/25/35 (c)	107,668		107,911
Series 2005-1 Class M1, 5.79% 4/25/35 (c)	1,545,000		1,547,334
Series 2007-1 Class A3, 5.45% 2/25/37 (c)	1,000,000		998,217
ACE Securities Corp.:
Series 2002-HE2 Class M1, 6.595% 8/25/32 (c)	151,473		151,588
Series 2003-HE1:
Class M1, 5.97% 11/25/33 (c)	113,099		113,247
Class M2, 7.02% 11/25/33 (c)	67,618		67,856
Asset-Backed Securities - continued
	Principal Amount		Value
ACE Securities Corp.: - continued
Series 2003-HS1:
Class M1, 6.07% 6/25/33 (c)	$ 36,784		$ 36,878
Class M2, 7.07% 6/25/33 (c)	50,000		50,401
Series 2003-NC1 Class M1, 6.1% 7/25/33 (c)	100,000		100,373
Series 2004-HE1:
Class M1, 5.82% 2/25/34 (c)	134,284		134,433
Class M2, 6.42% 2/25/34 (c)	175,000		175,457
Series 2005-HE2:
Class M2, 5.77% 4/25/35 (c)	250,000		250,313
Class M3, 5.8% 4/25/35 (c)	145,000		145,338
Class M4, 5.96% 4/25/35 (c)	185,000		185,137
Series 2005-HE3 Class A2B, 5.53% 5/25/35 (c)	302,869		302,947
Series 2005-SD1 Class A1, 5.72% 11/25/50 (c)	98,337		98,402
Series 2006-HE2:
Class A2C, 5.48% 5/25/36 (c)	995,000		993,796
Class M1, 5.62% 5/25/36 (c)	915,000		912,559
Class M2, 5.64% 5/25/36 (c)	305,000		304,198
Class M3, 5.66% 5/25/36 (c)	240,000		238,664
Class M4, 5.72% 5/25/36 (c)	200,000		197,065
Class M5, 5.76% 5/25/36 (c)	295,000		288,256
ACE Securities Corp. Home Equity Loan Trust Series 2007-HE1:
Class A2C, 5.49% 1/25/37 (c)	1,000,000		998,155
Class M1, 5.58% 1/25/37 (c)	755,000		751,838
Advanta Business Card Master Trust:
Series 2004-C1 Class C, 6.37% 9/20/13 (c)	340,000		343,638
Series 2006-C1 Class C1, 5.8% 10/20/14 (c)	770,000		769,996
Series 2007-B1 Class B, 5.57% 12/22/14 (c)	1,725,000		1,727,879
Aesop Funding II LLC Series 2005-1A Class A2, 5.38% 4/20/09 (a)(c)	1,200,000		1,199,721
American Express Credit Account Master Trust:
Series 2004-1 Class B, 5.57% 9/15/11 (c)	410,000		411,356
Series 2004-5 Class B, 5.57% 4/16/12 (c)	2,150,000		2,151,222
Series 2004-C Class C, 5.82% 2/15/12 (a)(c)	442,422		443,392
Series 2005-1 Class A, 5.35% 10/15/12 (c)	2,185,000		2,184,490
Series 2005-6 Class C, 5.57% 3/15/11 (a)(c)	2,680,000		2,682,358
AmeriCredit Automobile Receivables Trust:
Series 2003-BX Class A4B, 5.79% 1/6/10 (c)	45,684		45,687
Series 2005-1 Class C, 4.73% 7/6/10	2,500,000		2,484,924
Series 2006-RM Class A1, 5.37% 10/6/09	2,000,000		2,000,548
Series 2007-BF Class A2, 5.31% 1/6/11	1,230,000		1,230,613
Asset-Backed Securities - continued
	Principal Amount		Value
Ameriquest Mortgage Securities, Inc.:
Series 2003-1 Class M1, 6.67% 2/25/33 (c)	$ 474,619		$ 486,332
Series 2004-R11 Class M1, 5.98% 11/25/34 (c)	560,000		561,465
Series 2004-R2:
Class M1, 5.75% 4/25/34 (c)	85,000		85,078
Class M2, 5.8% 4/25/34 (c)	75,000		75,064
Series 2004-R8 Class M9, 8.07% 9/25/34 (c)	1,525,000		1,457,969
Series 2004-R9 Class M2, 5.97% 10/25/34 (c)	720,000		723,804
Series 2005-R1:
Class M1, 5.77% 3/25/35 (c)	770,000		769,843
Class M2, 5.8% 3/25/35 (c)	260,000		260,092
Series 2005-R2 Class M1, 5.77% 4/25/35 (c)	1,700,000		1,700,362
Series 2006-M3:
Class M7, 6.17% 10/25/36 (c)	705,000		673,275
Class M9, 7.32% 10/25/36 (c)	450,000		420,750
Amortizing Residential Collateral Trust Series 2002-BC1 Class M2, 6.42% 1/25/32 (c)	29,202		24,531
ARG Funding Corp.:
Series 2005-1A Class A2, 5.42% 4/20/09 (a)(c)	1,500,000		1,501,021
Series 2005-2A Class A2, 5.43% 5/20/09 (a)(c)	800,000		800,670
Argent Securities, Inc.:
Series 2003-W3 Class M2, 7.1175% 9/25/33 (c)	800,000		803,503
Series 2004-W5 Class M1, 5.92% 4/25/34 (c)	1,420,000		1,423,530
Series 2004-W7:
Class M1, 5.87% 5/25/34 (c)	305,000		306,312
Class M2, 5.92% 5/25/34 (c)	250,000		251,111
Series 2006-W4:
Class A2C, 5.48% 5/25/36 (c)	1,200,000		1,198,122
Class M2, 5.64% 5/25/36 (c)	1,265,000		1,254,365
Class M3, 5.66% 5/25/36 (c)	1,010,000		995,133
Arran Funding Ltd. Series 2005-A Class C, 5.64% 12/15/10 (c)	3,235,000		3,234,353
Asset Backed Funding Certificates Series 2004-HE1 Class M2, 6.47% 1/25/34 (c)	230,000		231,140
Asset Backed Funding Corp. Series 2006-OPT2 Class C7, 5.47% 10/25/36 (c)	780,000		779,188
Asset Backed Securities Corp. Home Equity Loan Trust:
Series 2003-HE2 Class M1, 6.67% 4/15/33 (c)	1,165,025		1,165,530
Series 2003-HE6 Class M1, 5.97% 11/25/33 (c)	215,000		215,981
Series 2004-HE6 Class A2, 5.68% 6/25/34 (c)	372,603		373,198
Series 2005-HE1 Class M1, 5.82% 3/25/35 (c)	540,000		540,746
Series 2005-HE2:
Class M1, 5.77% 3/25/35 (c)	1,105,000		1,107,112
Asset-Backed Securities - continued
	Principal Amount		Value
Asset Backed Securities Corp. Home Equity Loan Trust: - continued
Series 2005-HE2:
Class M2, 5.82% 3/25/35 (c)	$ 275,000		$ 275,748
Series 2005-HE3 Class A4, 5.52% 4/25/35 (c)	187,687		187,711
Series 2007-HE1 Class A4, 5.46% 12/25/36 (c)	1,000,000		998,852
Bank of America Credit Card Master Trust Series 2006-C7 Class C7, 5.55% 3/15/12 (c)	3,165,000		3,159,066
Bank One Issuance Trust:
Series 2003-C4 Class C4, 6.35% 2/15/11 (c)	2,010,000		2,028,492
Series 2004-C1 Class C1, 5.82% 11/15/11 (c)	25,000		25,126
Bayview Financial Acquisition Trust Series 2004-C Class A1, 5.74% 5/28/44 (c)	421,666		421,993
Bayview Financial Mortgage Loan Trust Series 2004-A Class A, 5.77% 2/28/44 (c)	198,300		198,329
Bayview Financial Securities Co. LLC Series 2006-A Class 2A1, 5.44% 2/28/41 (c)	314,173		314,299
Bear Stearns Asset Backed Securities, Inc.:
Series 2004-BO1:
Class M2, 6.07% 9/25/34 (c)	390,000		392,040
Class M3, 6.37% 9/25/34 (c)	265,000		266,240
Class M4, 6.52% 9/25/34 (c)	225,000		219,758
Series 2004-HE9 Class M2, 6.52% 11/25/34 (c)	490,000		492,670
Series 2005-HE2:
Class M1, 5.82% 2/25/35 (c)	905,000		904,114
Class M2, 6.07% 2/25/35 (c)	330,000		316,328
Brazos Higher Education Authority, Inc. Series 2006-2 Class A9, 5.3563% 12/26/24 (c)	2,612,321		2,612,219
C-Bass Trust Series 2007-CB1 Class M1, 5.55% 1/25/37 (c)	215,000		214,476
Capital Auto Receivables Asset Trust:
Series 2005-1 Class B, 5.695% 6/15/10 (c)	850,000		853,244
Series 2006-SN1A Class A4B, 5.43% 3/20/10 (a)(c)	2,700,000		2,699,544
Capital One Auto Finance Trust:
Series 2004-B Class A4, 5.43% 8/15/11 (c)	1,468,483		1,468,790
Series 2006-B Class A2, 5.53% 4/15/09	1,191,335		1,191,821
Series 2007-A Class A2, 5.33% 5/17/10	930,000		930,499
Capital One Master Trust:
Series 2001-1 Class B, 5.83% 12/15/10 (c)	500,000		501,220
Series 2001-6 Class C, 6.7% 6/15/11 (a)	2,200,000		2,236,008
Capital One Multi-Asset Execution Trust:
Series 2003-B6 Class B6, 5.85% 9/15/11 (c)	1,125,000		1,131,599
Series 2004-B1 Class B1, 5.76% 11/15/11 (c)	1,180,000		1,187,224
Asset-Backed Securities - continued
	Principal Amount		Value
Capital Trust Ltd. Series 2004-1:
Class A2, 5.77% 7/20/39 (a)(c)	$ 265,000		$ 265,580
Class B, 6.07% 7/20/39 (a)(c)	140,000		141,187
Class C, 6.42% 7/20/39 (a)(c)	180,000		181,364
Carrington Mortgage Loan Trust:
Series 2006-FRE1:
Class M7, 6.27% 7/25/36 (c)	445,000		381,110
Class M9, 7.22% 7/25/36 (c)	285,000		240,255
Series 2006-NC3 Class M10, 7.32% 8/25/36 (a)(c)	125,000		82,500
Series 2007-RFC1 Class A3, 5.46% 12/25/36 (c)	1,000,000		998,476
CDC Mortgage Capital Trust Series 2003-HE3 Class M1, 6.02% 11/25/33 (c)	91,792		91,778
Cendant Timeshare Receivables Funding LLC Series 2005 1A Class 2A2, 5.5% 5/20/17 (a)(c)	537,188		535,855
Chase Credit Card Owner Trust Series 2003-6 Class C, 6.12% 2/15/11 (c)	2,210,000		2,231,949
Chase Issuance Trust:
Series 2004-C3 Class C3, 5.79% 6/15/12 (c)	1,645,000		1,652,255
Series 2006-C3 Class C3, 5.55% 6/15/11 (c)	1,975,000		1,975,358
CIT Equipment Collateral Trust Series 2005-VT1:
Class C, 4.18% 11/20/12	353,347		350,370
Class D, 4.51% 11/20/12	209,796		208,398
Citibank Credit Card Issuance Trust:
Series 2002-B1 Class B1, 5.6763% 6/25/09 (c)	655,000		655,306
Series 2003-C1 Class C1, 6.45% 4/7/10 (c)	1,685,000		1,699,718
Series 2006-C4 Class C4, 5.54% 1/9/12 (c)	2,365,000		2,363,786
Series 2006-C6 Class C6, 5.65% 11/15/12 (c)	1,595,000		1,598,096
CNH Equipment Trust Series 2007-A Class A2, 5.09% 10/15/09	2,500,000		2,496,798
College Loan Corp. Trust I Series 2006-1 Class A7B, 5.365% 4/25/46 (a)(c)	3,195,000		3,195,320
Countrywide Home Loan Trust Series 2006-13N Class N, 7% 8/25/37 (a)	511,406		453,873
Countrywide Home Loans, Inc.:
Series 2002-6 Class AV1, 5.75% 5/25/33 (c)	24,325		24,330
Series 2003-BC1 Class M2, 7.32% 9/25/32 (c)	203,899		204,190
Series 2003-SD3 Class A1, 5.74% 12/25/32 (a)(c)	2,793		2,794
Series 2004-2 Class M1, 5.82% 5/25/34 (c)	375,000		375,789
Series 2004-3:
Class 3A4, 5.57% 8/25/34 (c)	1,273,720		1,278,570
Class M1, 5.82% 6/25/34 (c)	100,000		100,508
Series 2004-4 Class M2, 5.85% 6/25/34 (c)	315,000		316,990
Asset-Backed Securities - continued
	Principal Amount		Value
Countrywide Home Loans, Inc.: - continued
Series 2005-1:
Class 1AV2, 5.52% 7/25/35 (c)	$ 519,127		$ 519,253
Class MV1, 5.72% 7/25/35 (c)	435,000		434,907
Class MV2, 5.76% 7/25/35 (c)	525,000		525,477
Series 2005-AB1 Class A2, 5.53% 8/25/35 (c)	1,612,326		1,613,778
CPS Auto Receivables Trust:
Series 2006-B Class A2, 5.71% 6/15/16 (a)	2,905,482		2,910,022
Series 2006-C Class A2, 5.31% 3/15/10 (a)	1,774,996		1,775,183
Series 2007-A Class A1, 5.332% 3/17/08 (a)	829,403		829,403
Credit Suisse First Boston Mortgage Securities Corp. Series 2004-FRE1 Class B1, 7.12% 4/25/34 (c)	236,506		236,587
Discover Card Master Trust I:
Series 2003-4 Class B1, 5.65% 5/16/11 (c)	550,000		552,253
Series 2005-1 Class B, 5.47% 9/16/10 (c)	1,580,000		1,581,958
Series 2005-3 Class B, 5.51% 5/15/11 (c)	2,000,000		2,003,646
Series 2006-1 Class B1, 5.47% 8/16/11 (c)	1,845,000		1,846,988
Series 2006-2 Class B1, 5.44% 1/17/12 (c)	2,000,000		2,002,172
DriveTime Auto Owner Trust Series 2006-B Class A2, 5.32% 3/15/10 (a)	1,530,000		1,529,771
Fannie Mae subordinate REMIC pass-thru certificates Series 2004-T5:
Class AB1, 5.57% 5/28/35 (c)	80,751		80,725
Class AB3, 5.712% 5/28/35 (c)	32,052		32,103
Fieldstone Mortgage Investment Corp.:
Series 2004-3 Class M5, 6.77% 8/25/34 (c)	1,500,000		1,501,263
Series 2005-2 Class 2A1, 5.44% 12/25/35 (c)	278,685		278,703
Series 2006-2:
Class 2A2, 5.49% 7/25/36 (c)	880,000		869,847
Class M1, 5.63% 7/25/36 (c)	1,765,000		1,689,638
First Franklin Mortgage Loan Trust:
Series 2004-FF2:
Class M3, 5.87% 3/25/34 (c)	25,000		25,013
Class M4, 6.22% 3/25/34 (c)	25,000		25,025
Series 2004-FF8 Class M3, 6.27% 10/25/34 (c)	1,760,000		1,764,431
Series 2006-FF14:
Class A5, 5.48% 10/25/36 (c)	990,000		939,486
Class M1, 5.58% 10/25/36 (c)	880,000		826,611
Series 2006-FF18 Class M1, 5.55% 12/25/37 (c)	3,500,000		3,487,901
Series 2007-FF1 Class M1, 5.55% 1/25/38 (c)	375,000		380,383
First Investors Auto Owner Trust Series 2006-A Class A3, 4.93% 2/15/11 (a)	830,000		827,289
Asset-Backed Securities - continued
	Principal Amount		Value
Ford Credit Floorplan Master Owner Trust:
Series 2005-1:
Class A, 5.47% 5/15/10 (c)	$ 1,375,000		$ 1,374,994
Class B, 5.76% 5/15/10 (c)	1,110,000		1,112,043
Series 2006-3:
Class A, 5.5% 6/15/11 (c)	990,000		990,232
Class B, 5.77% 6/15/11 (c)	1,405,000		1,407,593
Franklin Auto Trust Series 2006-1 Class A2, 5.2% 10/20/09	1,390,658		1,390,028
Fremont Home Loan Trust:
Series 2003-B Class M6, 9.82% 12/25/33 (c)	238,895		191,116
Series 2004-B Class M1, 5.9% 5/25/34 (c)	205,000		205,566
Series 2004-C Class M1, 5.97% 8/25/34 (c)	540,000		542,362
Series 2005-A:
Class M1, 5.75% 1/25/35 (c)	225,000		225,399
Class M2, 5.78% 1/25/35 (c)	325,000		325,485
Class M3, 5.81% 1/25/35 (c)	175,000		175,261
Class M4, 6% 1/25/35 (c)	125,000		124,798
Series 2006-A:
Class M3, 5.7% 5/25/36 (c)	455,000		440,845
Class M4, 5.72% 5/25/36 (c)	685,000		636,459
Class M5, 5.82% 5/25/36 (c)	365,000		318,905
Series 2006-E Class M1, 5.58% 1/25/37 (c)	1,725,000		1,696,606
GCO Education Loan Funding Master Trust II Series 2007-1A Class C1L, 5.76% 9/25/30 (a)(c)	960,000		956,758
GE Business Loan Trust Series 2003-1 Class A, 5.75% 4/15/31 (a)(c)	163,527		163,527
GE Capital Credit Card Master Note Trust:
Series 2005-2 Class B, 5.52% 6/15/11 (c)	925,000		925,850
Series 2006-1:
Class B, 5.43% 9/17/12 (c)	585,000		585,260
Class C, 5.56% 9/17/12 (c)	455,000		455,202
GE Equipment Midticket LLC Series 2006-1 Class A2, 5.1% 5/15/09	1,325,000		1,322,965
Gracechurch Card Funding PLC:
Series 11 Class C, 5.6% 11/15/10 (c)	2,490,000		2,489,975
Series 8 Class C, 5.65% 6/15/10 (c)	2,650,000		2,649,974
Series 9:
Class B, 5.47% 9/15/10 (c)	485,000		485,000
Class C, 5.63% 9/15/10 (c)	1,800,000		1,799,982
Granite Master Issuer PLC Series 2006-1A Class A4, 5.36% 12/20/30 (a)(c)	332,540		332,547
Asset-Backed Securities - continued
	Principal Amount		Value
GSAMP Trust:
Series 2002-NC1 Class A2, 5.96% 7/25/32 (c)	$ 2,606		$ 2,635
Series 2003-FM1 Class M1, 6.55% 3/20/33 (c)	609,306		609,676
Series 2004-AHL Class A2D, 5.68% 8/25/34 (c)	267,570		268,204
Series 2004-FM1:
Class M1, 5.97% 11/25/33 (c)	168,544		168,703
Class M2, 6.72% 11/25/33 (c)	96,057		96,240
Series 2004-FM2 Class M1, 5.82% 1/25/34 (c)	249,683		249,726
Series 2004-HE1:
Class M1, 5.87% 5/25/34 (c)	289,483		289,482
Class M2, 6.47% 5/25/34 (c)	150,000		150,501
Series 2005-6 Class A2, 5.53% 6/25/35 (c)	1,800,000		1,799,599
Series 2005-9 Class 2A1, 5.44% 8/25/35 (c)	542,610		542,358
Series 2005-HE2 Class M, 5.75% 3/25/35 (c)	1,220,000		1,221,567
Series 2005-MTR1 Class A1, 5.46% 10/25/35 (c)	802,685		802,330
Series 2005-NC1 Class M1, 5.77% 2/25/35 (c)	1,205,000		1,205,763
Series 2006-FM3 Class ABS, 5.52% 11/25/36 (c)	2,045,000		2,041,569
Series 2006-HE5 Class M7, 6.15% 8/25/36 (c)	1,495,000		1,278,138
Series 2006-NC2 Class M4, 5.67% 6/25/36 (c)	1,541,000		1,523,264
Series 2007-FM1 Class M1, 5.59% 12/25/36 (c)	1,000,000		996,082
Series 2007-FM2 Class M1, 5.6% 1/25/37 (c)	1,615,000		1,597,849
Series 2007-HE1 Class M1, 5.57% 3/25/47 (c)	335,000		334,531
Series 2007-NC1 Class M7, 6.27% 12/25/46 (c)	3,390,000		2,978,657
Guggenheim Structured Real Estate Funding Ltd.:
Series 2005-1 Class C, 6.4% 5/25/30 (a)(c)	1,440,041		1,420,889
Series 2006-3:
Class B, 5.72% 9/25/46 (a)(c)	450,000		445,500
Class C, 5.87% 9/25/46 (a)(c)	1,150,000		1,127,000
Harwood Street Funding I LLC Series 2004-1A Class CTFS, 7.32% 9/20/09 (a)(c)	1,700,000		1,681,282
Home Equity Asset Trust:
Series 2002-3 Class A5, 6.2% 2/25/33 (c)	14		14
Series 2002-5 Class M1, 7.02% 5/25/33 (c)	165,729		165,901
Series 2003-1 Class M1, 6.82% 6/25/33 (c)	524,845		525,279
Series 2003-2 Class M1, 6.64% 8/25/33 (c)	66,323		66,374
Series 2003-3 Class M1, 6.18% 8/25/33 (c)	320,568		320,814
Series 2003-4 Class M1, 6.12% 10/25/33 (c)	96,601		96,675
Series 2003-5:
Class A2, 5.67% 12/25/33 (c)	10,566		10,576
Class M1, 6.02% 12/25/33 (c)	160,000		160,253
Class M2, 7.05% 12/25/33 (c)	50,215		50,359
Series 2003-7:
Class A2, 5.7% 3/25/34 (c)	2,079		2,082
Asset-Backed Securities - continued
	Principal Amount		Value
Home Equity Asset Trust: - continued
Series 2003-7:
Class M1, 5.97% 3/25/34 (c)	$ 795,000		$ 796,773
Series 2003-8 Class M1, 6.04% 4/25/34 (c)	192,210		192,576
Series 2004-4 Class A2, 5.64% 10/25/34 (c)	24,632		24,653
Series 2004-6 Class A2, 5.67% 12/25/34 (c)	92,368		92,434
Series 2005-1:
Class M1, 5.75% 5/25/35 (c)	1,270,000		1,270,922
Class M2, 5.77% 5/25/35 (c)	1,410,000		1,411,629
Series 2005-2:
Class 2A2, 5.52% 7/25/35 (c)	590,771		590,895
Class M1, 5.77% 7/25/35 (c)	890,000		890,465
Series 2007-1 Class M1, 5.56% 5/25/37 (c)	1,940,000		1,934,963
Series 2007-3 Class 2A3, 5.56% 8/25/37 (c)	2,015,000		2,015,000
Household Home Equity Loan Trust Series 2004-1 Class M, 5.84% 9/20/33 (c)	97,537		97,791
HSBC Automotive Trust:
Series 2006-1 Class A2, 5.4% 6/17/09	1,555,458		1,555,745
Series 2006-2 Class A2, 5.61% 6/17/09	1,009,995		1,010,708
Series 2007-1 Class A2, 5.32% 5/17/10	1,070,000		1,070,735
HSBC Home Equity Loan Trust:
Series 2005-2:
Class M1, 5.78% 1/20/35 (c)	196,934		196,807
Class M2, 5.81% 1/20/35 (c)	146,606		146,389
Series 2005-3:
Class A1, 5.58% 1/20/35 (c)	444,240		444,046
Class M1, 5.74% 1/20/35 (c)	260,862		260,525
Series 2006-2:
Class M1, 5.59% 3/20/36 (c)	649,423		647,132
Class M2, 5.61% 3/20/36 (c)	1,072,125		1,065,694
HSI Asset Securitization Corp. Trust:
Series 2007-HE1 Class M1, 5.62% 1/25/37 (c)	1,025,000		1,023,278
Series 2007-OPT1 Class M1, 5.55% 12/25/36 (c)	670,000		667,338
IXIS Real Estate Capital Trust Series 2005-HE1:
Class A1, 5.57% 6/25/35 (c)	39,846		39,850
Class M1, 5.79% 6/25/35 (c)	550,000		550,288
John Deere Owner Trust Series 2006-A Class A2, 5.41% 11/17/08	1,322,571		1,322,706
JP Morgan Auto Receivables Trust Series 2007-A Class A2, 5.3% 12/15/09 (a)	1,665,000		1,665,633
JP Morgan Mortgage Acquisition Trust Series 2006-WMC4 Class A4, 5.47% 12/25/36 (c)	3,000,000		2,995,804
Keycorp Student Loan Trust Series 1999-A Class A2, 5.6956% 12/27/09 (c)	187,637		188,103
Asset-Backed Securities - continued
	Principal Amount		Value
Long Beach Auto Receivables Trust:
Series 2006-B Class A2, 5.34% 11/15/09	$ 1,503,338		$ 1,503,532
Series 2007-A Class A1, 5.335% 4/15/08	1,483,001		1,483,001
Long Beach Mortgage Loan Trust:
Series 2003-2 Class M1, 6.55% 6/25/33 (c)	462,597		462,926
Series 2003-3 Class M1, 6.07% 7/25/33 (c)	337,423		337,862
Series 2005-1 Class M2, 5.85% 2/25/35 (c)	1,410,000		1,414,311
Series 2006-6:
Class 2A3, 5.47% 7/25/36 (c)	1,435,000		1,428,608
Class M4, 5.68% 7/25/36 (c)	425,000		412,080
Class M5, 5.71% 7/25/36 (c)	265,000		247,238
Class M6, 5.77% 7/25/36 (c)	265,000		239,227
Series 2006-7 Class M10, 7.82% 8/25/36 (c)	675,000		389,180
MASTR Asset Backed Securities Trust:
Series 2004-HE1 Class M1, 5.97% 9/25/34 (c)	685,000		690,364
Series 2006-HE3 Class A2, 5.42% 8/25/36 (c)	1,140,000		1,137,480
Series 2007-WMC1 Class A4, 5.48% 1/25/37 (c)	1,380,000		1,378,807
MBNA Credit Card Master Note Trust:
Series 2002-B2 Class B2, 5.7% 10/15/09 (c)	1,034,000		1,034,053
Series 2002-B4 Class B4, 5.82% 3/15/10 (c)	630,000		631,156
Series 2003-B1 Class B1, 5.76% 7/15/10 (c)	1,510,000		1,514,641
Series 2003-B2 Class B2, 5.71% 10/15/10 (c)	125,000		125,436
Series 2003-B3 Class B3, 5.695% 1/18/11 (c)	1,550,000		1,556,959
Series 2003-B5 Class B5, 5.69% 2/15/11 (c)	2,000,000		2,008,602
Series 2003-C2 Class C2, 6.92% 6/15/10 (c)	2,000,000		2,020,622
Series 2005-C1 Class C, 5.73% 10/15/12 (c)	2,505,000		2,522,036
Series 2005-C2 Class C, 5.67% 2/15/13 (c)	2,505,000		2,516,686
Series 2005-C3 Class C, 5.59% 3/15/11 (c)	2,830,000		2,835,617
MBNA Master Credit Card Trust II Series 1998-E Class B, 5.36% 9/15/10 (c)	200,000		200,527
Meritage Mortgage Loan Trust Series 2004-1:
Class M1, 5.82% 7/25/34 (c)	141,466		141,488
Class M2, 5.87% 7/25/34 (c)	25,000		25,004
Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-1:
Class A2C, 5.57% 4/25/37 (c)	1,035,000		1,035,000
Class M1, 5.7% 4/25/37 (c)	1,355,000		1,355,000
Merrill Lynch Mortgage Investors, Inc.:
Series 2004-FM1 Class M2, 6.47% 1/25/35 (c)	91,205		91,447
Series 2004-HE2:
Class A1B, 5.79% 8/25/35 (c)	122,174		122,438
Class A2B, 5.7% 8/25/35 (c)	33,003		33,009
Series 2006-FM1 Class A2B, 5.43% 4/25/37 (c)	1,055,000		1,054,614
Asset-Backed Securities - continued
	Principal Amount		Value
Morgan Stanley ABS Capital I, Inc.:
Series 2002-HE3 Class M1, 6.42% 12/27/32 (c)	$ 122,775		$ 122,853
Series 2003-NC10 Class M1, 6% 10/25/33 (c)	792,708		793,872
Series 2003-NC8 Class M1, 6.02% 9/25/33 (c)	119,992		120,100
Series 2004-HE6 Class A2, 5.66% 8/25/34 (c)	175,718		176,108
Series 2004-NC2 Class M1, 5.87% 12/25/33 (c)	347,703		348,547
Series 2005-1 Class M2, 5.79% 12/25/34 (c)	570,000		571,037
Series 2005-HE1:
Class M1, 5.77% 12/25/34 (c)	150,000		150,128
Class M2, 5.79% 12/25/34 (c)	385,000		384,787
Series 2005-HE2:
Class M1, 5.72% 1/25/35 (c)	370,000		370,102
Class M2, 5.76% 1/25/35 (c)	265,000		265,274
Series 2005-NC1:
Class M1, 5.76% 1/25/35 (c)	325,000		324,773
Class M2, 5.79% 1/25/35 (c)	325,000		325,132
Class M3, 5.83% 1/25/35 (c)	325,000		324,682
Series 2006-HE4:
Class M1, 5.6% 6/25/36 (c)	440,000		438,202
Class M2:
5.62% 6/25/36 (c)	770,000		767,488
5.63% 6/25/36 (c)	550,000		545,768
Class M4, 5.67% 6/25/36 (c)	1,160,000		1,138,145
Series 2006-HE5 Class B1, 6.29% 8/25/36 (c)	2,415,000		2,253,169
Morgan Stanley Dean Witter Capital I Trust:
Series 2001-AM1 Class M1, 6.595% 2/25/32 (c)	299,482		299,663
Series 2001-NC1 Class M2, 6.925% 10/25/31 (c)	8,680		8,689
Series 2001-NC4 Class M1, 6.82% 1/25/32 (c)	31,133		31,163
Series 2002-AM3 Class A3, 5.81% 2/25/33 (c)	14,114		14,118
Series 2002-HE1 Class M1, 6.22% 7/25/32 (c)	574,564		574,841
Series 2002-NC3 Class M1, 6.4% 8/25/32 (c)	100,000		100,067
Series 2002-OP1 Class M1, 6.445% 9/25/32 (c)	330,545		330,760
Navistar Financial Dealer Note Master Trust Series 2005-1 Class A, 5.43% 2/25/13 (c)	2,050,000		2,045,103
New Century Home Equity Loan Trust Series 2005-1:
Class M1, 5.77% 3/25/35 (c)	595,000		593,550
Class M2, 5.8% 3/25/35 (c)	595,000		591,717
Class M3, 5.84% 3/25/35 (c)	290,000		286,870
Nissan Auto Lease Trust:
Series 2004-A Class A4A, 5.39% 6/15/10 (c)	468,159		468,265
Series 2005-A Class A4, 5.37% 8/15/11 (c)	2,210,000		2,210,011
Asset-Backed Securities - continued
	Principal Amount		Value
Nomura Home Equity Loan Trust:
Series 2006-HE3:
Class M7, 6.12% 7/25/36 (c)	$ 485,000		$ 408,566
Class M8, 6.27% 7/25/36 (c)	340,000		244,567
Class M9, 7.17% 7/25/36 (c)	490,000		334,713
Series 2007-2 Class 2A3, 5.51% 2/25/37 (c)	947,000		945,291
NovaStar Home Equity Loan Series 2004-1:
Class M1, 5.77% 6/25/34 (c)	100,000		100,154
Class M4, 6.295% 6/25/34 (c)	170,000		170,282
NovaStar Mortgage Funding Trust:
Series 2003-3 Class A3, 5.77% 12/25/33 (c)	42,252		42,338
Series 2007-1 Class A2C, 5.5% 3/25/37 (c)	805,000		802,988
Ocala Funding LLC Series 2006-1A Class A, 6.72% 3/20/11 (a)(c)	965,000		928,813
Option One Mortgage Loan Trust Series 2003-6 Class M1, 5.97% 11/25/33 (c)	1,025,000		1,029,617
Ownit Mortgage Loan Asset-Backed Certificates Series 2005-3 Class A2A, 5.44% 6/25/36 (c)	256,981		257,015
Park Place Securities, Inc.:
Series 2004 WWF1 Class M4, 6.42% 1/25/35 (c)	945,000		947,107
Series 2004-WCW1:
Class M1, 5.95% 9/25/34 (c)	815,000		813,328
Class M2, 6% 9/25/34 (c)	160,000		160,531
Class M3, 6.57% 9/25/34 (c)	310,000		311,084
Class M4, 6.77% 9/25/34 (c)	435,000		436,651
Series 2004-WCW2 Class A2, 5.7% 10/25/34 (c)	21,070		21,074
Series 2004-WWF1 Class A5, 5.79% 1/25/35 (c)	28,492		28,507
Series 2005-WCH1:
Class A3B, 5.54% 1/25/35 (c)	43,995		44,006
Class M2, 5.84% 1/25/35 (c)	1,130,000		1,131,779
Class M3, 5.88% 1/25/35 (c)	425,000		426,195
Class M5, 6.2% 1/25/35 (c)	400,000		400,180
Series 2005-WHQ1 Class M7, 6.57% 3/25/35 (c)	910,000		884,734
Providian Master Note Trust:
Series 2005-2 Class C2, 5.82% 11/15/12 (a)(c)	2,160,000		2,164,860
Series 2006-C1A Class C1, 5.87% 3/16/15 (a)(c)	2,465,000		2,465,000
Residential Asset Mortgage Products, Inc.:
Series 2004-RS10 Class MII2, 6.57% 10/25/34 (c)	1,300,000		1,307,618
Series 2004-RS6:
Class 2M2, 6.62% 6/25/34 (c)	250,000		251,850
Class 2M3, 6.77% 6/25/34 (c)	250,000		251,927
Series 2005-SP2 Class 1A1, 5.47% 5/25/44 (c)	239,453		239,479
Series 2007-RZ1 Class A2, 5.48% 2/25/37 (c)	1,200,000		1,199,105
Asset-Backed Securities - continued
	Principal Amount		Value
Residential Asset Securities Corp. Series 2004-KS10 Class AI2, 5.64% 3/25/29 (c)	$ 5,646		$ 5,649
Salomon Brothers Mortgage Securities VII, Inc. Series 2003-HE1 Class A, 5.72% 4/25/33 (c)	1,451		1,452
Saxon Asset Securities Trust:
Series 2004-1 Class M1, 5.85% 3/25/35 (c)	640,000		640,231
Series 2004-2 Class MV1, 5.9% 8/25/35 (c)	415,000		415,204
Series 2007-1 Class A2C, 5.47% 2/25/37 (c)	1,000,000		1,000,000
Securitized Asset Backed Receivables LLC Trust:
Series 2006-WM4 Class M1, 5.56% 11/25/36 (c)	890,000		886,471
Series 2007-HE1 Class M1, 5.57% 12/25/36 (c)	955,000		949,510
Series 2007-NC1 Class M1, 5.56% 12/25/36 (c)	2,035,000		2,026,877
Series 2007-NC2 Class M1, 5.55% 1/25/37 (c)	385,000		383,884
Sierra Timeshare Receivables Fund LLC Series 2006-1A Class A2, 5.47% 5/20/18 (a)(c)	2,547,776		2,547,764
Sovereign Dealer Floor Plan Master LLC Series 2006-1:
Class B, 5.5% 8/15/11 (a)(c)	1,140,000		1,139,749
Class C, 5.7% 8/15/11 (a)(c)	520,000		519,886
Specialty Underwriting & Residential Finance Trust:
Series 2003-BC3 Class M1, 5.97% 8/25/34 (c)	1,000,000		1,000,352
Series 2003-BC4 Class M1, 5.92% 11/25/34 (c)	260,000		260,882
Structured Asset Corp. Trust Series 2006-BC6:
Class A4, 5.49% 1/25/37 (c)	1,215,000		1,212,321
Class M1, 5.59% 1/25/37 (c)	1,180,000		1,175,369
Structured Asset Investment Loan Trust:
Series 2003-BC9 Class M1, 6.02% 8/25/33 (c)	1,135,000		1,137,482
Series 2004-8 Class M5, 6.47% 9/25/34 (c)	290,000		291,571
Series 2005-1 Class M4, 6.08% 2/25/35 (a)(c)	485,000		485,979
Structured Asset Securities Corp.:
Series 2004-GEL1 Class A, 5.68% 2/25/34 (c)	25,222		25,323
Series 2007-BC1 Class M1, 5.55% 2/25/37 (c)	3,195,000		3,186,280
Superior Wholesale Inventory Financing Trust:
Series 2004-A10:
Class A, 5.42% 9/15/11 (c)	2,735,000		2,729,448
Class B, 5.6% 9/15/11 (c)	1,625,000		1,627,185
Series 2007-AE1:
Class A, 5.42% 1/15/12 (c)	400,000		400,406
Class B, 5.62% 1/15/12 (c)	335,000		335,000
Class C, 5.92% 1/15/12 (c)	420,000		420,000
Superior Wholesale Inventory Financing Trust VII Series 2003-A8 Class CTFS, 5.77% 3/15/11 (a)(c)	675,000		675,000
Superior Wholesale Inventory Financing Trust XII Series 2005-A12 Class C, 6.52% 6/15/10 (c)	980,000		988,433
Asset-Backed Securities - continued
	Principal Amount		Value
Terwin Mortgage Trust:
Series 2003-4HE Class A1, 5.75% 9/25/34 (c)	$ 21,802		$ 21,871
Series 2003-6HE Class A1, 5.79% 11/25/33 (c)	17,086		17,148
Series 2005-14HE Class AF1, 5.46% 8/25/36 (c)	209,167		209,182
Triad Auto Receivables Owner Trust Series 2006-B Class A2, 5.36% 11/12/09	1,313,028		1,313,064
Turquoise Card Backed Securities PLC Series 2006-1A Class C, 5.65% 5/16/11 (a)(c)	2,165,000		2,164,154
UPFC Auto Receivables Trust Series 2006-A Class A2, 5.46% 6/15/09	436,543		436,702
Wachovia Auto Loan Owner Trust Series 2006-1 Class A2, 5.28% 4/20/10 (a)	2,456,594		2,456,259
WaMu Master Note Trust Series 2006-A3A Class A3, 5.35% 9/16/13 (a)(c)	3,025,000		3,025,000
WFS Financial Owner Trust:
Series 2004-3 Class D, 4.07% 2/17/12	194,525		192,980
Series 2004-4 Class D, 3.58% 5/17/12	180,263		178,281
Series 2005-1 Class D, 4.09% 8/15/12	191,171		189,360
Whinstone Capital Management Ltd. Series 1A Class B3, 6.255% 10/25/44 (a)(c)	1,696,801		1,696,801
TOTAL ASSET-BACKED SECURITIES (Cost $311,131,912)		308,702,433
Collateralized Mortgage Obligations - 13.3%
Private Sponsor - 10.2%
ACE Securities Corp. Home Equity Loan Trust floater Series 2007-WM1:
Class A2C, 5.49% 11/25/36 (c)	1,000,000		998,449
Class M1, 5.57% 11/25/36 (c)	530,000		527,866
American Home Mortgage Assets Trust floater Series 2006-1 Class 2A1, 5.51% 5/25/46 (c)	1,102,539		1,100,855
Bear Stearns Adjustable Rate Mortgage Trust floater Series 2005-6 Class 1A1, 5.0917% 8/25/35 (c)	1,663,219		1,666,559
Bear Stearns Alt-A Trust floater:
Series 2005-1 Class A1, 5.6% 1/25/35 (c)	1,252,003		1,254,312
Series 2005-2 Class 1A1, 5.57% 3/25/35 (c)	666,291		666,901
Citigroup Mortgage Loan Trust floater Series 2006-NC1:
Class M4, 5.71% 8/25/36 (c)	1,205,000		1,190,642
Class M5, 5.74% 8/25/36 (c)	860,000		845,196
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
Private Sponsor - continued
Credit Suisse First Boston Adjustable Rate Mortgage Trust floater:
Series 2004-2 Class 7A3, 5.72% 2/25/35 (c)	$ 334,400		$ 335,769
Series 2004-4 Class 5A2, 5.72% 3/25/35 (c)	92,894		93,180
Series 2005-1 Class 5A2, 5.65% 5/25/35 (c)	210,710		211,048
Series 2005-10 Class 5A2, 5.64% 1/25/36 (c)	1,059,654		1,061,888
Series 2005-2:
Class 6A2, 5.6% 6/25/35 (c)	84,467		84,588
Class 6M2, 5.8% 6/25/35 (c)	1,375,000		1,378,688
Series 2005-3 Class 8A2, 5.56% 7/25/35 (c)	847,565		849,300
Series 2005-5 Class 6A2, 5.55% 9/25/35 (c)	736,882		738,680
Series 2005-8 Class 7A2, 5.6% 11/25/35 (c)	520,264		521,905
Credit Suisse First Boston Mortgage Securities Corp. floater:
Series 2004-AR2 Class 6A1, 5.72% 3/25/34 (c)	32,428		32,462
Series 2004-AR3 Class 6A2, 5.69% 4/25/34 (c)	15,900		15,905
Series 2004-AR5 Class 11A2, 5.69% 6/25/34 (c)	56,103		56,178
Series 2004-AR6 Class 9A2, 5.69% 10/25/34 (c)	71,551		71,656
Series 2004-AR7 Class 6A2, 5.7% 8/25/34 (c)	129,257		129,638
Series 2004-AR8 Class 8A2, 5.7% 9/25/34 (c)	67,441		67,520
CWALT, Inc. floater Series 2005-56 Class 3A1, 5.61% 11/25/35 (c)	409,703		410,512
Deutsche Alt-A Securities Mortgage Loan Trust floater Series 2007-BAR1 Class A3, 5.48% 3/25/37 (c)	1,375,000		1,375,000
First Franklin Mortgage Loan Trust floater Series 2006-FF13:
Class M7, 6.07% 10/25/36 (c)	1,205,000		1,008,730
Class M8, 6.27% 10/25/36 (c)	525,000		410,167
First Horizon Mortgage pass thru Trust floater Series 2004-FL1 Class 2A1, 5.67% 12/25/34 (c)	95,660		95,670
Gracechurch Mortgage Funding PLC floater Series 1A:
Class A2B, 5.42% 10/11/41 (a)(c)	2,435,226		2,435,129
Class CB, 5.63% 10/11/41 (a)(c)	260,000		259,987
Class DB, 5.82% 10/11/41 (a)(c)	1,060,000		1,059,947
Granite Master Issuer PLC floater:
Series 2005-1 Class A3, 5.43% 12/21/24 (c)	525,000		525,146
Series 2005-2 Class C1, 5.86% 12/20/54 (c)	3,110,000		3,108,056
Series 2005-4:
Class A3, 5.43% 12/20/54 (c)	2,230,000		2,230,468
Class C1, 5.79% 12/20/54 (c)	925,000		925,036
Class M2, 5.64% 12/20/54 (c)	1,830,000		1,831,162
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
Private Sponsor - continued
Granite Master Issuer PLC floater: - continued
Series 2006-1A:
Class A5, 5.43% 12/20/54 (a)(c)	$ 1,000,000		$ 1,000,313
Class C2, 5.96% 12/20/54 (a)(c)	1,545,000		1,544,954
Series 2006-3 Class C2, 5.8581% 12/20/54 (c)	1,230,000		1,230,000
Series 2006-4:
Class B1, 5.44% 12/20/54 (c)	1,250,000		1,249,938
Class C1, 5.73% 12/20/54 (c)	765,000		764,954
Class M1, 5.52% 12/20/54 (c)	330,000		329,980
Series 2007-1:
Class 1C1, 5.65% 12/20/54 (c)	555,000		554,089
Class 1M1, 5.5% 12/20/54 (c)	500,000		499,570
Class 2B1, 5.47% 12/20/54 (c)	535,000		534,331
Class 2C1, 5.78% 12/20/54 (c)	295,000		294,723
Class 2M1, 5.6% 12/20/54 (c)	645,000		645,151
GSAMP Trust floater Series 2004-11 Class 2A1, 5.65% 12/20/34 (c)	728,548		730,049
Holmes Financing No. 10 PLC floater Series 10A:
Class 1C, 5.6256% 7/15/40 (a)(c)	415,000		415,004
Class 2A, 5.3856% 7/15/40 (a)(c)	1,040,000		1,040,218
Class 2C, 5.7056% 7/15/40 (a)(c)	975,000		974,971
Holmes Financing No. 9 PLC floater Class 2A, 5.4156% 7/15/13 (c)	2,780,000		2,780,723
Homestar Mortgage Acceptance Corp. floater Series 2004-5 Class A1, 5.77% 10/25/34 (c)	415,762		417,426
Impac CMB Trust floater:
Series 2004-11 Class 2A2, 5.69% 3/25/35 (c)	334,716		335,002
Series 2004-6 Class 1A2, 5.71% 10/25/34 (c)	113,714		113,799
Series 2005-1:
Class M1, 5.78% 4/25/35 (c)	175,561		175,698
Class M2, 5.82% 4/25/35 (c)	310,466		310,639
Class M3, 5.85% 4/25/35 (c)	75,768		75,857
Class M4, 6.07% 4/25/35 (c)	46,200		45,964
Class M5, 6.09% 4/25/35 (c)	46,200		45,932
Class M6, 6.14% 4/25/35 (c)	72,072		71,576
Series 2005-2 Class 1A2, 5.63% 4/25/35 (c)	769,286		770,460
Series 2005-4 Class 1B1, 6.62% 5/25/35 (c)	337,630		327,660
Series 2005-7:
Class M1, 5.8% 11/25/35 (c)	160,917		161,249
Class M2, 5.84% 11/25/35 (c)	120,688		120,844
Class M3, 5.94% 11/25/35 (c)	603,439		587,507
Class M4, 5.98% 11/25/35 (c)	288,310		279,946
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
Private Sponsor - continued
Kildare Securities Ltd. floater Series 2007-1 Class A2, 5.4232% 12/10/43 (a)(c)	$ 865,000		$ 864,957
Lehman Structured Securities Corp. floater Series 2005-1 Class A2, 5.71% 9/26/45 (a)(c)	694,159		696,475
Lehman XS Trust floater:
Series 2006-12N Class A1A1, 5.4% 8/25/46 (c)	2,089,741		2,090,070
Series 2006-GP1 Class A1, 5.41% 5/25/46 (c)	1,462,725		1,462,007
MASTR Adjustable Rate Mortgages Trust floater:
Series 2004-11:
Class 1A4, 5.81% 11/25/34 (c)	49,553		49,685
Class 2A1, 5.7% 11/25/34 (c)	124,438		124,814
Class 2A2, 5.76% 11/25/34 (c)	27,395		27,496
Series 2005-1 Class 1A1, 5.59% 3/25/35 (c)	135,294		135,340
MASTR Seasoned Securitization Trust Series 2004-1 Class 1A1, 6.2357% 8/25/17 (c)	442,312		449,968
Merrill Lynch Mortgage Investors Trust floater Series 2006-MLN1 Class M4, 5.68% 7/25/37 (c)	1,015,000		999,989
Merrill Lynch Mortgage Investors, Inc.:
floater:
Series 2003-A:
Class 2A1, 5.71% 3/25/28 (c)	99,769		100,144
Class 2A2, 5.7981% 3/25/28 (c)	35,632		35,690
Series 2003-B Class A1, 5.66% 4/25/28 (c)	100,834		101,118
Series 2003-D Class A, 5.63% 8/25/28 (c)	473,726		474,399
Series 2003-E Class A2, 5.7181% 10/25/28 (c)	173,201		173,399
Series 2003-F Class A2, 5.6538% 10/25/28 (c)	170,057		170,256
Series 2004-A Class A2, 5.5638% 4/25/29 (c)	246,994		246,887
Series 2004-B Class A2, 5.6388% 6/25/29 (c)	237,186		237,299
Series 2004-C Class A2, 5.67% 7/25/29 (c)	296,822		297,205
Series 2004-D Class A2, 5.6738% 9/25/29 (c)	335,259		335,571
Series 2004-E Class A2D, 5.8638% 11/25/29 (c)	333,681		334,997
Series 2004-G Class A2, 5.67% 11/25/29 (c)	126,753		126,782
Series 2005-A Class A2, 5.6381% 2/25/30 (c)	343,758		344,079
Series 2005-B Class A2, 5.5988% 7/25/30 (c)	347,974		348,275
Series 2003-G Class XA1, 1% 1/25/29 (e)	1,106,055		5,761
MortgageIT Trust floater Series 2004-2:
Class A1, 5.69% 12/25/34 (c)	375,075		375,371
Class A2, 5.77% 12/25/34 (c)	506,631		510,590
Opteum Mortgage Acceptance Corp. floater:
Series 2005-3 Class APT, 5.61% 7/25/35 (c)	1,574,856		1,580,426
Series 2005-5 Class 1A1B, 5.52% 12/25/35 (c)	920,000		919,814
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
Private Sponsor - continued
Option One Mortgage Loan Trust floater Series 2007-CP1 Class M1, 5.62% 3/25/37 (c)	$ 980,000		$ 982,165
Permanent Financing No. 3 PLC floater Series 2006-3 Class 3A, 5.52% 9/10/33 (c)	2,495,000		2,498,830
Permanent Financing No. 5 PLC floater:
Series 2:
Class A, 5.45% 6/10/11 (c)	2,500,000		2,500,425
Class C, 5.99% 6/10/42 (c)	390,000		390,564
Series 3 Class C, 6.16% 6/10/42 (c)	1,030,000		1,039,312
Permanent Financing No. 6 PLC floater Series 6 Class 2C, 5.79% 6/10/42 (c)	1,600,000		1,600,480
Permanent Financing No. 7 PLC floater Series 7 Class 2C, 5.67% 6/10/42 (c)	1,685,000		1,683,537
Permanent Financing No. 8 PLC floater:
Series 3C, 5.86% 6/10/42 (c)	910,000		910,470
Series 8:
Class 2A, 5.41% 6/10/14 (c)	2,945,000		2,945,816
Class 2C, 5.74% 6/10/42 (c)	2,350,000		2,347,892
Permanent Master Issuer PLC floater:
Series 2006-1 Class 2C, 5.7556% 7/17/42 (c)	2,645,000		2,644,897
Series 2007-1 Class 4A, 5.4356% 10/15/33 (c)	3,450,000		3,449,897
Residential Accredit Loans, Inc. floater Series 2006-QO7 Class 3A1, 5.42% 9/25/46 (c)	2,447,137		2,444,843
Residential Asset Mortgage Products, Inc.:
sequential payer:
Series 2003-SL1 Class A31, 7.125% 4/25/31	169,332		171,479
Series 2004-SL2 Class A1, 6.5% 10/25/16	60,341		61,620
Series 2005-AR5 Class 1A1, 4.8235% 9/19/35 (c)	475,387		480,297
Residential Funding Securities Corp. floater Series 2003-RP2 Class A1, 5.77% 6/25/33 (a)(c)	86,879		87,348
Sequoia Mortgage Funding Trust Series 2003-A Class AX1, 0.8% 10/21/08 (a)(e)	1,050,587		3,445
Sequoia Mortgage Trust floater:
Series 2003-5 Class A2, 5.72% 9/20/33 (c)	172,840		172,839
Series 2004-1 Class A, 5.6906% 2/20/34 (c)	115,514		115,514
Series 2004-10 Class A4, 5.7006% 11/20/34 (c)	349,336		350,318
Series 2004-12 Class 1A2, 5.66% 1/20/35 (c)	579,067		580,648
Series 2004-4 Class A, 5.6206% 5/20/34 (c)	433,433		433,432
Series 2004-5 Class A3, 5.65% 6/20/34 (c)	164,858		164,878
Series 2004-6:
Class A3A, 5.6675% 6/20/35 (c)	186,621		186,934
Class A3B, 5.81% 7/20/34 (c)	373,242		373,594
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
Private Sponsor - continued
Sequoia Mortgage Trust floater: - continued
Series 2004-7:
Class A3A, 5.71% 8/20/34 (c)	$ 204,664		$ 204,934
Class A3B, 5.935% 7/20/34 (c)	397,407		398,603
Series 2004-8 Class A2, 5.755% 9/20/34 (c)	593,693		595,066
Series 2005-1 Class A2, 5.6406% 2/20/35 (c)	316,954		317,993
Series 2005-2 Class A2, 5.6406% 3/20/35 (c)	564,080		565,145
Soundview Home Equity Loan Trust floater Series 2006-EQ1:
Class M2, 5.64% 9/25/36 (c)	640,000		637,861
Class M4, 5.69% 9/25/36 (c)	960,000		946,661
Class M7, 6.12% 9/25/36 (c)	330,000		305,506
Structured Asset Securities Corp. floater:
Series 2004-NP1 Class A, 5.72% 9/25/33 (a)(c)	89,123		89,169
Series 2005-AR1 Class B1, 7.32% 9/25/35 (a)(c)	1,155,000		609,032
Series 2007-GEL1 Class A2, 5.51% 1/25/37 (a)(c)	1,000,000		990,000
TBW Mortgage-Backed pass thru certificates floater Series 2006-4 Class A3, 5.34% 9/25/36 (c)	2,255,000		2,253,358
Thornburg Mortgage Securities Trust floater:
Series 2004-3 Class A, 5.69% 9/25/34 (c)	1,593,543		1,598,225
Series 2005-3 Class A4, 5.59% 10/25/35 (c)	2,047,569		2,045,930
WaMu Mortgage pass thru certificates:
floater Series 2006-AR11 Class C1B1, 5.4% 9/25/46 (c)	1,175,161		1,175,576
sequential payer Series 2002-S6 Class A25, 6% 10/25/32	99,725		99,341
WaMu Mortgage Securities Corp. sequential payer Series 2003-MS9 Class 2A1, 7.5% 12/25/33	49,673		51,138
Wells Fargo Mortgage Backed Securities Trust:
Series 2004-M Class A3, 4.667% 8/25/34 (c)	474,071		471,945
Series 2005-AR10 Class 2A2, 4.1096% 6/25/35 (c)	4,159,370		4,116,322
Series 2005-AR12 Class 2A1, 4.319% 7/25/35 (c)	2,110,623		2,081,668
TOTAL PRIVATE SPONSOR			109,796,533
U.S. Government Agency - 3.1%
Fannie Mae:
floater Series 2002-89 Class F, 5.62% 1/25/33 (c)	85,509		85,900
planned amortization class:
Series 1993-207 Class G, 6.15% 4/25/23	275,287		274,913
Series 2003-24 Class PB, 4.5% 12/25/12	854,048		850,076
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
U.S. Government Agency - continued
Fannie Mae subordinate REMIC pass-thru certificates:
floater:
Series 2001-38 Class QF, 6.3% 8/25/31 (c)	$ 775,494		$ 794,122
Series 2002-11 Class QF, 5.82% 3/25/32 (c)	118,535		119,634
Series 2002-36 Class FT, 5.82% 6/25/32 (c)	118,259		119,174
Series 2002-49 Class FB, 5.92% 11/18/31 (c)	1,246,071		1,262,078
Series 2002-60 Class FV, 6.32% 4/25/32 (c)	271,951		279,721
Series 2002-64 Class FE, 5.67% 10/18/32 (c)	56,699		57,014
Series 2002-68 Class FH, 5.82% 10/18/32 (c)	2,341,048		2,362,086
Series 2002-74 Class FV, 5.77% 11/25/32 (c)	76,445		76,938
Series 2002-75 Class FA, 6.32% 11/25/32 (c)	557,089		573,055
Series 2003-11:
Class DF, 5.77% 2/25/33 (c)	59,719		60,054
Class EF, 5.77% 2/25/33 (c)	27,773		27,944
Series 2003-122 Class FL, 5.67% 7/25/29 (c)	436,457		438,978
Series 2004-33 Class FW, 5.72% 8/25/25 (c)	731,785		736,600
Series 2004-54 Class FE, 6.47% 2/25/33 (c)	508,219		510,052
Series 2005-72 Class FG, 5.57% 5/25/35 (c)	6,079,452		6,095,124
planned amortization class:
Series 2002-11 Class QB, 5.5% 3/25/15	31,931		31,843
Series 2002-52 Class PA, 6% 4/25/31	4,538		4,539
Series 2002-50 Class LE, 7% 12/25/29	9,858		9,851
Series 2004-31 Class IA, 4.5% 6/25/10 (e)	11,621		897
Freddie Mac planned amortization class Series 2162 Class PH, 6% 6/15/29	1,208,602		1,233,848
Freddie Mac Multi-class participation certificates guaranteed:
floater:
Series 2389 Class DA, 6.22% 11/15/30 (c)	989,668		992,795
Series 2406:
Class FP, 6.3% 1/15/32 (c)	1,875,428		1,921,726
Class PF, 6.3% 12/15/31 (c)	1,830,613		1,875,726
Series 2410 Class PF, 6.3% 2/15/32 (c)	2,700,357		2,771,795
Series 2448 Class FT, 6.32% 3/15/32 (c)	1,229,787		1,260,846
Series 2526 Class FC, 5.72% 11/15/32 (c)	16,045		16,152
Series 2538 Class FB, 5.72% 12/15/32 (c)	147,686		148,646
Series 2551 Class FH, 5.77% 1/15/33 (c)	52,494		52,827
Series 2553 Class FB, 5.82% 3/15/29 (c)	2,345,095		2,359,202
Series 2577 Class FW, 5.82% 1/15/30 (c)	1,587,939		1,598,828
Series 2650 Class FV, 5.72% 12/15/32 (c)	1,531,122		1,544,156
Series 2861 Class JF, 5.62% 4/15/17 (c)	690,488		694,035
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
U.S. Government Agency - continued
Freddie Mac Multi-class participation certificates guaranteed: - continued
floater:
Series 2994 Class FB, 5.47% 6/15/20 (c)	$ 563,565		$ 563,670
Series 3066 Class HF, 0% 1/15/34 (c)	54,307		52,246
planned amortization class:
Series 2543 Class PM, 5.5% 8/15/18	303,683		303,241
Series 2614 Class IC, 4.5% 12/15/10 (e)	34,408		24
Series 2676 Class KN, 3% 12/15/13	369,517		367,354
Series 2776 Class UJ, 4.5% 5/15/20 (e)	170,566		2,074
Series 2828 Class JA, 4.5% 1/15/10	67,673		67,541
Series 1803 Class A, 6% 12/15/08	196,296		196,693
Ginnie Mae guaranteed REMIC pass-thru securities:
floater Series 2001-21 Class FB, 5.72% 1/16/27 (c)	90,637		91,149
planned amortization class Series 2002-5 Class PD, 6.5% 5/16/31	129,536		130,168
TOTAL U.S. GOVERNMENT AGENCY			33,015,335
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $143,631,726)		142,811,868
Commercial Mortgage Securities - 6.9%
Banc of America Large Loan Trust floater Series 2006-BIX1:
Class E, 5.56% 10/15/19 (a)(c)	170,000		169,999
Class F, 5.63% 10/15/19 (a)(c)	170,000		169,999
Class G, 5.65% 10/15/19 (a)(c)	125,000		124,999
Class JCP, 5.82% 10/15/19 (a)(c)	10,882		10,848
Banc of America Large Loan, Inc.:
floater:
Series 2003-BBA2 Class K, 7.92% 11/15/15 (a)(c)	61,614		62,197
Series 2005-BBA6 Class G, 5.74% 1/15/19 (a)(c)	87,628		87,637
Series 2005-ESHA:
Class F, 6.07% 7/14/20 (a)(c)	860,000		860,299
Class G, 6.2% 7/14/20 (a)(c)	585,000		584,859
Class H, 6.42% 7/14/20 (a)(c)	720,000		718,558
Series 2005-MIB1:
Class B, 5.58% 3/15/22 (a)(c)	475,000		475,297
Class C, 5.63% 3/15/22 (a)(c)	200,000		200,156
Class D, 5.68% 3/15/22 (a)(c)	205,000		205,141
Class E, 5.72% 3/15/22 (a)(c)	390,000		390,278
Commercial Mortgage Securities - continued
	Principal Amount		Value
Banc of America Large Loan, Inc.: - continued
floater:
Series 2005-MIB1:
Class F, 5.79% 3/15/22 (a)(c)	$ 200,000		$ 200,143
Class G, 5.85% 3/15/22 (a)(c)	130,000		130,093
Series 2006-ESH:
Class A, 6.18% 7/14/11 (a)(c)	938,219		935,694
Class B, 6.28% 7/14/11 (a)(c)	467,860		466,002
Class C, 6.43% 7/14/11 (a)(c)	936,970		933,471
Class D, 7.061% 7/14/11 (a)(c)	544,559		544,589
Series 2006-LAQ:
Class H, 6% 2/9/21 (a)(c)	440,000		439,313
Class J, 6.09% 2/9/21 (a)(c)	320,000		320,992
Class K, 6.32% 2/9/21 (a)(c)	880,000		877,725
Series 2005-ESHA Class X1, 0.9161% 7/14/20 (a)(c)(e)	44,830,000		78,829
Bayview Commercial Asset Trust floater:
Series 2003-1 Class A, 5.9% 8/25/33 (a)(c)	157,533		157,585
Series 2003-2 Class A, 5.9% 12/25/33 (a)(c)	461,634		462,308
Series 2004-1:
Class A, 5.68% 4/25/34 (a)(c)	298,321		298,554
Class B, 7.22% 4/25/34 (a)(c)	49,720		49,409
Series 2004-2:
Class A, 5.75% 8/25/34 (a)(c)	383,349		384,128
Class M1, 5.9% 8/25/34 (a)(c)	122,791		122,964
Series 2004-3:
Class A1, 5.69% 1/25/35 (a)(c)	550,528		551,216
Class A2, 5.74% 1/25/35 (a)(c)	64,768		64,859
Class M1, 5.82% 1/25/35 (a)(c)	97,152		97,197
Class M2, 6.32% 1/25/35 (a)(c)	64,768		64,778
Series 2005-2A:
Class M1, 5.75% 8/25/35 (a)(c)	153,931		153,781
Class M2, 5.8% 8/25/35 (a)(c)	257,939		258,692
Class M3, 5.82% 8/25/35 (a)(c)	141,450		141,863
Class M4, 5.93% 8/25/35 (a)(c)	128,969		130,163
Series 2005-3A:
Class A1, 5.64% 11/25/35 (a)(c)	704,817		707,972
Class M1, 5.76% 11/25/35 (a)(c)	100,688		101,287
Class M2, 5.81% 11/25/35 (a)(c)	138,446		139,613
Class M3, 5.83% 11/25/35 (a)(c)	125,860		126,920
Class M4, 5.92% 11/25/35 (a)(c)	155,228		155,608
Series 2005-4A:
Class A2, 5.71% 1/25/36 (a)(c)	975,874		977,856
Class B1, 6.72% 1/25/36 (a)(c)	88,716		88,439
Commercial Mortgage Securities - continued
	Principal Amount		Value
Bayview Commercial Asset Trust floater: - continued
Series 2005-4A:
Class M1, 5.77% 1/25/36 (a)(c)	$ 354,863		$ 355,362
Class M2, 5.79% 1/25/36 (a)(c)	88,716		88,744
Class M3, 5.82% 1/25/36 (a)(c)	177,432		177,071
Class M4, 5.93% 1/25/36 (a)(c)	88,716		87,940
Class M5, 5.97% 1/25/36 (a)(c)	88,716		87,787
Class M6, 6.02% 1/25/36 (a)(c)	88,716		87,579
Series 2006-2A:
Class A1, 5.55% 7/25/36 (a)(c)	1,599,758		1,599,751
Class A2, 5.6% 7/25/36 (a)(c)	269,622		269,622
Class B1, 6.19% 7/25/36 (a)(c)	98,861		98,861
Class B3, 8.02% 7/25/36 (a)(c)	161,773		161,773
Class M1, 5.63% 7/25/36 (a)(c)	283,103		283,103
Class M2, 5.65% 7/25/36 (a)(c)	202,217		202,217
Class M3, 5.67% 7/25/36 (a)(c)	157,280		157,280
Class M4, 5.74% 7/25/36 (a)(c)	107,849		107,849
Class M5, 5.79% 7/25/36 (a)(c)	130,317		130,317
Class M6, 5.86% 7/25/36 (a)(c)	206,710		206,710
Series 2006-3A:
Class A1, 5.57% 10/25/36 (a)(c)	1,251,571		1,249,811
Class B1, 6.12% 10/25/36 (a)(c)	148,087		144,616
Class B2, 6.67% 10/25/36 (a)(c)	95,540		91,718
Class B3, 7.92% 10/25/36 (a)(c)	171,972		160,202
Class M4, 5.75% 10/25/36 (a)(c)	148,087		144,662
Class M5, 5.8% 10/25/36 (a)(c)	186,303		181,558
Class M6, 5.88% 10/25/36 (a)(c)	367,828		357,655
Series 2007-1:
Class A2, 5.59% 3/25/37 (a)(c)	349,174		348,356
Class B1, 5.99% 3/25/37 (a)(c)	113,113		109,967
Class B2, 6.47% 3/25/37 (a)(c)	78,687		76,327
Class B3, 8.67% 3/25/37 (a)(c)	231,144		226,087
Class M1, 5.59% 3/25/37 (a)(c)	93,441		92,872
Class M2, 5.61% 3/25/37 (a)(c)	68,851		68,303
Class M3, 5.64% 3/27/37 (a)(c)	63,933		63,184
Class M4, 5.69% 3/25/37 (a)(c)	49,179		47,935
Class M5, 5.74% 3/25/37 (a)(c)	78,687		76,523
Class M6, 5.82% 3/25/37 (a)(c)	108,195		104,983
Bear Stearns Commercial Mortgage Securities Trust floater Series 2007-BBA8:
Class D, 5.57% 3/15/22 (a)(c)	165,000		165,000
Class E, 5.62% 3/15/22 (a)(c)	870,000		870,000
Class F, 5.67% 5/15/22 (a)(c)	535,000		535,000
Class G, 5.72% 3/15/22 (a)(c)	135,000		135,000
Commercial Mortgage Securities - continued
	Principal Amount		Value
Bear Stearns Commercial Mortgage Securities Trust floater Series 2007-BBA8: - continued
Class H, 5.87% 3/15/22 (a)(c)	$ 165,000		$ 165,000
Class J, 6.02% 3/15/22 (a)(c)	165,000		165,000
Class MS-6, 6.22% 3/15/22 (a)(c)	335,000		335,000
Class MS5, 5.97% 3/15/22 (a)(c)	600,000		600,000
Class X-1M, 1.12% 3/15/22 (a)(e)	27,930,000		344,762
COMM floater Series 2002-FL7:
Class F, 6.62% 11/15/14 (a)(c)	1,000,000		1,002,376
Class H, 7.57% 11/15/14 (a)(c)	150,000		150,220
Commercial Mortgage pass thru certificates floater:
Series 2005-F10A:
Class B, 5.55% 4/15/17 (a)(c)	1,005,000		1,005,193
Class C, 5.59% 4/15/17 (a)(c)	425,000		425,031
Class D, 5.63% 4/15/17 (a)(c)	345,000		345,189
Class E, 5.69% 4/15/17 (a)(c)	260,000		260,091
Class F, 5.73% 4/15/17 (a)(c)	145,000		145,022
Class G, 5.87% 4/15/17 (a)(c)	145,000		145,024
Class H, 5.94% 4/15/17 (a)(c)	145,000		144,987
Class J, 6.17% 4/15/17 (a)(c)	50,000		49,974
Series 2005-FL11:
Class B, 5.57% 11/15/17 (a)(c)	290,612		290,671
Class C, 5.62% 11/15/17 (a)(c)	581,224		581,386
Class D, 5.66% 11/15/17 (a)(c)	100,746		100,771
Class E, 5.71% 11/15/17 (a)(c)	154,993		155,028
Class F, 5.77% 11/15/17 (a)(c)	139,494		139,529
Class G, 5.82% 11/15/17 (a)(c)	220,865		220,927
Series 2006-CN2A Class AJFL, 5.58% 2/5/19 (c)	1,135,000		1,138,510
Credit Suisse First Boston Mortgage Securities Corp. floater:
Series 2005-CN2A Class A1J, 5.65% 11/15/19 (a)(c)	2,165,000		2,165,004
Series 2005-TF3A Class A2, 5.6% 11/15/20 (a)(c)	2,871,961		2,872,661
Credit Suisse Mortgage Capital Certificates floater:
Series 200-TFL1 Class B, 5.47% 2/15/22 (a)(c)	685,000		684,521
Series 2007-TFL1:
Class C:
5.49% 2/15/22 (a)(c)	740,000		739,112
5.59% 2/15/22 (a)(c)	265,000		264,815
Class F, 5.64% 2/15/22 (a)(c)	530,000		529,629
Crown Castle Towers LLC/Crown Atlantic Holdings Sub LLC/Crown Communication, Inc. Series 2006-1A Class AFL, 5.49% 11/15/36 (a)(c)	540,000		537,810
Commercial Mortgage Securities - continued
	Principal Amount		Value
CSMC Commercial Mortgage Trust floater Series 2006-TFLA:
Class D, 5.6% 4/15/21 (a)(c)	$ 300,000		$ 300,055
Class E, 5.65% 4/15/21 (a)(c)	300,000		300,098
Class G, 5.74% 4/15/21 (a)(c)	300,000		300,013
Class H, 6.05% 4/15/21 (a)(c)	300,000		299,828
Class J, 6.12% 4/15/21 (a)(c)	200,000		199,565
Class K, 6.52% 4/15/21 (a)(c)	1,005,000		1,000,459
Greenwich Capital Commercial Funding Corp.:
floater Series 2005-FL3A:
Class H-AON:
6.32% 10/5/20 (a)(c)	180,000		180,000
6.57% 10/5/20 (a)(c)	220,000		220,000
Class M-AON, 6.82% 10/5/20 (a)(c)	215,000		215,000
Class N-AON, 7.17% 10/5/20 (a)(c)	550,000		550,000
Series 2006-FL4:
Class A2, 5.46% 11/5/21 (a)(c)	1,815,000		1,814,992
Class B, 5.51% 11/5/21 (a)(c)	670,000		669,997
GS Mortgage Securities Corp. II floater Series 2006-FL8A:
Class C, 5.56% 6/6/20 (a)(c)	145,000		145,026
Class D, 5.6% 6/6/20 (a)(c)	1,400,000		1,400,292
Class E, 5.69% 6/6/20 (a)(c)	800,000		799,487
Class F, 5.76% 6/6/20 (a)(c)	575,000		572,764
Hilton Hotel Pool Trust floater Series 2000-HLTA Class A2, 5.72% 10/3/15 (a)(c)	3,000,000		3,018,945
JPMorgan Chase Commercial Securities Trust floater Series 2006-FLA2:
Class A2, 5.45% 11/15/18 (a)(c)	1,535,000		1,534,991
Class B, 5.49% 11/15/18 (a)(c)	529,324		529,321
Class C, 5.53% 11/15/18 (a)(c)	375,968		375,966
Class D, 5.55% 11/15/18 (a)(c)	133,568		133,567
Class E, 5.6% 11/15/18 (a)(c)	197,878		197,877
Class F, 5.65% 11/15/18 (a)(c)	296,817		296,815
Class G, 5.68% 11/15/18 (a)(c)	257,241		257,016
Class H, 5.82% 11/15/18 (a)(c)	197,878		197,533
LB-UBS Commercial Mortgage Trust sequential payer Series 2003-C3 Class A2, 3.086% 5/15/27	875,000		855,422
Lehman Brothers Floating Rate Commercial Mortgage Trust floater:
Series 2003-LLFA Class K1, 7.87% 12/16/14 (a)(c)	435,000		434,421
Series 2006-LLFA:
Class F, 5.66% 9/15/21 (a)(c)	295,950		296,408
Commercial Mortgage Securities - continued
	Principal Amount		Value
Lehman Brothers Floating Rate Commercial Mortgage Trust floater: - continued
Series 2006-LLFA:
Class G, 5.68% 9/15/21 (a)(c)	$ 587,127		$ 587,513
Merrill Lynch Mortgage Trust Series 2005-GGP1 Class X, 0.0034% 11/15/10 (a)(c)(e)	417,400,000		196,345
ML-CFC Commercial Mortgage Trust floater Series 2006-4 Class A2FL, 5.44% 12/12/49 (c)	1,180,000		1,179,987
Morgan Stanley Capital I Trust floater Series 2007-XLFA:
Class A2, 5.42% 10/15/20 (a)(c)	1,225,000		1,225,000
Class B, 5.45% 10/15/20 (a)(c)	440,000		440,000
Class C, 5.48% 10/15/20 (a)(c)	330,000		330,000
Class D, 5.51% 10/15/20 (a)(c)	265,000		265,000
Class E, 5.57% 10/15/20 (a)(c)	330,000		330,000
Class F, 5.62% 10/15/20 (a)(c)	195,000		195,000
Class G, 5.66% 10/15/20 (a)(c)	245,000		245,000
Class H, 5.75% 10/15/20 (a)(c)	155,000		155,000
Class J, 6.32% 10/15/20 (a)(c)	175,000		175,000
Class MHRO, 6.01% 10/15/20 (a)(c)	474,674		474,674
Class MJPM, 6.32% 10/15/20 (a)(c)	289,273		289,273
Class MSTR, 6.02% 10/15/20 (a)(c)	260,000		260,000
Class NHRO, 6.21% 10/15/20 (a)(c)	730,268		730,268
Class NSTR, 6.17% 10/15/20 (a)(c)	240,000		240,000
Morgan Stanley Capital I, Inc. floater:
Series 2005-XLF:
Class B, 5.53% 8/15/19 (a)(c)	935,000		935,056
Class C, 5.56% 8/15/19 (a)(c)	75,000		75,015
Class D, 5.58% 8/15/19 (a)(c)	270,000		270,039
Class E, 5.6% 8/15/19 (a)(c)	245,000		245,030
Class F, 5.64% 8/15/19 (a)(c)	170,000		170,050
Class G, 5.69% 8/15/19 (a)(c)	120,000		120,051
Class H, 5.71% 8/15/19 (a)(c)	100,000		100,047
Class J, 5.78% 8/15/19 (a)(c)	75,000		75,006
Class K, 5.97% 8/15/19 (a)(c)	420,000		419,172
Series 2006-XLF:
Class C, 6.52% 7/15/19 (a)(c)	570,000		570,223
Class D, 5.57% 7/15/19 (a)(c)	1,195,000		1,193,429
Class E, 5.61% 7/15/19 (a)(c)	1,450,000		1,450,576
Class F, 5.64% 7/15/19 (a)(c)	535,000		535,212
Class G, 5.68% 7/15/19 (a)(c)	385,000		385,127
STRIPS III Ltd./STRIPS III Corp. floater Series 2004-1A Class A, 5.8% 3/24/18 (a)(c)	301,478		302,043
Commercial Mortgage Securities - continued
	Principal Amount		Value
Wachovia Bank Commercial Mortgage Trust floater:
Series 2005-WL6A:
Class A2, 5.57% 10/15/17 (a)(c)	$ 63,668		$ 63,674
Class B, 5.62% 10/15/17 (a)(c)	200,000		200,025
Class D, 5.75% 10/15/17 (a)(c)	400,000		400,071
Series 2006-WL7A:
Class F, 5.87% 8/11/18 (a)(c)	1,235,000		1,235,227
Class G, 6.17% 8/11/18 (a)(c)	1,170,000		1,170,141
Class J, 6.52% 8/11/18 (a)(c)	260,000		259,479
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $73,860,691)		73,865,889
Certificates of Deposit - 0.5%
Natexis Banques Populaires NY CD yankee 5.4% 12/18/07 (Cost $5,000,000)	5,000,000		5,002,413
Commercial Paper - 0.2%
Sprint Nextel Corp. 5.61% 11/9/07 (c) (Cost $2,000,000)	2,000,000		2,000,146

Fixed-Income Funds - 26.0%
	Shares
Fidelity Ultra-Short Central Fund (d) (Cost $280,066,426)	2,817,310	279,082,768
Cash Equivalents - 5.8%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 5.24%, dated 4/30/07 due 5/1/07 (Collateralized by U.S. Government Obligations) # (Cost $61,913,000)	$ 61,922,013	61,913,000
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $1,077,003,188)		1,072,673,437
NET OTHER ASSETS - 0.0%		441,309
NET ASSETS - 100%		$ 1,073,114,746

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Eurodollar Contracts
113 Eurodollar 90 Day Index Contracts	June 2007	$ 111,495,688	$ (13,839)
113 Eurodollar 90 Day Index Contracts	Sept. 2007	111,531,000	59,477
113 Eurodollar 90 Day Index Contracts	Dec. 2007	111,584,675	(78,602)
113 Eurodollar 90 Day Index Contracts	March 2008	111,639,763	(32,940)
TOTAL EURODOLLAR CONTRACTS			$ (65,904)
Sold
Eurodollar Contracts
4 Eurodollar 90 Day Index Contracts	June 2008	3,953,200	$ 2,859
3 Eurodollar 90 Day Index Contracts	Sept. 2008	2,965,313	1,576
2 Eurodollar 90 Day Index Contracts	Dec. 2008	1,976,900	242
1 Eurodollar 90 Day Index Contracts	March 2009	988,400	121
TOTAL EURODOLLAR CONTRACTS			$ 4,798
			$ (61,106)
Swap Agreements
		Notional Amount	Value
Credit Default Swaps
Receive monthly notional amount multiplied by 3.86% and pay Morgan Stanley, Inc. upon default event of Merrill Lynch Mortgage Investors Trust, Inc., par value of the notional amount of Merrill Lynch Mortgage Investors Trust, Inc. Series 2006-HE5 Class B3, 7.32% 8/25/37	Sept. 2037	$ 600,000	$ (80,054)
Receive monthly notional amount multiplied by 3.3% and pay Morgan Stanley, Inc. upon default event of Ameriquest Mortgage Securities, Inc., par value of the notional amount of Ameriquest Mortgage Securities, Inc. Series 2004-R11 Class M9, 7.2253% 11/25/34	Dec. 2034	275,000	(14,811)
Receive monthly notional amount multiplied by 2.7% and pay Lehman Brothers, Inc. upon default event of Morgan Stanley ABS Capital I, Inc., par value of the notional amount of Morgan Stanley ABS Capital I, Inc. Series 2006-WMC1 Class B3, 7.5% 12/25/35	Jan. 2036	600,000	(69,417)
Swap Agreements - continued
	Expiration Date	Notional Amount	Value
Credit Default Swaps - continued
Receive monthly notional amount multiplied by 1.9% and pay Morgan Stanley, Inc., upon default event of Morgan Stanley ABS Capital I, Inc., par value of the notional amount of Morgan Stanley ABS Capital I, Inc. Series 2006-HE3 Class B3, 7.2225% 4/25/36	May 2036	$ 500,000	$ (107,971)
Receive monthly notional amount multiplied by 2.39% and pay UBS upon default event of Fremont Home Loan Trust, par value of the notional amount of Fremont Home Loan Trust Series 2004-1 Class M9, 7.73% 2/25/34	March 2034	211,558	(4,693)
Receive monthly notional amount multiplied by 2.4% and pay Deutsche Bank upon default event of Fremont Home Loan Trust, par value of the notional amount of Fremont Home Loan Trust Series 2004-A Class B3, 7.2288% 1/25/34	Feb. 2034	109,274	(1,294)
Receive monthly notional amount multiplied by 2.7% and pay Morgan Stanley, Inc. upon default event of Park Place Securities, Inc., par value of the notional amount of Park Place Securities, Inc. Series 2005-WHQ2 Class M9, 6.41% 5/25/35	June 2035	845,000	(80,364)
Receive monthly notional amount multiplied by 2.79% and pay Merrill Lynch, Inc. upon default event of New Century Home Equity Loan Trust, par value of the notional amount of New Century Home Equity Loan Trust Series 2004-4 Class M9, 7.0788% 2/25/35	March 2035	610,000	(38,516)
Receive quarterly notional amount multiplied by .20% and pay Merrill Lynch, Inc. upon default event of American Transmission Co. LLC, par value of the notional amount of American Transmission Co. LLC 7.125% 3/15/11	May 2007	1,315,000	314
Receive quarterly notional amount multiplied by .48% and pay Goldman Sachs upon default event of TXU Energy Co. LLC, par value of the notional amount of TXU Energy Co. LLC 7% 3/15/13	Sept. 2008	1,840,000	4,310
Swap Agreements - continued
	Expiration Date	Notional Amount	Value
Credit Default Swaps - continued
Receive quarterly notional amount multiplied by .78% and pay Goldman Sachs upon default event of TXU Energy Co. LLC, par value of the notional amount of TXU Energy Co. LLC 7% 3/15/13	Dec. 2008	$ 1,750,000	$ 11,371
Receive semi-annually notional amount multiplied by .42% and pay Credit Suisse First Boston upon default event of Russian Federation, par value of the notional amount of Russian Federation 5% 3/31/30	June 2007	1,900,000	3,626
TOTAL CREDIT DEFAULT SWAPS		10,555,832	(377,499)
Total Return Swaps
Receive monthly notional amount multiplied by the nominal spread appreciation of the Lehman Brothers CMBS U.S. Aggregate Index adjusted by a modified duration factor plus 25 basis points and pay monthly notional amount multiplied by the nominal spread depreciation of the Lehman Brothers CMBS U.S. Aggregate Index adjusted by a modified duration factor with Lehman Brothers, Inc.	April 2008	4,000,000	(2,275)
Receive monthly notional amount multiplied by the nominal spread appreciation of the Lehman Brothers CMBS U.S. Aggregate Index adjusted by a modified duration factor plus 8 basis points and pay monthly notional amount multiplied by the nominal spread depreciation of the Lehman Brothers CMBS U.S. Aggregate Index adjusted by a modified duration factor with Lehman Brothers, Inc.	May 2007	5,655,000	(4,017)
Receive monthly notional amount multiplied by the nominal spread appreciation of the Lehman Brothers CMBS U.S. Aggregate Index adjusted by a modified duration factor plus 10 basis points and pay monthly notional amount multiplied by the nominal spread depreciation of the Lehman Brothers CMBS U.S. Aggregate Index adjusted by a modified duration factor with Lehman Brothers, Inc.	June 2007	8,900,000	(6,174)
Swap Agreements - continued
	Expiration Date	Notional Amount	Value
Total Return Swaps - continued
Receive monthly notional amount multiplied by the nominal spread appreciation of the Lehman Brothers CMBS U.S. Aggregate Index adjusted by a modified duration factor plus 15 basis points and pay monthly notional amount multiplied by the nominal spread depreciation of the Lehman Brothers CMBS U.S. Aggregate Index adjusted by a modified duration factor with Lehman Brothers, Inc.	May 2008	$ 5,655,000	$ 5,463
Receive monthly notional amount multiplied by the nominal spread appreciation of the Lehman Brothers CMBS AAA 8.5+ Index adjusted by a modified duration factor plus 25 basis points and pay monthly notional amount multiplied by the nominal spread depreciation of the Lehman Brothers CMBS AAA 8.5+ Index adjusted by a modified duration factor with Lehman Brothers, Inc.	March 2008	10,000,000	(5,300)
Receive monthly notional amount multiplied by the nominal spread appreciation of the Lehman Brothers CMBS U.S. Aggregate Index adjusted by a modified duration factor plus 10 basis points and pay monthly notional amount multiplied by the nominal spread depreciation of the Lehman Brothers CMBS U.S. Aggregate Index adjusted by a modified duration factor with Lehman Brothers, Inc.	July 2007	3,000,000	(2,081)
Receive monthly a return equal to Lehman Brothers U.S. ABS AA Floating Home Equities Index and pay monthly a floating rate based on 1-month LIBOR minus 10 basis points with Lehman Brothers, Inc.	Sept. 2007	10,000,000	26,592
Receive monthly a return equal to Lehman Brothers U.S. ABS AA Floating Home Equities Index and pay monthly a floating rate based on 1-month LIBOR minus 15 basis points with Lehman Brothers, Inc.	Oct. 2007	10,000,000	27,008
TOTAL TOTAL RETURN SWAPS		$ 57,210,000	$ 39,216
		$ 67,765,832	$ (338,283)

Legend

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $156,223,647 or 14.6% of net assets.

(b) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $349,199.

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

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

(e) 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
$61,913,000 due 5/01/07 at 5.24%
ABN AMRO Bank N.V., New York Branch	$ 1,904,866
BNP Paribas Securities Corp.	952,433
Banc of America Securities LLC	16,328,287
Bank of America, NA	2,539,821
Barclays Capital, Inc.	10,224,375
Bear Stearns & Co., Inc.	1,269,910
Citigroup Global Markets, Inc.	2,539,821
Countrywide Securities Corp.	5,079,642
Deutsche Bank Securities, Inc.	2,603,316
Greenwich Capital Markets, Inc.	634,955
HSBC Securities (USA), Inc.	374,306
Merrill Lynch Government Securities, Inc.	952,433
Societe Generale, New York Branch	1,269,910
UBS Securities LLC	13,969,015
WestLB AG	1,269,910
	$ 61,913,000

Affiliated Central Funds

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

Fund	Income earned
Fidelity Ultra-Short Central Fund	$ 10,744,221

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

Fund	Value, beginning of period	Purchases	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity Ultra-Short Central Fund	$ 237,764,502	$ 50,000,041	$ 7,500,012	$ 279,082,768	1.9%

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $1,076,937,509. Net unrealized depreciation aggregated $4,264,072, of which $749,108 related to appreciated investment securities and $5,013,180 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Income Fund

By:	/s/Kimberley Monasterio
	Kimberley Monasterio
	President and Treasurer
Date:	June 22, 2007

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

By:	/s/ Kimberley Monasterio
	Kimberley Monasterio
	President and Treasurer
Date:	June 22, 2007
By:	/s/Joseph B. Hollis
	Joseph B. Hollis
	Chief Financial Officer
Date:	June 22, 2007